Stockhouse Canadian Small and Micro-cap Stock Report for Monday, May 4, 2009
TORONTO (SHfn) – A Russian gold play glistered Monday, while a takeover bid boosted a sports retail stock.
Fortress Minerals (TSX: V.FST, Stock Forum) shares climbed 21% to 35 cents on Monday after the micro cap miner announced a $3.5 million private placement of 14 million common shares of the company at a price of 25 cents a share. Kinross Gold has agreed to acquire 10 million shares of the private placement. Upon completion of the private placement, Kinross will hold about 6% of the outstanding shares in Fortress. Net proceeds of the private placement will be used towards ongoing work on the Svetloye Gold Project in Far Eastern Russia as well as for general working capital purposes. Kinross also has a 75% interest the Kupol project in Far Eastern Russia.
As well, shares of West 49 Inc. (TSX: T.WXX, Stock Forum) shot up as much as 38% before ending 7% higher at 36.5 cents as the action sport retailer said Adrenalina (OTC:BB: AENAE, Stock Forum) has submitted an unsolicited offer to acquire West 49 Inc. for a price of 55 cents a share, consisting of a combination of cash and Adrenalina common stock.
Cantronic Systems (TSX: V.CTS, Stock Forum), meanwhile, reported sales orders for approximately 20 units of its FeverScan M3000D dual vision thermal imaging camera system for swine (H1N1) flu screening. Cantronic stock popped 11% to 24.5 cents.
Shares of Resin Systems (TSX: T.RS, Stock Forum) jumped 14% to 33 cents after the manufacturer of composite products for infrastructure markets announced that Grand Bahama Power Company has placed an order for 404 RStandard modular composite poles.
And, Everton Resources (TSX: V.EVR, Stock Forum) and its partner Linear Gold (TSX: T.LRR, Stock Forum) Monday reported the re-granting of a new exploration permit on the 40.4 km2 Ampliacion Pueblo Viejo II concession in the Dominican Republic, which is situated about 300 meters away from the westernmost Arroyo Hondo pit at the Pueblo Viejo gold project owned by Barrick Gold and Goldcorp. Everton shares surged 18% to 10 cents.
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