Resource Junior Surges on Business Change

Augyva Mining Resources Inc. (TSXV: AUV), a resource junior, climbed after announcing that it will become an investment issuer focused on the auto retail sector

Sean Mason | January 9, 2017 | SmallCapPower

A change in business drove shares of a resource junior sharply higher Monday. Here’s some small stocks making big moves on Monday, January 9, 2017 (as of 4 pm EST):

Augyva Mining Resources Inc. (TSXV: AUV) shares powered 67% higher to $0.175 on Monday after the resource junior announced its intention to pursue a change of business to an investment issuer focused on the auto retail sector.

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As well, shares of Medgold Resources Corp. (TSXV: MED) gained 22% to $0.195 as the gold explorer said it has released surface channel sampling results from its Tlamino Project in Serbia, which included 40 metres of 8.32 g/t gold and 193 g/t silver. The Company added that Fortuna Silver Mines has elected to exercise its common share purchase warrants and, as a result, Fortuna will own 24.2% of Medgold’s shares.

Avnel Gold Mining Ltd. (TSX: AVK), meanwhile, reported results from an Optimised Feasibility Study for its Kalana Main Project in Mali, which indicate an increase of 25% in the after-tax NPV to $321 million along with an initial capital expenditure reduction of $25 million to $171 million. Avnel Gold Mining stock moved up 2% to $0.24 following the announcement.

In addition, shares of Auryn Resources Inc. (TSX: AUG) climbed 13% to $3.44 as the gold junior said Goldcorp has agreed to purchase 9,542,402 common shares of the Company at a price of C$3.67 per share, giving it a 12.5% ownership stake in Auryn.

Finally, PetroMaroc Corporation plc (TSXV: PMA) shares rose 7% to $0.08 after the oil and gas exploration company announced that it has completed the disposition to Sound Energy plc of its 50% working interest in the Sidi Moktar Licenses located in Morocco in consideration for 21,258,008 Sound Energy shares, the granting to PetroMaroc of a 10% net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar Licences, and a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licences other than the Kechoula structure.

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