SMALL CAP MOVERS: Amur Minerals soars on Russia deal; oil and gas firms higher as Brent price rebounds

Mine developer Amur Minerals was among Friday’s top small cap risers thanks to a possible funding deal with Russia to support the proposed Kun Manie mine.

Amur is already talking to strategic partners in Russia, China and India. And those efforts remain the ‘cornerstone’ of its strategy to develop a mine.

But, a new agreement with a development agency for Russia’s Far East and Baikal Region could now open up federal funding for key elements of the project.

Deal: Amur Minerals has signed an agreement with a development agency for Russia¿s Far East and Baikal Region (Pictured: Lake Baikal)

Deal: Amur Minerals has signed an agreement with a development agency for Russia’s Far East and Baikal Region (Pictured: Lake Baikal)

Amur was given a long awaited mining permit by the Russian authorities last May, and it has described today’s milestone as a ‘launching point’ for detailed negotiations.

Up 28 per cent this morning Amur shares traded at 8.5p each.

Generally, for the whole small cap market it was another steadily positive week. Standing at 3,290 this morning, the FTSE AIM 100 benchmark had gained 1.1 per cent over the past five day while over the same period the AIM All-Share added 1.2 per cent.

Many of Friday’s other big moves were tied to an apparent improvement in sentiment towards the junior oil and gas sector; where recently downtrodden shares are particularly geared to the tentative improvement in crude prices this past week.

North Sea firms Hurricane Energy and Xcite Energy, for example, gained 20 per cent and 28 per cent respectively.

Alaska focussed shale explorer 88 Energy, meanwhile, rose 13 per cent to 2.6p.

MYCELX, an AIM quoted group that cleans water from oil operations, shot up 25 per cent after unveiling a new $5million deal with an existing customer in Middle East.

Moving up: Oil and gas junior companies bounced back thanks to improvements in the price of Brent crude

Moving up: Oil and gas junior companies bounced back thanks to improvements in the price of Brent crude

Indian wind power group Mytrah Energy enjoyed a second day of gains, following Thursday’s breakthrough refinancing. It was up 12 per cent this morning, marking a rise of about 21 per cent since Wednesday’s close.

A new $380million debt package from a group of three banks was the largest refinancing ever seen in the Indian renewables sector, the company highlighted, and it is expected to lower borrowing costs and improve Myrah’s credit rating.

Wearable tech group CloudTag saw its shares rise over 25 per cent though the first few days of March, after it issued new shares at a premium price, to raise £215,000 on Tuesday, and chief executive Amit Ben-Haim said he expected to see more orders for its Track and beatSmart products this year.

A look to the big small cap fallers shows the push of weak commodity prices has come to shove several natural resource stocks.

Canadian oil explorer Edge Resources fell around 65 per cent after announcing it would be leaving AIM. Similarly UMC Energy, down 60 per cent, said it wouldn’t continue as a listed company.

And Madagascar Oil’s tumultuous time on AIM also looks to be at an end. The group announced a rescue funding from its lenders - who also represent three of its four major shareholders - and the key condition of the deal is that it calls a shareholder vote to leave the exchange.

Entertainment One lost 14% after the Peppa Pig distributor post lower nine-monthly revenues

Entertainment One lost 14% after the Peppa Pig distributor post lower nine-monthly revenues

SeaEnergy and LGO Energy, both of which require new funding, were also among AIM’s fallers on Friday. The former has now decided to put its main subsidiary R2S, a computer modelling business, up for sale.

Independent video games developer Frontier Developments dropped about 15 per cent after the next instalment of its flagship game, Elite Dangerous Horizons, was delayed and revenue expectations were downgraded.

Entertainment One, meanwhile, lost 14 per cent following lower nine-monthly revenues as the firm behind Peppa Pig revealed its weaker film distribution business offset a positive performance for the TV division.