Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, December 8, 2011
TORONTO (SHfn) – Entourage Metals (TSX: V.EMT, Stock Forum) shares powered 13% higher to 62 cents on Thursday after the micro cap explorer reported partial results from the first four holes at its 100% owned, Black Raven gold property in northwest Ontario, which included 2.38 meters of 44.57 grams per tonne (g/t) gold.
As well, shares of TAG Oil (TSX: T.TAO, Stock Forum) rose 18% to $7.40 as the oil and gas producer/explorer announced that its Cheal-C1, Cheal-C2 and Cheal-A8 wells in New Zealand have now been flow tested. Cheal-C2 flow tested 14 million cubic feet of gas per day (~2,333 BOE per day).
Connacher Oil and Gas (TSX: T.CLL, Stock Forum) shares surged 51% to 92 cents after the oil sands production firm said it has received a confidential, non-binding, unsolicited proposal to acquire all of the outstanding shares of the company.
Oromin Explorations (TSX: T.OLE, Stock Forum), meanwhile, confirmed that it is currently in discussions that could lead to a potential acquisition of the company. Oromin stock popped 10% to $1.08.
And, Gran Colombia Gold (TSX: T.GCM, Stock Forum) Thursday said it has purchased for cancellation an additional US$500,000 principal amount of senior unsecured silver-linked notes at an average price of US$88. The company added that given the principal amount of each note is linked to the US$ financial equivalent of 66.7 ounces of silver based on US$15 per ounce, buying back the notes using the proceeds from the company's silver production at current spot prices of approximately US$32 per ounce allows the company to substantially reduce its cost of borrowing by monetizing its silver inventories and future production. Gran Colombia shares, though, fell 12% to 43 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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