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These small cap ASX shares are storming higher today

The local share market may have had a disappointing start to the week but not all shares have followed it lower today.

The three small cap shares listed below have had a strong start to the week and are on the rise. Here’s why:

The Australian Mines Limited (ASX: AUZ) share price has jumped 7% to 4.5 cents. The only real news out of the nickel, cobalt and scandium company was a $296,000 R&D tax rebate received for the 2016-17 financial year. Managing director, Benjamin Bell, stated that: “In addition to representing a small boost to our balance sheet, I believe the Commonwealth Government’s continued incentive program has a real impact on encouraging Australian exploration and mining companies to invest in research and development of benefit to Australia. He added that: “The operation of the demonstration plant has played a critical role for Australian Mines as it has enabled optimisation of the extraction process for the Bankable Feasibility Study on the Sconi Project. The processing tests have significantly improved equipment reliability, recovery and purity levels of the nickel, cobalt and scandium products.”

The De Grey Mining Limited (ASX: DEG) share price has risen 3.5% to 15.5 cents after high grade intercepts from new infill drilling confirmed two high grade lodes immediately beneath the Withnell open pit at the Pilbara Gold Project. According to management, the underground potential at the two largest gold deposits is considered high in respect to additional tonnes, grade, and resource ounces. Furthermore, the economic impact of a high-grade underground mine being added to the proposed open pit mining strategy is believed to be substantial in terms of potential to increase revenues, mine life, and annualised production rates.

The Rhinomed Ltd (ASX: RNO) share price has rocketed 21% higher to 34.5 cents. This morning the Melbourne based nasal respiratory company announced that it has signed a 12-year exclusive licensing agreement with New York based Columbia Care. According to the release, Columbia Care is the largest and most experienced manufacturer and provider of medical cannabis products and services in the United States. The agreement will leverage Rhinomed’s patented nasal technology platform and Columbia Care’s extensive medical cannabis research and development, manufacturing and distribution capabilities. Product development will commence immediately on multiple products with potential for product launches in 2019. The envisaged portfolio of reliable, dose-metered cannabis-based medicines administered nasally will include over the counter and clinical applications.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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