Shares of Precipitate Gold Corp. (TSX: V.PRG, Stock Forum) rose sharply Thursday after the Vancouver junior said it has agreed to acquire an interest in mineral concessions in the Dominican Republic.
The larger of the concessions covers 15,020 hectares and adjoins the Tireo gold belt holdings of GoldQuest Mining Corp. (TSX: V.GQC, Stock Forum). The second is located to the east of the GoldQuest trend, the company said in a press release.
Precipitate said it has entered into a letter of agreement with shareholders of a private B.C. registered company (BC Corp) to purchase the company, which in turn holds a 100% interest in the rights to acquire the mineral concessions that are currently under application.
Up 52% to 38 cents on Thursday, Precipitate has a market cap of $9.68 million, based on 25.4 million shares outstanding. The 52-week range is 46 cents and 33 cents.