Although the Australian share market has dropped lower today, a few small caps have managed to defy it and climb higher.
Here's why these 3 small cap shares are racing higher today:
The Bigtincan Holdings Ltd (ASX: BTH) share price has risen over 9% to 35 cents after the provider of sales enablement and enterprise mobility software released its June quarter update. According to the release, at the end of the quarter Bigtincan had grown its annualised recurring revenue (ARR) to above $15.3 million, up 41% on the prior corresponding period. The company ended the period with a cash balance of $23.9 million, up $12.2 million on the previous quarter due to a successful capital raising completed last month. I think Bigtincan is well worth adding to your watchlist.
The Lepidico Ltd (ASX: LPD) share price has climbed over 6% to 3.5 cents after the lithium explorer and metallurgical technology company reached an agreement with Venus Metals Corporation Limited (ASX: VMC) to explore for lithium mineralisation in certain areas of the Murchison District in Western Australia. The tenure includes 4 km of strike in proven lepidolite field and Lepidico can earn up to 80% ownership of lithium pegmatite rights. Lepidico will commence exploration activities immediately.
The Wattle Health Australia Ltd (ASX: WHA) share price has built on yesterday's gain with 7% push higher to $1.21. Today's announcement relates to its joint venture with Organic Dairy Farmers of Australia, the Corio Bay Dairy Group. According to the release, Corio Bay Dairy has purchased the land to build Australia's first dedicated organic nutritional milk spray dryer. The purchased land neighbours the existing Organic Dairy Farmers of Australia facilities in Geelong, Victoria and will enable Corio Bay Dairy to leverage off both the existing infrastructure and human resources resulting in cost savings. No financial terms were disclosed.
