Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 25, 2010
TORONTO (SHfn) – Rubidium assays attracted the attention of some speculators Monday, while others took a shine to gold results.
First Gold Exploration (TSX: V.EFG, Stock Forum) shares climbed as much as 52% before closing down 7% to 63 cents on Monday after the micro cap explorer reported initial drill results from its Pivert/Rose property in Quebec, which included 2,922 grams per tonne (g/t) rubidium over 6.7 metres. Rubidium’s principal application is in specialty glasses used in fibre-optic telecommunication systems.
As well, shares of Coronado Resources (TSX: V.CRD, Stock Forum) shot up 13% to 26.5 cents as the junior miner said it has completed its initial phase of the underground diamond drill program at the Madison Gold/Copper Project near Butte, Montana. Drill results included a 22-foot intercept of 1.274 ounces/ton gold.
Fission Energy (TSX: V.FIS, Stock Forum) shares powered 106% higher to 37 cents after the junior explorer reported that it has encountered “significant radioactivity” during its winter Waterbury Lake project drill program in Saskatchewan.
The Westaim Corporation (TSX: T.WED, Stock Forum), meanwhile, announced that it has entered into a definitive purchase agreement to buy all of the issued and outstanding shares of Jevco Insurance Company from Kingsway Financial Services (TSX: T.KFS, Stock Forum) for an aggregate purchase price of approximately 94.5% of the book value of Jevco, or about $263 million, as at December 31, 2009, subject to adjustments. Westaim has arranged a financing of $275 million for the purpose of completing the acquisition. Westaim stock popped 17% to 51 cents.
Shares of Khan Resources (TSX: T.KRI, Stock Forum) jumped 15% to 78 cents after the micro cap miner reported that it has signed a non-binding Memorandum of Understanding (MOU) with MonAtom LLC, the Mongolian state-owned uranium development company. The MOU establishes the principal elements of a joint venture transaction that would finalize the ownership structure surrounding the Dornod uranium project, and creates a framework for developing the project and bringing it into operation as expeditiously as possible.
Dragon Pharmaceutical (TSX: T.DDD, Stock Forum) shares gained 22% to 77 cents as the manufacturer and distributor of antibiotic products announced that in a letter dated January 15, 2010, Mr. Yanlin Han, Chairman and CEO of the company, has made a non-binding proposal to acquire all of the outstanding shares of Dragon Pharma for a price of 80 cents a share.
And, Brookemont Capital (TSX: V.BKT, Stock Forum) Monday said it has entered into negotiations on a contiguous block of land in direct vicinity of the recent lithium discover made by First Gold Exploration. A final decision on this property is anticipated to be completed in the coming days. Its shares surged 25% to 10 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |