Mining Stocks: Scorpio Gold and Sokoman Iron Dominate

mining stocks

This morning, major stocks fell in the US after disappointing results plagued Wall Street. The major companies are blaming the slow global growth on its poor earnings. Despite much of the major stocks taking a dip, mining stocks seem to be trading relatively high today. 

There are two mining stocks, in particular, that are leading share growth on the TSXV. Today, we’ll take a look at these two companies and explore why their shares are trading so high. 

Scorpio Gold Corporation (TSXV:SGN)

Scorpio Gold Corporation is a mineral exploration company in the US. The Vancouver, British Columbia-based mining company fully owns the Goldwedge property that covers 726 hectares in Manhattan, Nevada.

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This morning, the mining stock is among the top traded stocks on the TSXV for trade volume, but why? It might have a lot to do with its most recent announcement seven hours ago. Scorpio Gold announced early this morning its non-brokered private placement offering of secured convertible debentures. This will be up to $6 million USD, and each debenture will have an issue price of $1,000 USD.

The announcement explains:

“Each Debenture will have an issue price of US$1,000, a term of three years from the date of issuance and will bear interest at a rate of 10% per annum, payable semi-annually, which, subject to regulatory approval, may be paid in common shares of the Company (‘Shares’) at the option of the Company or the holder of the Debenture.”

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This is likely the reason for its recent rise in share prices. According to Yahoo Finance, the mining stock is trading at $0.030, up +$0.015 (+100.00%).

Sokoman Iron Corp (TSXV:SIC)

Sokoman Iron Corp is among the list of top trading mining stocks on the TSXV today. Unlike Scorpio Gold, this mining company hasn’t made an announcement in nearly two weeks. Sokoman is headquartered in Puslinch, Ontario, and the company explores mineral properties in North America. 

Ten days ago, the mining company announced the appointment of a new Director, James F. Adams. It remains unknown at this time why the mining stock is trading so high, especially with the amount of volume ($1.7 million) dumped into the stock today. According to Yahoo Finance, SIC is trading at $0.19 a share, up +$0.01 (+8.57%). 

Featured Image: Pixabay