Resource junior up 30% on LOI news

America's largest conventional uranium producer, Energy Fuels Inc. (TSX: T.EFR, Stock Forum) rose 9.7% to 17 cents after signing a letter of intent (LOI) with a Canadian based resource company, Strathmore Minerals Corp. (TSX: T.STM, Stock Forum), who soared 30.6% to 23.5 cents after the LOI news, whereby Energy Fuels would acquire all of the issued and outstanding common shares of Strathmore. Under the terms of the LOI, Strathmore shareholders would receive 1.47 common shares of Energy Fuels for each common share of Strathmore held, resulting in the shareholders of Strathmore owning approximately 21% of the issued and outstanding shares of Energy Fuels. Energy Fuels and Strathmore believe the transaction will position the newly combined Energy Fuels as the premier pure-play U.S. uranium company, supported by significant current uranium production of 1.175 million pounds for its current fiscal year, as well as a robust pipeline of development projects.

Falcon Oil & Gas Ltd. (TSX: V.FO, Stock Forum)was up 7.3% to 22 cents after exploration company announced that it has executed a conditional agreement with Sweetpea Petroleum Pty Ltd, a wholly-owned subsidiary of PetroHunter Energy Corp. (PHUN), to acquire its 50 million shares or 24.22% interest in Falcon Oil & Gas Australia Ltd. (FOGA). FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Falcon currently owns 150 million shares in FOGA representing 72.68% of the issued share capital of FOGA. Upon completion of the agreement, Falcon's shareholding in FOGA will increase to 200 million shares representing 96.90% of the issued share capital.