The physical border between the world’s greatest trading partners may be closed, but as far as equities go, that does not stop cross-border shopping.
One firm, based in California, and another, north of the border, specifically, Abbotsford, British Columbia, are seeing to that, having consummated a stock deal Monday.
Mining stocks in the U.S. handed back 1.4%, while in Canada, the sector gathered 0.6%.
Athena Silver Corporation (OTC:AHNR) has entered into a binding letter of intent ("LOI") with Nubian Resources Ltd. (TSX-Venture:NBR) to buy Nubian's Excelsior Springs exploration project located in Esmeralda County, Nevada.
Nubian will retain a 1% NSR on the Property and Athena will have the right to purchase 0.5% for $500,000 and the remaining 0.5% at fair market value.
Under the terms of the LOI, Athena has paid a $10,000 deposit to Nubian for an exclusive 90-day due diligence period during which time Nubian and Athena have agreed to finalize definitive agreements with respect to the transaction, and Athena will make an application for listing on a Canadian stock exchange and will raise a minimum of $750,000 U.S.
Athena jumped 10% in price late Monday to 5.5 cents, on volume topping 25,000 shares, on whereas Nubian stayed pretty much put at 62 cents, on volume of less than 6,000 shares
