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06-10-2017, 01:43 PM
This Junior Miner Surged Almost 1,000% in a Day After Asset Sale
By Aoyon Ashraf and Danielle Bochove
October 6, 2017, 2:36 AM GMT+8 October 6, 2017, 6:33 AM GMT+8
West High Yield (W.H.Y.) Resources Ltd., a little-known Canadian miner, surged as much as 1,000 percent after it said it sold a magnesium deposit to a U.S. buyer for $750 million -- or 46 times the company’s market value.
West High Yield, which has no revenue, jumped five-fold in Toronto trading to close at C$2 after it released a statement saying it sold its main assets to Swanton, Maryland-based Gryphon Enterprises LLC. The shares, which trade under the ticker WHY, had closed Wednesday at 36 cents for a market value of just C$20.6 million ($16.4 million).
According to a West High Yield filing, the Toronto office of law firm Baker McKenzie represents Gryphon Enterprises. Greg McNab, global head of mining at Baker, was unaware of the transaction.
More details in https://www.bloomberg.com/news/articles/...asset-sale
By Aoyon Ashraf and Danielle Bochove
October 6, 2017, 2:36 AM GMT+8 October 6, 2017, 6:33 AM GMT+8
West High Yield (W.H.Y.) Resources Ltd., a little-known Canadian miner, surged as much as 1,000 percent after it said it sold a magnesium deposit to a U.S. buyer for $750 million -- or 46 times the company’s market value.
West High Yield, which has no revenue, jumped five-fold in Toronto trading to close at C$2 after it released a statement saying it sold its main assets to Swanton, Maryland-based Gryphon Enterprises LLC. The shares, which trade under the ticker WHY, had closed Wednesday at 36 cents for a market value of just C$20.6 million ($16.4 million).
According to a West High Yield filing, the Toronto office of law firm Baker McKenzie represents Gryphon Enterprises. Greg McNab, global head of mining at Baker, was unaware of the transaction.
More details in https://www.bloomberg.com/news/articles/...asset-sale
Specuvestor: Asset - Business - Structure.