Small caps round-up: Sirius Petroleum, Gem Diamonds, Churchill Mining...

26th Aug 2009 10:55

Sirius Petroleum has been guaranteed at least $80m of debt funding by London-based Capital Investment Office for its first marginal oil field project. 'We now have a substantial funding line which will enable us to execute our first asset deal in line with our strategy to create shareholder value through the acquisition of proven marginal oil assets in Nigeria,' said chairman Babatunde Agboola.Gem Diamonds is better Wednesday despite a drop in half-year profit to $17.2m from $25.1m in 2008 on revenue down to $117.8m from $166.8m.'We are entering the second half of the year with a strong balance sheet and no debt,' said CEO Clifford Elphick. 'Demand for top quality and top colour large stones continues and prices seem to have stabilised.'Indonesian-focused coal miner Churchill Mining has announced a substantial pre-mining reserve upgrade of the JORC resource categories for the East Kutai Coal project.An increase in total measured and indicated resources for the project to over 1.3 billion tonnes 'will yield substantial interest in Churchill from energy producers'. Anglo-Pacific saw profits fall in the six months to 30 June from the same period the previous year, reflecting lower metals prices and equity markets.Pre-tax profits fell to £12.3m from £16.4m.Dealing software developer Dealogic said its subscription revenues this year have held up well despite continued volatility in investment markets, while transaction revenues have benefited from an upturn in activity in the second quarter, with the result that full year results are expected to be ahead of market expectations.Revenue for the first half of 2009 will be broadly in line with that in the first half of 2008 while profit before tax, with the added benefit of favourable movements in exchange rates, will be around 20% ahead of 2008 over the same period. There were small gains for Polo Resources after Extract Resources, in which Polo has a 9% stake, launched a A$91m equity fundraising.Money from the placing will be used to speed up exploration activities at the Rossing South project in Namibia.Interactive video software group i-Point-media is to raise around £1.73m by means of an underwritten open offer. Existing shareholders will be offered the opportunity to buy one offer unit at a cost of £14.20 per 1,000 ordinary shares currently held, with the option of buying more if the shares are available as a result of other shareholders not taking up their full entitlement.Each offer unit comprises £11.57 nominal of 8% unsecured loan notes due September 30 2013, 58 offer shares at 4p per share and 124 bonus shares at 0.25p per share. Restrictions will be placed on when the bonus shares may be sold. The funds will be used to finance the working and development capital of the company's product and service offering globally. Irish underwriter FBD Holdings saw gross written premiums slide to €180.7m in the first half of 2009 from €198.3m a year earlier. Loss before tax widened to €21.77m from €5.21m the year before.Pharmaceutical firm Ark Therapeutics saw pre-tax losses increase to £13.4m from £10m before on revenue that came in at £665,000 against £412,000 previously.