Oil & Gas Junior Pumps Up on Settlement Agreement

Junex Inc. (CVE:JNX), an oil & gas junior, climbed as it is set to receive a big settlement from the Government of Québec

Sean Mason | July 28, 2017 | SmallCapPower

A monetary government settlement powered shares of an oil & gas junior Friday. Here’s some small stocks making big moves on Friday, July 28, 2017 (as of 4 pm EST):

Junex Inc. (TSXV: JNX) shares jumped 7% to $0.46 on Friday after the oil & gas junior announced that it has signed a settlement agreement with the Government of Québec regarding the return of its exploration permits on Anticosti Island in light of its repurposing. In connection with the Settlement, Junex will receive an amount of $5,533,606.

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As well, shares of Garibaldi Resources (TSXV: GGI) continued to move higher Friday, up 17% to $0.27. On Thursday, shares of the junior explorer surged 31% after it announced that crews at its 100%-owned E&L Project at Nickel Mountain in British Columbia have made an important new surface discovery following up on the first of four major VTEM conductor targets.

Corridor Resources Inc. (TSX: CDH), meanwhile, reported that it has reached a settlement agreement with the Government of Québec, in which the Québec government will pay Corridor $19.5 million to end its participation in oil and gas exploration on Anticosti Island. Corridor Resources stock popped 10% to $0.53 following the announcement.

Finally, Cobalt Power Group Inc. (TSXV: CPO) shares surged 26% to $0.12 after the cobalt explorer announced the signing a non-binding letter of intent to acquire four separate blocks of mineral claims located in the Cobalt Mining Camp of South Lorrain and Lorrain Townships, Ontario, encompassing approximately 7,400 ha of prospective mineral lands.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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