Signs of renewed activity are emerging across AIM and the broader small-cap market.
On Thursday alone, no fewer than seven companies turned to the market to raise fresh capital, seeking to bolster their depleted cash reserves.
Recent Fundraises Across the Small-Cap Market:
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Coinsilium Group Limited (AQSE: COIN, OTCQB: CINGF) – £2.8 million
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Hamak Gold Limited (LSE: HAMA) – £2.4 million
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Rockfire Resources PLC (LSE: ROCK) – £2 million
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Blackbird PLC (AIM: BIRD) – £2 million
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Vinanz Ltd / London BTC Company (LSE: BTC, OTCQB: VINZF) – £1 million
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United Oil & Gas PLC (AIM: UOG) – £800,000
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Caracal Gold PLC (LSE: GCAT) – $1 million via convertible loan note
These deals signal a tentative return of risk appetite across the junior market.
Last month saw a flurry of activity, with around 50 modest funding rounds completed via share placings, retail offers, direct subscriptions, and more unconventional instruments like convertible loan notes.
The standout was The Smarter Web Company (AQSE: SWC), which attracted over £70 million in fresh investment as shareholders rallied behind its bold Bitcoin treasury strategy.
Funding for early-stage mining, biotech, and tech firms had all but dried up, extending a capital drought that has persisted for nearly three years. Last year, 89 companies exited the market, and we’re already nearing that tally just halfway through 2025. AIM’s ranks have now shrunk to fewer than 700 constituents, less than half of its all-time peak.
Risers
4Global (LON: 4GBL) surged 122.73% to 24.50p ahead of its planned delisting from AIM on 7 July citing rising costs, increasing regulatory burdens, and limited access to new capital.The sports data specialist, which supports the planning of major sporting events through analytics, has issued no statements to explain the sharp rise in its share price.
Following the cancellation, the shares will continue to trade via the JP Jenkins matched bargain facility.
Mkango Resources (AIM: MKA, TSX-V: MKA, OTC: MKNGF) saw its shares surge 100.00% this week following news of a transformational merger. The deal will create a dedicated global rare earths company with a $400 million valuation, to be listed on Nasdaq. Unlike traditional miners, Mkango focuses on recycling.
Importantly, Mkango will retain its AIM listing, while its Malawian and Polish assets will form the core of the new Nasdaq-listed entity. Mkango is expected to hold a substantial majority stake—80%—in the new company prior to any warrant exercises.
On Thursday, Alien Metals (AIM: UFO) announced the discovery of significant iron mineralisation within newly acquired ridge areas of its Hancock iron ore project in Western Australia.
Following additional exploration work, the company defined an exploration target of up to 27 million tonnes at a grade of 62% iron. This is in addition to existing resource estimates elsewhere on the project and further enhances its strategic value.
Shares rose 24.2% to 0.1025p on the news.
Rockfire Resources (AIM: ROCK) is raising £2 million at 0.1p per share, with mining-focused investor ACAM LP contributing £1 million via direct subscription.
The funds will support the ongoing development of the Molaoi zinc-silver-lead project in Greece, where further drilling is expected to lead to a resource upgrade. Importantly, the updated estimate is set to include germanium—potentially making it the only defined resource of the critical metal in Europe.
The share price rose 18.2% to 0.0975p following the announcement.
Fallers
Thruvision (AIM: THRU), a security technology specialist, is aiming to raise at least £2.5 million through a placing priced at 1p per share. In addition, a retail offer—which could raise up to £250,000—is open until 7 July.
The share price fell 14.3% to 1.2p following the fundraising announcement.
Versarien PLC (AIM: VRS, OTC: VRSRF), a graphene materials specialist, is approaching the end of its cash reserves. The company issued a stark warning that, without new funding, it will be unable to meet its financial obligations by August. It may be forced to undertake “additional restructuring action and raise further funds.” Shares plunged 55% on the news.
Crism Therapeutics (LON: CRTX) is securing new capital, but at a steep cost. The company raised £870,000 through an equity placing at 12p per share, heavily discounted from 21p just a week earlier. The resulting dilution sent the stock down nearly 48%.
Blackbird (AIM: BIRD) has raised £2 million through a placing and subscription at 3p per share, with the potential to raise a further £200,000 via a retail offer.
The funds will support continued development of its elevate.io platform and drive sales growth. As of the end of May 2025, the platform had 325 paying users, with customer acquisition costs showing marked improvement—£115 per paid user, down by more than half, and just £2.14 per free user. Platform usage is also on the rise.
Despite the operational progress, the share price slumped 23.5% to 3.25p, hitting a new low.
United Oil & Gas (AIM: UOG) has raised £800,000 through a placing at 0.18p per share to support the ongoing farm-out process for its Walton-Morant licence in Jamaica.
The company reports growing interest in the farm-out opportunity. However, the share price fell 10% to 0.18p following the fundraising announcement.
