Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 20, 2010
TORONTO (SHfn) – Speculators took an interest in copper/silver assays Wednesday, while a takeover bid boosted a small explorer.
Hana Mining (TSX: V.HMG, Stock Forum) shares surged 13% to $1.70 on Wednesday after the micro cap explorer announced the completion of 23 new RC drill holes at its Ghanzi sediment-host copper-silver project in Botswana, which included 1.21% copper and 16.8 grams per tonne (g/t) silver over 15 metres.
As well, shares of Gryphon Gold (TSX: T.GGN, Stock Forum) moved up as much as 15% to 23 cents as Bolero Resources (TSX: V.BRU, Stock Forum) said it intends to make a share-exchange takeover bid to acquire all of the outstanding common shares of Gryphon at an implied offer price of approximately 25 cents a share in a transaction that would value the fully-diluted share capital of Gryphon Gold at about $18 million. Under the proposed offer, Gryphon Gold common shareholders would be entitled to receive one Bolero common share for every two Gryphon Gold common shares held.
Medifocus (TSX: V.MFS, Stock Forum), meanwhile, reported that a review article summarizing clinical studies of its Microfocus APA 1000 Breast Cancer Thermotherapy System was published online December 22, 2009, in the journal Annals of Surgical Oncology. The article "Focused Microwave Thermotherapy for Preoperative Treatment of Invasive Breast Cancer: A Review of Clinical Studies," which reviews the technology and clinical study results is getting nationwide coverage, according to Medifocus. Medifocus stock popped 19% to 34 cents.
Wallbridge Mining (TSX: T.WM, Stock Forum) shares climbed 15% to 38.5 cents after the junior miner announced that is has notified Duluth Metals (TSX: T.DM, Stock Forum) that it has accepted Duluth's offer made pursuant to a Funding Participation Agreement dated May 15, 2007, to issue to Wallbridge 7,456,420 Duluth common shares at a price of $2.00 per share payable in cash on closing. Wallbridge currently holds 10,000,001 common shares of Duluth out of the 87,517,056 common shares of Duluth that were outstanding as at close of business January 19, 2010.
Shares of H2O Innovation (TSX: V.HEO, Stock Forum) jumped 18% to 71 cents after the water treatment solutions provider said it has signed a sales representative agreement with 3M Purification, formerly known as CUNO Incorporated. Under the agreement, 3M Purification will represent H2O Innovation's complete line of customized water treatment solutions in the U.S. oil & gas and automotive assembly markets.
And, Pennant Energy (TSX: V.PEN, Stock Forum) Wednesday announced that cash flow from operations increased significantly during the second quarter after a disappointing first quarter beginning to the 2009-2010 fiscal period. The poor first quarter showing felt the impact of low gas prices, compounded by an almost six week shut-in of the Badger property due to production allowable restrictions imposed by the ERCB. The company said its Alberta properties have been operating smoothly since September, 2009, and with the addition of the Ferrier well, average monthly cash flow from operations has almost tripled. Its current working interest production is about 100 boe/day, with another approximately 181 boe/day drilled and tested awaiting tie-in at its Pembina 102/16-29-048-08W5/00. Pennant shares added 14% at 28.5 cents.
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