Stockhouse Canadian Small and Micro-cap Stock Report for Friday, January 16, 2008
TORONTO (SHfn) - An increased cash buyout bid made more than a few shareholders happy Friday, while a chromite play shone brightly.
Arawak Energy (TSX: T.AAK, Stock Forum) shares shot up 37% to 93 cents on Friday after the Canadian oil and gas producer/explorer with operations in Kazakhstan, Russia, and Azerbaijan and the board of Rosco S.A. announced that they have reached agreement on the terms of a recommended and increased pre-conditional cash offer to be made by Rosco S.A. to acquire the entire issued share capital of Arawak at a price of $1 for each Arawak share, or about $182.6 million.
As well, shares of Spider Resources (TSX: V.SPQ, Stock Forum) jumped 25% to five cents as the micro cap miner, KWG Resources (TSX: V.KWG, Stock Forum), and Freewest Resources Canada (TSX: V.FWR, Stock Forum) reported drill results from the "Big Daddy Chromite Deposit" in the James Bay Lowlands of northern Ontario, which included 42.08% Cr2O3 over 34.8 meters.
Plexmar Resources (TSX: V.PLE, Stock Forum), meanwhile, said it has signed, through its subsidiary, final contracts with Minera Ucucha S.A.C., it regards to Ucucha's exclusive commercialization and production rights for the top 100 meters on all the concessions part of the Bolsa del Diablo gold project. In return, Plexmar receives a 10% royalty from all mineral extracted and commercialized from its concessions and Ucucha obtains all necessary authorizations from the local communities to allow free and undisturbed exploration for the duration of the agreement. Plexmar stock popped 42% to 8.5 cents.
And, New Millennium Capital (TSX: V.NML, Stock Forum) Friday announced results of the pre-feasibility study on its 100% owned KeMag iron ore property in Quebec. Highlights included a production assumption of 15 million tonnes per year (mtpy) pellets and 7 mtpy concentrate, as well as Proven and Probable Mineral Reserves of 2.141 billion tones. Its shares climbed 28% to 37 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Duran Ventures (TSX: V.DRV, Stock Forum) |
+ 83% |
| Ivory Energy (TSX: V.IV, Stock Forum) |
+ 80% |
| Golconda Resources (TSX: V.GA, Stock Forum) |
+ 70% |
| Foran Mining (TSX: V.FOM, Stock Forum) |
+ 67% |
| Royal Standard Minerals (TSX: V.RSM, Stock Forum) |
+ 67% |
| Top Canadian Small/Micro-cap Decliners |
| Raymor Industries (TSX: V.RAR, Stock Forum) |
- 56% |
| Carlisle Goldfields (TSX: T.CGJ, Stock Forum) |
- 43% |
| Getty Copper (TSX: V.GTC, Stock Forum) |
- 33% |
| Oilexco Incorporated (TSX: T.OIL, Stock Forum) |
- 30% |
| Mountain Capital (TSX: V.MCI, Stock Forum) |
- 29% |