Lithium Explorer Jumps on Property Update

Neo Lithium Corp. (CVE:NLC), a lithium explorer, moved up after announcing that it has expanded its 3Q mineral property in Argentina

Sean Mason | September 28, 2016 | SmallCapPower

A popular lithium explorer continued to feel the love following a corporate update Wednesday. Here’s some small stocks making big moves on Wednesday, September 28, 2016 (as of 4 pm EST):

Neo Lithium Corp. (CVE:NLC) shares gained 14% to $1.59 on Wednesday after the lithium explorer announced that it has expanded its 3Q mineral property in Argentina from approximately 30,000 hectares to 35,000 hectares, and has awarded contracts for road construction, camp construction, pilot pond construction, geophysics and drilling.

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As well, shares of Avcorp Industries Inc. (TSE:AVP) slipped 11% to $0.08 as the designer and builder of major airframe structures said it has closed a US$5 million unsecured loan facility that bears interest at a rate of 8% per annum and matures on April 7, 2017. The lender was also issued share purchase warrants totaling 30,714,118 warrants to purchase common shares exercisable at a price of $0.07 per common share for a period of 24 months from issuance.

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Margaret Lake Diamonds Inc. (CVE:DIA), meanwhile, reported that it plans to enter into a non-brokered private placement of up to seven million units at a price of $0.10 per unit, for aggregate gross proceeds of up to $700,000, which will be used for the Company’s planned upcoming drill program on the Margaret Lake Property during the first quarter of 2017. Margaret Lake Diamonds stock moved up 52% to $0.19 following the announcement.

Finally, Northern Iron Corp. (CVE:NFE) shares continued to advance Wednesday, up 42% to $0.085. On Monday, the resource junior announced its intention to focus attention on the lithium market in China by leveraging its existing relationship with current Chinese partners OMC Investments, which currently own 19.9% of Northern Iron.

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