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These small cap ASX shares are on the rise on Tuesday

share price higher
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After a terrible start to the day the local market has fought back and edged into positive territory this afternoon.

Three shares at the small end of the market that have climbed more than most today are listed below. Here’s why they are on the rise:

The Auscann Group Holdings Ltd (ASX: AC8) share price is up 5.5% to 67.5 cents after providing a market update with its quarterly report. According to the release, the cannabis company has successfully completed the pilot production of its final dose form cannabinoid hard shell capsules. As a result, the company can now move the production process into a commercial facility in preparation for Australian market and export supply in 2019. This means that AusCann will be generating revenues in the not so distant future, though time will tell whether these revenues will be meaningful.

The Lepidico Ltd (ASX: LPD) share price has climbed over 6.5% to 1.6 cents after the lithium company announced positive drilling results from its Youanmi project in Western Australia. According to the release, the assay results from its maiden reverse circulation drilling program have confirmed a significant lithium mineralisation. Management has advised that these encouraging results have led to a follow-up drilling program being planned. This will test its successful targets to ascertain the geometry and resource potential of the pegmatites.

The Senetas Corporation Limited (ASX: SEN) share price us up almost 5.5% to 9.9 cents. This morning the developer and manufacturer of multi-certified, defence-grade data encryption solutions announced that its successful restructure has allowed its board to declare the first dividend since 2012. The Senetas board has declared a final unfranked dividend and also a special unfranked dividend, much to the delight of the company’s long-suffering shareholders. This represents a total cash distribution to shareholders of approximately $4 million.

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Returns as of 6th October 2020

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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