5 Top TSXV Stocks: Gold Canyon Resources Rises 140 Percent on First Mining Finance Takeover

The S&P/TSX Venture Composite index (INDEXTSI:JX) sank 0.49 percent last week, finishing at 552.61 points on Friday. 
Gold Canyon Resources (TSXV:CGU) was the top-gaining stock for the week, followed by West High Yield Resources (TSXV:WHY), Alabama Graphite (TSXV:ALP), Nemaska Lithium (TSXV:NMX,OTCQX:NMKEF) and Flinders Resources (TSXV:FDR)

Gold Canyon Resources

Gold Canyon Resources shot up 140 percent last week to close at $0.265 on Friday. The company’s share price spiked on Tuesday morning on news that Keith Neumeyer’s First Mining Finance (TSXV:FF) plans to acquire the company, along with PC Gold (TSX:PKL). PC Gold’s share price was also up for the week, rising 250 percent to close at $0.07.
As per the deal, Gold Canyon shareholders will get one First Mining Finance share for each Gold Canyon share held, plus shares in a new company to be spun out with Gold Canyon’s non-gold exploration assets.

West High Yield Resources

West High Yield’s share price gained nearly 55 percent last week, closing at $0.34. The company, which is focused on the Record Ridge South magnesium property in British Columbia, is up 25 percent so far this year. West High Yield granted 1,825,000 stock options last week, but there was no additional news that would explain the company’s rise in share price.

Alabama Graphite

Alabama Graphite was up 50 percent last week to end at $0.225. The company’s share price rose 32.35 percent on Friday. Alabama is a flake graphite exploration company focused on advancing its flagship Coosa property in Alabama. The company provided a clarification regarding previous disclosures on August 17, but there has been no additional news that would explain last week’s rise.

Nemaska Lithium

Nemaska’s share price was on a steady rise last week, and ultimately closed at $0.325, up 35 percent from the previous week’s close. The company gained 4.84 percent on Friday on news that it has received its General Certificate of Authorization from the Quebec Ministry of Sustainable Development, Environment and the Fight Against Climate Change. Nemaska now has all basic environmental authorizations required to move forward with its Whabouchi project, and is pursuing project financing discussions for the ~$500-million mine.
“As we move towards a construction decision, the project benefits from the recently relaunched Plan Nord program from the Quebec Government,” said Nemaska CEO Guy Bourassa in Friday’s release.

Flinders Resources

Finally, Flinders Resources was up 30 percent for the week, at $0.30. On August 18, the company announced the signing of a contract with a strategic Chinese partner with well-established design, build and operate capabilities in high-purity graphite production. There has been no further news from the company to explain last week’s rise in share price.
 
Data for TSXV Top 5 articles is retrieved each Friday. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: West High Yield Resources, Nemaska Lithium and Flinders Resources are clients of the Investing News Network. This article is not paid for content.
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