Sean Mason | March 22, 2016 | SmallCapPower
Cancer treatment in China was big news for one tiny pharma play Tuesday, while the prognosis worsened for a troubled gold miner. Here’s some small stocks making big moves on Tuesday, March 22, 2016 (as of 4 pm EST):
Quest PharmaTech Inc. (TSXV: QPT) shares climbed 67% to $0.075 on volume of more than 2 million shares Tuesday after the pharmaceutical company developing and commercializing products to improve the quality of life announced that its subsidiary, OncoQuest Inc., has signed an agreement with Shenzhen Hepalink Pharmaceutical Co., Ltd., a China-based global pharmaceutical company to fund the research and development of immunotherapies for treatment of cancer in China. The agreement results in the creation of a new company in China called OncoVent Co., Ltd., valued at US$9.26 million, 11% of which will be owned be Quest.
As well, shares of Rubicon Minerals Corporation (TSX: RMX) slid 41% to $0.065 as the Canadian gold miner said there was significant doubt about its ability to continue as a going concern after it breached a loan covenant.
Mart Resources, Inc. (TSX: MMT), meanwhile, reported that it has received confirmation that all of the funds required to be paid to satisfy the aggregate purchase price to the Mart shareholders and certain transaction costs have been received by Acquireco’s lawyers in Canada. Mart Resources stock moved up 27% to $0.235 following the announcement.
In addition, NewCastle Gold Ltd. (TSXV: NCA) shares powered 31% higher to $0.36 after the gold junior said it has agreed to merge with Catalyst Copper Corp. (TSXV: CCY).
Finally, Rosita Mining Corporation (TSXV: RST) shares jumped 88% to $0.075 after the junior explorer announced that a preliminary process design is being evaluated in advance of a PEA Study for its 65% owned Santa Rita copper/gold project in Nicaragua. The Company added that its goal is to complete this work in the next nine months. Calibre Mining Corp. hold the remaining 35% interest in Santa Rita.
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