Pineapple Power spikes higher as it fields approaches

Pineapple Power Corporation PLC (LON:PNPL) jumped 7.7% to 8.25p after the cash shell revealed it has received a number of approaches.

Such approaches are preliminary in nature and the company’s board and its advisers are in the early stages of considering them. The company is also actively seeking other potential transaction candidates.

None of the situations currently under review are at a stage where it would be appropriate for the company to announce details to the market, the company advised.

10.50am: Blockchain stocks take a bath

Online Blockchain PLC (LON:OBC) slumped 20% to 72.5p, pretty much in line with the price of Bitcoin, which is off 17%.

Argo Blockchain was down 20% to 215p for similar reasons.

The “flash crash” seems to have been sparked by relentless self-publicist, Elon Musk, the boss of Tesla Motor, who tweeted over the weekend that cryptocurrency prices seem to be a bit high.

READ Bitcoin flash crash knocks Elon Musk off rich list top spot

9.55am: IMC Exploration is heartened by appraisal drilling at North Wexford gold asset

IMC Exploration Group PLC (LON:IMC) hardened 8.1% to a penny after it reported drilling results from its North Wexford gold asset.

Drillhole 20-1200-01 intersected a 47 metre mineralised acid volcanic horizon (mainly rhyolites) at depths up to 50 metres (m) deeper than historical drilling during appraisal drilling on the North Wexford gold project.

Gold mineralisation occurs over five closely-spaced intervals (ranging from 0.9 – 1.4m wide) with a maximum grade of 0.4 g/t gold (Au) over a one-metre interval, the company said.

9.00am: OKYO Pharma higher after receiving ocular pain treatment patent

OKYO Pharma Limited (LON:OKYO) climbed 6.9% to 9.75p after it was issued a US patent.

The biotechnology company focused on the development of novel drugs to treat inflammatory eye diseases and chronic ocular pain, said the patent, entitled “Compounds and Methods for Treating Pain” was issued by the United States Patent and Trademark Office on January 26, 2021.

This patent covers a class of bovine adrenal medulla peptides linked to specific lipids that demonstrate the potential for treating symptoms of neuropathic pain, ocular pain, ocular inflammation and/or dry eye disease.

i3 Energy PLC (LON:I3E) soared 24% to 7.23p after an operational update covering the three months to the end of January.

The independent oil and gas company said production remained predictably stable, averaging 9,150 barrels oil equivalent per day in the period.

The company, which in 2020 acquired production assets in Canada to add to its undeveloped North Sea portfolio, said the assets continue to perform at or above expectations.