Rare Earth Stock Rises on Financing Milestone

Geomega Resources Inc. (TSXV:GMA), a rare earth stock, moved higher after securing debt financing to build a rare earth magnet recycling demonstration plant

Sean Mason | February 7, 2020 | SmallCapPower

Recycling plant financing attracted speculators to a rare earth stock Friday. Here’s some small stocks making big moves on Friday, February 7, 2020 (as of 4 pm EST):

Geomega Resources Inc. (TSXV:GMA), a rare earth stock, gained 12% to $0.19 on Friday after announcing that it has secured the required project debt financing to build the rare earth magnet recycling demonstration plant in Quebec. Project financing will be provided by Investissement Quebec, acting as agent of the Quebec Government.

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As well, shares of Silvercorp Metals Inc. (TSX:SVM) slid 24% to $5.21 as the silver miner said it expects to produce approximately 2% to 7% more silver, 2% to 5% more lead, and 12% to 22% more zinc in Fiscal 2021 compared to what the Company expects will be mined in Fiscal 2020.

Khiron Life Sciences Corp. (TSXV:KHRN), meanwhile, reported that the Brazilian Health Regulatory Agency has authorized for Khiron medical cannabis product to be imported into Brazil on an individual patient basis. Khiron Life Sciences stock moved up 10% to $0.76 following the announcement.

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

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