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.
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.
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