A Fairfax Financial investment lit a bit of a fire under a Canadian security tech stock Thursday. Here’s some small stocks making big moves on Thursday, November 14, 2019 (as of 4 pm EST):
Avante Logixx Inc. (TSXV:XX), a Canadian security tech stock, surged 22% to $1.35 on Thursday after announcing that Fairfax Financial Holdings Limited will invest up to C$18 million in the Company through a private placement of unsecured convertible debentures. Avante Logixx added that it has also agreed to acquire A.S.A.P. Secured Inc, adding about $24.7 million in Trailing Twelve Month 2019 revenue.
As well, shares of Verde AgriTech Plc (TSX:NPK) sank 21% to $0.50 as the agricultural resource company said it will not achieve the stated sales target of 200,000 tonnes for 2019, and it is revising its 2020 sales target lower to C$10.6 million.
Wallbridge Mining Company Limited (TSX:WM), meanwhile, reported additional drill results from the ongoing 70-80,000-metre 2019 drill program at its 100%-owned Fenelon Gold Property in Quebec, which included “additional three wide intersections of strong gold mineralization at depth in the Tabasco zone, all being between 35 to 100 metre step-outs and undercuts to existing holes, thereby significantly expanding the Tabasco Zone at depth.” Wallbridge Mining stock moved up 7% to $0.61 following the announcement.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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Avante Logixx Inc. (TSXV:XX), a Canadian security tech stock, surged 22% to $1.35 on Thursday after announcing that Fairfax Financial Holdings Limited will invest up to C$18 million in the Company through a private placement of unsecured convertible debentures. Avante Logixx added that it has also agreed to acquire A.S.A.P. Secured Inc, adding about $24.7 million in Trailing Twelve Month 2019 revenue.
