American CuMo Mining Corporation (CVE:MLY), a mining penny stock, moved up after signing a Memorandum of Understanding with Ping Shan Resource Holdings Ltd.
Sean Mason | June 6, 2016 | SmallCapPower
Potential financial aid from China boosted a mining penny stock Monday, while an explorer shone on gold drill results. Here’s some small stocks making big moves on Monday, June 6, 2016 (as of 4 pm EST):
American CuMo Mining Corporation (CVE:MLY) shares climbed 26% to $0.12 on Monday after the resource project developer announced that it has signed a non-binding Memorandum of Understanding (MOU) with Hong Kong’s Ping Shan Resource Holdings Ltd. to the develop the CuMo Project, a molybdenum-copper-silver deposit in Idaho. Under the terms of the MOU, Ping Shan Resource Holdings and its Chinese partners would arrange a minimum of US$700 million in project financing in order to receive 80% of net proceeds interest in the joint venture.
As well, shares of Nevada Copper Corp. (TSE:NCU) slipped 6% to $0.67 as the copper project developer said it has closed a C$10.5 million financing with Pala Investments Ltd. and Red Kite Mine Finance.
TerraX Minerals Inc. (CVE:TXR), meanwhile, reported the final assay results from 22 holes totaling 3,485 meters drilled at multiple zone on the Yellowknife City Gold Project in the Northwest Territories, which included 8.00 metres of 60.60 g/t gold. TerraX Minerals stock moved up 9% to $0.38 following the announcement.
In addition, shares of GLG Life Tech Corporation (TSE:GLG) jumped 45% to $0.45 as the supplier of zero calorie natural sweeteners said it is teaming up with Archer Daniels Midland Company in a new partnership to manufacture, market, sell and distribute low-calorie stevia and monk fruit sweeteners to customers around the globe.
Finally, Fortress Paper Ltd. (TSE:FTP) shares powered 27% higher to $3.67 after the pulp and paper company announced that its wholly-owned subsidiary, Landqart AG, has agreed to sell its lands and buildings related to its security paper business located in Landquart, Switzerland, for approximately C$59 million.
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