Live ASX News Today
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27th Sep 07:44 PM AEST
Melbana Energy (ASX: MAY) reveals encouraging oil shows at Alameda-1
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On Thursday, ASX-listed Australian-based oil and gas Company Melbana Energy Limited (ASX: MAY) shared an update on the progress of the Alameda-1 exploration well being drilling in Block 9 PSC, onshore Cuba. Melbana holds a 30% interest in Block 9 and operates the ongoing drilling program.
The Energy Company stated that it has encountered impressive hydrocarbon shows, soon after the first casing point at 454 metres, when moveable oil was reported at the surface within the mud and cuttings samples. Elevated gas readings accompanied the oil. Drilling continued along with the shallow limestones with similar shows persisting over 78 metres so far, with oil present on the shakers at the present depth of 1,047 metres, said the Company.
Melbana Energy informed that the drilling activity is continuing towards the first of the three mapped objectives - with the deepest (Alameda) being the key objective.
Meanwhile, the stock MAY closed at AU$0.020 per share, up ~11% from the previous close.
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27th Sep 07:28 PM AEST
Paradigm (ASX:PAR) receives feedback from the US FDA upon submission of IND
The ASX-listed healthcare company Paradigm Biopharmaceuticals Limited (ASX:PAR) informed that it had received a written response from the US FDA regarding its Investigation New Drug (IND) submission for pentosan polysulfate sodium (PPS). It will be used to treat pain in subjects with knee Osteoarthritis.
Paradigm will amend its protocol in response to the FDA's modification requests and respond to the FDA within the next week.
PAR has mentioned in the announcement that Pentosan polysulfate sodium (PPS) is a drug that has been used in humans for over 60 years. Injectable PPS has been already approved in European markets, where it is registered as an antithrombotic agent. However, in Australia, injectable PPS for human use is not currently available for sale.
Meanwhile, on the ASX, the PAR stock has closed today 3.810% lower at AU$ 2.020 per share.
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27th Sep 07:27 PM AEST
Vulcan (ASX:VUL) produces its first lithium hydroxide battery.
The ASX-listed exploration company Vulcan Energy Resources Limited (ASX:VUL) announced that its chemical engineering team has successfully produced the first battery quality lithium hydroxide monohydrate (LHM) from pilot operations.
VUL has shared that the sample has exceeded traditional battery-grade LHM products, including best on the market battery grade specifications required from offtake customers, at >56.5% LiOH.H2O and low impurities.
Vulcan’s further production of battery quality material will continue to ramp up to supply the Company’s offtake partners with samples. Vulcan is targeting Phase1 commercial production for CY2024.
Meanwhile, on the ASX, the VUL stock closed at AU$13.400 per share today.
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27th Sep 07:27 PM AEST
Andromeda (ASX:ADN) commences bulk sample drilling program
The ASX-listed metals and mining company Andromeda Metals Limited (ASXADN) announced that a bulk sample drilling program has begun at the Great White Deposit, which is located on the Eyre Peninsula of South Australia. The Great White deposit is a jointly owned venture between Andromeda (75%) and Minotaur Exploration Limited (ASX:MEP) (25%).
ADN stated in the announcement that the drilling will provide material for multiple projects focused on developing new markets. It will be in addition to the current Definitive Feasibility Study’s (DFS) Great White CRM (for ceramics) and Great White PRM (coatings) products.
ADN further mentioned that a large amount of regional calcrete has been collected and sent for testing for use in upgrading and safety improvements to local roads in preparation for mining activities.
Meanwhile, on the ASX, the ADN stock has closed 3.449% lower today, at AU$0.140 per share.
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27th Sep 06:58 PM AEST
LiveTiles (ASX:LVT) secures AU$10 million debt facility
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ASX-listed Software Company LiveTiles Limited (ASX:LVT) has finalised terms and signed a three-and-a-half-year Agreement with a Sydney-based venture capital firm OneVentures, securing AU$10 million secured loan facility.
The said loan facility will assist LiveTiles with the funding required for its future investment strategies to continue to deliver its new product developments and any working capital and operational requirements that may arise while working to create further efficiencies within the business.
The Company has informed via an announcement that the facility will initially be structured as an AU$6 million term loan facility and immediately available. Besides, Shareholders and ASX approval will then be sought to increase the Facility limit to AU10 million, drawn in two tranches of the initial $6 million first tranche and up to an additional AU$4 million for the second tranche.
LiveTiles will be seeking 75% shareholder approval at the upcoming 2021 AGM scheduled for 30th November 2021 to grant financial assistance concerning the issuance of Convertible Notes to the Page 2 Lender.
Today, the stock LVT closed at AU$0.140 per share on ASX, up 3.703% from the previous close.
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27th Sep 06:35 PM AEST
LiveTiles (ASX:LVT) secures AU$10 million debt facility
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ASX-listed Software Company LiveTiles Limited (ASX:LVT) has finalised terms and signed a three-and-a-half-year Agreement with a Sydney-based venture capital firm OneVentures, securing AU$10 million secured loan facility.
The said loan facility will assist LiveTiles with the funding required for its future investment strategies to continue to deliver its new product developments and any working capital and operational requirements that may arise while working to create further efficiencies within the business.
The Company has informed via an announcement that the facility will initially be structured as an AU$6 million term loan facility and immediately available. Besides, Shareholders and ASX approval will then be sought to increase the Facility limit to AU10 million, drawn in two tranches of the initial $6 million first tranche and up to an additional AU$4 million for the second tranche.
LiveTiles will be seeking 75% shareholder approval at the upcoming 2021 AGM scheduled for 30th November 2021 to grant financial assistance concerning the issuance of Convertible Notes to the Page 2 Lender.
Today, the stock LVT closed at AU$0.140 per share on ASX, up 3.703% from the previous close.
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27th Sep 06:33 PM AEST
LBT Innovations (ASX:LBT) announced exclusive US Distribution Agreement with Remel, Inc.
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ASX-listed Australian medical technology Company LBT Innovations Limited (ASX:LBT) has announced an exclusive Distribution Agreement for the APAS Independence in the United States with Remel Inc., a part of Thermo Fisher Scientific, Inc.
The Company has maintained that its partially owned joint-venture Company, Clever Culture Systems (CCS), has entered into a five-year Agreement for Thermo Fisher to become the exclusive distributor for the APAS® Independence in the US. The announcement revealed that Thermo Fisher would engage in sales and marketing and related activities for the APAS® Independence exclusively in the United States under this agreement.
LBT Innovations will organise a conference call at 9.00 AM AEST on Tuesday 28th September 2021 to discuss the appointment of Thermo Fisher Scientific as exclusive distributor for the United States.
Today, the stock LBT closed strong at AU$0.140 per share on ASX.
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27th Sep 06:22 PM AEST
Bisalloy’s (ASX:BIS) MD/CEO Glen Cooper resigns
The ASX-listed mining company Bisalloy Steel Group Limited (ASX:BIS) announced that its Managing Director and Chief Executive Officer, Glenn Cooper, has resigned.
Bisalloy is the only manufacturer of high-strength structural, wear-resistant and armour steel plates using quenched and tempered steel in Australia. Its products are used in the mining, construction, general fabrication and defence sectors.
Meanwhile, on the ASX today, the BIS stock has closed 2.804% lower at AU$ 1.560 per share.
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27th Sep 06:13 PM AEST
Central Petroleum’s (ASX:CTP) Mereenie completes well WM-27 and WM-28 production.
The ASX-listed oil and gas explorer manufacturer Central Petroleum Limited (ASX:CTP) shared that the Company has completed drilling the new production wells WM-27 and WM-28 has been.
Key highlights:
- CTP has shared that Mereenie recompletions and development programme could expect to add approximately 10 TJ/d of wellhead capacity (Joint Venture 100%)
- As mentioned in the announcement, both wells have been tied in, and WM-28 is now online and producing from both the Pacoota-1 & -3 reservoirs.
- The WM-27 well has been completed as a single zone Pacoota-1 producer and is expected to come online soon.
Meanwhile, on the ASX, the CTP stock has closed trading at AU$0.150 per share today.
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27th Sep 05:41 PM AEST
Why are shares of Invex Therapeutics (ASX:IXC) trading strong today?
The ASX-listed biopharmaceutical company Invex Therapeutics Ltd (ASX:IXC) has signed a long term collaboration and manufacturing agreement with Peptron, Inc., a Korea based biopharmaceutical company, for Presendin indicated for neurological conditions.
The terms of the agreement stated that Peptron would offer IXC with access to its intellectual property. It also includes a large preclinical and clinical data package along with Presendin for all its clinical trials in idiopathic intracranial hypertension (IIH) as well as for commercial use which is subjected to approval.
Moreover, the agreement between the companies is said to be exclusive and worldwide. As per the agreement, Presendin will be offered at a definite price per dose for clinical studies for the first ten years followed by the first commercial sale. Additionally, Invex has approved an exclusive license to commercialise it for IIH in Korea to Peptron.
Meanwhile, on the ASX, the IXC stock was found trading 10.294% higher at AU$ 0.750 per share at 2:30 PM AEST.
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27th Sep 05:24 PM AEST
Bardoc (ASX:BDC) shares significant insights from its recent strategic review.
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The ASX-listed mineral mining company Bardoc Gold Limited (ASX:BDC) shared that it has initiated a strategic review of the Company’s development strategy for its 3.07Moz namesake gold project, located 40km north of Kalgoorlie in Western Australia.
Key highlights:
- BDC has initiated the review due to the rapidly escalating cost environment due to rising materials and input costs, the tightening WA labour market, and other challenges related to COVID-19 crisis.
- The review will consider alternative pathways to unlock the considerable value of the Bardoc Gold Project for shareholders given its strategic location, extensive Resource and Reserve base and robust economics.
- The announcement disclosed that the Company has also made the necessary decision to terminate any expenditure related to predevelopment and project funding activities and will review other corporate overheads and costs across the business.
- Bardoc has retained a strong financial position with AU$10.6 million in cash and no debt.
Meanwhile, on the ASX, the BDC stock closed, trading 21.053% lower at AU$ 0.045 per share today.
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27th Sep 03:56 PM AEST
Minbos’ (ASX:MNB) shares up over MoU with Angolan firm
The ASX-listed metals and mining company Minbos Resources Limited (ASX:MNB) announced that it has entered into a Memorandum of Understanding (MoU) with Angolan agribusiness Sociedade Agroquímica Industrial, S.A. (Sagrind) have.
According to the announcement, Minbos and Sagrind have signed an MoU to establish a Nitrogen, Phosphate, Potassium (NPK) fertilizer blending plant and distribution business in Angola’s Malanje region.
Sagrind is known to be an Angolan agribusiness established to supply fertilizers, herbicides, pesticides and seeds for farmers in the Malanje growing corridor.
As per the MoU, Sagrind will deliver local agricultural management and knowledge, including its network, to meet the projects' administrative and legal features.
Minbos has anticipated that its financial contribution to the joint venture will not exceed US$1 million in the first 12 months.
Meanwhile, on the ASX, the MNB stock was spotted trading 7.407% higher at AU$0.145 per share at 2:42 PM AEST.
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27th Sep 03:42 PM AEST
Mobilicom (ASX:MOB) receives purchase order from Israel Aerospace Industries
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ASX-listed Mobilicom Limited (ASX:MOB) has secured a design win and an initial AU$400,000 purchase order from Israel Aerospace Industries (IAI) for use in IAI's new tactical drone system.
Mobilicom is involved in the manufacturing and distribution of telecommunication equipment. Mobilicom has stated that, under this contract, MOB will provide its SkyHopper PRO dual datalink units along with 10 Touch mobile ground station controller to be used in IAI's advanced new Aerial Vehicle tactical drone system.
The delivery of Mobilicom's innovative solution units, to satisfy the new purchase order, is likely to be completed within Q3 2021. Israel Aerospace Industries is a major aerospace and aviation manufacturer with a product portfolio that includes state-of-the-art drone solutions in several countries' defence & commercial markets.
Meanwhile, the stock MOB was spotted trading over 2% up at AU$0.046 per share on ASX at 2:57 PM AEST.
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27th Sep 02:09 PM AEST
FOS Capital (ASX:FOS) acquires Wellington-based Ecopoint Ltd
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On Monday, ASX-listed FOS Capital Limited (ASX:FOS) announced that the Company, through its subsidiary FOS Lighting Pty Ltd, has entered into a binding agreement to acquire 100% of Ecopoint Ltd’s shares.
Established in 2009, Ecopoint Ltd is a Wellington-based commercial lighting company. The Company, which operates in Australia's commercial, retail and industrial lighting markets, informed that the transaction is slated to complete within two weeks..
Today’s announcement revealed that the purchase price NZ$1.87M comprising NZ$1.49 million cash and FOS shares worth NZ$380K. This involves issuing approximately 1,304,914 new ordinary shares, issued at AU28c per share subject to the exchange rate at completion.
Post this announcement, the shares of FOS Capital rose by over 4% to trade at 0.250 per share on ASX at 1:14 PM AEST.
The acquisition of Ecopoint is the first since FOS’s ASX listing in June 2021. The Company stated that in its FY21 results, Ecopoint reported sales of NZ$2.76 million.
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27th Sep 12:37 PM AEST
ASX jumps 1% as investors look beyond Evergrande; Woodside, BHP, Rio shine
The Australian shares were trading near day’s high by mid-session as investors shrugged off the uncertainty surrounding the potential default of China’s real estate giant Evergrande Group. The improving COVID-19 outlook and rise in commodity prices also boosted investor’s appetite for riskier assets. The rally in blue chip energy, mining and banking stocks also supported the market rally.
The benchmark index was trading 72.90 points or 1% higher at 7,415.50, by lunch. Eight of the 11 sectoral indices were flashing in green zone. Energy, material and financial sectors were biggest gainers, while health care, tech and consumer staples declined the most.
The energy sector was the best performer with a 2.5% gain, owing to rise in crude prices. The crude oil rose to a near three-year highest levels on Monday amid supply disruption in the United States.
Material sector also witnessed surge in buying following spurt in iron ore prices. Iron ore futures were up 1.4% to US$120 per tonne. Sectoral leaders BHP (ASX: BHP), Rio Tinto (ASXX: RIO) and Fortescue (ASX: FMG) were trading high.
On the flip side, health care sector declined 1.2% by mid-session. It was followed by tech and financial which traded lower with modest losses.
The top performer on the ASX pack was Aussie leading retail travel outlet Flight Centre Travel Group Ltd (ASX: FLT) with a 9.4% gain. Some of the other notable gainers were online business Redbubble (ASX: RBL), financial services company IOOF Holdings (ASX:IFL), resource firm Iluka Resources (ASX: ILU) and online travel business Webjet (ASX: WEB).
On the losing side, tech firm NEXTDC (ASX:NXT) topped losers’ chart with a 3.1% loss. Some of the other worst performers were agricultural business GrainCorp (ASX: GNC), investment management group Pinnacle Investment (ASX: PNI), software business Megaport (ASX:MP1) and health care firm Mesoblast (ASX:MSB).
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27th Sep 12:10 PM AEST
AVZ Minerals (ASX:AVZ) secures US$240 million funding for Manono lithium project
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Diversified miner AVZ Minerals (ASX:AVZ) has secured funding of US$240 million from Suzhou CATH Energy Technologies to develop the Manono Lithium and Tin project in the Democratic Republic of Congo (DRC). Chinese battery maker CATL partially owns Suzhou CATH Energy Technologies.
Under the agreement, Suzhou will earn a 24% stake in a multi-faceted joint venture. As a result, AVZ's overall interest in the project will drop to 51%, while Cominiere, a DRC-owned firm, would retain its 25% stake.
Suzhou is expected to invest more than US$400 million, subject to verification of cost. AVZ will utilise the funds for the development of the project.
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27th Sep 11:45 AM AEST
Crude oil prices reach 3-year high on US supply disruptions
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Crude oil rose to a near three-year highest levels on Monday. Brent Crude oil futures for December delivery last traded at US$78.05 a barrel, up 1.06%, whereas WTI crude oil futures for November delivery traded 1.15% down at US$74.83 per barrel on 27 September 2021 at 10:38 AM AEST.
The significant rise in the prices of crude oil is underpinned by global output disruptions, which has also led to a major decline in crude oil inventories. US oil refineries have replaced Gulf supplies crude with Canadian and Iraqi crude amid supply disruptions in the US Gulf Coast. Additionally, OPEC+ member countries were also unable to raise their output due to maintenance delays.
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27th Sep 11:09 AM AEST
ReadyTech (ASX:RDY) acquires student management software company Avaxa
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The ASX-listed SaaS provider ReadyTech Holdings Limited (ASX:RDY) has announced the strategic acquisition of Avaxa. Avaxa offers student management software service to Australia’s leading enterprises.
The acquisition resulted in expanding ReadyTech’s presence in the enterprise education market.
Key highlights of the acquisition:
- RDY shared that a total consideration of AU$2.2 million was funded from the cash position.
- The acquisition has also Increased ReadyTech’s market share in the education sector, particularly TAFEs through deep domain expertise, addition of crucial TAFE clients Chisholm Institute and Melbourne Polytechnic, and the ability to expand TAFE footprint further.
Meanwhile, on the ASX, the RDY stock traded last at AU$3.490 per share at 11:07 AM AEST.
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27th Sep 10:49 AM AEST
Sigma Healthcare (ASX:SIG) proposes to acquire ASX Listed API
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Sigma Healthcare Limited (ASX:SIG), the Australian wholesale distributor to pharmacies, has announced that it has submitted a conditional non-binding indicative proposal to acquire 100% of the shares in Australian Pharmaceutical Industries Limited (ASX:API) by way of an API scheme of arrangement.
Monday's Buzzing ASX Stocks: Argosy, CIMIC, Z Energy, Sigma
According to the proposal, API shareholders would consider 2.05 Sigma shares and AU$0.35 cash for each API share held. API shareholders will also have the flexibility of a mix and match option under the proposal to elect maximum cash or maximum shares consideration.
Sigma has also shared that based on Sigma shares' most recent closing price, the proposal determines a value of AU$1.57 per API share before synergies. API shareholders would own 48.8% of MergeCo under the proposal.
The announcement has also revealed that the proposal would allow up to AU$0.05 per share fully franked dividends payment by API, including any final dividend for the financial year ended 31 August 2021.
Meanwhile, on the ASX, the SIG stock was spotted trading last at AU$0.600 per share at 11:02 AM AEST.
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27th Sep 10:41 AM AEST
Z Energy (ASX:ZEL) extends exclusivity period with Ampol (ASX:ALD)
Transport fuel importer and distributor Z Energy (ASX:ZEL) has announced that an extension of its original four-week exclusivity period regarding a non-binding indicative proposal for 100% acquisition of its shares by petroleum focused Ampol Limited (ASX:ALD).
The exclusivity period has been extended by further two weeks to enable addressing any outstanding matters with ALD’s proposal. ALD and ZEL shall also determine the agreeability of any key transaction terms and documentation needed. However, there is no certainty that discussions between ZEL and ALD will result in any agreement for the acquisition.
Monday's Buzzing ASX Stocks: Argosy, CIMIC, Z Energy, Sigma
The board of directors will provide shareholder updates and market information on any material developments. As per the announcement, ZEL is to provide a market update on or before 11 October 2021.
Meanwhile, ZEL shares were trading today at AU$3.280 and ALD shares at AU$28.310 per share at 10:46 AM AEST.
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27th Sep 10:31 AM AEST
CIMIC Group’s (ASX:CIM) UGL secures contract extension worth AU$150 million
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On Monday, ASX-listed Australian multinational contractor CIMIC Group Limited (ASX:CIM) announced that CIMIC Group’s UGL has been awarded a contract extension to offer asset management and project-related services at BP fuel terminals across Australia.
The announcement revealed that the multi-year contract, which includes engineering and maintenance services, was awarded by Australian Terminal Operations Management (ATOM), a joint venture between UGL and BP.
Monday's Buzzing ASX Stocks: Argosy, CIMIC, Z Energy, Sigma
The Group informed that the extension would generate nearly AU$150 million revenue to UGL. UGL, formerly known as United Group, was acquired by CIMIC Group in the year 2016.
According to the announcement, the contract extension is effective from September this year.
CIMIC Group is a multinational contractor that offers engineering and construction services along with other services.
Meanwhile, the stock CIM was trading at AU$19.980 per share at 10:31 AM AEST.
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27th Sep 10:31 AM AEST
Argosy Minerals (ASX:AGY) to back expansion at Rincon by solar power
Lithium player Argosy Minerals Limited (ASX:AGY) is planning to progress the future potential of the Altiplano 200 solar energy plant to power the 10,000tpa expansion operation at Rincon Lithium Project, located in Salta Province, Argentina. AGY.
The solar power facility is wholly owned by Neoen, France’s top-most independent producer of renewable energy. The power plant construction is near completion, and the facility is due to become operational by late 2021.
Monday's Buzzing ASX Stocks: Argosy, CIMIC, Z Energy, Sigma
AGY’s local energy consultants have confirmed that a direct connection is possible between Altiplano 200 solar power plant and AGY’s Rincon operation, and discussions confirm the commercial interest of both parties with this progress.
With an existing renewable solar energy facility immediately next to the Rincon project, AGY aims to maximise its distinctive benefit at the project. Thus, AGY is continuing its discussions with its consultants and Neoen.
Meanwhile, AGY shares today are trading at AU$0.175 per share at 10:27 AM AEST.