Stockhouse Canadian Small and Micro-cap Stock Report for Monday, March 15, 2010
TORONTO (SHfn) – Paramax Resources (TSX: V.PXM, Stock Forum) shares climbed 100% to 20 cents on Monday after oil and gas explorer and Bridge Resources (TSX: V.BUK, Stock Forum) reported that the two companies have successfully drilled the first well in their joint program in the Boise Basin, Idaho. The well was drilled in 10 days and was significantly under budget. The Bridge-Paramax M.L. Investments #1 well, which began drilling March 1, 2010, had numerous hydrocarbon shows while drilling and together with wireline logs run at total depth, indicate the presence of several hydrocarbon bearing zones. The well is being cased and will be production tested with a separate completion rig. Shares of Bridge Resources surged 18% at 29 cents.
As well, shares of Redline Communications Group (TSX: T.RDL, Stock Forum) sank 30% to 33.5 cents as the provider of wireless broadband products announced that a preliminary internal review has revealed that the company may not have been following proper revenue recognition accounting policies. As a result of this review, Redline anticipates that it will not be in a position to finalize, by the deadline of March 31, 2010, its audited financial statements for the fiscal year ended December 31, 2009, related management's discussion and analysis and annual information form.
Functional Technologies (TSX: V. FEB, Stock Forum), meanwhile, said it has developed, tested and filed patent applications for yeast technology that reduces the formation of acrylamide, a carcinogen formed when starchy foods are baked, fried or toasted. Given the scale of the related opportunities, the company will be partnering with companies in the yeast and food processing/manufacturing industries to accelerate its yeast strain product development and commercialization, and preliminary discussions have already been initiated with some prospective partners. Functional Technologies stock popped 15% to 75 cents.
And, Century Mining (TSX: V.CMM, Stock Forum) Monday reported results of surface diamond drilling at the Bedard Dyke at the Lamaque Gold Mine in Quebec, which included 100.5 grams per tonne (g/t) gold over 1.69 meters. Its shares added as much as 10% at 39 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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