GMA Resources shares rocket

Small cap miner GMA Resources saw its shares rocket over 70 per cent to 0.19p on Friday, despite the only news out on the company being that it had issued 106 ordinary shares.

Despite the strong rise the stock is still down over 20% over the past year.

The company recently proposed a capital reorganisation, which will have the effect of converting 500 existing ordinary shares into one new ordinary share.

Earlier this month the group proposed to acquire 90% of the participatory interests in the charter capital of the joint venture Kazakh-Russian Mining Company for £40m, which will be satisfied through the issue of 148.32m B Shares by the company.

NR