Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, June 16, 2009
TORONTO (SHfn) – Nickel news made more than a few pennies for some shareholders Tuesday, while a drug developer climbed on a licensing deal.
Golden Chalice Resources (TSX: V.GCR, Stock Forum) shares jumped as much as 20% to 12 cents on Tuesday after the micro cap miner provided an exploration update for its flagship Langmuir Nickel Project, 35 km southeast of Timmins, Ontario, which included recent drill intercepts of 2.75% nickel over a drilled width of 24.4 meters approximately 40 meters vertically below surface and 3.14% nickel over a drilled width of 10.6 meters approximately 115 meters below surface.
As well, shares of Nuvo Research (TSX: T.NRI , Stock Forum) added as much as 10% at 39.5 cents as the drug development firm announced that it has entered into a license and development agreement with Mallinckrodt Inc., a subsidiary of Covidien, granting it exclusive rights to market and sell Pennsaid, and its follow-on product, Pennsaid Plus, in the United States. Pennsaid and Pennsaid Plus are Nuvo's topical non-steroidal anti-inflammatory drug candidates. Under the terms of the license and development agreement, Nuvo will receive an up-front, non-refundable payment of US$10 million. In addition, Nuvo is eligible to receive a US$15 million milestone payment on Pennsaid's approval by the FDA, which will increase to US$20 million if certain labeling criteria are agreed to by the FDA.
Shares of Thundermin Resources (TSX: T.THR, Stock Forum) climbed 15% to 19 cents after the junior explorer and 50% joint venture partner Cornerstone Resources reported that they have intersected 3.8% copper over a core length of 9.1 metres on the Little Deer Copper Deposit in Newfoundland.
Cloudbreak Resources (TSX: V.CDB , Stock Forum), meanwhile, said it has acquired lode Quartz mineral claims in the Yukon, located adjacent to the White Gold Property held by Underworld Resources (TSX: V.UW, Stock Forum). Cloudbreak stock popped 27% to 10 cents.
Shares of Active Control Technology (TSX: V.ACT , Stock Forum) gained as much as 10% to 21.5 cents after the company reported that a U.S. underground coal mining company has issued two purchase orders for its ActiveMine, the wireless voice communications and tracking system for mines, for a total purchase price of $1.4 million.
And, Pioneering Technology (TSX: V.PTE , Stock Forum) Tuesday announced that the Housing Authorities Risk Retention Pool has endorsed the Safe-T-element for use by its Housing Authority members. HARRP has partnered with Pioneering to provide a bulk rate purchasing coalition, which it will promote to the members of its pool. Its shares powered 50% higher to 12 cents.
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