Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 7, 2008
TORONTO (SHfn) - Gold and silver diamond drill holes boosted shares of a small miner Wednesday, while a tech stock popped on a resale agreement.
MAX Resource (TSX: V.MXR, Stock Forum) shares powered 70% higher to 17 cents on Wednesday after the micro cap explorer reported assays from five diamond drill holes completed in October on the Indata Property in northern British Columbia, which included 8.20 grams per tonne (g/t) gold over 0.3 metres and 209.0 g/t silver over 0.5 metres.
As well, shares of Route1 (TSX: V.ROI, Stock Forum) shot up 60% to four cents as the provider of security and identity management solutions and Qwest Government Services, a wholly-owned subsidiary of Qwest Communications International (NYSE: Q, Stock Forum) announced that they have signed an agreement granting Qwest the exclusive rights to resell Route1 security and identity management solutions to the U.S. Federal Government in 2009. As part of the agreement, Qwest has committed to purchase a minimum of 30,000 Route1 MobiKEY devices along with TruOFFICE subscription-based services, which is valued at approximately US$8 million in 2009. The potential reoccurring annual revenue stream to Route1 from these 30,000 TruOFFICE subscription-based services is estimated at US$5.5 million.
Contact Exploration (TSX: V.CEX, Stock Forum) shares climbed as much as 15% before closing up 5% to 10.5 cents after the oil and gas producer/explorer reported initial production test results from the Stoney Creek N-78-2328 well in New Brunswick. This vertical well, which was drilled and fractured in late 2008, has tested at a rate of 200 barrels of crude oil per day.
Luxell Technologies (TSX: T.LUX, Stock Forum), meanwhile, said its board of directors will recommend that shareholders accept the takeover offer from LUX Acquisition Corporation, having unanimously determined that the offer is fair to the shareholders of Luxell and is in the best interests of Luxell and its shareholders. Luxell stock popped 100% to five cents.
Phonetime (TSX: T.PHD, Stock Forum) shares surged 26% to 12 cents as the provider of international long-distance telecommunication services reported that it has signed a binding Letter of Intent to acquire Huntington Telecom, a privately-held wholesaler of international long-distance minutes based in New York. The purchase price will consist of cash and common shares of Phonetime, and includes a three-year earn out formula based on specific revenue criteria and gross profit performance.
Shares of Intrinsyc Software International (TSX: T.ICS, Stock Forum) jumped 33% to 10 cents after the provider of software solutions for mobile and embedded devices announced the signing of a Soleus license and engineering services agreement with Elitegroup Computer Systems (ECS). Based in Taiwan, ECS is a motherboard, graphics card, barebone system, and notebook manufacturer.
And, Bonaventure Enterprises (TSX: V.BVT, Stock Forum) Wednesday reported that assay results have been received for the 3,935 meters 2008 drilling program at its New Pass Property near Austin, Nevada, which included 50 metres averaging 1.82 g/t gold and 5.83 g/t silver. Its shares added 33% at four cents.
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