On Monday, the top TSX mover was Second Wave Petroleum Inc. (TSX: T.SCS, Stock Forum). It soared 119% and was trading at $0.285 on volume of 5.1 million shares.
Today the junior oil and gas company said that it has entered into an agreement with Brookfield Bridge Lending Fund, the company's controlling shareholder, to issue a $17.5 million principal amount 7.5% secured convertible debenture to meet immediate capital requirements, and has also received a non-binding proposal from Brookfield to effect a going private transaction at a cash price of $0.30 per share, representing a significant premium to the current market price.
A special committee of independent directors of the company been formed to consider the going private proposal and direct the company's response.
Penn West Petroleum Ltd. (TSX: T.PWT, Stock Forum) was the second most active stock on the TSX. The stock was up 4.8% and trading at $9.97 on volume of 2.8 million.
Today the conventional oil and natural gas producer said that effective immediately it has added two of the energy industry's most successful and distinguished leaders to its Board of Directors with the appointment of Rick George, as Chairman, and Allan Markin, as Vice-Chairman.
George was instrumental in the building of one of Canada's most successful energy companies, Suncor Energy Inc. (TSX: T.SU, Stock Forum). Markin was prominent in the growth of one of the largest independent energy companies in the world, Canadian Natural Resources Ltd. (TSX: T.CNQ, Stock Forum).
TAD Mineral Exploration Inc. (TSX: V.TJ, Stock Forum) was the volume leader on the TSX Venture Exchange. It was gained 40% and was trading at $0.035 on volume of three million.
Today the junior resources company announced it has acquired approximately 2,165 acres of land prospective for copper and gold near the village of Iskut, British Columbia. This new prospect is in the vicinity of the recent discovery made on Colorado Resources Ltd.'s (TSX: V.CXO, Stock Forum) North Rok Property that retuned grades of 242 metres of 0.63% copper and 0.85% gold.
The second most active stock on the TSX Venture was Redhill Resources Corp. (TSX: V.RHR, Stock Forum). It lost 14.3% and was trading at $0.06 after three million shares changed hands.
The mineral exploration company had no related news to explain the high volume in trading.