Lithium Junior Soars on Financing LOI

Nemaska Lithium Inc. (TSX:NMX), a lithium junior, climbed after receiving a financing letter of intent from The Pallinghurst Group

Sean Mason | July 19, 2019 | SmallCapPower

A significant investment letter of intent out of London powered shares of a lithium junior Friday. Here’s some small stocks making big moves on Friday, July 19, 2019 (as of 4 pm EST):

Nemaska Lithium Inc. (TSX:NMX) shares surged 39% to $0.305 on Friday after the lithium junior announced that it has received a letter of intent from The Pallinghurst Group, a London-based global metals and mining strategic investor, for the financing of Nemaska’s Whabouchi lithium project in Quebec, which would consist of a C$200 million private placement at $0.25 per share and a stand-by purchase agreement to fully guarantee the successful completion of a rights offering of up to C$400 million at the same issue price.

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As well, shares of The Flowr Corporation (TSXV:FLWR) climbed 21% to $4.82 as the Canadian cannabis company said it has decided to withdraw its previously-announced C$125 million public equity offering filed on July 18, 2019.

MediPharm Labs Corp. (TSXV:LABS) stock, meanwhile, continued to move higher Friday, up 14% to $5.53 following a 5% gain on Thursday, after reporting that it has received conditional approval from the Toronto Stock Exchange to graduate from the Toronto Venture Exchange and list its common shares on the TSX.

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

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