Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 23, 2008
TORONTO (SHfn) - An African gold deal generated some speculator excitement Tuesday, while a trust popped on a takeover.
Merrex Gold (TSX: V.MXI, Stock Forum) shares climbed 45% to 14.5 cents on Tuesday after IAMGOLD (TSX: T.IMG, Stock Forum) said it has entered into a definitive option agreement to earn a 50% interest in Merrex's Siribaya Gold project in Mali, West Africa. IAMGOLD can earn its interest by spending $10.5 million over four years. As part of the agreement, IAMGOLD completed a private placement of $1.5 million in Merrex by subscribing for 4,285,714 units at 35 cents per unit.
Madacy Entertainment Income Fund (TSX: T.MEG.UN, Stock Forum), meanwhile, and Clarke Inc. (TSX: T.CKI, Stock Forum) announced that they have entered into a purchase and sale agreement in connection with the proposed acquisition by Clarke and senior management of Madacy of all of the units of Madacy Entertainment LP (MELP), the limited partnership which is 65% indirectly owned by the Fund. Under the terms of the Agreement, the Purchaser Group will acquire all of the issued and outstanding class A units of MELP at a purchase price of 39 cents per unit in cash and the Fund will use the proceeds of the Purchase to redeem the units of the Fund at a redemption price of 39 cents per Fund Unit. Madacy Entertainment units popped 123% to 33.5 cents.
Shares of Day4 Energy (TSX: T.DFE, Stock Forum) surged 13% to 51 cents after the solar electric technology developer and manufacturer of solar modules said it has signed a long-term manufacturing supply agreement with Jabil Circuit, a global electronic solutions company. Under the terms of the multi-year agreement, Jabil will purchase from Day4 Energy certain equipment required for the manufacture and supply of the modules and produce Day4 Energy's brand of modules for residential and commercial applications.
And, Nanika Resources (TSX: V.NKA, Stock Forum) Tuesday announced that it has agreed to conduct a non-brokered flow-through private placement with MineralFields for up to 12.5 million units at four cents per unit for gross proceeds of $500,000. Its shares jumped 17% to 3.5 cents.
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