Stockhouse Canadian Small and Micro-cap Stock Report for Friday, October 16, 2009
TORONTO (SHfn) – A gold deal was like a ‘volt’ of lightning for a small mining stock Friday, while a solar play popped on increased production.
Volta Resources (TSX: T.VTR, Stock Forum) shares surged 16% to 39 cents on Friday after the micro cap explorer said it has signed a definitive agreement with Randgold Resources to purchase a 100% interest in the Kiaka Gold Project in Burkina Faso, subject to a free participating right of 10%, up to a full feasibility study (held by a local Burkinabe company), for a combination of cash and shares of Volta. The purchase price will consist of cash consideration of $4 million and 20 million common shares of Volta.
As well, shares of Timminco Limited (TSX: T.TIM, Stock Forum) shot up 36% to $1.73 as the producer of solar grade silicon for the solar photovoltaic energy industry reported that it will restart the third of its three electric arc furnaces at its Becancour Silicon facilities in Quebec. The increase in production responds to additional purchase commitments from silicon metal customers. The resumption will result in the recall of a portion of the unionized workforce, which was temporarily laid off earlier in the year.
Canadian Royalties (TSX: T.CZZ, Stock Forum), meanwhile, said it has agreed to support the amended offer from Jilin Jien Nickel Industry Co., Ltd. to acquire all of the issued and outstanding common shares and all of the 7% Convertible Senior Unsecured Debentures of Canadian Royalties. The offer will be amended to increase the price offered per share to 80 cents in cash and increase the price offered for the Debentures to $800 per $1,000 principal amount of Debentures, plus accrued and unpaid interest up to, but excluding, the date the Debentures are taken up under the Debenture Offer. Canadian Royalties stock popped 35% to 78 cents.
And, Antioquia Gold (TSX: V.AGD, Stock Forum) late Thursday announced that its wholly-owned subsidiary, Antioquia Gold Ltd., has entered into an agreement to acquire Ingenieria y Gestion del Territorio S.A. (IGTER) of Medellin, Colombia. IGTER is being acquired from its shareholders for cash payments totally US$300,000 and subject to TSX Venture Exchange approval the issuances of two million common shares in two tranches. IGTER has acquired over the past several years an inventory of over a dozen mineral properties. Its shares jumped 33% to 54 cents on Friday.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |