New Brunswick government says deal was announced as soon as possible after being confirmed by First Nations
Northcliff Resources Ltd., the Vancouver-based firm behind the proposed tungsten–molybdenum open pit mine and processing facility outside Stanley saw its stock price jump 56 per cent between Dec. 15 and Feb. 9, according to Toronto Stock Exchange trading archives.
The price escalation began roughly at the same time the province and Maliseet First Nation communities came to a deal about the mine.
“It was in December, mid–December — around early to mid–December,” said Chief Patricia Bernard of the Madawaska Maliseet First Nation about when she and five other chiefs agreed not to oppose the mine in exchange for a deal with the province on tax sharing on gasoline and tobacco sales. Bernard said documents formalizing the December agreements were then signed on Jan. 31.
Share price bid up
News of the Sisson deal was not disclosed to the public until Feb. 10.
But by then, unknown investors had spent almost eight weeks buying Northcliff stock and bidding its price up from nine cents per share on Dec. 15 to a new 52–week high of 14 cents per share on Feb. 9.
After Friday’s announcement the stock jumped further to 15 cents, the highest its been in 18 months.
Over two million shares in Northcliff Resources changed hands during the 37 trading days between mid–December and Friday’s announcement, six times more than during the identical 37 trading days one year earlier.
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