Here are the key ASX small cap gainers and losers at 12pm AEST Wednesday.

The ASX Small Ords was up 26 points to 2767 at 12.45 pm AEST.

In the green

UraniumSA (ASX:USA) leads the ASX small cap winners at midday after announcing a move into cobalt.

The company today announced it would acquire six highly prospective Australian cobalt assets from Nomad Explorations — sending shares up 85 per cent to 1.3c.

Each project is in established mining regions with supporting infrastructure — close to the historical mining centre of Broken Hill and near other junior explorer projects.

It’s part of the company’s strategic to de-merge its uranium projects into a shareholder-owned unlisted public vehicle and move towards a more attractive investment.

As part of the move it has raised $1.2 million at 0.7c.

Mining investor Copper Strike (ASX:CSE) surged 25 per cent to 25c with no news in the market.

The company holds an investment in graphite play Syrah Resources (ASX:SYR) which earlier this week said its Mozambique operations were set to deliver a significant uplift in daily production.

Copper Strike holds no other exploration interests, and is keeping costs tightly controlled, leaving $817,000 in the kitty, with $82,00 in outgoings expected this quarter.

Increased plant capacity and a new growth strategy has seen the Food Revolution Group (ASX:FOD) trade up 24 per cent to 5.6c by midday.

The maker of juices and infused water said its products had grown in sales by 37 per cent from the previous year and it was investing in new processes to drive efficiency.

Two directors have upped their stakes in the company by 1.5 million and 2 million shares.

Takeover talk spurred Tap Oil (ASX: TAP) up 20 per cent at midday, to trade at 7.2c.

Risco Energy Investments lodged an unconditional on-market takeover bid for the company, at 7c a share — which it says is a 28 per cent premium to its 30-day volume-weighted average price.

In response, Tap has advised shareholders to take no action.

Chinese payment tech 99 Wuxian (ASX:NNW) surged as much as 29 per cent in morning trade to 16c, with no news in the market.

Today’s trading price is three times its opening price on Monday — a spike that caught the eye of the ASX compliance team.

99 Wuxian denied it was aware of any information that should have been disclosed to the market, and could provide no explanation for the hike.

Only last month the company was the subject of a news report that called it out for a share price decline and subdued results.

In the red

A ongoing legal battle with a German pharma company has sent Suda Pharmaceuticals (ASX:SUD) shares down 15 per cent to 1.1c by midday Wednesday.

The fight dates back to a 2008 tug-of-war battle for the manufacturing rights of the company’s ArTiMist product for malaria.

HC Berlin Pharma, the company disputing SUDA’s claim, has since been put into receivership. But SUDA says it’s in further discussions with the receivers to discuss a satisfactory outcome.

Performance material maker CFOAM (ASX:CFO) dropped 15 per cent to 17c despite reporting a tripling of its product sales from the previous quarter.

Shares spiked to 20c on Tuesday but today slipped back below its previous trading price.

The company reported it was filing additional patents for its technology and had achieved $635,000 in sales despite several big repair and maintenance projects.

An oversubscribed placement did little to excite investors in 88 Energy (ASX:88E) — its shares falling 14 per cent to 4.2c.

The company raised $17 million at 3.7c to fund the company’s ongoing evaluation of existing assets and identify new opportunities on the North Slope of Alaska.

Negative comments on social media have sent Horizon Oil (ASX:HZN) into a spin.

The company today responded to “false comments on social media” claiming its 30 per cent owned PDL 10 development licence had been cancelled.

Shares fell 12 per cent to trade at 14c.

Horizon Oil said the notice was procedurally invalid and that the Minister for Petroleum of Papua New Guinea had “no substantive basis to cancel the licence for the reasons set out in the purported notice”.