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Institutional Investors account for 25% of Belo Sun Mining shares
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Belo Sun Mining Corp (TSX:BSX) was one of top performers gaining 25.68%. The company has a market cap roof CA$324 million which implies that it is a relatively small-cap stock that is supposed to be unknown to many institutional investors. However, it appears that institutional investors have noticed Belo Sun Mining. Institutional investors own around 13.5% of the company which is a show of credibility from investors.
Hedge funds own around 25% of the company's shares which is exciting since they are considered active investors that can influence management. Most want to see near-term value creation. The largest holder in the company is Sun Valley Gold which holds 25% of outstanding shares.
Karora Resources sells its remaining 28% stake in Dumont Nickel Project
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Karora Resources Inc. (TSX:KRR) was amongst top gainers in yesterday's trading session gaining 19.17%. The company's previously announced common shares consolidation became into effect on July 31 based on one common share after consolidation for every 4.5 commo9n shares before consolidation. Before the consolidation, the company issued around 648.7 million common shares, and following the effective consolidation date around 144.2 million common shares shall be issued.
Also, the company has reached an agreement to sell its 28% remaining stake in Dumont Nickel Project for gross proceeds of around $48 million to private funds advised by Waterton Global Resource Management Inc. following closing the company will receive around $10.7 million which will comprise $7.4M from Waterton Global for the stake and a refund of $3.3 million of Karora shares held in the JV. Following sales or monetization, the company will receive 15% of the net proceeds from any deal adding up to around $40.2 million.
Midas Gold announces the release of Draft EIS for Stibnite Gold Project
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Midas Gold Corp. (TSX:MAX) gained 17.97%, becoming one amongst the top-gainers of yesterday. The company recently announced that regulators including the US Forest Services that have been reviewing the Stibnite Gold Project under The National Environment Policy Act have issued their Schedule of Proposed Actions (SOPA) for the quarter. According to the updated SOPA, The USFS is planning to release the Draft Environmental Impact Statement for public review this month. Following the release of the anticipated Draft EIS, the public will get the chance to comment on the project as per the requirements of NEPA.
Midas CEO stated that they have spent almost a decade in the study, design, and improvement of the Stibnite Gold Project.
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The post Bullish Canadian Stocks That Surged Highest: $BSX $KRR $MAX appeared first on The Market Signals.
COMTEX_368917584/2700/2020-08-05T09:29:15
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