Spur Ventures (SPVEF) skyrockets 30 percent on company news

Posted on: March 30th, 2011
Written by:

Spur Ventures Inc. (Pink Sheets: SPVEF) shares surged almost 30 percent on nearly triple average volume, tacking on 13.6 cents to reach 60.2 cents a share in afternoon trading Wednesday. Today the company announced plans to fast track its fertilizer phosphate project in China, as well as reporting on the Company’s partnership with Hubei Xingfa Chemicals Group.

Spur Ventures Inc. reported today that an agreement has been reached between its joint venture partner, Hubei Yichang Phosphate Chemical Company (YPCC), and YPPC’s intended future majority shareholder, Hubei Xingfa Chemical Fertilizer Group (“Xingfa”) to first combine the NPK production assets of Yichang Spur Chemicals (“YSC”) and the MAP project of Yichang Maple Leaf Chemicals (“YMC”) into one entity, YMC.

Furthermore, Xingfa has proposed to then vend into YMC its world scale fertilizer phosphate plant currently under construction in order to achieve commercial fertilizer production at YMC by the second quarter of 2012. Although the takeover has not yet received all required government approvals, the Xingfa team working with Spur has achieved greater progress on the YMC project since November of 2010than has been achieved in the last four years.

Dr. Rob Rennie, Spur’s President & CEO explained, “There have been a tremendous number of moving pieces which needed to be solved according to Chinese business and government practices. But the end result is that Spur’s patience and determination to implement the Sino-Canadian JV phosphate project is finally yielding results.”

Steven Dean, Spur’s Chairman, added, “Corporate governance and disclosure in China is evolving and our JV partners and the Chinese authorities have strengthened protection for Spur in its minority position. Further, the Supervisor appointed by Spur will ensure the Company has unlimited access and full investigative powers related to the operations and finances of YMC.”

no comments

About Penny Stocks

The term "penny stocks," also known as micro-cap equities, micro caps, small caps, pink sheets, refers to shares in a company that trades for less than $5.00. Most penny stocks trade on the OTCBB market and the pink sheet electronic quotation service. Penny Stocks can be very volatile and can see gains as much as 500% in a day. Volatility in penny stocks is also dangerous because penny stocks can come down as quickly as they go up. If you trade penny stocks based on stock picks, make sure to always do your due diligence on the companies you're considering, use stop loss orders, and book your profits when you are in a position to do so.