Stockhouse Canadian Small and Micro-cap Stock Report for Monday, July 11, 2011
TORONTO (SHfn) – Peregrine Metals (TSX: T.PGM, Stock Forum) shares skyrocketed 221% to $2.60 on Monday after the miner said it has entered into a definitive agreement pursuant to which Stillwater Mining Company (NYSE: SWC, Stock Forum) will acquire all of the outstanding shares of Peregrine. Under the terms of the agreement, Stillwater will exchange 0.08136 shares of Stillwater common stock and US$1.35 in cash for each common share of Peregrine. This represents a total purchase price of US$487.1 million.
As well, shares of Bannerman Resources (TSX: T.BAN, Stock Forum) shot up 26% to 49 cents as the uranium junior announced that it has received a highly conditional proposal from Hanlong Mining Investment Pty Ltd, a subsidiary of Chinese conglomerate Sichuan Hanlong Group, for the acquisition of 100% of Bannerman for 61.2 cents (Australian) in cash per Bannerman share.
Augen Gold (TSX: V.GLD, Stock Forum) shares powered 19% higher to 32 cents after Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) reported its intention to make a share exchange take-over bid to acquire all of the outstanding common shares of Augen Gold, not including common shares of Augen currently held by Trelawney, at an implied offer price of 32 cents per common share. Under the terms of the offer, Augen Gold shareholders will be entitled to receive 0.066 common shares of Trelawney for each common share of Augen Gold held.
Vast Exploration (TSX: V.VST, Stock Forum), meanwhile, provided an update on the Niko Resources operated Qara Dagh Block in the Kurdistan Region of Iraq. The Open Hole Interval - Shiranish Formation from 3,558 meters to 3,908 meters was acidized and flowed light oil confirming an active hydrocarbon column. The interval achieved maximum production rate of 550 barrels of oil per day and 800 mscf/d of gas, although these rates were not sustained for the entire duration of the test. Vast stock plunged 54% to 18.5 cents.
And, Indico Resources (TSX: V.IDI, Stock Forum) Monday reported that following a successful drill permit application process, a rig is being mobilized to the Ocana project in Peru and that drilling is expected to begin in the coming days. In addition, interpretation of new geophysical data has been completed, which supports the existing Jimena drill target (NR11-01 March 7, 2011) as well as defining two additional copper-gold drill targets. As a result, the initial +2,000 metre drill program has been increased to +4,000 metres. Indico shares surged 19% to 40.5 cents.
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