Arcan Resources Ltd. (
TSX: V.ARN,
Stock Forum) shares plunged 61.3% to 8.5 cents Monday following a resumption in trading after the company announced Friday a proposed transaction to recapitalize its convertible debentures into equity.
The company said in a press release the proposed transaction involves the following key elements, including the exchange of $86.35 million 6.25% convertible unsecured subordinated debentures due February, 28, 2016, and $85 million 6.50% convertible unsecured subordinated debentures due October 31, 2018 into an exchange price of $0.15 per share.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Zenn Motor Company Inc. (V.ZNN, Stock Forum) |
48.05% |
| Xinergy Ltd. (T.XRG, Stock Forum) |
26.67% |
| Horizons BetaPro S&P\/TSX Global Gold Bear Plus ETF (T.HGD, Stock Forum) |
11.87% |
| Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (T.HOD, Stock Forum) |
9.58% |
| Merus Labs International Inc. (T.MSL, Stock Forum) |
8.05% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Arcan Resources Ltd. (V.ARN, Stock Forum) |
-61.36% |
| Northern Frontier Corp. (V.FFF, Stock Forum) |
-42.62% |
| Tanzanian Royalty Exploration Corporation (T.TNX, Stock Forum) |
-33.67% |
| CounterPath Corp (CPAH, Stock Forum) |
-21.91% |
| Goldspike Exploration Inc. (V.GSE, Stock Forum) |
-20.29% |