Sean Mason | March 23, 2016 | SmallCapPower
A potential game-changing agreement was great news for some graphite shareholders Wednesday, while a CEO may have gotten himself into hot water. Here’s some small stocks making big moves on Wednesday, March 23, 2016 (as of 4 pm EST):
Focus Graphite Inc. (TSXV: FMS) shares shot up 25% to $0.175 on Wednesday after the junior explorer announced that its affiliate, Grafoid Inc., and Xiamen Tungsten Co. Ltd., have signed a Memorandum of Understanding (MOU) for the establishment of a strategic joint venture partnership. The MOU establishes terms for Xiamen’s acquisition of up to a 20% equity position in Grafoid through the purchase of common shares, and it provides Focus Graphite with a portal in China for the future sale of value added graphite products through its strategic partnership with Xiamen.
As well, shares of Amaya Inc. (TSX: AYA) slid 21% to $14.75 following a Reuters article that said the Company’s CEO David Baazov has been charged with insider trading by Quebec’s securities regulator.
Pengrowth Energy Corporation (TSX: PGF) stock, meanwhile, moved up 4% to $1.36 after billionaire investor Seymour Schulich revealed that he acquired 26 million common shares of the Company on March 18, 2016, and now owns 14.7% of Pengrowth’s stock.
Finally, AurCrest Gold Inc. (TSXV: AGO) shares climbed 133% to $0.035 after the resource junior announced that its wholly-owned subsidiary, Wiigwaasaatig Energy Inc., has entered into a Letter of Intent with Cat Lake First Nation for mutual collaboration to develop up to a 40 MW renewable energy project at Cat Lake.
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