Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, July 23, 2009
TORONTO (SHfn) – Shares of a gold junior powered higher on drill results, while property acquisition news proved positive for a Quebec-based miner
Shares of Brazauro Resources (TSX: V.BZO, Stock Forum) powered 17.8% higher to 66 cents, after the company announced results of additional drilling carried out by Eldorado Gold at Brazauro’s 100%-owned Tocantinzinho Gold Project in Brazil. Highlights from this round of drilling include TOC-110, with 1.27 g/t gold over 121.42 meters from 106.58 meters depth and TOC-116 with 1.54 g/t gold over 123.13 meters from surface. Eldorado Gold is managing the Tocantinzinho Project, following an option/joint venture agreement signed last year.
Linear Metals Corporation (TSX: T.LRM, Stock Forum) shares surged 53.8% to 10 cents, after the company announced that it has arranged a non-brokered private placement of up to 15 million common shares at six cents per share, for total gross proceeds of up to $900,000. Net proceeds of the offering will be used for exploration of the company's mineral properties, strategic property acquisitions and working capital.
Shares of Quebec-based Abcourt Mines (TSX: V.ABI, Stock Forum) climbed 30% to 13 cents Thursday, as the company announced that it has acquired by staking 85 claims and three cells totalling 1,526 hectares in Vezza township, Quebec. The property covers about 8 km along the Casa Berardi-Douay-Cameron deformation zone. The company says the addition of the Vezza gold property reflects its intent to become more involved in gold exploration and development.
Bio-Extraction (TSX: V.BXI, Stock Forum) reported that it has selected Minot, North Dakota as the location for its second Canola Protein processing facility. BioExx, which extracts oil and high-value proteins from oilseeds for the global food market using low-temperature extraction and protein separation technology, says it made the location decision for the wholly-owned 80,000 MT per year facility after looking at a variety of metrics including feedstock supply and infrastructure availability. Shares of the company jumped 12% to $1.47.
And, Calgary-based Glamis Resources (TSX: T.GLM.A, Stock Forum) shares were up 12.7% to $1.95 earlier Thursday, after the company announced an asset acquisition and two private company acquisitions, as well as a $75 million bought deal private placement of 60 million Glamis class A shares at $1.25 per share. Through the acquisitions, Glamis is acquiring light oil assets focused in its southeast Saskatchewan core area for $281.6 million. Glamis shares closed up 8% to $1.87.
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