Gold Junior Shines on Bigger Sprott Stake

Moneta Porcupine Mines Inc. (TSX:ME), a gold junior, climbed after announcing a $3 million investment from Eric Sprott

Sean Mason | September 10, 2019 | SmallCapPower

A larger investment from Eric Sprott attracted speculators to shares of a gold junior Tuesday. Here’s some small stocks making big moves on Tuesday, September 10, 2019 (as of 4 pm EST):

Moneta Porcupine Mines Inc. (TSX:ME) shares closed flat at $0.12 on Tuesday after the gold junior announced a $3 million non-brokered private placement financing with Eric Sprott at a price of $0.11 per share, which will increase his equity stake in Company to 9.0%.

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As well, shares of Balmoral Resources Ltd. (TSX:BAR) climbed 4% to $0.24 as the gold explorer said it has resumed drilling in Area 52 on its Fenelon Property, part of the Company’s larger Detour Gold Trend Project in Quebec.

Wavefront Technology Solutions Inc. (TSXV:WEE), meanwhile, reported that the Company’s USA subsidiary has entered into a two-year General Services Agreement with a Houston-based oil and gas producer, in which a US$4 million base compensation is guaranteed over the term of the agreement. Wavefront Technology stock moved up 40% to $0.14 following the announcement.

Finally, Valens GroWorks Corp. (TSXV:VGW) shares rose 6% to $3.65 after the cannabis extraction company announced that revenue for the recently-completed third quarter 2019 will be in the range of $16 million to $17 million, up from $8.8 million during Q2.

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

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