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Goldsource Mines asked to explain its trading trend
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A volume of 14.06 million shares earned Goldsource Mines Inc (TSX:GXS) a 26.09% gain. A segment of the Investment Industry Regulatory Organization of Canada called the Market Surveillance group urged the company to explain about the trend of trading activity witnessed. Goldsource Mines said it wasn't hiding anything about the way its shares were performing on the TSX Venture Exchange.
SOPerior Fertilizer signs a letter of intent
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A volume of 5.63 million shares belonging to SOPerior Fertilizer Corp (TSX:SOP) earned the company a 42.86% gain.
The company is also pleased about the move to form a joint venture with an arm's length party, but the parties had to start by signing a letter of intent ("LOI").
This joint venture has several objectives. The first one is in line with what the company wants to do with its Alunite interests. Second, the company wants to channel funds to complete the construction activities of the alunite ore processing plant. The plans underway are to have the plant constructed near SOP's Blawn Mountain. Thirdly, the company wants to focus on the ore prpovesisng activities. It hopes to obtain the primary offtakes of sulphuric acid, potassium sulphate fertilizer and alumina.
Sources indicate that both parties will be entitled to an equal 50/50 interest. However, the Counter-Party will be entitled to even more in terms of ownership interests. Part of the milestones in the deal includes the purchase of Plant processing equipment, the set up of the plant, and the completion of engineering studies. The terms exempt SOP from making any financial contributions in line with the achievement of the milestones.
Whitecap Resources strikes new deal
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A volume of 4.91million shares earned Whitecap Resources Inc. (TSX:WCP) a 1.58% gain. The company strikes a business alliance with parties such as Manulife Financial Corporation's subsidiary and NAL Resources Limited. This happens to be a $155 million all-stock transaction agreement between the progressive parties.
The company has disclosed its plan to channel about 58.3 million of its common shares to Manulife a deal that will have it acquire all the issued and outstanding NAL shares.
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COMTEX_370480819/2700/2020-09-01T09:42:41
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