Gold Junior Shines on Projects LOI

NV Gold Corporation (CVE:NVX), a gold junior, jumped after announcing a Letter of Intent to acquire 100% of Redstar Gold Corp.’s exploration assets in Nevada

Sean Mason | August 3, 2016 | SmallCapPower

A potential Nevada projects acquisition sparked much speculation in a gold junior Wednesday. Here’s some small stocks making big moves on Wednesday, August 3, 2016 (as of 4 pm EST):

NV Gold Corporation (CVE:NVX) shares surged 258% to $0.34 on Wednesday after the gold junior announced that it has entered into a Letter of Intent to acquire 100% of Redstar Gold Corp.’s exploration assets in Nevada, which consists of a 100% interest in 11 exploration projects in Nevada, as well as the AngloGold-Ashanti database purchased by Redstar in 2008, in consideration for 6 million common shares of NV Gold.

As well, shares of Vista Gold Corp. (TSE:VGZ) slid 19% to $1.66 as the gold project developer said it has entered into an underwriting agreement to raise gross proceeds of US$15.05 million at a price of US$1.40 per unit.

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Galway Metals Inc. (CVE:GWM), meanwhile, reported that it has entered into an Option Agreement to acquire a 100% undivided interest in Wolfden Resources Corporation’s Clarence Stream gold property in New Brunswick, as well as Jubilee Gold Exploration Ltd.’s adjacent Birneys Lake property. Clarence Stream hosts an Indicated Resource of 182,000 ounces of gold at 6.9 g/t, plus an Inferred Resource of 250,000 ounces at 6.3 g/t. Galway Metals stock moved up 111% to $0.40 following the announcement.

Finally, Covalon Technologies Ltd. (CVE:COV) shares jumped 38% to $2.00 after the medical technologies company announced that it has won a contract to supply its ColActive Plus and ColActive Plus Ag wound care dressings to Ministry of Health facilities in Saudi Arabia at a minimum guaranteed value of $7.6 million over 12 months.

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