A bold move into marijuana retailing sparked much interest in a resource junior Tuesday. Here’s some small stocks making big moves on Tuesday, June 12, 2018 (as of 4 pm EST):
Aldershot Resources Ltd. (TSXV:ALZ) shares jumped 122% to $0.10 on Tuesday after the resource junior announced its transition to Solo Growth Corp., a retail cannabis distributor in Western Canada. The Company also plans to enter into a non-brokered private placement to raise up to $20.0 million. Solo Growth’s new management team include founding shareholders, senior officers and board members of Canada’s largest private liquor retailer, Solo Liquor Stores Ltd.
As well, shares of Cobalt 27 Capital Corp. (TSXV:KBLT) slipped 13% to $9.60 as the battery metals streaming and royalty company said it has entered into an agreement to acquire from a subsidiary of Vale S.A. an amount of finished cobalt equal to 32.6% of the cobalt production from the Voisey’s Bay Mine beginning January 1, 2021, in consideration for US$300 million in cash. Cobalt 27 intends to pay for this acquisition with a bought-deal equity financing at a price of C$9.75 per share.
Electrovaya Inc. (TSX:EFL), meanwhile, reported that it has received purchase orders totaling approximately US$1.8 million for its ELivate line of forklift battery systems and energy storage modules. The Company received initial orders from two new customers, and follow-up purchase orders from several repeat customers. Electrovaya stock popped 50% to $0.285 following the announcement.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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