On Monday, Peregrine Metals (TSX: T.PGM, Stock Forum) shares skyrocketed 221% to $2.60 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 Augen Gold (TSX: V.GLD, Stock Forum) shot up 19% to 32 cents as 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.
In Tuesday trading, Petro One Energy (TSX: V.POP, Stock Forum) shares jumped 49% to $1.30 after the energy junior reported that the first hole of its first summer drill program has led to the discovery of a previously unknown light oil pool on its 100%-owned J5 property in Saskatchewan. This conventional vertical well demonstrated a flow rate of 9.63 cubic metres (60.57 bbl) of light oil to surface in just 7.75 hours from the Viking sand at a depth of 736.5 metres, without stimulation, swabbing or pumping.
Wednesday’s market action saw shares of Mega Precious Metals (TSX: V.MGP, Stock Forum) surge 14% to 73 cents after the micro cap explorer announced results for five additional diamond drill holes at the North Madsen Project near Red Lake, Ontario, which included 21.0 metres of 4.40 grams per tonne (g/t) gold.
Also, shares of Fortune Minerals (TSX: T.FT, Stock Forum) moved up 10% to $1.60 as the junior miner reported that its wholly-owned subsidiary, Fortune Coal Limited, has entered into a definitive agreement to form a joint venture with POSCO Canada Ltd. (POSCAN) and its wholly-owned subsidiary, POSCO Klappan Coal Ltd., to advance the Mount Klappan Anthracite Metallurgical Coal Project in British Columbia to production. Pursuant to the agreement, POSCAN will acquire a 20% interest in Mount Klappan, and based on current capital cost estimates, is anticipated to make total payments and cash contributions of $181 million, including $30 million in upfront funding upon closing.
On Thursday, Prophecy Platinum (TSX: V.NKL, Stock Forum) shares powered 115% higher to $1.59 after the micro cap miner reported the receipt of an independent National Instrument 43-101 compliant report and mineral resource estimate for its Wellgreen PGE-Ni-Cu property in the Yukon Territory, which showed 1.04 million ounces platinum group metals (PGM) + gold Indicated and 10.97 million ounces PGM + gold Inferred.
In addition, shares of Annidis Corporation (TSX: V.RHA, Stock Forum) gained 10% to 33 cents as the developer of instrumentation to assist in the early detection and monitoring of diseases of the eye announced that the U.S. Food and Drug Administration (FDA) has provided 510(k) clearance allowing Annidis Corporation to begin the marketing and sales of the RHA2020-U multi-spectral digital ophthalmoscope in the United States.
And, in Friday trading, Alix Resources (TSX: V.AIX, Stock Forum) shares climbed 31% to 23 cents after the micro cap explorer and Caribou Copper Resources (TSX: V.CKR, Stock Forum) reported that drilling has begun on the Corky copper-molybdenum-gold property in the Yukon. Caribou Copper shares powered 26% higher to 24 cents.
Finally, shares of Second Wave Petroleum (TSX: T.SCS, Stock Forum) rose 9% to $2.83 as the oil and gas producer/explorer said it estimates its average production rate for the month of April at approximately 1,927 boe/d (59% oil and natural gas liquids), representing a 35% increase from the first quarter average. Operating revenue, excluding royalties, for the month of April is estimated at $3.4 million while operating costs per boe and netbacks per boe for the month are estimated at $20.24 per boe and $38.46 per boe, respectively.