On Monday, Second Wave Petroleum Inc. (TSX: T.SCS, Stock Forum) soared 119% to 28.5 cents after the junior oil and gas company said that it had 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.
TAD Mineral Exploration Inc. (TSX: V.TJ, Stock Forum)climbed 40% to 3.5 cents after the junior resources company announced it had 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.
In Tuesday trading, Brownstone Energy Inc. (TSX: V.BWN, Stock Forum) soared 20% to six cents after the oil and gas company announced that it has agreed to sell its 25% oil and gas participating interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd. (TSX: T.PMG, Stock Forum). Petrominerales will pay Brownstone a total of US$6 million in cash for its 25% private participating interest, subject to customary post-closing price adjustments. The sale is expected to be completed in the next 30 days, subject to the satisfaction of certain closing conditions, including receipt of regulatory and other approvals.
Roxgold Inc. (TSX: V.ROG, Stock Forum) was up 1.9% to 54 cents. The exploration and development company announced results from the ongoing infill drilling program on the 55 Zone, at its 100% owned Yaramoko permit in Burkina Faso. The highlight of the results was over 3.96 meters grading 22.1 grams per tonne gold.
On Wednesday,Ashburton Ventures Inc. (TSX: V.ABR, Stock Forum) climbed 9% to 6 cents after the junior exploration company said it has acquired the right to earn a 100% interest in additional mineral tenures adjacent to the Colorado Resources Ltd. (TSX: T.CXO, Stock Forum) North Rok property located near Iskut, B.C. Colorado Resources recently announced a drill hole intercept over 333 meters averaging 0.5% copper and 0.67 grams per tonne gold, and the new tenure is positioned roughly six kilometers north-northwest along the highway from that discovery.
Banro Corp. (TSX: T.BAA, Stock Forum) climbed 9.5 % to $1.04 after the gold company reported a net income of $6.3 million or $0.03 per share, compared to 3.4 million in the first quarter of 2012, or $0.02 per a share. "We remain focused on reaching a production rate of 225,000 - 240,000 ounces during 2014,” said John Clarke, Interim President and CEO. The company is focused on production from the Twangiza oxide mine and development of three additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo.
On Thursday, GTA Resources and Mining Inc. (TSX: V.GTA, Stock Forum) soared 65% to 19 cents after the mineral exploration company reported the results for the initial five holes completed in its phase four drill program on the Northshore property, located 80 kilometres west of Hemlo in northwest Ontario. The current program commenced in mid-March and is scheduled to include a minimum of 2,500 meters of drilling focused on testing a number of extensions to the Afric gold zone. Highlights from the initial results include intersections over 13.0 metres grading 2.5 grams per tonne gold within a wider zone of43.5 metres of 1.4 grams per tonne gold in hole WB-13-37.
True Gold Mining Inc. (TSX: V.TGM, Stock Forum) climbed 27.8% to 34.5 cents after the gold exploration, development and production company announce that the company has closed the $9.9 million non-brokered private placement with Teck Resources Ltd. (TSX: T.TCK.B, Stock Forum) announced on May 8, 2013. True Gold issued 30,.3 million common shares at a price per share of $0.33 to Teck. Teck now holds 32 million shares, representing approximately 15% of shares outstanding. Proceeds of the placement will be used to accelerate exploration at True Gold's Karma gold project and the Liguidi project in Burkina Faso, West Africa, and for general working capital purposes.
And, in Friday trading, Africa Hydrocarbons Inc. (TSX: V.NFK, Stock Forum) climbed 8% to 13.5 cents after the international oil and gas company announced that it has extended the expiry date of an aggregate of 27.7 million common share purchase warrants originally issued on June 15, 2012. The expiry date of the warrants has been extended from June 15, 2013 to Dec. 15, 2013. The amendments to the warrants are subject to the approval of the TSX Venture Exchange.
SGX Resources Inc. (TSX: V.SXR, Stock Forum) the mineral exploration and development company rose 6.7% to eight cents after announcing that drilling in and around the Tully gold deposit located 25 kilometres north of Timmins continues to identify wide, high-grade veins within and to the east of the main deposit. The highlight was drill holes 13 through 18, which cut seven separate intersections at the eastern extent of the Tully deposit including a new zone of 17.6 metres grading 11.1 grams per tonne gold as well as 7.7 metres of 6.1 grams per tonne gold, less than 250 metres below surface.