Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 21, 2008
TORONTO (SHfn) - Shares of a small miner powered higher Friday on a Mexican JV, while some investors soured on a mining merger.
Rochester Resources (TSX: V.RCT, Stock Forum) shares shot up as much as 50% before ending unchanged at 17 cents on Friday after the micro cap miner announced that Joint Venture Agreements have been signed with E-Energy Ventures (TSX: V.EET, Stock Forum) and Cooper Minerals (TSX: V.CQ, Stock Forum) to each acquire an undivided 10% equity interest in Mina Real gold/silver Mexico S.A. de C.V. and thereby acquire indirect interests in the Mina Real and Santa Fe Properties. Pursuant to the Joint Venture Agreement, E-Energy Ventures and Cooper Minerals will each have an option to earn a 10% interest by each making payments of $1.475 million and subscribing for 3.5 million common shares of Rochester at a deemed price of 15 cents per share equaling $525,000 each.
As well, shares of Red Back Mining (TSX: T.RBI, Stock Forum) climbed 15% to $4.60 as the miner said that, in response to strong investor demand, it has upsized its previously announced bought deal of $40,005,000 (11,430,000 common shares) to $60,025,000 (17,150,000 common shares). The offering is expected to close on or about December 11, 2008.
HudBay Minerals (TSX: T.HBM, Stock Forum) and Lundin Mining (TSX: T.LUN, Stock Forum), meanwhile, reported that they have agreed to a business combination, in which each Lundin common share will be automatically exchanged for 0.3919 HudBay common shares, and Lundin will become a wholly-owned subsidiary of HudBay. HudBay shares plunged 40% to $3.16, while Lundin stock popped 4% to $1.05.
Shares of Intrinsyc Software International (TSX: T.ICS, Stock Forum) jumped 15% to 7.5 cents after the provider of software solutions for mobile and embedded devices announced the signing of a software license agreement with a leading mobile phone and consumer device manufacturer. Intrinsyc will leverage its technology and Solutions Engineering expertise to customize and integrate its Destinator software to provide a complete navigation solution for a GPS-enabled Windows Mobile handset. The handset is being developed for select markets in Asia and Latin America. It will feature a full touch-screen and come pre-loaded with country-specific maps and language support.
And, Amanta Resources (TSX: V.AMH, Stock Forum) Friday reported on the progress being made at its Luang Namtha copper concession, in northern Laos, where initial work by Amanta reconnaissance teams has led to the discovery of "abundant evidence of copper, silver and molybdenum mineralization." Its shares surged 100% to four cents.
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