Mining Stock Rocks on Government Ruling

Published:

Sean Mason | February 4, 2016 | SmallCapPower

A beaten-down miner got some government help Thursday, while a tax claim tarnished a precious metals play. Here’s some small stocks making big moves on Thursday, February 4, 2016 (as of 4 pm EST):

FM logoFirst Quantum Minerals Ltd. (TSX: FM) shares powered 34% higher to $4.05 on Thursday after Reuters reported that Zambia has resumed issuing new mining licences, and granting renewal and transfer of rights which it had suspended in August last year. First Quantum has interest in an operating mine and development project in that country.

As well, shares of Primero Mining Corp. (TSX: P) sank 29% to $2.58 as the precious metals miner said its Mexican subsidiary has received a legal claim from the Mexican tax authorities seeking to nullify the Advance Pricing Agreement issued in 2012.

Edgewater Wireless Systems Inc. (TSXV: YFI), meanwhile, reported that it has recently completed what it called “successful technology demonstrations” with a number of prospective customers and partners, including a major North American Telco as well as multiple wireless equipment manufacturers. Edgewater Wireless stock moved up 8% to $0.27 following the announcement.

Finally, EXO U Inc. (TSXV: EXO) shares continued to move higher Thursday, up 25% to $0.15. On Wednesday, the software platform developer’s stock price surged 26% after the Company announced that it has entered into a distribution agreement with Genee World Ltd., which will enable the distribution of the Ormi software platform with Genee World’s technology solutions for kindergarten to Grade 12 higher education, and corporate.

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