Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, May 25, 2011
TORONTO (SHfn) – Soho Resources (TSX: V.SOH, Stock Forum) shares jumped as much as 24% before closing 5% lower to 10 cents on Wednesday after the micro cap explorer reported assay results for initial surface and underground sampling from the La Salvadora Zone within its Jocuixtita Silver Project in Mexico, which included 6.3 meters of 246.47 grams per tonne (g/t) silver, 0.63 g/t gold, and 5.44% zinc.
As well, shares of Cinch Energy (TSX: T.CNH, Stock Forum) moved up 39% to $1.76 as the oil and gas junior said it has entered into an arrangement agreement with Tourmaline Oil Corp., pursuant to which Tourmaline has agreed to acquire all of the issued and outstanding common shares of Cinch, including any shares of Cinch issued upon the exercise of outstanding options, for 0.06366 of a Tourmaline common share for each Cinch share held. Based on a five-day volume weighted average trading price of the Tourmaline shares ending May 20, 2011 of $27.80, the consideration to be received by Cinch shareholders equals $1.77 per share, or a total consideration of approximately $205 million, including net debt.
Yukon-Nevada Gold (TSX: T.YNG, Stock Forum), meanwhile, announced that its Jerritt Canyon Mine in Nevada produced 14,477 ounces of gold from purchased ore, stockpiles and mining operations during the first quarter. The operations underperformed as a result of the ongoing severe winter conditions and resulting shut downs that arose due to these conditions and a materials and supplies shortage. The company recorded a first-quarter profit of $28.9 million, compared with a loss of $41.9 million a year earlier. The profit was a result of a $51.0 million gain in the fair value of warrants recorded as derivative liabilities. Yukon-Nevada stock popped 32% to 56 cents.
Shares of Orbite VSPA (TSX: V.ORT.A, Stock Forum) rose 10% to $4.01 after the Quebec junior miner said it produced the first samples of aluminum at its Cap Chat pilot plant. Orbite chief executive Richard Boudreault has developed a patented technology for producing alumina by extracting it from clay.
And, Wavefront Technology Solutions (TSX: V.WEE, Stock Forum) late Tuesday reported that its Powerwave fluid injection will be deployed in Argentina with Pluspetrol S.A. to increase production at its El Corcobo Norte oil field. Wavefront shares added as much as 10% at $1.18 on Wednesday.
| 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