On Monday, Copper Canyon Resources (TSX: V.CPY, Stock Forum) shares climbed 26% to $1.06 after the micro cap explorer reported that it has entered into a binding letter agreement providing for NovaGold Resources (TSX: T.NG, Stock Forum) to acquire all of the outstanding common shares of Copper Canyon by way of a plan of arrangement. Under the arrangement, Copper Canyon shareholders will receive common shares of NovaGold on the basis of 0.0735 of a NovaGold common share for each common share of Copper Canyon, plus one common share of a newly-incorporated company (SpinCo) for every four Copper Canyon common shares. SpinCo will hold substantially all of Copper Canyon's assets other than certain cash and Copper Canyon's 40% joint venture interest in the Copper Canyon copper-gold-silver property.
As well, shares of Prima Colombia Hardwood (TSX: V.PCT, Stock Forum) shot up 21% to 29 cents as the forest products firm announced that it has entered into a letter of intent with Pacific Lumber S.AS. to join forces in Colombia to further develop Prima as a major international tropical hardwood timber development, production and marketing company. The letter of intent with Pacific anticipates the potential addition of rights to harvest up to 31.5 million cubic meters pursuant to timber concessions to be obtained by Prima through the efforts of Pacific (or approximately 10 times Prima's current timber reserves). In consideration of these efforts, Prima will issue up to a maximum of 60 million common shares in the capital of Prima, which currently would represent 17.89% of the issued and outstanding shares of Prima after their issuance.
In Tuesday trading, Eagle Hill Exploration (TSX: V.EAG, Stock Forum) shares jumped as much as 19% to 34.5 cents on Tuesday after the micro cap miner reported further results of its drilling program at the Windfall Lake Property in Quebec, which included 13.32 grams per tonne (g/t) gold over 19 meters.
As well, shares of Lion Energy (TSX: V.LEO, Stock Forum) moved up 13% to 35.5 cents as the oil and gas explorer said it has entered into a letter of intent pursuant to which Africa Oil (TSX: V.AOI, Stock Forum) will acquire Lion, by way of a plan of arrangement. As per the terms of the letter of intent, Africa Oil is proposing to exchange each share of Lion for 0.2 shares of Africa Oil.
Wednesday’s market action sawApella Resources (TSX: V.APA, Stock Forum) shares surging 29% to 27 cents on Wednesday after the micro cap explorer announced that the Quebec Court, Mines Tribunal, Administrative and Appeal Division, has rendered a judgment in favour of Apella Resources, awarding the company all nine mining claims that it was seeking in the Lac Dore Vanadium-Iron-Titanium deposit.
As well, shares of Long Harbour Capital (TSX: V.LHC, Stock Forum) gained 26% to 32 cents as the company said it has entered into an agreement with U.S. Mine Makers Inc., whereby Long Harbour has been granted an option to acquire a 90% interest in the Don Lake Property in the Athabasca Basin. The Don Lake Property consists of seven claims covering 1409 hectares adjacent to Uranium City in Saskatchewan. The claims encompass a number of past producing uranium mines. In order to exercise the option, the company is required, over a period of three years, to pay $200,000, issue 700,000 common shares and incur exploration expenditures totaling $1.85 million. A 1.0% net smelter returns interest is to be retained by U.S. Mine Makers Inc., of which 0.5% may be purchased by Long Harbour for $500,000.
On Thursday, it was all quiet day on the microcap activity front.
And, in Friday trading, Metals Creek Resources Corp. (TSX: V.MEK, Stock Forum) rose 14% to 25cents. The company said it has picked up additional ground in the Dawson Range gold district of the Canadian Yukon. The 166 claim units in four separate claim blocks include ground located about 40 kilometres to the north of Kinross Gold Corp.’s (TSX: T.K, Stock Forum) White Gold property. The company said the claims were staked to cover a number of gold geochemical anomalies.
Metalex Ventures Ltd. (TSX: V.MTX, Stock Forum) was up 8% to 92 cents after the junior unveiled the pricing for a private placement of up to $10 million worth of Metalex securities. The securities consist of flow through shares priced at $1 each and units worth 85 cents. Proceeds will be used to fund exploration at the junior’s kimberlite properties in Ontario and Quebec. The offering is expected to close at the end of the month and the agents get a 7% cash commission.