Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 28, 2009
TORONTO (SHfn) – A Calgary-based energy play is set to be acquired, while a biotechnology firm tumbled on drug trial news
Shares of Calgary-based Churchill Energy (TSX: V.CEI, Stock Forum) surged 95% to 21.5 cents Tuesday, after Zargon Energy Trust (TSX:ZAR.UN, TSX:ZOG.B, Stock Forum) announced a $15 million offer to acquire the company. According to the agreement, Churchill shareholders will receive either 0.01363 trust units of Zargon for a deemed value of 22 cents, 22 cents in cash or a combination.
Allen-Vanguard (TSX: T.VRS, Stock Forum) shares climbed 22.7% to 13.5 cents, after the Ottawa-based company announced that it reached an agreement with its lenders that waives compliance with a certain financial covenant for the month of June. The company says it is now also permitted to issue borrowing notices in accordance with the terms of the credit agreement which increases access to its credit lines.
Apella Resources (TSX: V.APA, Stock Forum) shares jumped 25% or three cents to 15 cents, after the company said that it has received a preliminary report from the Ministere des Ressources naturelles et de la Faune du Quebec regarding the staking that occurred in August 2007 over 21 claims, 11 of which cover the Lac Dore Vanadium-Iron-Titanium Deposit in Quebec. The company says that of 11 claims being awarded so far, the Quebec Ministry is awarding nine claims to Apella and two claims to SOQUEM, a wholly owned subsidiary of la Societe generale de financement du Quebec. The outcome of the remaining 10 claims has yet to be decided.
Fortress Minerals Corp. (TSX: V.FST, Stock Forum) reported results from the latest six diamond drill holes at the Amy Prospect, at the Svetloye Project in Russia, noting that all drill holes intercepted gold mineralization. Drill results include hole PDSC-252, which intercepted 60.8 meters grading 2.62 g/t gold, 85.3 metres grading 0.37 g/t gold, and bottomed in 12.4 meters grading (uncut) 11.88 g/t gold and a cut grade of 4.77 g/t gold, and hole PDSC-247, which intercepted 73 meters grading 1.51 g/t gold. Shares of the company moved 9% higher to 36.5 cents.
And, shares of BioMS Medical (TSX: T.MS, Stock Forum) plummeted more than 85% to 39.5 cents Tuesday, after the biotechnology company said after Monday’s market close that its lead drug, dirucotide, did not meet the primary endpoint of delaying disease progression during the two-year the two-year MAESTRO-01 Phase III trial in patients with secondary progressive multiple sclerosis. As a result, BioMS and its partner, Eli Lilly and Company (NYSE: LLY, Stock Forum) said that they would discontinue ongoing clinical trials, including MAESTRO-02 and MAESTRO-03 - and review the available data from these studies.
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