Here are the most active stocks on Monday mid-morning on the TSX and TSX Venture Exchange.
On Monday, the top TSX mover was
Marengo Mining Ltd. (
TSX: T.MRN,
Stock Forum). The stock was up 25% and was trading at $0.025 on volume of 26.3 million.
On October 24, the resource company provided an update on its first results from its recently announced drilling campaign and the status of its financing discussions. The first diamond drill hole of its 2013 campaign targeting the near-surface Dimbi Zone within the Yandera Central Porphyry System at its flagship Yandera Copper-Molybdenum-Gold project in Papua New Guinea has returned 90 metres grading 0.53% copper, 60 parts per million molybdenum, 0.05 grams per tonne gold and 2.5 grams per tonne silver.
In financial news, Marengo has entered into discussions regarding the $10 million loan provided by the Sentient Group, in advance of the Dec. 31, 2013 maturity date for this facility. According to the company, discussions have been positive to date, and we expect to have a further update regarding these discussions in the coming weeks.
Volta Resources Inc. (
TSX: T.VTR,
Stock Forum) was the second most active stock on the TSX. It gained 97.6% and was trading at $0.405 on volume of 19.8 million shares.
Volta was up after
B2Gold Corp. (
TSX: T.BTO,
Stock Forum) announced that the companies have signed a binding letter agreement whereby B2Gold has agreed to acquire all of the outstanding common shares of Volta at an exchange ratio of 0.15 B2Gold shares for each Volta share held, which represents a purchase price of approximately $0.42 per Volta share and a total equity value for Volta of approximately US$63 million based on the fully-diluted in-the-money Volta shares outstanding and a premium of 106% based on each respective company's share price on the Toronto Stock Exchange on October 25, 2013.
Global Cobalt Corp. (
TSX: V.GCO,
Stock Forum) was the volume leader on the TSX Venture Exchange. It soared 80% and was trading at $0.135 on volume of 2.9 million.
On October 22, the strategic metals company announced that it had drilled and logged first core at the Karakul cobalt project in the Altai Republic, Russia. The intent of the program is to validate the historic Soviet resources, expand the mineralized envelope within the area included in the current mine permit, expand the area of known mineralization and to increase the metallurgical understanding of the project. A metallurgical scoping study is also included in the work program. The program is expected to run for approximately six months.
The second most active stock on the TSX Venture was
Madalena Energy Inc. (
TSX: V.MVN,
Stock Forum). It rose 5.6% and was trading at $0.57 after 2.8 million shares changed hands.
On September 30, the oil and gas junior announced the results of a three day production test of its most recent 100% working interest horizontal Ostracod oil well located in the Paddle River area of west-central Alberta. During the three day test, the well flowed at an average rate of 877 barrels per day of 30° API oil and 1.007 million standard cubic feet per day of natural gas for a total of 1,045 barrels of oil equivalent per day (84% Oil).