Graphite Junior Powers Higher on Drilling Announcement

Ceylon Graphite Corp. (CVE:CYL), a graphite junior, jumped after announcing that it has begun drilling at its K1 site in Sri Lanka

Sean Mason | April 27, 2017 | SmallCapPower

Drilling at a past-producing mine was good news for shareholders of a graphite junior Thursday. Here’s some small stocks making big moves on Thursday, April 27, 2017 (as of 4 pm EST):

Ceylon Graphite Corp. (TSXV: CYL) shares surged 82% to $0.40 on Thursday after the graphite junior announced that it has begun drilling at its K1 site, which is a past producing graphite mine in Sri Lanka. The Company added that drilling at K1 will initially focus on the area identified during VLF mapping around the old mine site.

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As well, shares of Lumenpulse Inc. (TSX: LMP) soared 84% to $21.07 as the manufacturer of specification-grade LED lighting solutions said it has entered into an arrangement agreement with the intent to be taken private for $21.25 per share in cash.

Canam Group Inc. (TSX: CAM), meanwhile, reported that it has entered into a definitive agreement pursuant for a going-private transaction at a price of $12.30 per share in cash. Canam Group stock popped 97% to $12.19 following the announcement.

Finally, Zazu Metals Corporation (TSXV: ZAZ) shares jumped 17% to $0.35 after the mineral exploration company announced that it has agreed to be acquired by Solitario Exploration & Royalty Corp. (TSX: SLR) in an all-stock transaction. Zazu shareholders will receive 0.3572 of a common share of Solitario in exchange for each Zazu share held.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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