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These small cap ASX shares are on the rise on Monday

The market may have dropped sharply lower again on Monday but that hasn’t stopped some small cap shares from climbing higher.

Three small cap shares pushing higher on Monday are listed below. Here’s why they are on rise:

The Australian Mines Limited (ASX: AUZ) share price is up 2.5% to 4.2 cents after the mineral exploration company advised that the Northern Australia Infrastructure Facility (NAIF) Board has indicated it will move to investigating the potential for providing support for Australian Mines’ Sconi Cobalt-Nickel-Scandium Project in Queensland. According to the release, the NAIF is a major long-term initiative of the Australian Government and provides access to up to $5 billion of finance. It also seeks to encourage and complement private sector investment to further that objective.

The Family Zone Cyber Safety Ltd (ASX: FZO) share price has risen 7% to 38 cents after the cyber safety company announced an agreement with Woolworths Group Ltd (ASX: WOW) subsidiary Woolworths Mobile. According to the release, Woolworths Mobile has chosen to range Family Zone’s world-first FZ ONE cyber safe mobile phone. Management believes that the selection of the FZ ONE phone to be the child-friendly device in Woolworths’ product range is a significant milestone and validation of the market opportunity. FZ ONE will be sold through Woolworths locations nationwide and online by Christmas 2018.

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is up 3.5% to 74 cents following the release of no less than three announcements this morning. These include a manufacturing partnership for kidney cancer imaging with Cyclotek, the expansion of its PSMA imaging partnership with ANMI, and positive interim analysis of its ZIR-DOSE dosimetry bridging study. In respect to the latter release, the interim data has enabled Telix to proceed with its first patients in the global multi-centre Phase III trial for TLX250-CDx with the confidence that it has the dosing and dosimetry right and with much improved image quality compared with iodinated girentuximab.

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Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. 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.