Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 14, 2009
TORONTO (SHfn) – Speculators took a shine to copper/precious metals results Wednesday, while a takeover bid boosted a silver stock.
Marathon PGM (TSX: T.MAR, Stock Forum) shares jumped 18% to 80 cents after the micro cap miner said it has encountered what it called “considerable” widths of PGM-Copper mineralization during recent trenching north of the Marathon PGM-Copper Project located near the town of Marathon, Ontario. Results included 81.6 metres of 0.27% copper and 0.71 grams per tonne (g/t) PGM+gold.
As well, shares of Aquiline Resources (TSX: T.AQI, Stock Forum) moved up 19% to $6.52 as the silver miner announced it has signed a support agreement pursuant to which Pan American Silver (TSX: T.PAA, Stock Forum) will make a formal take-over bid to acquire all of the issued and outstanding shares of Aquiline. The share offer will be made on the basis of 0.2495 of a Pan American common share, plus 0.1 of a Pan American common share purchase warrant for each Aquiline common share. Based on the closing price of Pan American common shares on the TSX on October 13, 2009 (and assuming a value of 81 cents for each 0.1 of a Five Year Pan American Warrant), the implied value of the share offer is $7.47 per Aquiline common share. The transaction value implied by all of the offers is approximately $626 million.
Azure Dynamics (TSX: T.AZD, Stock Forum) shares powered 17% higher to 24.5 cents after the developer and producer of hybrid electric and electric components and powertrain systems for commercial vehicles reported that it has received an order from the Kidron division of VT SVC for 248 of its LEEP Freeze systems. The Freeze delivers power to refrigerated transport vehicles, while cutting fuel consumption and emissions, according to the company.
YANGAROO Inc. (TSX: V.YOO, Stock Forum), meanwhile, said it has entered into a multi-year agreement with The Recording Academy, the organization responsible for the GRAMMY Awards. The Recording Academy will utilize YANGAROO's Digital Media Distribution System (DMDS) to distribute music submitted for GRAMMY Award consideration to the more than 12,000 voting members of The Academy throughout the U.S. YANGAROO stock popped 25% to 10 cents.
Also, Etruscan Resources (TSX: T.EET, Stock Forum) announced that it completed an update of its December 2008 feasibility study of the Agbaou Gold project in Cote d'Ivoire, which has resulted in an increase in reserve ounces to 731,000 ounces, a 29% increase from the past study. Shares of Etruscan added 21% at 60 cents.
Units of Arctic Glacier Income Fund (TSX: T.AG.UN, Stock Forum) soared 119% to $3.95 after the producer and distributor of packaged ice in North America reported that its U.S. subsidiary, Arctic Glacier International, has reached agreement with the U.S. Department of Justice. The agreement settles all charges related to allegations that three former employees conspired with a co-conspirator company from January 2001 through July 2007 to allocate packaged ice customers in southeastern Michigan and the Detroit metropolitan area. Under terms of the agreement, Arctic Glacier International agreed to plead guilty and to pay a fine of US$9 million, payable in installments over the next five years.
And, Cornerstone Capital Resources (TSX: V.CGP, Stock Forum) Wednesday announced the staking of 676 mineral claims (10,816 ha) in the New Ross area of Nova Scotia. The area is prospective for hosting lithium and rare metal deposits of niobium, tantalum, and beryllium. Its shares climbed 31% to 10.5 cents.
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