The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have had a strong start to the week and pushed notably higher, but it is nothing compared to some of the gains being made at the small end of the market.
Three small cap shares that are on the rise today are listed below. Here's why they have pushed higher:
The Liquefied Natural Gas Ltd (ASX: LNG) share price has surged almost 13% to 49 cents after the liquefied natural gas company announced the successful raising of $28.2 million through a share placement. According to the release, the company raised the funds through Hong Kong-based IDG Energy Investment Group at a price of 50 cents per share. Net proceeds from the share placement will be used to support its ongoing liquefied natural gas offtake marketing efforts and for general corporate purposes. This strikes me as a great deal for shareholders, so I can't say I'm surprised to see its shares surge today.
The Metro Mining Ltd (ASX: MMI) share price has jumped 7% to 22.5 cents after the bauxite and thermal coal miner announced the receipt of its first revenue and provided an update on its Bauxite Hills Mine. According to the release, Metro Mining has received its first sales revenue from the provisional payment of the first two shipments of bauxite to China. In addition to this, management advised that ramp-up activities at the Bauxite Hills Mine are accelerating with ship loading rates continuing to increase. Things appear to be going well for Metro Mining, potentially making it one to watch.
The Yojee Ltd (ASX: YOJ) share price has climbed over 3% higher to 16 cents after announcing an agreement with UPS Asia. According to the release, Yojee has entered into a 12-month innovation framework agreement to provide a framework to facilitate an ongoing technology collaboration between the two parties. Whilst this is certainly a step forward, at this stage it is impossible to know whether it will lead to meaningful revenues. In light of this, I would restrict Yojee's shares to just your watchlist for now.
