Stock movers for the week of July 8, 2013:
On Monday, Donner Metals (
TSX: V.DON) climbed 20% to six cents in mid-morning trading, but was unchanged at five cents after the bell as investors assessed the news that the exploration and development company had amended and restated a metal purchase agreement with Sandstorm Gold Ltd. (
TSX: T.SSL) and an affiliate of Sandstorm to waive the requirement for Donner to sell copper to Sandstorm during the 2013 calendar year. This amendment has been made in order to allow Donner to meet its working capital obligations that arise under the development and operating agreement between Glencore Xstrata plc, a diversified natural resources company, and Donner.
Canadian Zinc Corp. (
TSX: T.CZN) was up 9.7% to 51 cents after the natural resources company announced that the Mackenzie Valley Land and Water Board had completed its regulatory process for the issue to Canadian Zinc of a Type "A" Water license for the company's Prairie Creek mine in the Northwest Territories, Canada and has forwarded the license to the Federal Minister of Aboriginal Affairs and Northern Development Canada with the recommendation that the Minister approve and sign the license. "This Type 'A' Water license is the key regulatory permit needed for the construction, development and operation of the Prairie Creek mine," said Alan B. Taylor, COO and VP of Exploration.
On Tuesday, GoldQuest Mining (
TSX: V.GQC) climbed 19% to 44 cents after the mineral explorer announced assay results from three drill holes, two in-fill and one step-out, at the company's 100% owned Romero Discovery along the Las Tres Palmas trend in the Dominican Republic. The in-fill holes were the first two from a four-hole program at Romero to increase the confidence of the data in advance of any NI 43-101 resource estimate. One of the two in-fill holes, LTP-140, has the longest mineralized intercept of all the drilling at Romero to date, with over 269 metres of gold and copper mineralization.
Donner Metals (
TSX: V.DON) was down 10% to four cents. The stock is reacting to news of the exploration and development company amending the terms of a private placement previously reported on June 24, 2013. Under the amended terms of the private placement, the company may raise up to C$3.0 million through the sale of units in the capital of the company at an amended price of C$0.05 per unit, and up to C$1.5 million through the sale of flow-through units in the capital of the company at an amended price of C$0.06 per flow-through unit. The net proceeds from the sale of the units will be used by Donner to fund its share of the capital and operating expenditures at the Bracemac-McLeod Mine, located in the Abitibi region of Quebec, for exploration expenditures and for other general corporate and working capital purposes.
On Wednesday, Levon Resources Ltd. (
TSX: T.LVN) rose 10.6 % to 26 cents as investors assessed the news that the exploration company had entered into an agreement to purchase a 100% interest in the Aida mining claim, located near Hidalgo Del Parral, Chihuahua, Mexico. Acquisition of the Aida claim consolidates Levon's 100% ownership of all mining claims in the Cordero mining district, and represents a significant step in the company's advancement of the Cordero project. The Cordero project contains 364 million ounces of silver in indicated resources and 91 million ounces of silver in inferred resources, which remains open to expansion.
Polymet Mining (
TSX: T.POM) fell 3.4% to 85 cents after the mine development company said 64.9% of the eligible shares were represented at its Annual General and Special Meeting of Shareholders held on July 9, 2013 in Vancouver, British Columbia and all motions put forward by the company were passed. According to the press release, PolyMet is now well positioned financially while it continues to make solid progress toward completion of permitting. The company anticipates commencing construction of the NorthMet copper-nickel project, located in northeastern Minnesota, in the second half of 2014, with first production by the end of 2015.
In Thursday trading, San Gold Corp. (
TSX: T.SGR) was up 15.8% to 11 cents. The stock is reacting to preliminary results of operations at the exploration and development company’s Rice Lake mining complex in Manitoba, Canada for the quarter ended June 30, 2013. San Gold produced 22,476 ounces of gold in the second quarter, bringing total production for the first six months of the year to 39,830 ounces.
Falcon Oil & Gas Ltd. (
TSX: V.FO) rose 9.5% to 23 cents on Thursday after receiving approval from the shareholders of its subsidiary, Falcon Oil & Gas Australia Ltd. (FOGA), for the acquisition of Sweetpea Petroleum Pty Ltd's 50 million shares, or 24.22% interest in FOGA. Sweetpea is a subsidiary of PetroHunter Energy Corp. (
PHUN). FOGA is the registered holder of four exploration permits covering approximately seven million acres in the Beetaloo Basin, a Proterozoic and Cambrian age tight oil and gas basin. Following the completion of the share purchase, Falcon will own 200 million shares in FOGA representing 96.90% of the issued share capital. The terms of the agreement include a cash consideration of US$3 million, together with the issuance of 97.86 million Falcon shares at $0.20 a unit to Sweetpea, for a total consideration of $22.6 million.
And, on Friday, Esperanza Resources (
TSX: V.EPZ) soared 36% to 90 cents after 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.
Questerre Energy Corp. (
TSX: T.QEC) rose 3.4% to 91 cents after news the oil and gas company had commenced drilling operations on the fifth well targeting the liquids rich-Montney shale in the Kakwa-Resthaven area of Alberta. Questerre holds a 25% working interest in this well. The well is programmed to drill vertically to a measured depth of approximately 3,500 metres prior to drilling a 1,425 metre horizontal leg into the target interval in the Montney formation. Drilling operations will be completed by late September. Subject to completion equipment availability, stimulation and testing is planned shortly thereafter. Questerre expects to participate in the drilling of up to two additional (0.5 net) wells on this joint venture acreage for the remainder of 2013.