Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, June 23, 2010
TORONTO (SHfn) – X-Cal Resources (TSX: T.XCL, Stock Forum) shares surged 17% to 17 cents on Wednesday after Paramount Gold and Silver (TSX: T.PZG, Stock Forum) agreed to acquire all of the common shares of X-Cal in a transaction valued at approximately $31.8 million. Pursuant to the definitive agreement, eight X-Cal shares will be exchanged for one Paramount share, which implies a purchase price of 18 cents per X-Cal share.
As well, shares of Swift Power (TSX: V.SPC, Stock Forum) gained 38% to 34.5 cents as the run-of-river hydroelectric power company announced that Fort Chicago Energy Partners L.P. has agreed to make an offer to purchase all of the issued and outstanding shares of Swift for 35 cents in cash for each Swift share, or a total consideration of approximately $8.47 million calculated on a fully-diluted basis.
Ryland Oil (TSX: V.RYD, Stock Forum), meanwhile, said it has entered into an arrangement agreement with Crescent Point Energy (TSX: T.CPG, Stock Forum) pursuant to which Crescent Point will acquire all of the issued and outstanding common shares in the capital of Ryland. Under the terms of the arrangement, Ryland shareholders will receive 0.0117 of a Crescent Point common share for each Ryland Share, or about 46 cents per Ryland Share based on the most recent five-day volume weighted average Crescent Point share price of $39.32 per share. Total consideration is approximately $121.8 million, including an estimated $26.4 million of Ryland net debt at closing time. Ryland stock popped 16% to 43 cents.
Shares of Medallion Resources (TSX: V.MDL, Stock Forum) jumped 26% to 14.5 cents after the junior explorer announced that it has added two additional mineral licences to the existing Red Wine heavy-rare-earth-element (REE) exploration property in Labrador.
And, Isotechnika Pharma (TSX: T.ISA, Stock Forum) Wednesday reported that the U.S. Food and Drug Administration (FDA) has cancelled the Dermatology and Ophthalmology Drugs Advisory Committee review of partner, Lux Biosciences', New Drug Application (NDA) for voclosporin on June 28, 2010. The meeting was originally planned to provide a forum for FDA Advisors to discuss the data included in Lux's NDA for voclosporin in the treatment of non-infectious uveitis involving the intermediate or posterior segments of the eye. The FDA will continue its priority review of the NDA with the PDUFA date of August 3, 2010. Isotechnika shares slid 33% to 27.5 cents.
| 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