$13.5 Million Asset Sale Provides Boon to Starcore Stock

$13.5 Million Asset Sale Provides Boon to Starcore Stock

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, March 22, 2017

Two weeks ago, Starcore International Ventures (TSX:SAM) said that they were selling their San Pedrito Property in Queretaro, Mexico to little market fanfare. Shares are, however, reacting in Wednesday trading to the company reporting that it has closed the sale of the property, putting C$13.5 million in its coffers with the divestiture.
A non-core asset, Starcore acquired San Pedrito when it bought the San Martin Mine from Goldcorp (TSX:GG) for US$26 million in 2007. After determining that San Pedrito was not a viable mining option, the company spent six years working to get the property rezoned from industrial to residential.
With the real estate asset sold, Starcore, which has of $27.0 million according to QuoteMedia data, will continue to focus its efforts on its other properties in Mexico, Canada and the United States.
Shares closed trading Tuesday at C$0.49 and gapped ahead this morning to C$0.55, where they are holding in mid-afternoon trading for a gain of 12.24%.


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