Lunchtime small cap wrap: who’s running and who’s getting stuck
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Here are the key ASX small cap gainers and losers at 12pm AEST Tuesday.
The ASX Small Ords was up 11.7 points to 2676 at 12.45pm AEST.
In the green
Oil and gas explorer Empire Energy Group (ASX:EEG) surged 66 per cent to 3c after a moratorium on NT fracking was lifted today.
Empire has 14.5 million acres in the McArthur and Beetaloo Basins in the NT — both of which are considered highly prospective for shale oil and gas reserves.
Today’s green light from the government means it can once again resume work on both sites — so long as all 135 recommendations from the recent scientific report are implemented in full.
A new investment in digital media spurred Authorised Investment Fund (ASX:AIY) 50 per cent in morning trade.
The stock was trading at 18c after last night revealing a global partnership with Asian Integrated Media, one of the world’s biggest media sales networks.
AIY will acquire 25 per cent of the company, with potential for another 5 per cent in the next three years.
It’s part of a strategy to move into emerging digital technologies, following a deal with Box Digital Media earlier this year.
Pacific American Coal (ASX:PAK) was up 23 per cent to 5.8c with no news in the market.
The company was the subject of a marketing campaign last week, where the chief said that it was “well under-valued by the market at the moment”.
Senegalese gold miner Bassari Resources (ASX:BSR) rose 20 per cent to trade at 2.4c at lunch.
The company last week announced it had secured funding for its Makabingui gold project to the value of $16 million.
Today, it issued 6.4 million shares at 1.7c from a recent rights issue and for consulting services.
Petratherm (ASX:PTR) has made a successful return to the ASX after it was kicked off the bourse last year.
The one-time “hot rocks” energy stock is now a gold explorer and investors are excited. By lunch the shares had gained 10 per cent from their most recent issue price of 4c.
Petratherm re-listed today after raising $4.8 million at 4c a share to buy two tenements in the north-east of South Australia for $50,000.
In the red
Delays in funding have seen Resource Generation (ASX:RES) fall 20 per cent to 6c.
The company updated the market on its proposed funding for the project, backed by the Industrial Development Corporation of South Africa — the first of a syndicate of three.
Last month it told the market it expected final approval in the first week of April.
Mobile gamer iCandy Interactive (ASX:ICI) has fallen on its return to the bourse after five months of suspension.
In an attempt to stop a sell-down, the company offered a loyalty bonus to shareholders if they refrained from selling. But it only briefly worked. Shares fell 19 per cent to 8.5c this morning, following a 34 per cent fall to 10.5c yesterday.
A deal iCandy was previously chasing fell over. Then in January it fell into a lengthy court process to have shares issued last year retrospectively approved for trading.
Malaysian palm oil maker Sterling Plantations (ASX:SBI) was down 15 per cent to trade at 8.5c.
The company responded to a price query from the ASX last week after its shares traded at 10 times its price.
The company said it was not aware of any unannounced info.
BBX Minerals (ASX:BBX) has fallen 13 per cent to trade at 23c on no news.
Mejority Capital (ASX:MJC) — the fund building its case against failed soccer boot maker XPD — fell 12 per cent to 2.2c also on no news.