Kibaran Resources Positive EcoGraf Purification Test Results
Kibaran Resources Ltd (ASX: KNL) stock gained 20% after the company provided a positive update on the EcoGraf test work. Immediate results have already proved the effectiveness of the EcoGraf purification process as well as its eco-friendly nature, whereby no adverse emission was recorded.
The test results have consequently provided the company the much-needed information for the finalization of a detailed design of the process flow sheet. Kibaran Resource GR Engineering team is currently finalizing the mass balance as well as process flows and quantification of wastewater volumes.
In addition, Kibaran Resources is in the process of carrying out an employee, share scheme buyback targeting 2.1 million ordinary shares. The buyback targets shares initially owned by former director and chairman Andrew Spinks and the late John Park. The buyback will result in the extinguishing of the outstanding loans, and there will be no cash outlay.
Stemify Rallies on K-12 Education Market Traction
Stemify Ltd (ASX: SF1) rallied by more than 15% after announcing its strategic focus on the K-12 education market continues to gather traction. Consequently, the company saw its operating cash receipts for the September quarter increased by 75% to $400. Operating loss in the quarter also improved by 50% to $25,000 thanks to operating costs in the quarter stabilizing at $60,000 per quarter.
During the quarter, the company also achieved significant milestone key among them being the implementation of the largest education sale. The company carried out a district-wide rollout of Robo E3 printers and filament to 69 elementary schools around California. Stemify also carried out a district-wide rollout of the 3D printers, consequently reaching 34 elementary schools in Oklahoma City.
The company also achieved the largest MyStemKits implementation, since the acquisition, affirming its continued traction as a deep, broad curriculum offering. MyStemKits is currently available in 46 states across the U.S.
Likewise, Stemify also achieved further expansion with Cal Ripken Snr Foundation and The Meemic Foundation. It also completed onboarding of major new resellers and delivery of sales to school customers.
Living Cell Technologies Rallies As Cash Balance Shrinks
Living Cell Technologies Ltd. (ASX: LCT) was up by 16% despite announcing that its cash balance for the September quarter shrunk to $3.3 million from $4.9 million in the previous quarter. Net operating cash flow in the quarter was up to $1.5 million compared to $345,725 in the previous quarter. During the quarter, the company also received receipts from grants and tax incentives totaling $284, 468.
Separately, Living Cell Technologies has received A$1.1 million from the sale of Semma Therapeutics. Vertex Pharmaceuticals had entered into a binding agreement to acquire the private company in which LCT held shares. The sale is poised to strengthen the LCT cash runaway, which should allow it to accelerate the development of its ongoing product projects scheduled for the 2018-2019 financial year.