Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, April 17, 2012
TORONTO (SHfn) – Energy Fuels (TSX: T.EFR, Stock Forum) shares climbed 20% to 30 cents on volume of more than 1.8 million shares Tuesday after the pending uranium producer said it will acquire all of Denison Mines’ (TSX: T.DML, Stock Forum) mining assets and operations located in the United States in exchange for 425,441,494 common shares of Energy Fuels. Denison shareholders will receive approximately 1.106 common shares of EFR for each common share of DML owned and will, in aggregate, own about 66.5% of the issued and outstanding common shares of EFR.
Both companies contend the transaction will create the largest pure-play uranium producer in the United States, with 2012 production forecasts totaling greater than 25% of total U.S. estimated production. The new company is estimated to have Measured and Indicated Resources of 49.8 million lbs of U3O8, plus Inferred Resources of 17.9 million lbs of U3O8. Denison shares shot up 17% to $1.65.
As well, shares of DEQ Systems (TSX: V.DEQ, Stock Forum) continued to move higher Tuesday, up as much as 15% to 34.5 cents. On Monday, DEQ shares gained 15% as the provider of table game bonusing, progressive jackpot and table game linking solutions announced that the Las Vegas Sands Group has added an additional 15 progressive systems for a total of 53 while at the same time connecting the fourth LVS property to Real Link. Real Link is a table game progressive jackpot management system that links and manages multiple casino locations to a single common progressive jackpot.
Pan Orient Energy (TSX: V.POE, Stock Forum), meanwhile, reported results from the L53-D2 Exploration Well in Thailand. The company, based on a preliminary analysis, said it is seeing a trend of decreasing oil gravity from deep to shallow and in some cases increasing water cuts at an early stage, suggesting strong aquifer support. Pan Orient added that production in the second quarter will be heavily impacted by the exact timing of the approval of the L53-D East field production license and environmental approval for the drilling of additional wells. Pan Orient Energy stock dropped 26% to $2.78 on more than 3.6 million shares traded.
And, Rio Alto Mining (TSX: T.RIO, Stock Forum) late Monday announced that its La Arena Gold Mine in Peru poured 55,973 ounces of gold during the first quarter of 2012. Sales of 55,327 ounces at an average realized price per ounce of $1,664 generated cash proceeds of $91.4 million in Q1. Total cash cost per ounce was $651. For 2012, the company expects La Arena to produce 150,000 to 160,000 ounces of gold at a total cash cost of $600 to $650 per ounce. Rio Alto shares added as much as 8% at $4.76 on Tuesday.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here