Lunchtime small cap wrap: who’s flying high and who’s sinking
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Here are the key ASX small cap gainers and losers at 12pm AEST Thursday.
The ASX Small Ords were up 7.3 points at 2651 at 12.45 pm.
In the green
Black Mountain Resources (ASX:BMZ) more than tripled its stock price this morning after it said it was looking at a lithium project in the Congo.
Black Mountain said the project was in the south-east of the Congo’s Manono province — where AVZ Minerals has been having success.
The shares hit a 52-week high of 6.3c — up almost 300 per cent on yesterday’s close.
Black Mountain said it had raised $500,000 by way of a convertible note, to be used for working capital and to pursue options to farm in licences close to AVZ minerals (ASX:AVZ) and Force Commodities (ASX:4CE).
Farm-in terms are to be negotiated.
AustSino Resources (ASX:ANS) was welcomed back to the local bourse with open arms, its share price up 57 per cent to 1.1c.
The company raised $4.5 million in a recapitalisation earlier this year to provide working capital — including $500,000 in directors fees — and to develop its iron ore assets in Western Australia’s mid-west.
Whispers of government approvals have sent Leigh Creek Energy (ASX:LCK) shares soaring up 41 per cent to trade at 17c.
In its half-year accounts, the company told the market it believed it would have the plant operating in the second quarter of 2018 but no news has been released to market as yet.
Kazakhstan Potash Corp (ASX:KPC) also shared news of a deal to acquire a lithium asset in the Congo.
News sent the stock up 31 per cent to 4.2c.
KPC said it was set to acquire 51 per cent of the Malemba Lithium Project, covering five prospective licences over a 730 sq km area in the north east of the country. It believes the project has potential to be a world-class lithium producer.
IT services provider CPT Global (ASX:CGO) was up 28 per cent at 16c on no news.
In the red
AgTech CropLogic (ASX:CLI) fell from yesterday’s highs to take top spot on the losers at midday — down 18 per cent to 6.2c.
It follows a series of good news for the kiwi potato tech, this week announcing a move into the Australian market via Tasmania and the growing traction for its tech ahead of the US growing season.
Clinical trial logistics provider Cryosite (ASX:CTE) fell 13 per cent to 10c on no news.
Changes in the company’s board have dominated its newsflow recently — Bryan Dulhunty was appointed in the place of former director Stephen Roberts last month.
High-tech micro-dot maker Dotz Nano (ASX:DTZ) released a letter to shareholders earlier this week, but it seems they weren’t impressed — the stock falling 13 per cent to 10c today.
Chief Moti Gross said commercialisation of its secutiry technology was progressing — but industrial material was harder to sell than consumer products.
Cybersecurity tech Tesserent (ASX:TNT) was trading down 12 per cent to 9.2c on no news.
Today’s moves see stock in the company fall back to its early March levels, despite the announcement of key partnerships with fellow small cap White Hawk (ASX:WHK) and Leading Edge Group.
Smart card reader MaxSec Group (ASX:MSP) fell 12 per cent to 2.2c on no news.