The Conversation (0)
Shoal Point Energy, Mahdia Gold, Chlormet Technologies, Murchison Minerals and Innovative Composites International were the top five companies on the CSE by trading volume last week.
Last week on the Canadian Securities Exchange, several companies had an eventful week.
By volume, the top five junior resource companies on the exchange were Shoal Point Energy (CSE:SHP), Mahdia Gold (CSE:MGD), Chlormet Technologies (CSE:PUF), Murchison Minerals (CSE:MUR) and Innovative Composites International (CSE:IC).
Shoal Point Energy
First up was Shoal Point Energy, whose primary focus is exploring Newfoundland’s Green Point shale. The company released its Q2 2014 financial results on September 17, highlighting that Shoal Point was able to reduce its net loss from operations year-over-year, improving from $1.15 million in July 2013 to just $0.21 million in July 2014. The company traded 31,875 shares last week to close at a price of $0.015.
Mahdia Gold
Coming in second, Canada’s Mahdia Gold traded 25,875 shares during the week at a price of $0.03. It operates two pits at its Omai gold mine in Guyana, South America, and announced June 30 that it had produced 118.5 ounces of gold for the month through its joint venture operations, of which Mahdia was entitled to 40 ounces. However, the company also noted it altered an arrangement with one of its joint-venture companies that will allow Mahdia to take control of three dredges. This allows Mahdia to receive all of the production from that project.
Chlormet Technologies
Based in Canada, Chlormet Technologies announced on Sept. 9 that it has exercised 10,030,000 warrants, bringing its gross proceeds to $752,250. It also noted that it has started working with Canadian-based Momentum Public Relations Inc. to improve the company’s business development and communications. Chlormet traded 23,875 shares last week at $0.285 per share.
Murchison Minerals
Though the company only recently started trading on the CSE, and Murchison Minerals traded 17,462 shares during the week at a price of $0.035 each. Formally called Manicouagan Minerals, the company is primarily focused on platinum group metals in Uganda. Murchison announced on August 25 that its Murchison project could potentially hold nickel-sulphide and nickel-oxide type deposits, although further drilling will be needed to define these resources. The company also noted that outcrops in the area are fairly rare, and so all drill targeting must be done using geochemisty and geophysical surveying techniques in unison.
Innovative Composites International
Rounding out the top five was Canadian-based Innovative Composites International (ICI), a company that provides thermoplastic materials with industrial applications. ICI announced in July that it had agreed to sell a facility of its subsidiary, Innovative Composites Inc., including some machinery, equipment and permits. Furthermore, the company noted it sold all of the subsidiary’s client contracts and specific licenses. According to Mark Rivers, the ICI’s CEO, the sale will allow the company to increase its focus on a single location and to reinvest the money into developing other areas of the business. ICI traded 10,265 stocks last week at a price of $0.01 per share.