Pacific Iron Ore Corporation (TSX: V.POC, Forum) took flight in the market today in the wake of yesterday’s announcement that the company had agreed to divest itself of all of its interest in the St. Anthony’s gold project as well as other Ontario properties containing copper and lithium within the Kenora mining district.
According to the
news release, the agreement was with a private, arm’s length British Columbia Corporation, St. Anthony Exploration and Mining and was for an all cash payment of $3.5 million as well as a 2% Net Smelter Royalty less the payment of existing royalties.
Investors were impressed with the move as they thought it would cash up the company and free it to pursue other opportunities with no debt.
Shares shot up 123.08% to $0.29 per share.
Labrador Iron Ore Royalty Corporation (TSX: LIF, Forum) has been feeling pain as the price of iron and other commodities continue to take a beating. It’s been a long drop from its $40.0 heyday back in 2011 and investors don’t see there is much management can do to create more value. As it is, everyone is waiting for China’s economy to pick up so demand increases, but when will that happen is the golden question.
Shares were down 10.11% to $14.40 per share.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Pacific Iron Ore Corporation (V.POC, Stock Forum) |
123.08% |
| VidWRX Inc. (V.VID, Stock Forum) |
38.89% |
| Ivanhoe Mines Ltd. (T.IVN, Stock Forum) |
25.35% |
| Metanor Resources Inc. (V.MTO, Stock Forum) |
22.22% |
| Trican Well Service Ltd. (T.TCW, Stock Forum) |
14.39% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Labrador Iron Ore Royalty Corporation (T.LIF, Stock Forum) |
-10.11% |
| Moseda Technologies Inc (V.MSD, Stock Forum) |
-9.68% |
| Horizons BetaPro S&P\/TSX Global Gold Bull Plus ETF (T.HGU, Stock Forum) |
-9.06% |
| Sherritt International Corporation (T.S, Stock Forum) |
-8.99% |
| Primero Mining Corp. (T.P, Stock Forum) |
-7.60% |