Market Wrap – 21 July 2014
21 Jul 2014
ASX micro to mid-cap resources stocks
The best performer was Pioneer Resources Limited (ASX: PIO) up 200% to close at $0.030. The company has defined a new nickel sulphide target at its 75% held Fairwater Project in the Albany-Fraser Province in southeast Western Australia.
The new nickel target has been identified from soil geochemistry that returned copper, chrome and platinum group element results. The company now plans to conduct aircore drilling at the target.
The worst performer was Yellow Rock Resources Limited (ASX: YRR) down 27% to close at $0.011. Today, the company announced that following a recent non-renounceable pro-rata rights issue, it placed the third tranche of the Rights Issue Shortfall.
The company has issued 243.6m fully paid ordinary shares at $0.01 per share to raise $2.4m and 243.6m free attaching unlisted options exercisable at $0.015 each on or before 31 December 2017. Total capital raised under the Rights Issue and Shortfall Placement to date is $3,362,027.
Resources Stocks To Watch is first in resources research on ASX micro to medium capital stocks. Find out what’s hot and what’s not in the resources sector.