In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. At the time of writing, the benchmark index is up 0.1% to 7,777.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
Image source: Getty Images
Botanix Pharmaceuticals Ltd (ASX: BOT)
The Botanix Pharmaceuticals share price is up 1.5% to 34 cents. This has been driven by news that the US Food and Drug Administration (FDA) has approved its Sofdra product as a prescription medicine used to treat primary axillary hyperhidrosis (excessive underarm sweating) in adults and children 9 years and older. Botanix notes that there are approximately 10 million people in the United States with primary axillary hyperhidrosis, with few effective treatments available for patients. The company also raised $70 million through an institutional placement at 30 cents per new share.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is up 2.5% to 22 cents. This morning, this energy producer announced that it has reached an agreement with Macquarie Group Ltd (ASX: MQG) for the refinancing of its existing debt package. This will allow the company to fund production upgrades, as well as pre-development and development costs across its Perth Basin portfolio of assets. Provision of the $153 million five-year financing package is subject to execution of the definitive financing documentation.
Talga Group Ltd (ASX: TLG)
The Talga Group share price is up 10.5% to 63 cents. This has been driven by news that the battery materials and technology company has entered into an earn-in agreement with lithium giant Sociedad Quimica y Minera de Chile S.A (NYSE: SQM). The agreement relates to the company's Aero Lithium Project in Sweden. Under the binding agreement, Talga has granted SQM the right to sole fund exploration expenditure of up to US$19 million over the next 7 years for up to a 70% ownership interest in the project.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is up almost 3% to $1.50. This morning, the gold miner advised that it has now fully drawn the US$265 million secured loan facility from Sprott Resource Lending Corp. and Coris Bank International SA. These funds will be used for the development of the company's Kiaka Gold Project in Burkina Faso and other corporate purposes. Kiaka's construction is now 50% complete, with 75% of costs now committed and fixed.
