This week:Small Cap Wrap will be on holiday for the 23rd and the 30th of August. Back on 6th September after the holidays, but see you next week.    

The economic volatilities continue, with the FTSE 100 dropping some 10.9 per cent last week and the AIM All Share dropping 13.6 per cent. Whilst progress has been made in raising the US debt ceiling, a downgrading of US government debt to AA and the contagion debt crisis across Europe, which includes Spain and Italy, have continued to trouble the markets this week. Looking ahead, the rest of the week sees the US Federal Reserve Policy announcement, The Bank of England quarterly Inflation report, as well as the July inflation figures from China which going forwards are anticipated to be affected by possible declines in US demand.

AFC Energy (LON:AFC) (AFC 36.5p / £66.92m)

AFC Energy, a developer of alkaline fuel cells, announced that the HAZOP study relating to its commercial-scale fuel cell system (Beta system) has now been successfully completed. Improvements highlighted by the study have been incorporated into the Beta system which is currently being commissioned at the Company’s premises in the UK. Further news on this commissioning is expected shortly, according to Ian Balchin, Executive Deputy Chairman. None of these improvements have involved any significant redesign work and the Company is on track with its plans to deploy a Beta system in the field for testing.

African Eagle (LON:AFE) (AFE 7.12p / £29.19m) 

African Eagle Resources, a mineral exploration company, announced that progress on drilling at the Dutwa nickel deposits in Tanzania and laboratory work in Perth and Johannesburg continue ‘unabated’. Resource upgrade drilling is now underway and metallurgical test work to investigate upgrading is progressing well. Drilling is now complete for Bulk Ore Sample 2 (BSO2), with 34 holes for 1,513 metres at Wamangola and 15 holes for 991 metres at Ngasamo, making a total of about 14 tons of core sample. BSO2 will be shipped to laboratories in Australia for pilot-scale metallurgical test work. Results from this testing will contribute to the detailed plant design and costing for the definitive feasibility study as well as provide product samples for off-takers. Results from the test work on BOS1 will form a key element of the prefeasibility study which is expected to…

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