Resource Junior Fires Up on Cannabis Transformation

Aldershot Resources Ltd. (TSXV:ALZ), a resource junior, moved sharply higher after announcing its transition to a retail cannabis distributor in Western Canada

Sean Mason | June 12, 2018 | SmallCapPower

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.

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Read: Canadian Cannabis Stocks That Are Top Takeover Targets  

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.

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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.

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

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