Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, March 4, 2009
TORONTO (SHfn) – An iron miner’s strategic financing discussion generated much speculation Wednesday, while an airline play flew higher.
Consolidated Thompson Iron Mines (TSX: T.CLM, Stock Forum) shares climbed 35% to $2.35 after the miner announced, in response to a request from the Investment Industry Regulatory Organization of Canada relating to the recent increase in trading activity and share price, that it is in advanced discussions in respect of a possible strategic financing and offtake arrangement.
As well, shares of AeroMechanical Services (TSX: V.AMA , Stock Forum) surged 55% to 24 cents as the provider of technological solutions and services designed to reduce costs and improve efficiencies in the airline industry reported that it has reached an agreement with Sierra Nevada Corporation (SNC), under which SNC will manufacture AMA's afirs products under license and also market afirs UpTime technology and products to the global military market. Under the terms of the agreement, SNC will: (i) pay AMA a license fee and a royalty on all future sales of afirs to the military segment as consideration for the manufacturing license and military marketing rights; (ii) SNC will be contributing funds, personnel and expertise to the design of AMA's future afirs airborne technologies; and (iii) share other revenue opportunities with AMA resulting from SNC's sales of afirs UpTime products and services to military organizations.
InNexus Biotechnology (TSX: V.IXS , Stock Forum), meanwhile, announced that the United States Food & Drug Administration (FDA) has completed its comprehensive review of the development plans for InNexus' lead preclinical candidate, DXL625 (CD20) for the prospective treatment of Non-Hodgkin's Lymphoma (NHL) and/or Chronic Lymphocytic Leukemia (CLL). At the Pre-IND meeting, FDA supported InNexus' current manufacturing plans, stating that the plans were suitable for the manufacture of Phase I product of DXL625 onsite at InNexus. InNexus stock popped 10% to 11.5 cents.
Shares of Fairborne Energy (TSX: T.FEL, Stock Forum) jumped 17% to $2.75 after the oil and gas producer released its 2008 financial and operating results. Highlights included a 20% increase in average 2008 production from the previous year to 14,193 BOE per day, record funds generated from operations of $189.2 million, or $2.20 per share, and proved plus probable reserves climbing 27% to 64.4 MMBOE at the 2008 year end. The company also reported fourth quarter production of 16,458 BOE per day; 27% higher than the fourth quarter of 2007, as well as funds generated from operations of $40.3 million, or 46 cents per share during the fourth quarter of 2008, which was 37% higher than the same quarter of 2007.
And, New Gold (TSX: T.NGD, Stock Forum) and Western Goldfields (TSX: T.WGI, Stock Forum) Wednesday announced that they have entered into a definitive agreement for New Gold to acquire Western Goldfields. The transaction will exchange each Western Goldfields share for one New Gold share and $0.0001 in cash. Western Goldfields shares added 4% at $2.01.
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