Stockhouse Canadian Small and Micro-cap Stock Report for Friday, October 23, 2009
TORONTO (SHfn) – Gold drill results grabbed the attention of more than a few speculators Friday, while a big-name investor boosted a small uranium play.
Victoria Gold (TSX: V.VIT, Stock Forum) shares powered 55% higher to 79 cents on Friday after the miner reported assay results from diamond drill hole BH-2 at the Santa Fe gold exploration project in Nevada, which included 309 metres grading 2.25 grams per tonne (g/t) gold.
As well, shares of Blue Sky Uranium (TSX: V.BSK, Stock Forum) surged 61% to 58 cents as the micro cap explorer announced that Lumina Capital Limited Partnership, an investment partnership held principally by Vancouver mining entrepreneur Ross Beaty, will subscribe for approximately $1,000,000 of a $1,210,000 non-brokered private placement in Blue Sky. The proceeds from this financing will be used to explore and develop the company's uranium property portfolio in Argentina and for general working capital requirements.
Petroamerica Oil (TSX: V.PTA, Stock Forum) shares skyrocketed 492% to 77 cents after the company said it has reached agreement for a private placement of 28,600,000 units at 70 cents per unit for gross proceeds of $20,020,000. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional share at $1.25 per share for five years.
North American Gem (TSX: V.NAG, Stock Forum), meanwhile, reported that the final bonds have been posted with the State of Kentucky on Thursday, October 22. As a result of this achievement, the completion of the permit transfer for the permit #918-0396 to NAG, North American Gem has the right to begin mining at the North American Gem Mine #1 immediately. North American Gem stock popped 18% to 16.5 cents.
And, Zongshen PEM Power Systems (TSX: T.ZPP, Stock Forum) Friday said it has entered into a non-binding letter of intent with its strategic partner and largest shareholder, Zongshen Industrial Group Co., Ltd. to acquire its two-wheeled gas motorcycle business. Its shares jumped 9% to $1.06.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |