Here are the most active stocks on Tuesday mid-morning on the TSX and TSX Venture Exchange.
On Tuesday, the top TSX mover was
Black Iron Inc. (
TSX: T.BKI,
Stock Forum). The stock gained 37.5% and was trading at $0.22 on volume of 3.4 million.
Today, the exploration and development company announced that Metinvest B.V., Ukraine's largest mining and steel producer, has executed definitive agreements to form a development arrangement with Black Iron and to invest in Black Iron (Cyprus) Ltd. (BKI Cyprus), which is currently a wholly-owned subsidiary of Black Iron. The agreements create a defined path for Metinvest to become a prominent shareholder of Black Iron's development projects, the Shymanivske project and the Zelenivske project, each located in Kryvyi Rih, Ukraine. As part of the agreement, Metinvest will make an initial investment of US$20 million in BKI Cyprus to help fund the projects, with potential investment amounts thereafter expected to increase during construction of the projects to approximately US$536 million.
Bannerman Resources Ltd. (
TSX: T.BAN,
Stock Forum) was the second most active stock on the TSX. It rose 11% and was trading at $0.055 on volume of 2.5 million shares.
The uranium-focused company had no related news to explain the high volume in trading.
Papuan Precious Metals Corp. (
TSX: V.PAU,
Stock Forum) was the volume leader on the TSX Venture Exchange. It fell 25% and was trading at $0.015 on volume of 3.3 million.
The exploration junior had no recent news.
The second most active stock on the TSX Venture was
Africa Hydrocarbons Inc. (
TSX: V.NFK,
Stock Forum). It climbed 23.1% and was trading at $0.08 after 2.9 million shares changed hands.
Today, the oil and gas explorer announced that production tubing is being installed at the company's BHN-1 well on the Bouhajla permit in northeastern Tunisia. Following the evaluation of cased-hole logs the decision was made to configure the wellbore for testing purposes. Several interpreted fracture intervals are observed within a 245 metre thick Abiod section. Elevated C1-C4 gas chromatograph readings along with evidence of micro-fractures observed in drill cuttings coincide with the potential fracture intervals. The operator of the well plans to release the drilling rig once the tubing has been set and return with wireline perforating guns and a coiled tubing unit to perforate and acidize the selected test intervals as soon as possible.