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Asiamet Resources makes 'progress' at its copper-gold project in Indonesia

Small Cap Movers: Asiamet Resources makes 'progress' at its copper-gold project in Indonesia - causing shares to rocket

Shares in Asiamet Resources were a hit on both sides of the Atlantic after the dual-listed company reported progress with a copper-gold project in Indonesia. 

Shares have rocketed throughout the week in both London and Toronto. 

The miner confirmed it was still on track to release the findings of a preliminary economic assessment on the Beruang Kanan main deposit at the company's 100 per cent owned KSK contract of work in Kalimantan near the end of the first quarter.

Asiamet also said it was continuing to progress the conversion of its exploration licences to production licences for both the Beutong and Jelai projects with the Indonesian government.

The share price rise this month has not gone unnoticed by Asiamet's directors, who confirmed the company was still in talks with various parties about its project portfolio and that 'further announcements in respect of these matters' will be made when appropriate.

While Asiamet shareholders were feeling like they had won the lottery, DJI Holdings, a licensed provider of lottery services in China, also hit the jackpot this week.

Shares rose by more than third after it announced a major expansion of its key partnership in Shandong with the launch of mobile sales across one of China's largest lottery markets.

The launch follows the successful implementation of DJI's trials of Sports Lottery products via mobile phones in Shandong's Qingdao City announced in October 2015. 

The company said it marks a major development and revenue opportunity for DJI while online sales of lottery products remain suspended in China.

Super-capacitors specialist Cap-XX charged higher after it inked a technology licence agreement with US manufacturer of electronic passive components and interconnecting solutions, AVX Corporation.

AVX is licensing Cap-XX's patents on a non-exclusive basis for a range of prismatic and cylindrical super-capacitor sizes.

The UK firm expects to receive licence fees in advance over a three year period plus a 5 per cent royalty for the life of the patents, based on the number of sales AVX racks up of products that use Cap-XX's intellectual property.

The Fastjet saga rumbled on, doing further damage to the low-cost African airline's share price.

Sir Stelios Haji-Ioannu's investment vehicle, easyGroup, went public this week with a letter outlining concerns over its relationship with Fastjet and how the low cost airline was operating.

The easyGroup founder said the airline was in breach of two clauses of the licence agreement between the two companies, and threatened to end the commercial relationship unless Fastjet addressed his queries by the end of this month.

Fastjet responded on Thursday but only to say that it was reviewing the letter with its legal advisers and that it intends to make a formal reply in due course.

Interim results from Gfinity, the company that specialises in promoting e-sports - basically an army of nerds watching some highly skilled nerds play a competitive multi-player computer game - were less than awesome.

Revenues in the first half of the company's financial year were 50 per cent higher than in the preceding six-month period, but the company still made an operating loss of £1.8million.

It has around £1.25million cash after raising a million quid last November through a share placing.

After losing almost a fifth of its value this week the company's stock market valuation is now £10million; the shares are trading at 11.2p, versus the 17p at which the shares were placed when the company listed in December 2014.

Finally, there's an interesting off-market transaction being done by OR Productivity, which is hoping to raise around £1.5million in two rounds of financing.

A portion of the funds will come via a new platform called Syndicate Room, an equity crowd-funding platform that has helped raise around £50million to date for Britain's up-and-coming firms.

It is hoped that shares in OR, which has developed a remote camera used in keyhole surgery, will be traded as if they were listed on the stock market using a platform called Asset Match.

Shares in Brew Dog, one of the big crowd-funded success stories, and stock in the Co-operative Bank also trade on the Asset Match system.