Medical Tech Stock Soars on Contract Win

Covalon Technologies Ltd. (TSXV:COV), a medical tech stock, jumped after announcing that it has won contracts with an estimated value of $100 million

Sean Mason | May 7, 2018 | SmallCapPower

A big contract award created a surge in a medical tech stock Monday. Here’s some small stocks making big moves on Monday, May 7, 2018 (as of 4 pm EST):

Covalon Technologies Ltd. (TSXV:COV), a medical tech stock, powered 53% higher to $5.63 on Monday after announcing that it has won a series of competitive contracts in the Middle East with an estimated sales value of $100 million over a three-year period.

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As well, shares of Metals Creek Resources Corp. (TSXV:MEK) slipped 8% to $0.055 as the junior explorer said results have been received from the first four of a nine-hole diamond drill program designed to further test multiple targets on the Ogden Gold Project south of Timmins, Ontario, which included 1.42 g/t gold over 6.0 metres.

East Africa Metals Inc. (TSXV:EAM), meanwhile, reported that it will continue to explore highly prospective areas in the immediate vicinity of the known Terakimti Gold, Mato Bula Gold Copper, and Da Tambuk Gold deposit areas in Ethiopia through further targeted and staged exploration. East Africa Metals stock moved up 20% to $0.245 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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