Here are the most active stocks on Wednesday mid-morning on the TSX and TSX Venture Exchange.
On Wednesday, the top TSX mover was
Angle Energy Inc. (
TSX: T.NGL,
Stock Forum). The stock gained 19.8% and was trading at $3.725 on volume of 18.7 million.
On October 15, Angle announced a business combination with
Bellatrix Exploration Ltd. (
TSX: T.BXE,
Stock Forum), whereby Bellatrix has agreed to acquire all of the issued and outstanding common shares of Angle and all of Angle's issued and outstanding 5.75% convertible unsecured subordinated debentures with a maturity date of Jan. 31, 2016. The total value of the arrangement is approximately $576 million, based on the volume weighted average trading price of Bellatrix for the 10 trading days ending Oct. 11, 2013 of $8.1324 per Bellatrix share.
Bellatrix was the second most active stock on the TSX. It lost 4.7% and was trading at $7.955 on volume of 8.8 million shares.
Nevada Clean Magnesium Inc. (
TSX: V.NVM,
Stock Forum) was the volume leader on the TSX Venture Exchange. It soared 66.7% and was trading at $0.025 on volume of 3.6 million.
On October 15, the magnesium producer announced that the company has entered into a binding letter of agreement with ScanMag AS, a Norway-based industrial minerals company, to form a new joint venture partnership providing for the companies to collaborate on and mutually benefit from the development of their respective high quality dolomite deposits to produce magnesium metal for the North American and European industrial markets.
The second most active stock on the TSX Venture was
Ecuador Gold and Copper Corp. (
TSX: V.EGX,
Stock Forum). It rose 63.6% and was trading at $0.09 after three million shares changed hands.
Today, the exploration and mining company reported that it has completed a new updated mineral resource estimate for the company's Santa Barbara South Zone. As a result, indicated resources at the Condor gold project in Ecuador have increased to approximately 6.4 million ounces of gold with an additional inferred resource of approximately 2.1 million ounces. The new resource calculation at Santa Barbara South Zone incorporated results from 11 additional drill holes completed up to August 31, 2013.