Market Wrap – ASX micro to mid-cap mining stocks
28 Oct 2014
Today’s best performers on ASX micro to mid-cap mining stocks were Eclipse Metals Limited (ASX: EPM) and Paradigm Metals Limited (ASX: PDM), both up 50% to close at $0.003 respectively.
Eclipse Metals is an exploration company focused on exploring the Northern Territory and Queensland for gold, manganese, iron ore, base metals and uranium. The company had cash totalling $0.341m at the end of June 2014.
Paradigm Metals is a gold and copper exploration company with tenements located in New South Wales and Queensland. The company recently entered into a conditional sale agreement with a private company to sell the White Rock Tungsten Project in New South Wales. The company is expected to receive $0.140m cash plus a reimbursement of $10,000 environmental bond. Subject to the satisfaction of conditions precedent, completion of the sale is expected by 28 November 2014.
The worst performers of the day were Argosy Minerals Limited (ASX: AGY) and Arunta Resources Limited (ASX: AJR) both down 33% to close at $0.002 respectively.
Argosy Minerals is an exploration company focused on its graphite project in Namibia. The company placed 231,510,926 shortfall shares at an issue price of $0.002 per share and raised $463,021.85 in July 2014. It also raised an additional $300,000 through convertible loan notes that was used to repay its major shareholder Discovery Africa Limited.
Arunta Resources is an exploration company with an advanced iron-oxide-copper-gold project in the Arunta Mineral Province of central Australia and its Hatches Creek Tungsten Project in the Northern Territory. The company had $0.918m at the end of September 2014.
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