Energy Junior Jumps on Assets MOU

CruzSur Energy Corp. (TSXV:CZR), an energy junior, moved up after announcing a Memorandum of Understanding with Panacol Oil & Gas

Sean Mason | September 3, 2019 | SmallCapPower

A Memorandum of Understanding (MOU) and resolution agreement boosted shares of an energy junior Tuesday. Here’s some small stocks making big moves on Tuesday, September 3, 2019 (as of 4 pm EST):

CruzSur Energy Corp. (TSXV:CZR) shares shot up 29% to $0.45 on Tuesday after the energy junior announced that it has signed a Memorandum of Understanding with Panacol Oil & Gas Corp. to jointly develop assets of CruzSur in Colombia and Argentina. CruzSur Energy added that it reached an agreement with Compañía Argentina de Comodoro Rivadavia Explotación de Petróleo – CACR to resolve the liabilities regarding KM 8.

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As well, shares of Labrador Gold Corp. (TSXV:LAB) slid 27% to $0.16 as the gold explorer said it has received a request from members of the Matimekush-Lac John First Nation to stop further exploration at its Ashuanipi project in Labrador.

Canada Jetlines Ltd. (TSXV:JET), meanwhile, reported that SmartLynx Airlines SIA has agreed to extend the funding milestone under the definitive subscription agreement under which SmartLynx will provide $7.5 million in financing under the terms of a convertible debenture. Canada Jetlines stock popped 43% to $0.35 following the announcement.

Finally, Score Media and Gaming Inc. (TSXV:SCR) shares climbed 11% to $0.81 after the digital media company announced that Fengate Asset Management has agreed to invest $40 million to fund the growth and development of the Company’s media and sports betting businesses.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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