Small caps round-up: Infrastrata, Nexus, Western & Oriental

4th Oct 2010 12:57

Gas storage group Infrastrata says it can get a project in Dorset moving forward after completing legal agreements with its partner eCORP. eCORP has acquired 50% of the project company, Portland Gas, in return for funding the next £22.9m for investment in the project, to match the amount Infrastrata has put in so far. Infrastrata holds the remaining 50%.The project, which is at the port of Portland on the south coast, could together with another project Infrastrata is developing in Northern Ireland account for 10% of Britain and Ireland's total peak gas demand, Infrastrata says.Shares in Nexus Management took a knock after the IT services group said revenues and profits for the year to September 30 will be below expectations after it failed to conclude negotiations on a big order with a blue chip company.The negotiations continue, it said.A profit warning has also dented the share price of niche travel group Western & Oriental, which was hit by the impact of the volcanic ash cloud that spread from Iceland across Europe.Western, whose brands include W&O Travel and Iceland2go, said it had to pay for the repatriation of stranded holidaymakers and was hit by booking cancelations. Leyshon Resources' announcement that it is made applications for five coal exploration licenses in southwest Mongolia has fuelled a sharp rise in the mining group's share price. Berkeley Mineral Resources has raised a total of £0.85m before expenses by way of a placing of 42.5m new ordinary shares at a price of 2p per share.According to Berkeley, the funds have been raised primarily to accelerate the development of the processing of tailings dumps (leftovers from processed ore) at a Zambian mine once the company has completed their acquisition.Galaxy Resources, Australian lithium producer in which Creat Resources has a 20% shareholding, has raised Au$30m through a convertible note issue to a strategic China-based investor, in order to strengthen its capital base.The company has also confirmed rumours that it is evaluating the possibility of a dual listing on the Stock Exchange of Hong Kong, and is in the process of submitting a listing application.