Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, August 4, 2009
TORONTO (SHfn) – A uranium producer looks set to be acquired, while a gold miner jumped on drill results
Shares of Forsys Metals (TSX: T.FSY, Stock Forum) surged 36% to $6.46 Tuesday, as the company announced that George Forrest International Afrique S.P.R.L. has entered into binding investment arrangements which allow it to complete its previously announced acquisition of the emerging uranium producer.
The acquisition of Forsys by GFI was first announced in November, as a cash transaction valued at around $579 million, or $7.00 per share. Closing of the plan of arrangement is anticipated to occur around August 17.
Oncothyreon (TSX:T.ONY, Stock Forum) shares jumped 28% to $6.40 Tuesday, as the company said Monday that clinical data relating to long-term treatment with cancer vaccine Stimuvax were presented at the International Association for the Study of Lung Cancer's 13th World Conference on Lung Cancer on August 1. The company says prolonged treatment with Stimuvax was well-tolerated in this trial, with no evidence of autoimmune reactions with prolonged use. The company also announced Tuesday that Diana Hausman, M.D. has been appointed the company’s vice president, clinical development.
South America focused gold producer and explorer Uruguay Mineral Exploration (TSX: V.UME, Stock Forum) reported results from four additional drill holes completed in the Arenal Deeps deposit, including hole ALDD108 which intercepted 26.2 meters at 13.76 g/t from 300.65 meters. The company says the drill holes are part of an ongoing definition drill program, designed to upgrade the resource categories and collect geo-technical information for the feasibility study. Shares of the company powered 30% higher to 40.5 cents.
And, UC Resources (TSX: V.UC, Stock Forum) reported that Billiken Management, under contract by UC, has begun to drill the McFaulds Lake project in the James Bay Lowlands area of Ontario. UC Resources has the right to earn up to 55% of the McFaulds East and West blocks currently held by Spider Resources and KWG Resources. As a result of recent extensive geophysics data collection and analysis, the company says it will begin a three-hole drill program to test three anomalies. Shares of the company were up 45% to 14.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |