In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,788.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Austal Ltd (ASX: ASB)
The Austal share price is up 6% to $3.72. Investors have been buying this ship builder's shares following a major selloff on Wednesday. Austal's shares sank deep into the red following the completion of a capital raising. The company raised $200 million via an institutional share placement at a price of $3.80 per new share. This was a 15.6% discount to the prevailing share price. Management advised that the company intends to use the funds to invest in its American 'Final Assembly 2' (FA2) plant in Mobile, Alabama. This will see Austal expand the infrastructure at its facility, including a new assembly bay, new ship lift systems, and waterfront improvements.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 1.5% to $2.20. This morning, this uranium producer announced that it has made a strategic investment in Laramide Resources (ASX: LAM). It is a Queensland based uranium explorer. Boss Energy has agreed to acquire 23.5 million shares in Laramide Resources, representing approximately 9% of its issued shares. This increases its interest in Laramide to approximately 18.4% on an undiluted basis. Laramide's flagship asset is the Westmoreland Uranium Project in Queensland. It also owns the Churchrock-Crownpoint uranium project in New Mexico. Uranium mining is banned in Queensland, but management believes "it is prudent to secure exposure to the outstanding Westmoreland project asset for the price it has paid given the project's potential value should the ban be overturned."
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is up 5% to $7.82. As well as getting a lift from a rising gold price, investors have been buying this gold miner's shares after it announced a small acquisition. Capricorn Metals revealed that it has boosted its exploration potential with the acquisition of the highly prospective Kings Find Project in Western Australia. Management highlights that this expands the company's footprint in the Murchison region and believes that it could unlock significant new gold resources.
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is up 8% to $1.03. This has been driven by the release of promising drilling results from the gold miner's high-grade Riverina Gold Camp. According to the release, drilling has intersected two wide, high-grade lodes 400 metres below surface in hole LGDD25005. Ora Banda's managing director, Luke Creagh, said: "These outstanding results at Little Gem have been achieved through exceptional geology work, done well, and is exactly how deposits should be discovered."
