The market has bounced back from two consecutive days of declines with a small push higher on Wednesday.
Three shares at the small end of the market climbing more than most today are listed below. Here's why they are storming higher:
The Atlas Iron Limited (ASX: AGO) share price is up almost 5% to 4.4 cents after the iron ore producer advised that Hancock Prospecting has increased its conditional takeover offer. According to the release, Hancock's wholly-owned Redstone business will increase its offer to 4.6 cents per share if its voting power increases to 87% or more during the offer period. In addition to this, If the condition is satisfied, Redstone will also pay an additional 0.4 cents per share to shareholders who accepted the Hancock offer prior to any change in the offer price. If the condition is not satisfied, the offer price will not increase. At the time of the release, Redstone advised that its voting power in Atlas had increased to 77.06%.
The Australian Vanadium Ltd (ASX: AVL) share price was up as much as 11% in early trade before fading. At the time of writing the mineral exploration company's shares are up 2% to 5.5 cents. This morning Australian Vanadium advised that an initial vanadium production scenario has been developed for the Gabanintha Vanadium Project as part of its ongoing Pre-Feasibility Study. According to the release, the base case demonstrates robust project fundamentals, competitive product costs, and financials, with further optimisation potential. The net present value is estimated to be in the range of US$191 million and US$2.37 billion dollars, depending on pricing assumptions.
The Food Revolution Group Ltd (ASX: FOD) share price has rocketed over 15% to 15 cents. This morning the juice company announced that it has issued 18,518,519 ordinary shares to Careline Australia ahead of schedule in line with Tranche 1 of a $20.25 million strategic investment headed by Careline and its CEO Dr Norman Li. As part of the deal, Careline has been incentivised to rapidly grow the company's distribution and product expansion from ~$35 million to up to $500 million within three to five years. I've been impressed with Food Revolution's progress recently and think it is worth a closer look.
