Potash penny stock Encanto Potash Corp. (CVE:EPO) surges as the Company takes a key step in its plan to become a supplier to Metals and Minerals Trading Company of India
Sean Mason | April 28, 2016 | SmallCapPower
Potash penny stock activity continued to whet the appetites of a few speculators Thursday, while there was good news in the troubled oil patch. Here’s some small stocks making big moves on Thursday, April 28, 2016 (as of 4 pm EST):
Encanto Potash Corp. (CVE:EPO) shares powered 32% higher to $0.145 on Thursday after the potash project developer announced that it has secured written interest from an existing potash producer to supply potash to a trading company currently being formed, a key step in its plan to become a supplier of potash to Metals and Minerals Trading Company of India.
As well, shares of Golden Star Resources Ltd. (TSE:GSC) fell 12% to $0.87 as the gold miner said it has entered into a bought-deal financing agreement, in which it will issue 22.75 million common shares at a price of US$0.66 per share for gross proceeds of approximately US$15 million.
MEG Energy Corp. (TSE:MEG), meanwhile, reported that it swung to a first-quarter profit as its net operating costs decreased 19% to C$8.53 per barrel. MEG Energy stock moved up as much as 7% before ending $0.02 higher at $6.84 following the announcement.
Finally, POET Technologies Inc. (CVE:PTK) shares rose 7% to $1.35 after the developer of opto-electronics fabrication processes for the semiconductor industry announced that it has agreed to acquire DenseLight Semiconductors Pte. Ltd., a private designer, manufacturer and provider of photonic sensing and optical light source products. The stock and cash transaction is valued at US$10.5 million to $11.5 million, depending on whether certain DenseLight revenue targets are reached.
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