Among the many stocks which have performed strongly over the course of the past weeks, the gains made by the Nova Royalty Corp (OTCMKTS:NOVRF) stock have been quite notable.
Over the course of the past month the Nova Royalty Corp stock has come into sharp focus among many investors and managed to clock gains of as much as 37%. In this situation, it might be a good idea for investors to take a look at a development from back in June that may have set off the rally in the Nova Royalty stock. Back on June 18 the company announced that it concluded a Royalty Purchase Agreement with the company Sociedad Minera Auromín Limitada. As per the terms of the agreement between the two parties, Nova got the rights to get 1% in the form of royalty in exchange for a financial consideration of $4.2 million in cash. It was a major development for the company and it appears that the deal also came as a source of optimism for many investors. Considering the fact that the stock has managed to record strong gains over the past month, it might be the right time for investors to start tracking Nova closely as well.