2 Resources Stocks Up On The Ladder- AJQ And SPX

  • Mar 21, 2019 AEDT
  • Team Kalkine
2 Resources Stocks Up On The Ladder- AJQ And SPX

The below mentioned stocks have witnessed significant increase in their share price today. Let’s take a closer look at these stocks-

Armour Energy Limited (ASX: AJQ)

Exploration and production company, Armour Energy Limited (ASX: AJQ) has witnessed an uplift of 23.684% in its share price during the intraday trade as on 21 March 2019. Recently on 19 March 2019, the company announced its intention to raise up to $55 million by the issue of secured and amortising notes. The offering for the New Notes is being managed by FIIG Securities Limited which recently notified that it has received offers for the sale of New Notes in excess of the targeted amount of $55m. FIIG is in the process of formalising the closure of the offer at the agreed level of $55 million. The parties are working towards a settlement date of 29 March 2019.

For the half-year ended 31 December 2018, the company reported sales revenue of $13.1 million following steady gas production. During the half year period, the company established the Tribeca Loan Facility of $6.8 million, and completed a fully underwritten entitlements issue which raised $10.1 million in equity funds.

In the past three months, the stock price of Armour Energy Ltd. declined by 8.43 percent as on March 18th, 2019. AJQ’s stock last traded at $0.094 with a market capitalisation of ~$38.66 million as on 21 March 2019.

Spectrum Metals Limited (ASX: SPX)

Spectrum Metals Limited (ASX: SPX) has experienced a substantial increase of 60 percent in its stock price during the intraday trade on 21 March 2019. Recently the company confirmed the discovery of a new high-grade lode at the Penny West Project which is a significant and very exciting development for the company and its shareholders. According to the company’s Managing Director Paul Adam, this discovery will provide an expanded exploration focus for 2019. Mr. Paul also told that the discovery of another high-grade lode is giving confidence that the asset has the potential to build significant additional value for shareholders.

Notable assay results received from three additional hole include-

  • SPWRC016 (hole) - 8m at 24.2g/t gold from 149m.
  • SPWRC018 (hole) - 4m at 35.2g/t gold from 135m within 9m at 16.2g/t gold from 130m.

Today the company has released a notice of change of interest of its substantial holder, Anthony Barton & Associates who has increased its interest from 7.5% to 8.6% by holding 90 million ordinary shares of the company.

For the six months ended 31 December 2019, Spectrum Metals reported an after?tax loss of $469,448. During the half year period, the company issued 10,000,000 unlisted options under a corporate advisory mandate during the period, which are exercisable at 1.5 cents per share on or before 30 June 2021.

In the past six months, the share price of Spectrum Metals uplifted by 200% as on 20 March 2019. SPX’s shares last traded at $0.024 with a market capitalization of circa $15.77 million as on 21 March 2019.


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