Stockhouse Canadian Small and Micro-cap Stock Report for Monday, November 29, 2010
TORONTO (SHfn) – Riva Gold Corporation (TSX: V.RIV, Stock Forum) shares climbed 27% to $1.97 on Monday after the micro cap miner announced that it has entered into two agreements the Pereira Group, giving Riva the option to acquire the rights to two groups of mineral properties in Guyana, the Nine Mile Properties and Honey Camp Properties, which include the Puruni Property. Historic mining from Nine Mile Property included 118,000 tons of material milled, yielding 71,113 ounces of gold averaging 18.66 grams per tonne (g/t) gold. In order to exercise both options on the collective properties, over a period of three years Riva must pay the Pereira Group a cumulative total of $2.1 million in cash and issue a cumulative total of one million common shares of Riva in conjunction with certain work expenditure commitments, with the right to accelerate at any time.
As well, shares of Centric Energy (TSX: V.CTE, Stock Forum) shot up 41% to 55 cents as the oil and gas explorer said it has entered into an arrangement agreement under which Africa Oil (TSX: V.AOI, Stock Forum) has agreed to acquire all of the issued and outstanding common shares of Centric. Under the terms of the transaction, each Centric shareholder will receive 0.3077 of a common share of Africa Oil and $0.0001 in cash for each Centric Share held, or a total consideration of approximately $60 million.
Angiotech Pharmaceuticals (TSX: T.ANP, Stock Forum), meanwhile, reported it has entered into a private label product supply agreement with Hologic, Inc. for soft tissue biopsy instruments manufactured by Angiotech. The initial term of the supply agreement is for three years with automatic renewals (subject to certain conditions) for additional periods of three years each. Angiotech stock popped 53% to 27.5 cents.
Shares of Kimber Resources (TSX: T.KBR, Stock Forum) rose 13% to $1.29 after the junior explorer reported assay results of a program of comprehensive channel sampling of surface trenches from the Carmen deposit at its Monterde Project in Mexico, which included 7.03 metres of 2.23 g/t gold and 196 g/t silver.
And, Canadian Energy Exploration (TSX: V.XPL, Stock Forum) Monday announced that it has spud the first of three exploratory test wells in accordance with a previously announced agreement with a major oil and gas general partnership in the Hardy/Minton area of Saskatchewan. The well is licenced to a total depth sufficient to drill to 2300 meters and the estimated costs associated with drilling and casing, completing or abandoning the well are $1.3 million. Canadian Energy shares gained as much as 18% to 46 cents.
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