Zinc Penny Stock Climbs on Deposits Acquisition

Callinex Mines Inc. (CVE:CNX), a zinc penny stock, moved up after announcing that it has closed its previously-announced acquisition of three VMS deposits in eastern Canada

Sean Mason | August 15, 2016 | SmallCapPower

The acquisition of three properties sparked much speculation in a zinc penny stock Monday. Here’s some small stocks making big moves on Monday, August 15, 2016 (as of 4 pm EST):

Zinc penny stock Callinex Mines Inc. (CVE:CNX) jumped 36% to $0.55 on Monday after announcing that it has closed its previously-announced transactions to acquire a 100% ownership stake in the Point Leamington, Nash Creek and Superjack Volcanogenic Massive Sulphide deposits located in eastern Canada. The Company added that the projects host a total Indicated mineral resource containing 468 million pounds of zinc, 4.6 million ounces of silver, and 95 million pounds of lead.

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As well, shares of Performance Sports Group Ltd. (TSE:PSG) plunged 46% to $2.41 after the manufacturer of sports equipment and apparel said it was unable to file an audited annual report with regulators on time, putting it in a default position under its credit agreements.

Merus Labs International Inc. (TSE:MSL), meanwhile, reported that its third-quarter net loss widened $5.1 million from $1.8 million during the same period last year. Merus Labs stock dropped 23% to $1.23 following the announcement.

In addition, shares of Golden Predator Mining Corp. (CVE:GPY) gained 16% to $1.04 as the gold explorer said it has discovered visible gold mineralization in the newly-identified Jack of Spades quartz vein at its 3 Aces Project in Yukon.

Finally, Alabama Graphite Corp. (CVE:ALP) shares rose 13% to $0.175 after the graphite project developer announced that it has manufactured and shipped three one-kilogram evaluation samples of its Purified Micronized Graphite to a U.S.-based provider of both lithium-ion and lithium batteries for a range of military applications under contract from the United States Department of Defense.

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