Phosphate Junior Jumps on China MOU

Arianne Phosphate (TSXV:DAN), a phosphate junior, powered higher after entering into a non-binding Memorandum of Understanding with China’s SINOCONST

Sean Mason | June 4, 2019 | SmallCapPower

Shares of a phosphate junior sprouted up Tuesday following a Memorandum of Understanding with a big company from China. Here’s some small stocks making big moves on Tuesday, June 4, 2019 (as of 4 pm EST):

Arianne Phosphate (TSXV:DAN) shares climbed 11% to $0.44 on Tuesday after the phosphate junior announced that it has entered into a non-binding Memorandum of Understanding (MOU) with China’s SINOCONST, in which the companies have agreed to work towards a final binding agreement relating to the development of Arianne’s Lac à Paul project in Quebec, which would include full project financing as well as efforts to secure an offtake agreement.

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As well, shares of Reitmans (Canada) Limited (TSX:RET.A) fell 22% to $2.39 as the ladieswear specialty apparel retailer said its first-quarter sales fell to $185.2 million from $207.6 million during the same period last year, while its net loss ballooned to $12.6 million from a net loss of $3.2 million a year earlier.

PyroGenesis Canada Inc. (TSXV:PYR), meanwhile, reported that it has been awarded a contract of approximately $20 million (first-year revenues), plus a net present value (using a 5% discount rate) of all subsequent year’s revenues of $35 million, giving the contract a total value of more than $55 million. PyroGenesis stock popped 13% to $0.63 following the announcement.

Finally, Drone Delivery Canada Corp. (TSXV:FLT) shares gained 13% to $1.66 after the drone technology company announced that it has entered into an agreement with Air Canada, effective May 29, 2019, whereby Air Canada Cargo will market and sell DDC’s drone delivery services in Canada using Air Canada Cargo’s marketing and sales platforms and resources.

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

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