Stockhouse Canadian Small and Micro-cap Stock Report for Monday, May 11, 2009
TORONTO (SHfn) – Speculators bid up shares of a small miner ‘in play’ Monday, while a diamond explorer sparkled after finding gold.
Kinbauri Gold (TSX: V.KNB, Stock Forum) shares climbed 52% to 60 cents on Monday after Orvana Minerals (TSX: T.ORV, Stock Forum) reported that it intends to make an all-cash offer of 55 cents a share for all outstanding shares of Kinbauri. Kinbauri’s Board of Directors, however, rejected the offer.
As well, shares of African Copper Plc (TSX: T.ACU, Stock Forum) soared 171% to 19 cents as the micro cap miner said it has entered into binding agreements pursuant to which Zambia Copper Investments has agreed to provide African Copper with a comprehensive financing package of approximately US$22.5 million, which includes a US$10 million bridge loan facility.
Tekmira Pharmaceuticals (TSX: T.TKM , Stock Forum), meanwhile, announced that it has entered into a product development agreement with Roche to advance Roche's first two RNA interference product candidates into human clinical testing. Both of the product candidates will be based on Tekmira's stable nucleic acid-lipid particle technology. Under the terms of the product development agreement, Roche will pay Tekmira up to US$18.4 million to support the advancement of the product candidates to the filing of Investigational New Drug applications. Tekmira is also eligible to receive up to US$32 million in milestones plus royalties on product sales as the first two products are advanced through development and commercialization based on Roche's access to Tekmira's intellectual property under previously announced agreements. Tekmira stock popped 37% to $1.33.
And, Diamonds North Resources (TSX: V.DDN , Stock Forum) Monday reported the identification of gold mineralization on its 100% owned Amaruk property in Nunavut. A single reconnaissance grab sample collected from a three to five metre wide oxidized sulfide zone exposed for 50 metres, yielded 5.8 grams per tonne gold. Its shares jumped 18% to 19.5 cents.
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