The market may have drifted lower today but not all shares have followed it into the red.
Three small cap shares that are on the rise today are listed below. Here's why they are rising higher:
The Food Revolution Group Ltd (ASX: FOD) share price has stormed 7% higher to 15.5 cents. This morning the juice company announced an increase in its distribution and new products with a net revenue impact in excess of $5 million per annum. The increase in its distribution relates to the manufacture of a range of cold-filled ambient not from concentrate 350ml juices for the independent Victorian grocery channel. This is all part of the company's plan to grow its distribution and product expansion from ~$35 million to up to $500 million within three to five years. I think Food Revolution is one to watch closely.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has returned to trade and climbed over 6% to 5.1 cents. This morning the cannabis company announced the sale of its MGC Derma business to cannabis investment company Cannaglobal. According to the release, a binding term sheet has been signed for C$12.5 million in Cannaglobal equity, a C$2.5 million loan repayment to the company, and a 5-year CBD and cosmetic materials supply agreement. To complete the transaction the company has acquired the remaining 49% of MGC Derma held by partner Dr. M. Burnstein Ltd for C$1.25 million.
The Tawana Resources N.L. (ASX: TAW) share price has returned to trade with a bang on Thursday. In afternoon trade mineral exploration company's shares are up 20% to 30 cents after it announced that it has secured a $40 million funding package from a consortium of lenders led by Tribeca Investment Partners. Management has advised that the funds will significantly strengthen its balance sheet and are expected to expedite the ASX listing of the Tawana and Alliance merger. It believes the support is a great endorsement of the Bald Hill Lithium and Tantalum Mine.
