Lynden Energy (TSX: V.LVL, Forum) pulled up the boards today when the company announced that it had entered into a definitive agreement with Earthstone Energy (
NASDAQ: ESTE,
Forum) where Earthstone would acquire Lynden in an all-stock transaction which would see Earthstone issue 3.7 million of its common shares to Lynden shareholders.
According to the
news release, the offer represented approximate 21% of Earthstone’s outstanding common stock following the closing. The combined entity will be led by Earthstone’s senior management and would have an asset portfolio focused on the Eagle Ford, Permian Basin and Bakken.
Shares climbed 56.92% to $0.51 per share.
The Intertain Group Limited (TSX: IT, Forum) slid in the markets today after Spruce Point Capital, a shorting entity, released a
damning report on Seeking Alpha. The report called the company’s financial picture and prospects into question.
As well as slamming the company’s bottom line, the author went on to cast aspersions upon the management in an attempt to tie them to Ponzi schemes, stock pumping and insider trading. Needless to say their recommendation was a Strong Sell.
Shares were down 19.84% to $9.86 per share before trading was halted.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Lynden Energy Corp. (V.LVL, Stock Forum) |
56.92% |
| NTG Clarity Networks Inc. (V.NCI, Stock Forum) |
44.44% |
| GuestLogix Inc. (T.GXI, Stock Forum) |
12.50% |
| Sophiris Bio Inc (SPHS, Stock Forum) |
11.54% |
| Horizons BetaPro S&P\/TSX Global Gold Bear Plus ETF (T.HGD, Stock Forum) |
10.99% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| The Intertain Group Limited (T.IT, Stock Forum) |
-19.84% |
| Boulder Energy Ltd. (T.BXO, Stock Forum) |
-15.24% |
| Trevali Mining Corporation (T.TV, Stock Forum) |
-14.10% |
| Horizons BetaPro S&P\/TSX Global Gold Bull Plus ETF (T.HGU, Stock Forum) |
-11.15% |
| Trican Well Service Ltd. (T.TCW, Stock Forum) |
-10.94% |