The RIV Capital Inc (OTCMKTS:CNPOF) stock started the week off strongly and went up by as much as 6.50% after the company made a key announcement. The company announced yesterday that it got a cash distribution to the tune of around $6.5 million.
While the injection of cash is always a big thing for any company, the company made another announcement as well that investors ought to look into. The company also announced that the termination of proceedings with regards to PharmHouse Inc under the provisions of the Companies’ Creditors Arrangement Act of Canada and its assignment into bankruptcy under Canada’s Bankruptcy and Insolvency Act are expected soon.
However, in this regard, the more important thing that investors need to remember is that as per the orders from a court in Canada, RIV Capital has the rights to the remaining cash with PharmHouse. Once the company receives the cash, all its relations with PharmHouse are going to come to an end.
These are all important developments and ones that could have an impact on its stock price in the near term. At this point in time, it might be a good idea for investors to keep a close eye on the news with regards to RIV Capital.