Junior Miner Soars on Joint Venture

Imperial Metals Corporation (TSX:III), a junior miner, jumped after agreeing to sell a 70% interest in its Red Chris copper and gold asset

Sean Mason | March 11, 2019 | SmallCapPower

A copper gold asset sale pushed shares of a junior miner sharply higher Monday. Here’s some small stocks making big moves on Monday, March 11, 2019 (as of 4 pm EST):

Imperial Metals Corporation (TSX:III) shares surged 57% to $3.10 on Monday after the junior miner announced that it has agreed to sell a 70% interest in its Red Chris copper and gold asset in British Columbia to Newcrest Mining Limited for US$806.5 million in cash, while retaining a 30% interest in the mine.

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As well, shares of Neo Performance Materials Inc. (TSX:NEO) plunged 37% to $10.16 as the manufacturer of rare earth and rare metal-based functional materials said it has mutually agreed to terminate its previously-announced acquisition by Luxfer Holdings PLC.

Core Gold Inc. (TSXV:CGLD), meanwhile, reported that it has terminated its President & CEO Keith Piggott effective immediately. Core Gold stock dropped 13% to $0.26 following the announcement.

Finally, 48North Cannabis Corp. (TSXV:NRTH) shares rose 6% to $1.62 after the Canadian cannabis company announced that its wholly-owned subsidiary, Good & Green, has received its Standard Processing License from Health Canada on March 8, 2019.

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

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