Iron Ore Junior Jumps on Sprott Investment, Merger

Adriana Resources Inc. (CVE:ADI), an iron ore junior, shot up after agreeing to merge with Sprott Resource Corp. (TSE:SCP)

Sean Mason | November 29, 2016 | SmallCapPower

More than a few speculators took a hard look at an iron ore junior Tuesday following a merger announcement. Here’s some small stocks making big moves on Tuesday, November 29, 2016 (as of 4 pm EST):

Adriana Resources Inc. (CVE:ADI) shares climbed 29% to $0.18 on Tuesday after the iron ore junior announced that it has agreed to merge with Sprott Resource Corp. (TSE:SCP). Sprott Resource would become a wholly-owned subsidiary of ADI and its shareholders would receive 3.0 ADI common shares for each Sprott Resource share held. In addition, Sprott Inc. will invest $15 million in the combined company.

Win Big With Our Small Cap Picks

 

As well, shares of Sirios Resources Inc. (CVE:SOI) slipped 15% to $0.425 after the gold explorer said it has completed 23 diamond drill holes on the Cheechoo gold property in Quebec, in which a global average of 0.6 g/t gold over 187 metres has been calculated from weighted averages over 11 of the drill holes.

ICC International Cannabis Corporation (CVE:ICC) stock, meanwhile, popped 128% to $1.14 on its first day of trading. ICC has a current inventory of 100 kilograms of recreational cannabis for the Uruguayan market, which will be sold in Uruguayan pharmacies to registered adults who can buy a maximum of 40 grams per month.

Finally, Secova Metals Corp. (CVE:SEK) shares rose 13% to $0.045 after the gold junior announced that it has acquired the Eagle River project, which consists of 77 claims (4,354 contiguous hectares) in the Windfall Lake gold district of Quebec, in exchange for five million Secova Metals common shares.

To find out more about Secova Metals Corp., please visit the company’s Investor Hub.

Ubika Research/SmallCapPower has received compensation from Secova Metals to provide analyst research coverage. For full disclosure please visit here >      

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

Hi, did you know SmallCapPower accepts blog submissions? You can contact me here

DISCLAIMER

The Content contained on this page (including any facts, views, opinions, recommendations, description of, or references to, products or securities) made available by SmallCapPower/Ubika Research is for information purposes only and is not tailored to the needs or circumstances of any particular person. Any mention of a particular security is merely a general discussion of the merits and risks associated there with and is not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, or sponsorship of any entity or security by SmallCapPower/Ubika Research. The Reader should apply his/her own judgment in making any use of any Content, including, without limitation, the use of any information contained therein as the basis for any conclusions. The Reader bears responsibility for his/her own investment research and decisions. Before making any investment decision, it is strongly recommended that you seek outside advice from a qualified investment advisor. SmallCapPower/Ubika Research does not provide or guarantee any financial, legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security, or information source. Ubika and/or its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts in certain underlying companies mentioned in this site and which may also be clients of Ubika’s affiliates. In such instances, Ubika and/or its affiliates and/or their respective officers, directors or employees will use all reasonable efforts to avoid engaging in activities that would lead to conflicts of interest and Ubika and/or its affiliates will use all reasonable efforts to comply with conflicts of interest disclosures and regulations to minimize the conflict.