Lithium Junior Jumps on Offtake Agreement

Desert Lion Energy Inc. (TSXV:DLI), a lithium junior, surged after entering into an offtake with BASF SE

Sean Mason | April 2, 2019 | SmallCapPower

A nonbinding offtake agreement sparked interest in shares of a lithium junior Tuesday. Here’s some small stocks making big moves on Tuesday, April 2, 2019 (as of 4 pm EST):

Desert Lion Energy Inc. (TSXV:DLI) shares powered 38% higher to $0.145 on Tuesday after the lithium junior announced that it has entered into a nonbinding offtake agreement with BASF SE, whereby BASF would be able to purchase lithium hydroxide from a planned Desert Lion Energy production facility to be located in Namibia.

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As well, shares of Prometic Life Sciences Inc. (TSX:PLI) slid 22% to $0.23 as the biopharmaceutical company said it incurred a fiscal 2018 net loss of $237.9 million, compared with a net loss of $120.0 million during 2017. The Company added that its near-term financing shortfall requires “urgent action” to restructure its indebtedness and raise capital.

SunOpta Inc. (TSX:SOY), meanwhile, reported that it has agreed to acquire the shares of Sanmark B.V., a business focused on organic oils for the food, pharmacy, and cosmetic industries. SunOpta stock moved up 11% to $4.92 following the announcement.

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

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