The European Cobalt Ltd (ASX: EUC) share price rocketed out a trading halt this morning in response to a potential acquisition. After flying by as much as 75% in morning trade, European Cobalt shares are sitting 45% higher at the time of writing at 2.9 cents per share.

It’s important to note that European Cobalt is very much at the smaller end of the ASX with a current market capitalisation of $22 million. The company is an ASX resources share that, as its name suggests, focuses on cobalt opportunities in Europe.

Its current projects include the Dobsina (Co-Ni-Cu) and Kolba (Co-Cu-Ni) mines in Slovakia, and the Jouhineva (Co-Cu-Au-Ag) mine in Finland.

Why the European Cobalt share price is rocketing

This morning, European Cobalt announced it has secured an exclusive option to acquire the Edleston Gold Project in Ontario, Canada.

The project covers an area of 64.33 square kilometres and is located within the Cadillac-Larder Lake fault zone which has produced around 75 million ounces of gold.

More than CDN$10 million has been spent to date on geophysics and drilling across the Edleston Project by 55 North Mining Inc.

As a result, extensive mineralisation has already been established at the site, with 156 diamond drill holes over 46,000 metres of drilling completed.

High-grade intercepts from this previous drilling include 5.3 metres at 81.39 grams per tonne (g/t) gold from 110 metres and 3.3 metres at 57.4 g/t gold from 207.4 metres.

European Cobalt managing director Rob Jewson believes the project is an advanced exploration opportunity, commenting:

“The work done to date has outlined a significant mineralised system which can be effectively targeted using IP geophysics. To date, only 540m of strike has been tested along a corridor with multiple moderate to strong IP conductors delineated along a total strike exceeding 3,300m.”

Non-executive technical director Dale Ginn has prior involvement in the discovery of Edleston and said:

“The mapping and aeromagnetic interpretation we completed previously on the Project has shown that there is up to 10km of strike prospective lithologies which are yet to be tested in addition to the priority IP targets already defined.”

Commercial terms of the agreement

European Cobalt signed an agreement with vendor 55 North Mining for a 30-day exclusive option period for a non-refundable option fee of CDN$100,000.

If European Cobalt decides to exercise the option, it will acquire 100% of the Edleston Project by providing consideration of CDN$650,000 cash and 100 million shares. 

The proposed transaction remains subject to technical and legal due diligence to be undertaken by European Cobalt.

More reading

• I don’t normally buy ETFs, but I would buy these 2
• 5 winning ASX dividend shares to buy in June
• Top brokers are urging you to buy these ASX shares today
• How our richest Australians are getting richer
• Where to invest $10,000 into ASX shares immediately

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post European Cobalt share price flies 75% higher after securing option to acquire Canadian gold project appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2XjyZwf

As I mentioned here at the weekend, the Westpac Banking Corp (ASX: WBC) economic team is not ruling out negative interest rates in Australia.

While I’m not certain we will see rates fall into negative territory, I’m positive they will stay at ultra low levels for a long time to come.

In light of this, if you have $10,000 sitting in savings accounts, I would suggest you consider looking for superior returns in the share market.

But where should you invest it? Here are three top shares that I would buy with these funds:

BetaShares NASDAQ 100 ETF (ASX: NDQ)

I think the BetaShares NASDAQ 100 ETF could be a good option for a $10,000 investment. It provides Australian investors with exposure to Wall Street’s famous NASDAQ 100 index. This index comprises the 100 largest non-financial shares on the NASDAQ and includes household names such as Amazon, Facebook, and Microsoft. I believe the majority of the companies on this index have the potential to grow at a quicker rate than the global economy. As a result, I expect the BetaShares NASDAQ 100 ETF to provide investors with strong returns for many years to come.

Nearmap Ltd (ASX: NEA)

Another top option for a $10,000 investment could be Nearmap. It is a leading aerial imagery technology and location data company. Last week the company released a market update which revealed that its annualised contract value (ACV) had hit $102 million financial year to date. This means the company is on course to achieve its FY 2020 ACV guidance of $103 million to $107 million. While this is a large number, it is nothing compared to the market opportunity it has in the countries it operates in. This is estimated to be worth $2.9 billion per year. Given the quality of its technology, I believe it is well-placed to capture a big slice of this market.

NEXTDC Ltd (ASX: NXT)

A final option to consider investing $10,000 into is NEXTDC. It is a leading Data Centre-as-a-Service provider with operations in key locations across Australia. I believe it is well-placed for strong long term earnings growth thanks to the seismic shift to the cloud. Especially given its recent $672 million equity raising which will strengthen its balance sheet and fund its strategic expansion plans.

More reading

• I don’t normally buy ETFs, but I would buy these 2
• How bankable are the big four ASX bank shares in 2020?
• Why Nearmap’s share price surged by 50% in May
• ASX 200 Weekly Wrap: Surging bank shares push ASX toward 6,000
• Here’s how ANZ, CBA, NAB, & Westpac performed in May

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited and Westpac Banking. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS and Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Where to invest $10,000 into ASX shares immediately appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2Xm3Cl2

The ASX is home to a small but vibrant and growing biotechnology sector. There are a number of providers that are making significant inroads on a global scale.

Here we examine 3 ASX biotech shares that have all seen strong share price rises today.

Zoono Group Ltd (ASX: ZNO)

The Zoono share price is up by a whopping 17% so far today. This strong rise is on the back of a solid rally in its share price last week.

From the beginning of last week, it has risen from $1.875 to its current price of $2.39. That’s an impressive gain of 27%.

Zoono produces antibacterial skin and surface sanitisers. It has seen strong demand for its products since January. Its sanitisers haven been tested on the coronavirus and have achieved a 99.9% efficacy.

In a recent update, Zoono revealed invoiced sales of over NZ$11.0 million (unaudited) for the month of April.

The company has recently signed new distribution agreements in the UK and Europe. Zoono also reported strong sales in India and China, and has a new distributer in Hong Kong.

Paradigm Biopharmaceuticals Limited (ASX: PAR)

Paradigm focuses on the treatment of osteoarthritis. This is the most common joint disorder in the United States (US).

The ASX biotech share has risen by a significant 7% today (at the time of writing). This is on the back of strong share price rally since late April.

Paradigm’s primary activity involves repurposing the drug pentosan polysylphate sodium (PPS) in injectable form through a drug called Zilosul. Zilosul has been registered in 4 of the 7 global pharmaceutical markets.

Paradigm has been conducting a trial into the use of Zilosul through the FDA’s expanded access program.  Trials so far have reduced chronic pain by around 45%, which is very promising.

In early April, Paradigm conducted a $35 million institutional placement. It has reported it is in a strong cash position following this capital raise. The biotech company believes that this will fully fund its current work until the completion of its trials.

Opthea Ltd (ASX: OPT)

Opthea is a biotechnology company that develops new drugs for the treatment of eye diseases. Its share price is up by 11% today, which follows a strong rally in its share price since mid-March.

Opthea conducted a trial of its core drug OPT-302 last year. These trials indicated that it was capable of delivering significant vision improvement to patients. The company reported that the trials indicated the successful halting of the progression of the disease.

Opthea currently has a very strong balance sheet and it looks to be well-funded to carry it through its trials.

More reading

• 3 quality mid cap ASX shares to buy with $3,000
• These All Ords shares have more than doubled in 12 months

Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 3 ASX biotech shares that have soared higher today appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3dlxVOj