Lunchtime small cap snapshot: who’s up and who’s down so far
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Here are the key gainers and losers among ASX small caps at lunchtime Wednesday:
Low GI noodles are the talk of the town after Holista Colltech (ASX:HCT) signed a $US6 million ($7.6 million) deal to supply its “patented low glycemic index” formula to North America’s leading noodle supplier.
The shares were trading up 88 per cent at 14.5c around 12pm AEDT. (They fell back to 12.5c at 12.45pm AEDT).
The three-year deal will see HCT supply its patented low GI noodles to the Ontario-based company Wing’s with sales of $US6 million in the first year, then to $US12 million and $US25 million in the years following.
FYI Resources (ASX:FYI) was trading up 25 per cent at 10c off news of a successful $3 million capital raise to develop its high purity alumina project in Western Australia.
New shares were offered at 8c.
The company told the market it was now fully funded to complete the pre-feasibility study and all associated project activities.
Valmec (ASX:VMX) was up 16 per cent at 35c this morning off strong half yearly results.
Revenues from its equipment and construction group were up 66 per cent to $49.7 million with EBITDA up 209 per cent to $3.4 million.
The shares fell back slightly to 34c at 12.45pm AEDT.
Blackstone (ASX:BSX) was up 15 per cent at 40.5c on no news, as was Centaurus Metals (ASX:CTM), up 13 per cent to 1.3c.
Kin Mining (ASX:KIN)
Kin Mining continued to fall after boss Don Harper handed in his resignation.
The junior gold explorer revealed this week that it received a demand from former chairman Terrence Grammer, along with former non-executive director Marvyn Fitton and Orbit Drilling, that a meeting be called for shareholders to vote on the removal of executive director David Sproule.
The shares were down 15 per cent to 20.5c in Wednesday morning trade.
QANTM Intellectual Property (ASX:QIP)
Intellectual Property experts QWANTM disappointed investors with an update on first-half trading conditions.
Last year QANTM told investors it expected a return in patent and trade mark filing applications to long term growth rates, prompting higher revenue growth.
But unaudited results for the December half-year “show that the group experienced a further period of reduced patent and patent advisory revenue generation”, the company said.
That caused a 4.7 per cent decline in revenue from $51.5 million (in the corresponding 2017 half year) to $49.1 million in the first half of 2018.
QANTM shares were down 19 per cent at $1.18 by 12.30pm AEDT.
Metals Australia Ltd (ASX: MLS)
Diversified explorer Metals Australia fell after announcing it had completed a private placement of $3.1 million at 0.5c.
The shares fell 16 per cent to match the purchase price.
Metals will use the cash to start drilling at its Lac Rainy graphite project in Quebec in the next three weeks.
Norwest Energy (ASX:NEW)
Perth-based explorer Norwest fell despite announcing strategic investor 3C Group would increase its shareholding to 9.9 per cent.
3C bought 66.5 million new shares at 0.24c each, raising $160,000. The shares fell to 0.3c apiece.