On Tuesday, the top TSX mover was Caspian Energy Inc. (TSX: T.CEK, Stock Forum). It fell 7.7% and was trading at $0.12 on volume of 22.7 million. On Oct. 17, the Kazakhstan-focused oil and gas exploration company announced the results of an independent technical report to improve well flow rates.
Petaquilla Minerals Ltd. (TSX: T.PTQ, Stock Forum) was the second most active stock on the TSX. It rose 7% and was trading at $0.61 on volume of 4 million shares. The Panama-focused gold company responded to Inmet Mining Corp.’s (TSX: T.IMN, Stock Forum) increased takeover bid. The company said the board was evaluating the offer with the assistance of financial and legal advisors.
Hana Mining Ltd. (TSX: V.HMG, Stock Forum) was the volume leader on the TSX Venture Exchange. The stock rose 75.8% and was trading at $0.80 on volume of 8.8 million. On Oct. 24, the exploration and development company entered an arrangement agreement, whereby privately-held Cupric Canyon Capital LP acquired Hana Mining. Under the arrangement, shareholders of Hana receive $0.82 in cash for each common share of Hana, representing a premium of approximately 88% to the 20-day volume weighted average price.
The second most active stock on the TSX Venture was Enablence Technologies Inc. (TSX: V.ENA, Stock Forum). It soared 200% and was trading at $0.015 after 7.6 million shares changed hands. On Oct. 15, the optical components designer and manufacturer said it had achieved several strategic milestones including the creation of a new joint venture in China and two non-brokered private placements.