On Monday, Stornoway Diamond (TSX: T.SWY, Stock Forum) shares climbed 26% to 63 cents on Monday after the diamond explorer/developer reported the receipt of an updated preliminary assessment for the Renard Diamond Project in Quebec, which is a 50:50 joint venture with SOQUEM INC. Highlights of the study include a base case estimates of pre-tax net present value and internal rate of return at $885 million (at an 8% discount rate) and 24.8%, respectively, using a September 2009, diamond valuation of US$117/carat and a US dollar exchange rate of C$1.11.
As well, shares of Brett Resources (TSX: V.BBR, Stock Forum) shot up 35% to $2.82 as the junior explorer announced that it has entered into a definitive support agreement pursuant to which Osisko Mining (TSX: T.OSK, Stock Forum) will offer to acquire all of the issued and outstanding common shares of Brett for 0.34 of an Osisko common share for each common share of Brett held. The value of the total consideration offered to the shareholders is approximately $372 million calculated on a fully-diluted basis, implying an enterprise value of about $308 million.
In Tuesday trading, PC Gold (TSX: T.PKL, Stock Forum) shares surged 62% to $1.10 on Tuesday after the micro cap explorer reported assays for the second of two previously announced holes at its Pickle Crow gold mine property in northwestern Ontario, which included 43.28 grams per tonne (g/t) gold over 13.13 metres and 138.89 g/t gold over four metres.
Also, shares of Staccato Gold Resources (TSX: V.CAT, Stock Forum) moved up 47% to 14 cents as the junior miner said it has entered into a definitive agreement with Timberline Resources (NYSE Amex: TLR, Stock Forum), whereby Timberline will acquire, through a court-approved plan of arrangement, all of the issued and outstanding common shares of Staccato by way of a share exchange. Under the agreement, Staccato shareholders will receive one share of common stock of Timberline and US$0.0001 for every seven Staccato common shares held. This represents a value of approximately 17 cents per Staccato share based on the closing price of Timberline shares on the NYSE Amex on March 22, 2010, an 82% premium to the closing price of Staccato shares on the date prior to announcement of the arrangement and a 76% premium to Staccato's 20-day volume weighted average closing price.
Wednesday’s market action saw shares of African Gold Group (TSX: V.AGG, Stock Forum) jumped 15% to 46.5 cents on Wednesday after the micro cap miner reported drill results consisting of 22 reverse circulation holes and two diamond drill holes at its Kobada gold project in Mali, West Africa, which included 18 metres of 7.04 grams per tonne (g/t) gold.
In addition , shares of Electrovaya (TSX: T.EFL, Stock Forum) gained 71% to $2.07 as the manufacturer of Lithium Ion SuperPolymer batteries said it has been chosen by Chrysler Group LLC as the battery supplier for 140 Ram plug-in hybrid electric vehicles in a demonstration program. The Ram PHEV will feature a 12kWh lithium ion battery from Electrovaya. A total of 140 Ram PHEVs will be built for a demonstration program running for a period of three years at various geographic and climatic locations across the U.S. More than 21 Chrysler Group partners across the U.S., including utility companies, government agencies and Universities will independently test the Ram PHEV and provide data for the advancement of the technology.
On Thursday, Pure Nickel (TSX: T.NIC, Stock Forum) shares powered 56% higher to 23.5 cents on Thursday after the micro cap explorer reported that Japan’s ITOCHU Corporation has confirmed its confidence in the MAN Alaska nickel-copper-platinum group elements project and will proceed with exercising its option to vest its interest. Based on results of the 2009 exploration season ITOCHU has agreed to an acceleration of expenditures over the next three years. The partners have agreed to a $7.5 million budget for 2010, which represents an almost 90% increase over the original $4 million budget. Pure Nickel will continue to earn a 10% management fee, remain as operator, and receive a vesting fee of $500,000.
As well, shares of Longford Energy (TSX: V.LFD, Stock Forum) added 22% at 33 cents as the oil and gas explorer/producer announced that it has entered into a subscription agreement with Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC, whereby Quantum has agreed to purchase 19,000,000 units of the company at a price of 30 cents per unit for total gross proceeds of $5.7 million. Upon completion of the offering, Quantum will hold approximately 14% of the issued and outstanding common shares of Longford.
And, in Friday trading, Canadian Zinc (TSX: T.CZN, Stock Forum) shares climbed 17% to 49 cents on Friday after the micro cap miner said it has filed its Developers Assessment Report for the Environmental Assessment of the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories, with the Mackenzie Valley Environmental Impact Review Board. "The Developers Assessment Report concludes that potential impacts of the development and operation of the Prairie Creek Mine can be effectively managed and minimized by implementing mitigation programs during the course of mine operations, and will also result in minimal long term effects after mine closure," said Canadian Zinc’ Chief Operating Officer Alan Taylor.
Finally, shares of Craig Wireless Systems (TSX: T.CWG, Stock Forum) soared 300% to 92 cents as the telecommunications services provider reported that its operating subsidiaries in Canada have entered into a definitive agreement for the sale of its Canadian spectrum assets to Inukshuk Wireless Partnership, a partnership of affiliates of Rogers Communications and Bell Canada. Subject to completion of certain conditions, including obtaining all requisite regulatory approvals, Inukshuk will pay Craig Wireless $80 million for all of the company's spectrum licenses in Manitoba and British Columbia.