4:05pm: Cathedral Energy Services, Jushi Holdings, and Nextech AR add to gains late afternoon
Shares of Jushi Holdings Inc (CSE:JUSH) added 12% at $2.28 as the US multistate operator revealed a proposed debt financing plan, which involves the receipt of binding subscriptions to date totaling about US$68 million for the issuance of 12% second lien notes and warrants to purchase subordinate voting shares in a private offering.
Virginia Energy Resources, meanwhile, finished 22% higher at $0.39, while Cathedral Energy Services ended up 18% at $1.34, and Nextech AR Solutions Corp closed 19% higher to $1.15.
1:10pm: Virginia Energy Resources, Cathedral Energy Services advance sharply
Virginia Energy Resources Inc (TSXV:VUI) shares climbed 33% to $0.425 on Tuesday after the uranium explorer and property developer announced that it has agreed to be acquired by Consolidated Uranium Inc (TSXV:CUR) in an all-stock deal valued at about $32.2 million.
Virginia Energy shareholders will receive 0.26 of a common share of Consolidated Uranium for each Virginia Energy Share held.
As well, shares of Cathedral Energy Services Ltd (TSX:CET) gained 13% to $1.29 as the oilfield services company said it generated third-quarter 2022 consolidated revenue of $107.9 million, the highest quarterly revenue in the company's history, along with net income that surged to $8.7 million from $403,000 during the same period last year.
Recharge Resources Ltd (CSE:RR), meanwhile, reported that Prospectair has completed the high-resolution heliborne magnetic survey at the company’s 100% owned Georgia Lake North and West lithium properties near Thunder Bay, Ontario, saying initial imagery is “encouraging”. Recharge Resources stock moved up 14% to $0.375 following the announcement.
And, Nextech AR Solutions Corp (CSE:NTAR) shares rose 8% to $1.05 after the provider of augmented reality (AR) Wayfinding technologies and 3D model services revealed that it has achieved breakthrough 3D content creation capabilities.
READ: Nextech AR launches groundbreaking AI tools to scale its 3D model production capabilities and files new patent
The Toronto-based Metaverse company said the breakthrough in its AI capabilities translates into the ability to scale 3D model production at a higher velocity, resulting in increased production capacity, which will drive higher revenue and profit margins.
Contact Sean at sean@proactiveinvestors.com