Revelo Resources Corp. (CVE:RVL), a project generator, climbed after announcing a Letter of Intent with Hochschild Mining PLC
Sean Mason | June 6, 2017 | SmallCapPower
A Letter of Intent (LOI) with a big mining company sparked much speculation in a project generator Tuesday. Here’s some small stocks making big moves on Tuesday, June 6, 2017 (as of 4 pm EST):
Revelo Resources Corp. (TSXV: RVL) shares jumped 22% to $0.055 on Tuesday after the project generator announced that it has signed a Letter of Intent with Hochschild Mining PLC, which gives Hochschild the option to earn a 100% interest in Revelo’s Loro gold-silver project located in Chile. To earn the 100% interest Hochschild will need to make a series of in-ground investments and/or drilling commitments totaling US$13 million and/or 30,000 metres, and a series of cash payments to Revelo totaling US$5.3 million. After exercising the option, Hochschild must also pay a further US$15 million in cash together with a NSR Royalty on future production to Revelo of 1%.
As well, shares of Osprey Gold Development Ltd. (TSXV: OS) gained 13% to $0.395 as the gold explorer said it has located and acquired an extensive package of digitized historical data encompassing all four its current Nova Scotia property assets, namely the Goldenville Gold Project, Lower Seal Harbour Project, Gold Lake Project, and Miller Lake Project.
EnerDynamic Hybrid Technologies Corp. (TSXV: EHT), meanwhile, reported that it has executed a definitive Joint Venture agreement with Groupe NDUOM Limited of Ghana, West Africa, to create a Joint Manufacturing Facility in the city of Accra. EnerDynamic Hybrid Technologies stock moved up 6% to $0.17 following the announcement.
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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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