Sean Mason | January 18, 2016 | SmallCapPower
A rise in nickel production added more than a few cents to a miner’s share price Monday, while deep cuts hurt a biopharma play. Here’s some small stocks making big moves on Monday, January 18, 2016 (as of 4 pm EST):
Sherritt International Corporation (TSX: S) shares rose 12% to $0.66 on Monday after the metals and oil producer announced that its Ambatovy finished nickel production increased by 28% over last year, performing at 79% of design capacity for the year and ending the ramp up since first declaration of commercial production in the first quarter of 2014.
As well, shares of Niko Resources Ltd. (TSX: NKO) slipped 12% to $0.075 as the oil and gas producer/explorer said the previously disclosed standstill agreement with the institutional lenders of its term loan facilities expired on January 15, 2016, and negotiations are ongoing with the Company’s key stakeholders regarding its proposed strategic plan to maintain Niko’s core assets until the value of such assets can be enhanced for the benefit of its stakeholders.
iCo Therapeutics Inc. (TSXV: ICO), meanwhile, reported that it has taken significantly steps to reduce its monthly burn rate and fixed costs, which includes the termination of all employees. iCo stock dropped 38% to $0.025 following the announcement.
Finally, Ucore Rare Metals Inc. (TSXV: UCU) shares added 17% at $0.275 after Orca Holdings LLC announced that it has exercised its right to convert its previously-acquired royalty into common shares of Ucore at a price of $0.25 per common share, citing its “very strong belief in Ucore as an emerging leader in the global rare metals business.”
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