Stockhouse Canadian Small and Micro-cap Stock Report for Monday, October 17, 2011
TORONTO (SHfn) – Silver Quest Resources (TSX.V.SQI, Stock Forum) shares climbed 28% to $1.11 on Monday after the miner announced that New Gold (TSX: T.NGD, Stock Forum) will acquire all of the outstanding common shares of Silver Quest. Under the terms of the arrangement, Silver Quest shareholders will receive 0.09 of a New Gold share for each Silver Quest share held and one common share in a new Yukon-focused precious metals exploration company, McIntyre Minerals, for every three Silver Quest shares held. The offer values Silver Quest at $1.32 per share.
As well, shares of Geo Minerals (TSX: V.GM, Stock Forum) shot up 29% to 15.5 cents as the micro cap explorer said it has entered into a definitive business combination agreement with New Gold (TSX: T.NGD, Stock Forum), under which New Gold will acquire 100% of the outstanding common shares of Geo by way of plan of arrangement. Under the plan of arrangement, Geo shareholders will receive 16 cents per share, and 1/15th of a common share in a new exploration company (SpinCo) for each Geo common share held.
La Ronge Gold (TSX: V.LAR, Stock Forum), meanwhile, reported the signing of an option agreement to acquire a 100% interest in 24 mineral claims in Saskatchewan totaling 12,419 hectares from a private company. Over five years and upon confirming one million ounces of gold in an NI-43-101-inferred category, the company will pay $310,000 in cash and spend $2.5 million on the claims and will issue 3.8 million shares to the vendor for the optioned claims. La Ronge stock popped 67% to 25 cents.
And, Intertainment Media (TSX: V.INT, Stock Forum) Monday announced that its subsidiary Ortsbo Inc. (www.ortsbo.com) has launched a proprietary real time multi-language plug-in for Wordpress, allowing blogs to be instantly translated, in real time, into over 50 languages. Intertainment Media shares added 19% at 49.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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