Gold Junior Jumps on Settlement Agreement

Rusoro Mining Ltd. (TSXV:RML), a gold junior, surged after providing further details of a US$1.28 billion settlement agreement with Venezuela

Sean Mason | October 22, 2018 | SmallCapPower

Further details of a $1 billion plus settlement generated much excitement in shares of a gold junior Monday. Here’s some small stocks making big moves on Monday, October 22, 2018 (as of 4 pm EST):

Rusoro Mining Ltd. (TSXV:RML) shares climbed as much as 16% on Monday after the gold junior provided further details of a settlement agreement in which Venezuela has agreed to pay Rusoro over US$1.28 billion to acquire the Company’s mining data and for full release of the arbitral award. Venezuela has agreed to pay the Company an initial payment of US$100 million in November 2018, with the balance due in monthly installments over five years, starting in January 2019.

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As well, shares of White Metal Resources Corp. (TSXV:WHM) plunged 60% to $0.05 as the junior explorer said it has received assay results from the recently-completed channel sampling program at its Gunners Cove Gold Property in Newfoundland, which the Company called “disappointing” as the majority of the 689 channel samples returned below detection gold.

WesternOne Inc. (TSX:WEQ), meanwhile, reported that it has agreed to sell its equipment rentals and heat business to United Rentals of Canada, Inc. for a base cash purchase price of C$120 million on a cash-free, debt-free basis. WesternOne stock popped 31% to $2.11 following the announcement.

Finally, Acceleware Ltd. (TSXV:AXE) shares gained 19% to $0.215 after the cleantech oil and gas technology company announced that it has signed an agreement with a Canadian affiliate of Advanced Micro Devices, in which Acceleware will receive cash compensation of US$2.51 million from AMD over the next four months in exchange for custom software engineering resources and consulting services.

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

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