Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher

Here’s why these ASX shares are storming higher…

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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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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