Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 8, 2008
TORONTO (SHfn) - Speculators took a shine to gold results Monday, while a drug developer popped on a takeover offer.
Fortress Minerals (TSX: V.FST, Stock Forum) shares powered as much as 42% higher before closing up 11% to 21 cents on Monday after the micro cap explorer reported results from diamond drilling and trenching at its Amy Prospect in Russia, which included 111.2 meters grading (uncut) 19.39 grams per tonne (g/t) gold.
As well, shares of Patheon (TSX: T.PTI, Stock Forum) skyrocketed 105% to $2.19 as the provider of drug development and manufacturing services to the international pharmaceutical industry said it received a letter from JLL Patheon Holdings, LLC after the close of business on December 5, 2008, expressing its intention to make an unsolicited offer to acquire any or all the outstanding restricted voting shares of Patheon that it does not already own at a price of US$2 per share in cash, which is equivalent to CDN$2.54 per share based on the exchange rate on December 5, 2008.
StonePoint Global Brands (TSX: V.SPG, Stock Forum), meanwhile, announced that its wholly-owned subsidiary, Sterling and Oxford, has launched its upgraded in-room merchandising system for the hospitality industry. The company also said it has received its first order from the Fairmont Hotel Vancouver. Current sales plans aim to expand program installations into approximately 13,500 rooms by the end of 2009. StonePoint stock popped 64% to 23 cents.
Shares of Great Basin Gold (TSX: T.GBG, Stock Forum) jumped 13% to $1.10 after the junior miner said it has signed an agreement with Metallic Ventures Gold, whereby Great Basin will purchase the Esmeralda processing plant in Nevada, inclusive of the Esmeralda mine and infrastructure for US$2 million.
And, Luna Gold (TSX: V.LGC, Stock Forum) Monday reported new assay results from its 2008 drill program at the Tucano zone on the Cachoeira gold project in Brazil, which included 21.45 metres of 5.87 g/t gold. Its shares surged 11% to 10 cents.
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