• S&P/ASX 200 closes flat up just 0.07%, while the emerging companies index falls 0.48%
  • Cellnet Group up 44% after a takeover bid by German private company Wentronic Holding GmbH
  • Podium Minerals completes $2 million cap raise to advance Parks Reef Platinum Group Metals project


The S&P ASX 200 index has closed flat on Friday after four day of losses.  The S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies –  closing down 0.48%.

Gains in healthcare and tech stocks were offset by losses in the energy and mining sector.

Overnight, US indices were mixed following a renewed banking crisis and a rise in US jobless figures to 264,000 for May, the highest since 2021.

The S&P 500 closed down 0.17%, the Dow by 0.66%, while the tech heavy Nasdaq rose by 0.31%.

Gold miners were also hit hard on the ASX today as the price of bullion dropped. At the time of writing gold had fallen 0.26% to US$2011.26/ounce.

On Twitter there was a bit of despondence around from ASX investors today.

But @agroasx seemed to be rejoicing in lithium prices rebound.

Also on Twitter, Elon Musk is making a guessing game out of just who will be new CEO of the social media platform and its newly named parent company X Corp.

The Space X and Tesla CEO, who bought Twitter for US$44 billion last year,  said he’d hired a new CEO. Speculation is now rife as to the identity of the mystery woman.




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Cellnet Group (ASX:CLT) is on the winner’s list today after announcing a takeover bid by German private company Wentronic Holding GmbH.

The distributor of lifestyle technology products has entered a Scheme of Implementation Deed (SID) with Wentronic, which will see shareholders receive 2.7 cents/share in cash, valuing the company at ~$6.6 million, and representing a premium of 50% on the company’s closing share price on May 10.

Also finishing the week on a high is Cosmo Metals (ASX:CMO)  which announced it believes its Minjina prospect “could be the beginning of a meaningful polymetallic mineral discovery” after drilling into decent silver grades up to 123g/t.

Drilling highlights like 11m @ 1.03% Zn, 0.22% Pb, 0.15% Cu, 33.50g/t Ag from 212m were unexpected, in a good way.

Stockhead’s Reuben Adam’s has more on the discovery in his Resources Top 5. 



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Podium Minerals (ASX:POD) has announced the completion of its $2 million share purchase plan and placement to advance the company’s 100% owned Parks Reef Platinum Group Metals (PGM) project.

POD received $1.66 million under the SPP with investors contributing an additional $340k in funds in the placement to raise a total of $2 million.

“Raising $2.0 million in a challenging market illustrates the endorsement of our strategy, the global significance of the Parks Reef Project and the outlook for the company,” POD managing director and CEO Sam Rodda said.

Continuing with capital raises and Magnetic Resources (ASX:MAU)  has announced it has received placement funds, has more than $5.5 million in cash reserves and has started drilling at the Lady Julie North 4 (LJN4) gold project with three drill rigs now on site including two diamond rigs and one RC rig.

MAU said the RC and diamond drilling programs are designed to increase and upgrade the existing resource at the project and to follow up on promising thicker intersections including 96m at 1.3g/t from 54m in MLJRC669 at LJN4 that could deliver further growth.

The programs will also include additional drilling to the south of LJN4 looking for satellite deposits.

Tlou Energy (AS:TOU) has launched a partially underwritten non-renounceable entitlement offer to raise up to $10.65 million.

TOU will  issue 304,156,361 new offer shares at 3.5 cents/share to raise ~$10.65 million. Eligible Shareholders may subscribe for four fully paid ordinary shares for each 11 held at 7 pm (AEST) on May 18, 2023.

The entitlement offer is partially underwritten for $5 million by ILC Investments Pty Ltd.

The company is developing the Lesedi Power Project in Botswana’s central district, about 100km away from the existing electricity grid.

TOU said funds raised and existing capital will go towards development of its power projects along with general working capital requirements.

Aussie truck and trailer parts supplier MaxiPARTS Limited (ASX:MXI) has announced the retirement of chair Robert Wylie, effective immediately.

MXI said in line with the board’s succession planning, deputy chair and chair of the audit and risk management committee Mary Verschuer, has been appointed as the new chair.

Wylie advised at the MXI Annual General Meeting in November 2022 of his intention not to stand for re-election as a director at this year’s AGM.

MXI CEO and managing director Peter Loimaranta said Wylie leaves MaxiPARTS in a strong position.

“He provided strong leadership through the disposal of the Trailer Solutions business in 2021, which was not an easy decision but was the right decision for both businesses and for shareholders,” he said.

“It has allowed MaxiPARTS to focus on being a dedicated distribution business, now delivering consistent earnings and dividend growth, with significant further opportunity to add scale.”



Power Minerals (ASX:PNN) – Pending announcement of an acquisition.

Celsius Resources (ASX:CLA) – Pending announcement of non-binding term sheet and placement.