Stockhouse Canadian Small and Micro-cap Stock Report for Friday, October 31, 2008
TORONTO (SHfn) - Trading in a small coal play heated up Friday, while a fuel tech stock popped on test results.
Galway Resources (TSX: V.GWY, Stock Forum) shares shot up 43% to 15 cents on Friday after the micro cap explorer said it has entered into an option agreement with Rio Tinto Mining and Exploration to acquire 100% interest in nine coal concessions totaling 7,500 hectares, roughly 50% of the previously drilled San Louis Coal basin in Colombia. The San Luis Coal Basin (approximately 15,000 hectares) is believed to contain as much as 300 million tons of coal resources in all categories.
As well, shares of Hy-Drive Technologies (TSX: V.HGS, Stock Forum) soared 50% to 45 cents as the technological solution provider to deliver both fuel savings and emission reduction for Class 8 on-highway trucks reported that a series of tests used to determine fuel efficiency as well as emissions performance under the supervision of accredited validation laboratories have now been completed, which recorded average fuel savings in excess of 20% with commensurate emissions reductions.
Welichem Biotech (TSX: V.WBI, Stock Forum), meanwhile, announced positive results from its Phase IIa clinical trial of its drug candidate, WBI-1001, a new, non-steroid, topical cream treatment for atopic dermatitis (AD). In the trial, two concentrations (0.5% and 1.0%) of WBI-1001 were tested against the placebo. Both WBI-1001 cream concentrations were superior to placebo in deceasing AD and showed an excellent safety profile. Welichem stock skyrocketed 833% to 14 cents.
And, shares of Ithaca Energy (TSX: V.IAE, Stock Forum) powered 92% higher to 47 cents after the independent oil & gas company with exploration and development assets in the UK sector of the North Sea reported that it has entered into a sale and purchase agreement with Dyas UK for the sale of a portion of its interests in all of its oil and gas licences and the provision of a convertible loan facility. The agreement provides that Dyas will purchase 25.25% of Ithaca's interests for about US$65.6 million in cash, effective November 1, 2008.
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