Coronet Metals Inc. (CVE:CRF), a resource penny stock, surged after announcing a LOI to acquire 60% of the Dixie Queen Gold Mine
Sean Mason | June 29, 2016 | SmallCapPower
A gold mine purchase was good news for a resource penny stock Wednesday, while funding concerns submerged a tiny miner. Here’s some small stocks making big moves on Wednesday, June 29, 2016 (as of 4 pm EST):
Resource penny stock Coronet Metals Inc. (CVE:CRF) powered 36% higher to $0.42 on Wednesday after announcing that it has entered into a letter of intent to acquire 60% of the Dixie Queen Gold Mine in North Carolina.
As well, shares of Nautilus Minerals Inc. (TSE:NUS) sank 23% to $0.115 as the underwater miner said it continues to seek funding in order to maintain the development of the Solwara 1 Project as well as the Company’s other operations.
BrightPath Early Learning Inc. (CVE:BPE), meanwhile, reported that it has entered into a definitive agreement to acquire a portfolio of 20 early learning and child care centres in the Greater Toronto Area. BrightPath will pay about $22 million for the acquisition, which will increase the size of its portfolio by 41%. BrightPath stock popped 43% to $0.40 following the announcement.
In addition, shares of Lucara Diamond Corp. (TSE:LUC) fell 15% to $3.35 as the miner said that its diamond, the largest one found in more than 100 years, failed to sell at an auction in London after the highest bid of $61 million didn’t meet the Company’s minimum selling price.
Finally, Heron Resources Limited (TSE:HER) shares gained 4% to $0.135 after the resource project developer announced results of a Feasibility Study for its 100% owned and fully permitted Woodlawn Zinc-Copper Project in New South Wales, Australia. Highlights included a post-tax net present value, using an 8% discount, of A$207 million and a post-tax internal rate of return of 32%.
Hi, did you know SmallCapPower accepts blog submissions? You can contact me here
DISCLAIMER
The Content contained on this page (including any facts, views, opinions, recommendations, description of, or references to, products or securities) made available by SmallCapPower/Ubika Research is for information purposes only and is not tailored to the needs or circumstances of any particular person. Any mention of a particular security is merely a general discussion of the merits and risks associated there with and is not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, or sponsorship of any entity or security by SmallCapPower/Ubika Research. The Reader should apply his/her own judgment in making any use of any Content, including, without limitation, the use of any information contained therein as the basis for any conclusions. The Reader bears responsibility for his/her own investment research and decisions. Before making any investment decision, it is strongly recommended that you seek outside advice from a qualified investment advisor. SmallCapPower/Ubika Research does not provide or guarantee any financial, legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security, or information source.
