4:05pm: First Phosphate shares surge in final hour of trading
First Phosphate closed up 104% at $1.04, while DATA Communications Management rose 7% to $1.69, Harbor Custom Development finished 4% higher to $0.46, and Red Pine Exploration ended up 12% at 24%.
11:30am: First Phosphate, DATA Communications Management shares advance sharply
First Phosphate Corp. (CSE:PHOS) shares climbed 31% to $0.67 on Friday after the mineral development company announced that it has signed a memorandum of understanding (MOU) with Belgium-based Prayon SA, Europe’s largest producer of phosphoric acid, to accelerate its integration plan for the North American lithium iron phosphate (LFP) battery industry.
First Phosphate noted that the MOU engages the parties to collaborate towards assessing feasibility and potential partnership in the areas of phosphate concentration production and offtake; LFP grade phosphoric acid toll processing; license for LFP grade phosphoric acid production facility; and development of LFP cathode active material manufacturing plant.
READ: First Phosphate signs MOU with purified phosphoric acid production and technology leader Prayon
As well, shares of DATA Communications Management Corp (TSX:DCM, OTCQX:DCMDF) continued to move higher Friday, up 8% to $1.70 following a 15% gain on Thursday, as the provider of marketing and business communication solutions said it has agreed to acquire the Canadian operations of RR Donnelley & Sons for a total cash purchase price of C$123 million (subject to working capital and other customary post-closing adjustments).
DATA added that RR Donnelley Canada generated revenue of about $250 million in 2022 and has 1,000 employees.
Harbor Custom Development Inc (NASDAQ:HCDI), meanwhile, reported that it has successfully restructured its loan with Bank United. Harbor Custom Development stock moved up 9% to $0.49 following the announcement.
And, Red Pine Exploration Inc (TSX-V:RPX, OTCQB:RDEXF) shares continued to advance Friday, up 2% to 22% following a 5% rise on Thursday, after the gold explorer announced new drill results from its continuing exploration program at the Wawa Gold Project in Ontario, which included 5.1 grams per tonne (g/t) gold over 27.4 metres.
Contact Sean at sean@proactiveinvestors.com