The Australian share market is on course to finish the week with a day in the red.
But not all shares have dropped lower with the market. In fact, the three small cap shares listed below are pushing notably higher today. Here’s why:
The Altura Mining Ltd (ASX: AJM) share price has rocketed 30.5% higher to 23.5 cents after the lithium miner announced a binding offtake agreement with a subsidiary of leading global lithium producer in Ganfeng Lithium. The new agreement means that 100% of its planned production from its recently commissioned flagship Altura Lithium operation in Western Australia is now locked in. Ganfeng Lithium will also make an US$11 million pre-payment on 2019 shipped cargoes, which appears to have allayed fears that a capital raising was going to be required imminently to fund its operations.
The Argosy Minerals Limited (ASX: AGY) share price is up over 7% to 22 cents after the lithium-focused mineral exploration company announced strategic acquisitions for its Rincon project in Argentina. According to the release, Argosy has acquired highly prospective nearby tenements to increase the project’s landholding. Management believes the additional 209.5 hectares provide increased scope for Stage 3 commercial operations. Argosy will pay a combined total purchase fee of approximately US$538,702 following successful completion of due diligence works and associated regulatory requirements.
The Think Childcare Ltd (ASX: TNK) share price is up 9.5% to $1.25 after the childcare centre operator released a market update this morning. According to the update, Think Childcare has agreed to acquire five childcare centres for a total purchase price of $7.7 million. These centres are expected to add $1.9 million to its EBITDA in calendar year 2019. In addition to this, management advised that it has experienced a significant improvement in key performance metrics during the last quarter. This includes an improvement in its all-important occupancy levels.
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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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