Cannabis stocks are falling today on the TSXV, but a few mining stocks are shining as a result. Junior mining stocks have been longtime competitors on Canadian exchanges, as mining remains a large industry in Canada. Today, we’ll take a closer look at SilverCrest Metals Inc. (TSXV:SIL) and Rusoro Mining Ltd (TSXV:RML).
SilverCrest Metals
SilverCrest Metals is a precious metals exploration company headquartered in Vancouver, BC. The mining stock primarily explores gold and silver. SilverCrest’s main property is located in Sonora, Mexico and in total expands across 1,389 hectares.
This morning, the Canadian mining firm announced that SSR Mining Inc (TSX:SSRM) had invested $31 million CAD into its operations. SSR Mining will purchase 8,220,645 common shares of the company, at the price of $3.73 per share. After the private placement, SSR will own 9.9% of the outstanding common shares of SilverCrest.
N. Eric Fier, CEO of SilverCrest, said:
“We are pleased to welcome SSR as a new investor in SilverCrest. With this investment, SilverCrest will have more than C$40 million available to explore and advance the Las Chispas project. The investment by SSR is an important endorsement of the Las Chispas project from a mining company that has an established reputation and track record of financial discipline and operating performance which can help to further de-risk and optimize the Las Chispas project. We look forward to having a positive working relationship with SSR as we move Las Chispas forward.”
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According to Yahoo Finance, the mining stock is currently trading at $3.29 a share, up +$0.16 (+5.11%). SilverCrest was one of the top mining stocks being traded on the TSXV earlier in the day.
Rusoro Mining Ltd.
Rusoro Mining has been trending as a top traded stock on the TSXV for the last few weeks. The junior mining company is also headquartered in Vancouver, but mines mostly in Venezuela.
Rusoro hasn’t had any recent news as of late but is trending high today. According to Yahoo Finance, the mining stock is trading at $0.20 a share, up +$0.04 (+25.00%).
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