Gold Penny Stock Shines on MOU Extension

Penny stock Gold Reserve Inc.’s (CVE:GRZ) agreement with Venezuela could pave the way to develop the Brisas and Las Cristinas projects

Sean Mason | May 30, 2016 | SmallCapPower

A potential end to a long-standing dispute was good news for a few gold penny stock shareholders Monday. Here’s some small stocks making big moves on Monday, May 30, 2016 (as of 4 pm EST):

GRZ logoGold Reserve Inc. (CVE:GRZ) shares surged 40% to $4.84 on Monday after the gold explorer/developer announced that, by mutual agreement, the Company and Venezuela have extended the previously announced February 24, 2016 Memorandum of Understanding (MOU) from May 27, 2016 to June 21, 2016. The MOU from February provides a framework for both parties to jointly develop the Brisas and Las Cristinas projects.

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As well, shares of NTG Clarity Networks Inc. (CVE:NCI) sank 26% to $0.10 as the networking solutions provider said its first-quarter revenue fell to $2,433,333 from $5,002,161 during the same period last year.

Spectra7 Microsystems Inc. (TSE:SEV), meanwhile, reported the sudden death of its President and Chief Executive Officer, Tony Stelliga. Spectra7 stock moved up 7% to $0.59 following the announcement.

Finally, Niko Resources Ltd. (TSE:NKO) shares powered 20% higher to $0.24 after the oil and gas producer/explorer announced that an international tribunal has ruled in favour of the Company’s indirect subsidiary, Niko Resources (Bangladesh) Ltd., for payments owing to it by Bangladesh Oil Gas & Mineral Corporation for gas deliveries made under the Feni Gas Purchase and Sale Agreement.

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