In Case You Missed It: Lifestyle product distributor eyes acquisition of German electronics retailer

Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today. 

It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.

ICYMI Leader Board

Stocks highlighted in green have made market-moving announcements (click headings to sort).

Bumping resources out of top spot today was lifestyle products distributor Cellnet Group (ASX:CLT) on news of a proposed acquisition of the local lifestyle tech retail company by Wentronic – a reasonably large German electronics distribution firm.

CLT said it had entered a Scheme of Implementation Deed (SID) with Wentronic, which will see shareholders receive 2.7 cents/share in cash, valuing the company at ~$6.6 million, and representing a premium of 50% on the company’s closing share price on May 10.

“The SID provides certainty for Cellnet shareholders in the context of an uncertain economic outlook,” director Tony Pearson said.

Next up was Cosmo Metals (ASX:CMO) who reckon their Minjina prospect “could be the beginning of a meaningful polymetallic mineral discovery” after drilling into decent silver grades up to 123g/t.

Drilling highlights like 11m @ 1.03% Zn, 0.22% Pb, 0.15% Cu, 33.50g/t Ag from 212m were unexpected, in a good way.

“Although we haven’t hit the high-grade base metals zone we are targeting, the wider Pb-Zn intersections now with Cu and higher-grade silver associated with massive sulphides in MIRC013 is an unexpected, but important result, supporting our interpretation that this is the tip of a larger, potentially higher-grade Zn-Pb-Ag-Cu VMS system,” CMO MD James Merrillees says.

Encounter Resources (ASX:ENR) says airborne gravity survey data has outlined “extraordinary” new targets at the Aileron project, right next door to WA1 Resources’ (ASX:WA1) company-making Luni niobium-REE discovery in the West Arunta of WA.

Gravity surveys are a crucial exploration tool used calculate the density of subsurface rock. The higher the gravity values, the denser the rock beneath.

“The survey has unveiled some extraordinary new density features that are interpreted as potential alkaline intrusions highly prospective for carbonatite-hosted critical minerals and base metals,” ENR MD Will Robinson says.

Carbonatites are associated with economic deposits of metals like REEs and niobium.

Cannabis stock Epsilon Healthcare (ASX:EPN) announced that the Medicinal Cannabis Permit issued to its subsidiary, THC Pharma, has been successfully renewed.

In addition, the Australian Office of Drug Control has granted the company increased manufacturing quantities to meet the growing demand.

The company owns a number of medicinal cannabis assets including the largest GMP cannabis manufacturing facility in the Southern Hemisphere (the Southport, Queensland Facility).

And Lithium Energy (ASX:LEL) is now hitting massive intersections of brine up to ~780m depth, and counting, at its Brazilian Solaroz project.

“As previously reported, the significance of these intersections at SOZDD004 and SOZDD005 cannot be overstated as they highlight the continuity of massive zones of lithium rich brines along a ~15 kilometre zone between previously drilled Solaroz drillholes SOZDD001 and SOZDD003,” LEL exec chairman William Johnson says.

At Stockhead we tell it like it is. While Encounter Resources and Lithium Energy are Stockhead advertisers, they did not sponsor this article.