Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, March 28, 2012
TORONTO (SHfn) – Crocodile Gold (TSX: T.CRK, Stock Forum) shares surged as much as 20% to 59 cents on volume of more than 3.1 million shares Wednesday after the gold miner said it has entered into a definitive agreement to acquire the Stawell and Fosterville mines located in Victoria State, Australia through the acquisition of all of the shares of Northgate Australian Ventures Corporation Pty Ltd. from AuRico Gold (TSX: T.AUQ, Stock Forum), for total consideration of up to $105 million.
Crocodile Gold expects the acquisition to increase its 2012 total production by 200% to 230,000-250,000 ounces. AuRico Gold will receive $70 million in cash and $10 million in Crocodile Gold common shares upon closing. In addition, $25 million in contingent payments will be paid to AuRico over three installments on each of the first three anniversaries of the closing date of the transaction, each installment payment being conditional upon the simple annual average gold price exceeding A$1,500 per ounce in the preceding 12-month period.
As well, shares of OPEL Technologies (TSX: V.OPL, Stock Forum) gained 78% to 45.5 cents on more than four million shares traded as the semiconductor device and process developer announced what it called “significant progress” made this quarter by ODIS Inc., regarding POET (Planar Opto Electronic Technology) as it pertains to its advancements in Optical Interconnection of High Speed Circuits. ODIS' achievements will make it possible for the first time to implement an optical interface as a single chip to connect existing CMOS processors. OPEL Technologies said the advancements have made it possible to produce a well defined military and commercial roadmap for POET.
Theralase Technologies (TSX: V.TLT, Stock Forum), meanwhile, said that its anti-cancer Photo Dynamic Compound technology was found to completely destroy subcutaneous (under the skin) colon cancer tumours in a mouse model. Four weeks post treatment the mice continue to be cancer free. Theralase Technologies stock popped 20% to 38.5 cents.
And, Scorpio Mining (TSX: T.SPM, Stock Forum) late Tuesday reported that 2011 net earnings decreased 59% to $12.6 million, or seven cents per share, compared with net earnings of $30.7 million, or 18 cents per share, for 2010. Revenue from metal payable, though, increased 67% to $70.3 million in 2011 compared to $42.2 million in 2010. The company added that net earnings for 2010 included a $20.2 million gain on dilution and deconsolidation of Scorpio Gold Corporation and a $9.9 million deferred income tax recovery adjustment. Scorpio Mining shares fell 22% to $1.39 on Wednesday.
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