In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,590.8 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up over 8% to 39 cents. Investors have been buying the lithium developer's shares after it raised $91 million through an institutional placement and announced an offtake agreement. The former was undertaken at a 13.9% discount of 31 cents per share. In respect to the latter, Core Lithium revealed that it has executed a binding offtake agreement with leading Chinese lithium supplier, Ganfeng Lithium. Ganfeng has also invested $34 million into the company.
IRESS Ltd (ASX: IRE)
The IRESS share price is up 5% to $15.11. The catalyst for this solid gain was the financial technology company receiving an improved takeover proposal. According to the release, IRESS has received a further confidential, non-binding, and indicative proposal from EQT to acquire all of IRESS' shares at a revised implied value of $15.91 cash per share before franking credits. This compares to its previous offer of $15.30 to $15.50 per share. Due diligence has been granted and a board recommendation could be forthcoming if the offer becomes binding.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has jumped 9.5% to 63 cents. This morning the lithium explorer revealed that UK Export Finance has provided a strong expression of interest to support approximately 70% of the total finance required for the Kachi Lithium Project. Management believes this is a watershed moment for the company.
Rhinomed Ltd (ASX: RNO)
The Rhinomed share price has surged 55% higher to 31 cents. Investors have been buying the medical device company's shares after it announced a major order for its Rhinoswabs from NSW Health Pathology. The company will initially supply one million Rhinoswabs as part of NSW Health Pathology's program to support COVID testing capability.
