Here are the most active stocks on Friday mid-morning on the TSX and TSX Venture Exchange.
On Friday, the top TSX mover was
Medicago Inc. (
TSX: T.MDG). It rose 20.5% and was trading at $1.145 on volume of 22.3 million shares.
Today, the clinical-stage biopharmaceutical company announced that it had entered into a definitive arrangement agreement with Mitsubishi Tanabe Pharma Corp. (MTPC). Under the agreement, MTPC will acquire all of the issued and outstanding common shares of Medicago, other than the shares currently held by Philip Morris Investments B.V., an affiliate of Philip Morris International Inc. (
NYSE: PM), for $1.16 in cash per share. After the transaction is completed, MTPC will hold 60% of Medicago and Philip Morris will hold 40% of Medicago. The purchase price represents a premium of approximately 22.1% to the closing price of $0.95 per share on the TSX on July 11, 2013. The transaction represents a total enterprise value of approximately $357 million.
Surge Energy Inc. (
TSX: T.SGY) was the second most active stock on the TSX. The stock was up 1.6% and trading at $5.71 on volume of 3.5 million.
On July 3, the oil and gas company closed a $240 million acquisition of an elite, operated, crude oil producing asset in the southwest area of Saskatchewan, with original oil in place of over 250 million barrels and a recovery factor of less than 1.5%.
Brookemont Capital Inc. (
TSX: V.BKT) was the volume leader on the TSX Venture Exchange. It climbed 12.5% and was trading at $0.045 on volume of 10.8 million.
Today, the exploration junior announced that upon review of the Geological Survey of Canada and Ontario Department of Mines aeromagnetic airborne data, a significant geophysical magnetic low anomaly is evident on the recently acquired "Albany East" Hydrothermal Graphite prospect in Ontario. The magnetic depression (low) on the company ground similar to the magnetic depression identified in the same survey over the Zenyatta Ventures Ltd. (
TSX: V.ZEN) ground. The magnetic depression outlined on the BKT claims measures over 2.6 kilometres by 1.6 kilometres using the scale on the aeromagnetics map.
The second most active stock on the TSX Venture was
Esperanza Resources Corp. (
TSX: V.EPZ) It soared 34.1% and was trading at $0.885 after 5.2 million shares changed hands.
Today, Alamos Gold Inc. (
TSX: T.AGI) and the mineral exploration and development company announced that they had entered into a definitive agreement pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Esperanza by way of a court-approved plan of arrangement. Esperanza shareholders will receive $0.85 in cash for each common share of Esperanza held, representing a premium of approximately 38% to Esperanza's 30-day volume-weighted average price for the period ending July 11, 2013. The transaction values Esperanza's equity at approximately $69.4 million on a fully diluted in-the-money basis.