Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, August 10, 2010
TORONTO (SHfn) – Sonoro Energy Ltd. (TSX: V.SNV, Stock Forum) was up 60% to 16 cents on news that Nasser Bin Jarallah has agreed to join the company’s board of directors. Bin Jarallah is an established business leader in the Middle East . He is chief executive officer and vice-president of the Bin Jarallah Group of companies in Saudi Arabia, which has 8,000 people on its payroll and interests in multiple business sectors, including asphalt, oil and gas, petrochemicals and construction. Bin Jarallah has been granted 500,000 stock options, which are exercisable at $0.115 per share over a 5-year term. Based in Calgary, Sonoro is pursuing oil and gas development opportunities in the Middle East.
Meanwhile, Kiska Metals Corp. (TSX: V.KSK, Stock Forum) shares rose 1% to 79 cents after Geologic Resource Partners LLC said it has sold 3.6 million shares of Kiska, thereby reducing its holdings in the exploration junior to 22.6 million common shares, and 2.4 million warrants. Assuming conversion of the warrants, this represents 37.5% of the issued shares of Kiska, a decrease of 4.83%. Geologic Resource Partners is an investment advisory firm specializing in precious metals, industrial metals, and energy minerals equities.
Farallon Mining Ltd. (TSX: T.FAN, Stock Forum) fell 2% to 44 cents. The company said underground drilling at its G-9 zinc mine in Guerrero State, Mexico has led to several new discoveries adjacent to the mine, while opening up the potential for further discoveries in the future. The company said exploration this year aims to add reserves and extend the life of the mine which reached the commercial production stage in April 2009.
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