The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may be pushing notably higher today after strong gains in U.S. markets overnight.
But the gains in large cap shares is nothing in comparison to some that are being made at the small end of the market.
Here's why these three small cap shares are zooming higher on Friday:
The Birimian Ltd (ASX: BGS) share price has pushed almost 8% higher to 55.5 cents after the lithium miner announced that the indicated and inferred mineral resource at its Goulamina operation in southern Mali has doubled in size following exceptional exploration success. The revised mineral resource is now 65Mt at 1.43% lithium oxide compared to previous estimates of 32.1Mt at 1.5% lithium oxide. This lifts the contained lithium oxide up from 451kt to 931kt. Management also advised that results from the Yando, Danaya and Sabali pegmatites are yet to be included, which could yet lead to further increases in the project's mineral resource. This could be one to watch.
The Bubs Australia Ltd (ASX: BUB) share price has pushed 4.5% higher to 80 cents despite there being no real news out of the goats milk infant formula company. In fact, the only bit of news out of the company was a notice relating to the sale of shares by a substantial holder yesterday. Next Step Global Limited has been offloading more shares on-market over the last six weeks. Next Step Global has links to JD.com founder Richard Liu, which the company signed a distribution agreement with back in February.
The Mineral Deposits Limited (ASX: MDL) share price has zoomed 26% higher to $1.46 after the mineral sands producer advised that it has received a takeover offer from France-based multinational miner ERAMET. According to the release, ERAMET has tabled an all-cash takeover offer of $1.46 per share, valuing the company at approximately $291 million. This looks like a good deal for shareholders and listed investment company NGE Capital Ltd (ASX: NGE). The small investment company has a good portion of its funds tied up in Mineral Deposits' shares. Thus it won't come as a surprise to learn that its shares are up 21.5% today on the news.
