Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 19, 2011
TORONTO (SHfn) – VMS Ventures (TSX: V.VMS, Stock Forum) shares climbed 10% to 33.5 cents on Monday after the micro cap explorer reported that HudBay Minerals (TSX: T.HBM, Stock Forum) has informed the company that the HudBay Board of Directors has approved the necessary capital expenditures required to begin construction of the Reed Copper project. VMS owns 30% of the Reed Copper project joint venture, which is operated by HudBay and is located 120 km from Flin Flon, Manitoba. According to HudBay, first production is expected by late 2013.
As well, shares of Galvanic Applied Sciences (TSX: V.GAV, Stock Forum) added as much as 13% at 68 cents as the developer of instrumentation and manufacturer of equipment for the natural gas processing and distribution markets announced that second-quarter consolidated revenue increased 31% to $4,232,000, as compared to $3,219,000 during the same period last year, while net earnings increased to $963,000, or six cents per common share, from $307,000, or two cents per common share, a year earlier.
Reuters, meanwhile, reported that cable manufacturer Belden Inc. has made an unsolicited offer to buy smaller rival RuggedCom (TSX: T.RCM, Stock Forum) for about $280 million in cash to beef up its networking business. RuggedCom, which serves the electric power, transportation systems, military applications and industrial processes markets, said it has not received a formal offer from Belden. RuggedCom stock popped 67% to $22.69.
Shares of South American Silver (TSX: T.SAC, Stock Forum) climbed 12% to $1.55 after the junior miner announced the first independent NI 43-101-qualified resource estimate for its 100%-controlled Escalones copper-gold-silver project in Chile, which showed a copper-equivalent content of 4.5 billion lbs of copper grading 0.49% based on approximate three-year average metal prices of $3.00/lb copper, $1,200/oz gold, $22/oz silver, and $16/lb molybdenum.
And, WestFire Energy (TSX: T.WFE, Stock Forum) Monday said its Board of Directors has decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the company with a view to enhancing shareholder value. WestFire Energy shares rose 8% to $5.20.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
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