Phosphate Junior Climbs on Offtake Agreement

GrowMax Resources Corp. (TSXV:GRO), a phosphate junior, sprouted higher after announcing a phosphate rock offtake agreement with Kisan International Trading FZE

Sean Mason | January 8, 2018 | SmallCapPower

A fertilizer offtake agreement sparked interest in a phosphate junior Monday. Here’s some small stocks making big moves on Monday, January 8, 2018 (as of 4 pm EST):

GrowMax Resources Corp. (TSXV:GRO) shares gained 29% to $0.135 on Monday after the phosphate junior announced that its subsidiary, Americas Potash Peru S.A., has entered into a phosphate rock offtake agreement with Kisan International Trading FZE, a wholly-owned subsidiary of the Indian Farmers Fertilizer Cooperative Limited. Kisan has agreed to purchase not less than 50% of the phosphate rock produced from the Company’s Bayovar Concessions, up to a total of 500,000 metric tonnes per annum, for an initial term of 15 years.

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As well, shares of Anaconda Mining Inc. (TSX:ANX) rose 5% to $0.11 as the gold explorer released an initial Mineral Resource Estimate for the Argyle Gold Deposit at the Point Rousse Project in Newfoundland and Labrador. Highlights included an estimated Indicated resource of 38,300 ounces, as well as an Inferred resource of 30,300 ounces (capped grades).

Invictus MD Strategies Corp. (TSXV:IMH), meanwhile, reported that it has entered into a Letter of Intent to increase its investment in AB Laboratories Inc. from its current 33.3% ownership interest to 50%. AB Labs recently received the amendment to sell dried marijuana under the ACMPR. Invictus MD stock popped 7% to $2.36 following the announcement.

Finally, ICC Labs Inc. (TSXV:ICC) shares surged 25% to $1.51 after the producer and distributor of medicinal cannabinoid extracts, recreational cannabis, and industrial hemp products in Uruguay announced that it will increase the proposed production capacity at its laboratory being constructed in Uruguay from 50,000 kg per year of dry cannabinoid flowers to 150,000 kg per year by purchasing a second line supercritical fluid CO2 extractor.

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

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