The shares rose by a third to 16p after it shelled out €8.8mln to buy the 50% of Deutsche Lithium that it does not already own. Deutsche Lithium is developing the Zinnwald Lithium Project in Germany.
The company is paying €1.5mln in cash for the stake with the rest to be satisfied in Zinnwald shares.
The company said it identified the helium shows in a shallow section of the Tai-1 well, from 70.5 metres, and added that the micro-gas chromatograph showed helium concentrations up to 2.2% (22,084 parts per million).
The shares ended the week 38% higher.
Engineering company MS International PLC (LON:MSI), whose diverse activities range from building petrol stations to providing services to the defence sector, reported a return to profit in the past year, sending its shares gushing 28% higher.
The company moved from a full-year loss of £3.25mln to a profit of £1.59mln and lifted its final dividend from 1.75p to 6.5p.
The outlook was said to be “much brighter than we could have imagined twelve months ago.”
Hurricane Energy PLC (LON:HUR) regularly features in the small caps round-up, usually, it must be said, on the debit side but this week it jumped 49% to 1.8p after a bit of progress on the legal side of its restructuring plan.
The sanction hearing of the High Court of Justice of England and Wales concerning the restructuring plan proposed by the company concluded on Wednesday, with judgement reserved.
Sector peer 88 Energy Ltd (LON:88E) was 18% higher on the week after it said that the latest analysis of samples from the Merlin-1 well, drilled earlier this year on the North Slope of Alaska, “definitively demonstrates the presence of hydrocarbons”.
Specifically, the company noted that the analysis comes from five of 18 selected trims from side-wall core samples obtained from prospective zones in Merlin-1 which could not be tested by a downhole fluid extraction tool. They also correspond with depths where good oil shows were noted during drilling, it added.
Mercantile Ports & Logistics Limited (LON:MPL) surged 19% to 0.695p on the back of a contract win.
The company has won a contract with Esquire Shipping and Trading, a cargo logistics solutions provider based in Mumbai; and Sai Om Petro Specialties, a Mumbai-based company engaged in the business of bulk cargo handling. The contract is for an initial period of ten years, extendable by a further five years and with revenue of about £7mln over the next three-year period.
Since the beginning of the year, the market price of resins used by the group has increased by 60% on average and the company warned that raw material shortages and price increases will continue to have a short-term impact on earnings in the first half of 2021.
Verditex PLC (LON:VDTK), the solar panels maker, retreated 18% to 2.5p after it reported a theft from its facility at Lainate, near Milan.
The company, whose chairman is former Conservative minister Lord David “two brains” Willetts, has conducted a physical stock check which indicates a shortfall against book stock of around £300,000. Given that the company has minimal revenues at present and had a cash pile of just £1.7mln at the end of 2020, the loss is quite significant. Let’s hope “two brains” remembered to renew the insurance.