Stockhouse Canadian Small and Micro-cap Stock Report for Monday, June 28, 2010
TORONTO (SHfn) – Etruscan Resources (TSX: T.EET, Stock Forum) shares climbed 15% to 45 cents on Monday after the gold junior said it has entered into a definitive arrangement agreement by which Endeavour Financial (TSX: T.EDV, Stock Forum) will acquire all of the shares of Etruscan that Endeavour does not already own. Endeavour currently owns 55% of Etruscan and will acquire the remaining 45% of Etruscan via a court-approved plan of arrangement. Under the arrangement, Etruscan shareholders will receive total consideration of 48 cents per Etruscan share comprised of 26 cents in cash plus 0.0932 of an Endeavour share.
As well, shares of Spider Resources (TSX: V.SPQ, Stock Forum) shot up 19% to 19 cents as Cliffs Natural Resources (NYSE: CLF, Stock Forum) announced that has raised its takeover bid for Spider by 46% to 19 cents a share in cash, up from its previous offer of 13 cents. The offer values Spider at $125 million.
Seafield Resources (TSX: V.SFF, Stock Forum), meanwhile, reported that drilling has begun on its Miraflores project in Colombia. The company has signed a contract with Bradley Colombia SAS to carry out an initial program of an estimated 3,500 metres of diamond drilling in 11 holes. The Miraflores deposit currently contains an inferred mineral resource of 18.6 million tonnes grading 1.3 grams per tonne (g/t) gold at a cut-off grade of 0.5 g/t gold for a total of 776,000 ounces of gold. Seafield stock popped 16% to 22 cents.
And, Noveko International (TSX: T.EKO, Stock Forum) Monday announced that its subsidiary Noveko Inc. has entered into an agreement to equip the entire Bell Centre, a multi-purpose building in Montreal, with filters incorporating the Noveko antimicrobial filtration technology. This six-year agreement covers the supply of the filters and their cleaning. The parties have agreed to keep the financial terms and conditions of this agreement confidential. Noveko shares added 16% at 64 cents.
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