Last week, Simba Energy received formal approval from Kenya’s government for a farm-in agreement with Essel Group.
The S&P/TSX Venture Composite index (INDEXTSI:JX) closed up a modest 10.12 points last week to end at 555.67 points. Nevertheless, even a small gain is hardly bad news given the turmoil that hit the markets on Black Monday.
The top gainer on the TSXV last week was Simba Energy (TSXV:SMB), and it was followed by Newport Exploration (TSXV:NWX), Bacanora Minerals (TSXV:BCN), Goldstrike Exploration (TSXV:GSR) and Bonterra Resources (TSXV:BTR). Here’s a look at what moved their share prices.
As mentioned, Simba Energy took the top spot on the TSXV last week, with its share price rising an impressive 45.45 percent to end at $0.08. The company is focused on oil and gas, particularly in Africa’s onshore frontier basins, and believes that it has a first-mover advantage in that area.
Last week, Simba Energy received formal approval from Kenya’s government for a farm-in agreement with Essel Group. Under the agreement, the Essel Group Middle East (Dubai) will earn a 60-percent stake in Simba’s African portfolio in exchange for providing “full carry through funding of all required exploration.”
Newport Exploration holds the British Columbia-based Chu Chua copper-gold project, as well as 2.5-percent gross overriding royalties on oil and gas permits in Queensland’s Cooper Basin. Last week, its share price rose 39.53 percent to reach $0.30.
Early last week, Newport Exploration released an update on those oil and gas permits. Later in the week, it revealed plans to renew its normal course issuer bid for 4,025,444 shares of the company.
Bacanora Minerals’ share price rose 39.29 percent last week to hit $1.95. The company announced last Thursday night that along with Rare Earth Minerals (LSE:REM), its joint venture partner, it’s signed a conditional lithium hydroxide supply agreement with Tesla Motors (NASDAQ:TSLA).
Investors have long been waiting for Tesla to sign the first raw materials supply agreement for its lithium-ion battery gigafactory, so the news made significant waves. Curiosity is now even higher about which other companies the Elon Musk-led company will do deals with.
Last week, Goldstrike Resources’ share price rose 35.48 percent to hit $0.21. The company has not released any news since July, when it said that it had intersected mineralization containing “coarse visible gold in 5 drill holes (50 per cent of the holes drilled) at Gold Dome and Goldstack.” Gold Dome and Goldstack are areas at Goldstrike’s Yukon-based Plateau project.
Finally, Bonterra Resources’ share price rose 33.33 percent to close at $0.18. Like Goldstrike, it hasn’t released any news since July. At that time, the company said that it had started surface exploration and an old core-cutting program at its Gladiator project in Quebec.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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