Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 28, 2009
TORONTO (SHfn) – A small gold miner shone on an acquisition attempt Wednesday, while a potash play popped on partnership proposals.
Castle Gold (TSX: V.CSG, Stock Forum) shares jumped 23% to $1.11 on Wednesday after the micro cap miner said it has entered into a support agreement with Argonaut Gold Inc. in connection with the proposed acquisition by Argonaut of all of the common shares of Castle Gold at a price of $1.25 per fully diluted share.
As well, shares of Allana Resources (TSX: V.AAA, Stock Forum) gained 14% to 24 cents as the potash explorer/developer announced that it has received multiple unsolicited offers from various strategic counterparties to participate in its potash project located in the Danakil Depression in Ethiopia.
Critical Outcome Technologies (TSX: V.COT, Stock Forum), meanwhile, provided an update regarding the specific cellular target and mechanism of action for the company's lead oncology candidate, COTI-2. Previous research confirmed that COTI-2 is a non- traditional inhibitor of AKT that promotes cell death at very low concentrations in susceptible human cancer cells. New experimental data clearly shows that COTI-2 inhibits the activation of the protein AKT2 and to a lesser extent AKT1, but not AKT3. Critical Outcome stock popped 13% to 45 cents.
Shares of Coronado Resources (TSX: V.CRD, Stock Forum) climbed 13% to 26.5 cents after the junior explorer reported assay results from the first two diamond drill holes at its Madison Gold/Copper property in Montana, which included 17.5 feet of .607 ounces/ton (22.92 g/t) gold.
And, Alphinat (TSX: V.NPA, Stock Forum) late Tuesday announced that the "Direction Generale de la Modernisation de l'État" of the French Republic adopted the proposal of a consortium lead by a major French systems integrator with whom Alphinat had partnered for the public tender process. Its shares powered as much as 43% higher to 10 cents on Wednesday.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |