Small caps are under big pressure along with the rest of the market today — the ASX200 was down a steep 3.3 per cent at 1pm AEDT after the Dow Jones plunged 4.6 per cent overnight in New York.

Around 850 ASX small caps (valued at less than $300 million) were down between 1 per cent and 40 per cent by 11am AEDT.

There were a handful of bright sparks in the resources sector, while the outlook for cannabis remained high but crypto stocks drew a few questions.

There were a few bright spots however.

Here are the key gainers and losers among ASX small caps at 12pm AEDT Tuesday:

In the green

LifeHealthcare (ASX:LHC) was by far the best-performing small cap at midday after announcing a takeover bid from Pacific Equity Partners.

The stock was trading up 41 per cent at $3.64.

Under the agreement, shareholders will receive $3.75 per share in cash, at 42 per cent premium to its 3-month volume weighted average price to February 2.

Soon-to-be-merged Altona Mining (ASX:AOH) was up 18 per cent to trade at 13c with no news in the market.

The Conclurry copper play is awaiting the scheme book for its merger with TSX-listed Copper Mountain, expected in two week, but has recommended shareholders accept.

Under the merger 9.74 Altona shares will be exchanged for one Copper Mountain share – roughly equal at today’s market prices.

Perpetual Resources (ASX:PEC) rose 18 per cent to 2.6c at midday on no news.

In its December quarterly the board told shareholders they were currently reviewing different funding options to allow it continue its exploration  for gold and copper in eastern NSW.

K2 Energy (ASX:KTE) was similarly up 16 per cent on no news to trade at 1.4c.

Last week it initiated a share purchase plan to raise $15,000 to fund working capital.

Successful acne study results buoyed Regeneus (ASX:RGS) at midday – the stock trading up 14 per cent at 12c.

It announced that its topical Syngenus gel was well tolerated in adults and showed a significant effect on the appearance of acne as early as 3 weeks.

In the red

Topaz and tungsten junior TopTung (ASX:TTW) topped the list of the small cap worst performers after releasing results of its resource modelling.

“The detailed drilling has confirmed the lack of grade continuity for the tungsten mineralisation which is likely to cause a reduction in the size of the resource estimate,” it told the market.

Shares in the company tumbled down 32 per cent to trade at 2.1c at midday.

Antilles Oil and Gas (ASX:AVD) was down 28 per cent to 1.5c  on no news.

Last week it announced continuing work to find a viable project or asset as the board finalises its strategic review of the company’s existing Texan assets.

But the rest of the top 5 were down with no news.

Cauldron Energy (ASX:CXU) was down 23 per cent to 4c,  Sihayo Gold (ASX:SIH) down 22 to 1.4c and Thomson Resources (ASX:TMZ) down 20 per cent to 3.6c.