TORONTO (SHfn) – Inter-Citic Minerals (TSX: T.ICI, Stock Forum) shares powered 23% higher to $1.28 on Thursday after the junior miner said it will receive a $18.56 million strategic investment from Zijin Mining Group Co., Ltd., China's largest gold producer. Zijin will subscribe to 16 million common shares of Inter-Citic at a price of $1.16 per share. Together with shares previously purchased by Zijin, upon closing, it will own 19.15% of the shares of Inter-Citic. For more insight into the Inter-Citic story, please read the column by Ticker Trax’s Thom Calandra. Inter-Citic has been a Ticker Trax Planetary Prospect since first being recommended at 70 cents a share.
As well, shares of ARISE Technologies (TSX: T.APV, Stock Forum) soared 185% to 47 cents as the solar technology provider reported that its shipments of photovoltaic cells are expected to be approximately 13.9MW for the first quarter of 2010, a 99% increase from the 7.0MW shipped in the fourth quarter of 2009. Revenue for the first quarter of 2010 is expected to total approximately $15.8 million, which represents a 39.8% increase from $11.3 million in the fourth quarter of 2009 and a 119% increase from $7.2 million in the first quarter of 2008.
Enablence Technologies (TSX: V.ENA, Stock Forum) shares surged 26% to 72 cents after the supplier of fiber-to-the-premise (FTTP) equipment and optical components and subsystems said it has signed a definitive merger agreement to acquire Teledata Networks, an Israeli corporation. Under the terms of the agreement, the merger consideration will be a combination of US$10 million in cash, US$10 million in secured interest-bearing promissory notes payable on the second anniversary of the closing of the transaction, and US$30 million in common shares to be issued by Enablence at the closing based on a pricing formula set out in the agreement.
Genesis Land Development (TSX: T.GDC, Stock Forum), meanwhile, announced that it has received its previously announced independent appraisal of its entire land development portfolio and has estimated Genesis' after-tax net asset value as at December 31, 2009. Genesis estimates its after-tax net asset value at December 31, 2009, to be $364.0 million, or $8.25 per basic and fully-diluted share. Genesis stock popped 24% to $4.85.
Shares of Æterna Zentaris (TSX: T.AEZ, Stock Forum) jumped 19% to $1.66 after the late-stage drug development company specializing in oncology and endocrine therapy said it has requested Scientific Advice from the European Medicines Agency (EMA) to assure the acceptability of the recently initiated Phase 3 programs for the development of its lead anticancer compound, perifosine, in its two lead indications, multiple myeloma and refractory advanced colorectal cancer.
And, Search Minerals (TSX: V.SMY, Stock Forum) late Wednesday announced the interpretation of the results of the recently completed fixed airborne radiometric and magnetometer survey over the Port Hope Simpson property in Labrador, which the company announced was completed on December 23, 2009. The survey has outlined at least 80 rare earth element targets. Very preliminary prospecting and sampling of a few of the Rare Earth Elements (REE) targets in the PHS District indicate that this district is highly prospective for Zr, Y, Nb and U as well as REEs. Its shares climbed 14% to 57 cents on Thursday.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here