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Canadian small/micro-cap weekend roundup

Stockhouse Editorial
0 Comments| November 7, 2009

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On Monday, Alberta Star Development (TSX: V.ASX, Stock Forum) shares climbed 21% to 17.5 cents on Monday after the micro cap miner said it has entered into a binding term sheet with Sterling Mining Company whereby Alberta Star has entered into a binding agreement to acquire a controlling interest in Sterling and its assets and provide for financing of Sterling's ongoing operations. Sterling is currently a debtor-in-possession in Chapter 11 Bankruptcy and operates the Sunshine Silver Mine in Idaho, which has recorded production of more than 360 million ounces of silver since 1904.

As well, shares of SQI Diagnostics (TSX: V.SQD, Stock Forum) shot up 32% to $2.97 as the medical systems automation company focused on evolving laboratory-based biomarker testing announced that the U.S. Food and Drug Administration (FDA) has cleared the company's automated SQiDworks Diagnostics Platform and its multiplexed IgXPLEX rheumatoid arthritis (RA) assay for marketing in the United States. The SQiDworks Diagnostics Platform and its IgXPLEX RA assay provide clinical laboratories with the ability to simultaneously measure multiple biomarkers in a single test that “delivers accurate patient results in less time, using less labour,” according to the company.

In Tuesday trading, Ventana Gold (TSX: T.VEN, Stock Forum) shares jumped 12% to $10.11 on Tuesday after the explorer reported drill results from a hole targeted at a comparable structure to the La Mascota zone on the La Bodega gold project in Colombia, which included 14 metres grading 14.18 grams per tonne (g/t) gold, starting at a depth of 296 metres.

Also, shares of Exceed Energy (TSX: V.EX, Stock Forum) moved up 44% to 13 cents as WestFire Energy Ltd., a private oil and gas company with operations in Alberta and Saskatchewan, said it has entered into an arrangement agreement whereby WestFire will acquire all of the outstanding shares of Exceed and apply for the listing of its shares on a recognized Canadian stock exchange. Each Exceed share will be exchanged for 0.01 of a WestFire share. It is expected that up to 645,225 WestFire common shares will be issued pursuant to the arrangement.

Wednesday’s market action saw shares of Mesa Uranium (TSX: V.MSA, Stock Forum) surged 70% to 17 cents on Wednesday after the micro cap explorer said it has acquired, by staking, the Green Energy lithium project in Utah. The project consists of mining claims covering an area of approximately 10 square miles (6,000 acres) and is 100% wholly-owned. Lithium occurs at the project over an extensive area with values as high as 1,700 ppm lithium (0.9% Li2CO3) in saturated brine.

In addition, shares of Monument Mining (TSX: V.MMY, Stock Forum) gained 30% to 39 cents as the junior miner announced that it has poured the first gold from the newly-commissioned gravity circuit of the 1200 tpd gold treatment plant at its wholly-owned Selinsing Gold Project in Malaysia.

On Thursday, Wallbridge Mining Company (TSX: T.WM, Stock Forum) shares powered 12% higher to 24 cents on Thursday after the micro cap miner said it will expand its drilling program on the Rogers Creek property in British Columbia to 2,500 metres on the basis of copper and molybdenum mineralization observed in diamond drill hole WRC-001.

As well, shares of Nuvo Research (TSX: T.NRI , Stock Forum) added 22% at 42 cents as the drug development company and Covidien (NYSE: COV, Stock Forum) announced that the U.S. Food and Drug Administration (FDA) has approved the New Drug Application for Pennsaid Topical Solution (diclofenac sodium topical solution) 1.5% w/w. Pennsaid Topical Solution is a non-steroidal anti-inflammatory drug (NSAID) used for the treatment of the signs and symptoms of osteoarthritis of the knee. As a result of the FDA approval of Pennsaid Topical Solution, Nuvo will receive a US$15 million milestone payment from Covidien. Going forward, Nuvo will receive royalties on net U.S. sales of Pennsaid at rates that are consistent with industry standards. Nuvo will also be eligible to receive additional escalating sales milestone payments for Pennsaid and Pennsaid Plus totaling up to US$100 million.

And, in Friday trading, Result Energy (TSX: V.RTE, Stock Forum) shares soared 252% to 37 cents on Friday after the oil and gas explorer/producer said it has entered into a reorganization and investment agreement, which provides for a non-brokered private placement of up to $26 million, the appointment of a new management team and Board of Directors, and a rights offering to the current holders of Result common shares. The new management team is comprised of individuals who formerly led TriStar Oil & Gas Ltd. TriStar grew from 1,000 Boepd to more than 25,000 Boepd in just over 3 1/2 years.

Finally, shares of Kangaroo Media (TSX: V.KTV, Stock Forum) skyrocketed 294% to 35.5 cents as the developer of hand-held wireless audiovisual multi-functional entertainment systems announced that it has entered into a definitive arrangement agreement for the acquisition of Kangaroo by Game Day Entertainment, LLC. Under the terms of the agreement, shareholders of Kangaroo will receive 40 cents in cash, for each common share of Kangaroo outstanding at closing, subject to a possible upward adjustment.



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