Stockhouse Canadian Small and Micro-cap Stock Report for Friday, April 8, 2011
TORONTO (SHfn) – Roxgold (TSX: V.ROG, Stock Forum) shares climbed 136% to 85 cents on Friday after the micro cap explorer reported that further to the company's press release of February 28, 2011, it has received the final series of assays from drilling activities on its optioned Yaramoko gold concession in western Burkina Faso, West Africa from Riverstone Resources (TSX: V.RVS, Stock Forum). Roxgold is earning a 60% interest in the project from Riverstone. Highlights include 20 metres of 28.61 grams per tonne (g/t) gold. Riverstone shares jumped 24% to $1.02.
As well, shares of Open Range Energy (TSX: T.ONR, Stock Forum) added 24% at $4.42 as the oil and gas producer/explorer provided an update on its Wilrich-focused winter drilling program and on the further expansion of its Poseidon Concepts tank fleet to meet increasing demand. The company also provided guidance for the first-half of 2011, in which it expects an increase in consolidated cash flow from operations to $29 million, or 45 cents per basic share, from $22 million previously.
Stoneham Drilling Trust (TSX: T.SDG.UN, Stock Forum) and Western Energy Services (TSX: V.WRG, Stock Forum), meanwhile, announced that they have entered into an agreement whereby the two entities will combine to create the sixth largest contract driller in Canada. Under the terms of the transaction, Stoneham unitholders will, for each unit held, receive at their election: (i) 61.538 Western common shares; or (ii) $24.00 in cash, subject to a maximum of $115 million in aggregate cash paid. Assuming all Stoneham unitholders elect all cash, each Stoneham unitholder would receive approximately $14.41 in cash and 24.577 Western common shares for each Stoneham unit held. The total transaction value is approximately $245 million, including the assumption of approximately $53 million in debt and transaction costs. Stoneham Drilling units popped 33% to $22.69.
And, ProspEx Resources (TSX: T.PSX, Stock Forum) Friday said it has entered into an agreement providing for the acquisition by Paramount Resources (TSX: T.POU, Stock Forum) of all of the issued and outstanding voting common shares of ProspEx not already owned by Paramount. Under the terms of the transaction, shareholders of ProspEx may elect to receive either: (i) 0.07162 of a Class A common share of Paramount; or (ii) $2.40 cash, for each ProspEx Share, provided that Paramount will issue an aggregate of two million Paramount Shares pursuant to the transaction. The total cost to Paramount is approximately $180 million. ProspEx shares surged 15% to $2.36.
| 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