McEwen puts Vantex Resources on the map, stock up 20%
Vantex Resources (TSX VENTURE:VAX)(FRANKFURT:UD7A) caught the attention of investors on Tuesday after the company announced mining veteran and Goldcorp founder, Rob McEwen (pictured in 2010), bought 500,000 shares in the company on the open market.
McEwen now owns a total of 7.8 million shares which represents approximately 12.4% of the company's currently issued and outstanding shares. The additional shares were purchased in the open market on September 28, 2012.
Vantex shot up 20% at the open giving the micro-cap a value of $7.5 million on the venture board in Toronto. Vantex has approximately 63 million shares issued and outstanding.
The Toronto-based explorer has $1.7 million in the bank and $410,000 in 2011 exploration tax credits due from the Government of Quebec.
Vantex' primary asset is the Galloway gold project in the Abitibi-Temiscamingue region of Quebec.