Resource Junior Rises on Sprott Investment

Palladium One Mining Inc. (TSXV:PDM), a resource junior, moved higher after announcing that Eric Sprott is expected to take an equity stake in the Company

Sean Mason | October 29, 2019 | SmallCapPower

A significant investment from financier Eric Sprott boosted shares of a resource junior Tuesday. Here’s some small stocks making big moves on Tuesday, October 29, 2019 (as of 11:30 am EST):

Palladium One Mining Inc. (TSXV:PDM) shares gained 14% to $0.08 on Tuesday after the resource junior announced that Eric Sprott is expected to take a 19.99% equity stake in the Company via a non-brokered private placement at a price of C$0.06 per unit. Proceeds of the financing will be used primarily for exploration activities on Palladium One’s palladium-dominant, LK Project in Finland in addition to its Tyko Sulphide Nickel Project in Ontario.

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As well, shares of Canada Jetlines Ltd. (TSXV:JET) plummeted 81% to $0.04 as the pending Ultra-Low Cost Carrier airline said it is postponing its planned December launch and laying off most employees after failing to secure $40 million in required financing and losing investment partners SmartLynx and InHarv ULCC Growth Fund.

Drone Delivery Canada Corp. (TSXV:FLT), meanwhile, reported that it has entered into a commercial agreement with the Edmonton Regional Airports Authority for the purpose of establishing the world’s first airport drone delivery hub at the Edmonton International Airport. Drone Delivery Canada stock moved up 7% to $0.94 following the announcement.

Finally, MediaValet Inc. (TSXV:MVP) shares jumped 12% to $0.52 after the provider of cloud-based enterprise digital asset management and creative operations software announced that it has signed a master services agreement with a global entertainment company.

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

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