Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed the day down nearly 2 per cent, at 7,704.20 points.
Not a single sector made it into the green throughout Monday trades with material losing the most ground, down almost two and a half per cent.
The Financials and Energy sectors also lost more than two per cent each.
In this bulletin we’ll discuss EcoGraf, Reach Resources, TASK Group, Meridian Energy, Wide Open Agriculture, and ADX Energy.
In The Green
EcoGraf Limited (ASX: EGR) closed up 2.7 per cent following an upgrade to the resource estimate for its Epanko Graphite Project in Tanzania.
The projects now stands at over 290 million tonnes of ore at 7.2% graphite, marking a 127% increase in 12 months.
The company also announced it has secured a senior debt facility of up to US$105 million.
EGR closed the day at 19.5 cents.
Microcap Reach Resources (ASX: RR1) shares surged 100% on the announcement of a joint venture earn-in with a subsidiary of Delta Lithium (ASX: DLI).
Delta will pay $3 million dollars to Reach to potentially secure a 51% Joint Venture Interest in its Morrissey Hill and Camel Hill lithium projects.
Delta has the option to later purchase Reach’s 20 percent interest should Delta later hit 80 percent ownership.
RR1 closed the day at 0.4 cents.
TASK Group Holdings (ASX:TSK) closed up 90% higher on news New York-listed PAR Technology Corporation has lobbed a takeover offer at TASK.
PAR is a US provider of hospitality management software offering $310 million for TASK Group.
TASK’s Board unanimously recommends shareholder approval in the absence of a superior proposal.
TSK closed the day at 76 cents.
In The Red
Australia-New Zealand dual listee Meridian Energy (ASX:MEZ) shares dropped 8.54 per cent after announcing green bond sales to Australian institutional investors and New Zealand retail investors.
Meridian wants the bonds to earn up to $200 million to fund renewables projects in New Zealand.
The move comes ahead of Canberra’s first issuance of Australian green bonds expected for mid-2024.
MEZ closed the day at $5.46.
Wide Open Agriculture (ASX:WOA) dropped more than four per cent after the company entered into an MOU to sell its subsidiary Dirty Clean Food to current CEO Jay Albany.
The move reflects WOA’s shift in focus toward its core commercial opportunity, Buntine Protein, and results in Mr Albany stepping down as CEO effective immediately.
In the interim, Mr. Matthew Skinner, the CFO of Wide Open Agriculture will assume the role of Interim CEO.
WOA closed the day at 11.5 cents.
ADX Energy (ASX:ADX) shares closed down more than 12% after the company announced “minor hydrocarbon shows” downhole the first well drilled on-site its Welchau project.
ADX has been developing its gas play in Upper Austria since the early 2020’s.
Shares closed on Monday at 10.5c
