SARISSA RESOURCES COM STK USD0.001 (OTCMKTS:SRSR)
SARISSA RESOURCES COM STK USD0.001 (OTCMKTS:SRSR) stock rallied by 125% to end the day at $0.009 a share, after the mining company announced it reached an agreement with RP Capital for the development of Nemegosenda Specialty Metal project. The massive rally on huge volume came as a surprise given that the stock has been dead silent in recent trading sessions.
SARISSA RESOURCES COM STK USD0.001 (OTCMKTS:SRSR) is a mining company with properties in Northern Ontario Canada. Its primary project is the Nemegosenda niobium project that consists of 9,000 mining claims. The company is developing the project as part of an effort that seeks to address the growing demand for Niobium in addition to pursuing shareholder value.
Industry sources indicate that demand for Niobium will continue to grow. Given the fact that there are only 3 significant producers of the chemical component, SARISSA RESOURCES COM STK USD0.001 (OTCMKTS:SRSR) has an opportunity to generate significant value from the mine.
RP Capital group is an international investment firm based in Montreal. The firm is reportedly well positioned to provide the junior mining company with the much-needed expertise and capital required for the project’s success.
Under the terms of the agreement, RP Capital Group is to invest $C250,000 into the Nemegosenda Specialty project. The investment firm is also to provide an additional $C250,000 once certain project milestones are met. In addition to capital investments, the firm is also to help in executive recruitment and legal matters – amongst other business services.
RP Capital’s investment will be in the form of a Secured Convertible Loan that will convert into a 35% stake in the Nemegosenda project.
“The addition of RP Capital Group to the Nemegosenda project is the game changing event we have been working to secure for the company. The project will now have availability to the business and mining expertise as well as the capital necessary to rapidly move the project forward,” said Dan Byrness, SARISSA RESOURCES COM STK USD0.001 (OTCMKTS:SRSR) President.
The signing of the agreement with RB Capital follows the termination of a previously announced agreement for the sale of the Nemegosenda specialty rare earth project. The company has since reiterated plans to expedite the development of the project in partnership with its subsidiary Nio-Star.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.