Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, March 15, 2012
TORONTO (SHfn) – Reliance Resources (TSX: T.RI, Stock Forum) shares surged 36% to 30 cents on Thursday after the micro cap miner provided an update regarding exploration activities from the ongoing field program at the Kapa Kapa gold and silver project in Indonesia, which included rock grab samples assay up to 2,920 grams per tonne (g/t) silver. This zone was further tested with a 1.2 meter channel sample using a continuous chip sampling method and returned 1.2 metres of 1,490 g/t silver and 1.7% zinc.
As well, shares of Reliable Energy (TSX: V.REL, Stock Forum) gained 15% to 35 cents on volume of more than 20.3 million shares as the oil junior announced that it has entered into an arrangement agreement whereby Crescent Point Energy will acquire all of the issued and outstanding common shares of Reliable not already held by Crescent Point in a transaction valued at approximately $99.1 million, including net debt of $20 million. Under the terms of the arrangement, each common share of Reliable shall be exchanged for 0.00794 common shares of Crescent Point, which equates to approximately 36.2 cents per common share based on a five-day weighted average trading price per Crescent Point share of $45.61.
Visible Gold Mines (TSX: V.VGD, Stock Forum) shares shot up 17% to 13.5 cents on more than two million shares traded after the junior explorer announced initial and partial results from Phase 2 "Wasa Creek" drilling program on its Break project in Quebec, which included 21.75 g/t of gold over 4.1 meters.
La Mancha Resources (TSX: T.LMA, Stock Forum), meanwhile, reported that, following a request received from its majority shareholder, Compagnie Francaise de Mines et Metaux, a wholly-owned subsidiary of AREVA Mines, the company established a special committee to conduct an auction process for the company through which acquisition proposals will be solicited in order to maximize value for all shareholders. La Mancha stock popped 19% to $3.87.
And, Big North Capital (TSX: V.NRT, Stock Forum) Thursday said it has signed a letter of intent to option approximately 6,500 hectares in southern Ontario prospective for graphite exploration. Big North Capital shares added 13% at 22.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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