Small caps were still raising money in May; health beat resources again

Although May saw a gradual easing of COVID-19 restrictions, the economic recovery is still some way off and ASX companies kept rattling the tin.

Last month stocks with market capitalisations of under $100m raised $177m, a modest 5 per cent increase over April’s $168m tally.

Once again, the health sector beat the resources sector but the gap narrowed significantly. Health micro-caps raised $54m while resources stocks raised $49m.

Due to the ASX’s continued rise in May, only 10 per cent of micro-caps that raised capital are trading lower than before their fundraising.

Here’s a list of all ASX small and micro cap raisings completed in May (by date of securities listing on the ASX):

Swipe or scroll to reveal the full table. Click headings to sort.

Date	Code	Company	Offer Size (M)	Offer Type	Industry Sector	Offer Price	Last Price	Offer To Date	Market Cap at Offer (M)
05/26/2020	ORR	OreCorp Ltd	13.5	PLACEMENT	Resources	0.3	0.37	17	95
05/04/2020	MGV	Musgrave Minerals Ltd	6.0	PLACEMENT	Resources	0.105	0.15	38	49
05/15/2020	SGQ	St George Mining Ltd	3.6	PLACEMENT	Resources	0.08	0.1	31	37
05/01/2020	GAL	Galileo Mining Ltd	5.0	PLACEMENT	Resources	0.22	0.23	5	31
05/25/2020	HCH	Hot Chili Ltd	5.0	PLACEMENT	Resources	0.015	0.014	-3	31
05/07/2020	APC	Australian Potash Ltd	2.0	PLACEMENT	Resources	0.05	0.052	4	22
05/28/2020	EGR	Ecograf Ltd	1.6	PLACEMENT	Resources	0.065	0.065	6	21
05/14/2020	GSN	Great Southern Mining Ltd	3.2	PLACEMENT	Resources	0.045	0.09	100	18
05/06/2020	NWC	New World Resources Ltd	1.3	PLACEMENT	Resources	0.011	0.0125	9	11
05/11/2020	ARE	Argont Resources NL	1.3	PLACEMENT	Resources	0.0033	0.007	112	6
05/20/2020	GNM	Great Northern Minerals Ltd	1.6	PLACEMENT	Resources	0.006	0.013	83	4
05/11/2020	DDD	3D Resources Ltd	2.2	PLACEMENT	Resources	0.0013	0.0035	131	4
05/27/2020	SPQ	Superior Resources Ltd	0.3	PLACEMENT	Resources	0.003	0.005	67	3
05/01/2020	JAN	Janison Education Group Ltd	7.0	PLACEMENT	Communications	0.25	0.295	20	52
05/07/2020	CLT	Cellnet Group Ltd	5.1	RIGHTS	Communications	0.03	0.045	50	7
05/28/2020	IXC	Invex Therapeutics Ltd	16.3	PLACEMENT	Consumer, Non-cyclical	1.3	1.41	12	88
05/15/2020	KTD	Keytone Dairy Corp Ltd	12.5	PLACEMENT	Consumer, Non-cyclical	0.31	0.285	-3	79
05/15/2020	QFE	QuickFee Ltd	6.9	PLACEMENT	Consumer, Non-cyclical	0.21	0.32	48	39
05/14/2020	WNB	Wellness and Beauty Solutions	1.3	PLACEMENT	Consumer, Non-cyclical	0.008	0.008	0	10
05/11/2020	RE1	Resa Group Ltd	2.5	PLACEMENT	Consumer, Non-cyclical	0.02	0.02	0	3
05/28/2020	XAM	Xanadu Mines Ltd	1.1	PLACEMENT	Energy	0.033	0.04	27	27
05/13/2020	EXR	Elixir Energy Ltd	1.6	PLACEMENT	Energy	0.02	0.026	35	12
05/07/2020	VEN	Vintage Energy Ltd	1.9	PLACEMENT	Energy	0.036	0.05	39	11
05/13/2020	CWZ	Cashwerkz Ltd	3.3	PLACEMENT	Financial	0.13	0.14	8	26
05/06/2020	OSL	OncoSil Medical Ltd	3.1	RIGHTS	Health	0.09	0.1025	14	87
05/07/2020	OVN	Oventus Medical Ltd	4.6	PLACEMENT	Health	0.24	0.28	21	87
05/08/2020	OSL	OncoSil Medical Ltd	14.0	PLACEMENT	Health	0.09	0.1025	14	70
05/05/2020	IMM	Immutep Ltd	12.0	PLACEMENT	Health	0.125	0.19	48	61
05/05/2020	EXL	Elixinol Global Ltd	11.0	RIGHTS	Health	0.2	0.265	40	43
05/01/2020	MXC	MGC Pharmaceuticals Ltd	3.5	PLACEMENT	Health	0.027	0.023	-11	43
05/25/2020	ICR	Intelicare Holdings Ltd	5.5	IPO	Health	0.2	0.41	108	15
05/20/2020	AMS	Atomos Ltd	10.9	PLACEMENT	Industrial	0.45	0.555	27	95
05/08/2020	GMV	G Medical Innovations Holdings	6.0	PLACEMENT	Technology	0.07	0.063	-4	46
05/06/2020	FZO	Family Zone Cyber Safety Ltd	6.4	PLACEMENT	Technology	0.12	0.175	38	35
05/08/2020	KNM	KNeoMedia Ltd	2.5	PLACEMENT	Technology	0.017	0.017	0	15
05/19/2020	AR9	Archtis Ltd	1.5	PLACEMENT	Technology	0.055	0.056	2	7
05/07/2020	AO1	AssetOwl Ltd	0.6	PLACEMENT	Technology	0.008	0.009	12	3
05/05/2020	AO1	AssetOwl Ltd	0.9	RIGHTS	Technology	0.008	0.009	12	3

Meanwhile, the small caps with market capitalisations between $100m and $500m raised $311m, but there were only a handful of deals done.

Date	Code	Company	Offer Size (M)	Offer Type	Industry Sector	Offer Price	Last Price	Offer To Date	Market Cap at Offer (M)
05/01/2020	DEG	De Grey Mining Ltd	31.2	PLACEMENT	Resources	0.28	0.4075	45	474
05/13/2020	RED	Red 5 Ltd	125.0	PLACEMENT	Resources	0.18	0.275	58	351
05/20/2020	CHN	Chalice Gold Mines Ltd	30.1	PLACEMENT	Resources	1.05	1.02	-11	319
05/13/2020	AFG	Australian Finance Group Ltd	45.1	RIGHTS	Financial	1.15	1.565	43	295
05/25/2020	AFG	Australian Finance Group Ltd	14.9	PLACEMENT	Financial	1.15	1.565	43	295
05/28/2020	BTH	Bigtincan Holdings Ltd	35.0	PLACEMENT	Technology	0.67	0.77	17	242
05/07/2020	SPT	Splitit Ltd	16.0	PLACEMENT	Financial	0.41	0.475	17	144
05/26/2020	BYE	Byron Energy Ltd	13.8	PLACEMENT	Energy	0.13	0.145	8	119

The biggest deals

The sole IPO of the month was aged care-focused software-as-a-service (SaaS) stock InteliCare (ASX:ICR).

It entered the ASX after raising $5.5m at 20c per share and finished the week double its listing price.

Some of 2020’s best exploration success stories also raised capital, including De Grey Mining (ASX:DEG) and Chalice Gold Mines (ASX:CHN), with the pair raising $30m each.

Chalice received $75m in applications in the heavily oversubscribed raising. Director Timothy Goyder ended up selling $10m of his own shares to cater for some institutions that missed out.

Other junior explorers seeking to follow in their footsteps also raised capital. One was Golden State Mining (ASX:GSM), which has a project just 13km from De Grey’s Hemi discovery.

Cash was also raised by Great Southern Mining (ASX:GSN), which has a West Australian project near Laverton where 77,000oz of gold was mined in the late 1930s before the operation closed during World War Two.

Among health stocks Invex Therapeutics (ASX:IXC) was the biggest deal raising $26m.

Invex released its deal just two days after announcing its anti Idiopathic Intracranial Hypertension (IIH) drug had passed a phase two clinical trial. It intends to use the majority of the proceeds for a phase three clinical trial.

Anti-cancer biotech Oncosil (ASX:OSL) raised $3m in a rights issue and $14m from a placement.

Buy now pay, later stock Splitit (ASX:SPT) raised $16m in a placement. It too announced hot demand for its shares and said it continued to see strong merchant sales growth despite the pandemic.