Lunchtime ASX small cap wrap: Who’s not fooling anyone today?

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US stocks closed last week out stronger, notching the biggest quarterly gains in almost a decade, according to Fat Prophets.

This translated in to positive movement for Australian markets, with the ASX Small Ords advancing 0.7 per cent to around 2,763 points in midday trade.

WINNERS

Well, the West Coast Eagles gave GWS a jolly good thrashing on the weekend, taking out the match with a 52-point win. Though star forward Josh Kennedy’s return was a little lacklustre.

Anyway… here are today’s ASX small cap winners.

Orinoco Gold (ASX:OGX) recouped 50 per cent of its recent losses to trade at 0.3c by midday on Monday.

Not much to report on the news front — though it had plenty last week.

The Brazil-focused company has faced numerous problems with production at its Cascavel gold mine, and is facing allegations of poor operating procedures, gold theft and conflicts of interest.

Orinoco last week launched a fully underwritten rights issue for $5.4m.

Phosphate explorer Aguia Resources (ASX:AGR) won investors over with news it had closed a private placement oversubscribed and at a higher price than its share price.

Shares advanced 50 per cent to 14c by midday Monday.

The company banked $874,708 from the placement, which was done at 12c per share, to institutional and sophisticated investors.

The issue price was a 33 per cent premium to Aguia’s closing price prior to the announcement of the placement.

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Winchester Energy (ASX:WEL) is continuing its bull run of late after more positive news from one of its wells in the Permian Basin in Texas.

This time the oil and gas explorer says that not only does it have gas, but it also has confirmed oil pay in the White Hat 20#3 well.

Winchester told investors that the oil volume in this well was even better than what was in its White Hat 20#2 well — which is expected to produce 200 barrels of oil per day.

Shares gained 40 per cent to trade at 5c.

Zinc explorer Inca Minerals (ASX:ICG) has named heavyweight South32 (ASX:S32) as its new partner on its Riqueza project in Peru.

The news sent shares up 25 per cent to 0.5c.

Investors love it when a major backs a junior – especially when it comes with a promise of $US9m in exploration funding over four years to earn a 60 per cent stake.

Here are the best performing ASX small cap stocks at midday on Monday, April 1 (and no this isn’t an April Fool’s joke – these stats are legit):

LOSERS

Gold explorer Gascoyne Resources (ASX:GCY) told investors it had secured firm commitments for a placement and a fully underwritten entitlement offer to collectively raise $24.5m.

But investors didn’t like that, sending the share price down 47 per cent to 5c.

If not all shares are taken up by shareholders in the entitlement offer, European investor Delphi Unternehmensberatung AG would acquire a 19.9 per cent stake in Gascoyne.

Gaming player Aquis Entertainment (ASX: AQS) slipped 40 per cent to 3c on Monday.

The company had no news out today, but revealed on Friday that vice president and general manager Rhiannon Bach had quit. She is relocating to Europe to travel and spend time with her family.

Here are the worst performing ASX small cap stocks at midday April 1: 

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