Here are the most active stocks on Friday mid-morning on the TSX and TSX Venture Exchange.
On Friday, the top TSX mover was
Colossus Minerals Inc. (
TSX: T.CSI,
Stock Forum). It lost 46.5% and was trading at $0.23 on volume of 12.4 million shares.
Today the exploration company announced that David Massola has been appointed the company's Interim CEO effective today. Massola has over 30 years of experience in the mining industry and has held a broad range of executive and management positions in Canada, Chile and the United States.
Claudio Mancuso resigned as an officer of the company on Nov.15, 2013.
Niko Resources Ltd. (
TSX: T.NKO,
Stock Forum) was the second most active stock on the TSX. The stock was down 50.4% and trading at $1.30 on volume of 5.3 million.
Today, the oil and gas company reported its quarter three results ended Sept. 30, 2013. Net loss for the second quarter of fiscal 2014 was $149 million compared to $59 million for the first quarter of fiscal 2014. In the current quarter, the company recorded $122 million of exploration and evaluation expenses, primarily related to unsuccessful wells in Indonesia, including two wells drilled in the current quarter and the Ajek-1 well drilled in the prior year in the Kofiau Block, and to rig mobilization and standby costs. The company also recorded impairments totaling $21 million in the current quarter related to the relinquishments of the Central Range Shallow and Deep Blocks in Trinidad and the four Cendrawasih Blocks in Indonesia.
In other news, in the second quarter of fiscal 2014, Niko announced a shift in its strategic focus to developing and appraising the assets in the D6 Block in India, while maintaining optionality on the balance of its exploration portfolio. To provide the financial capacity to implement this strategy, the company has signed a non-binding term sheet for up to $340 million of debt financing and signed a letter of intent with Diamond Offshore relating to a settlement of the company's payment obligations and other commitments under drilling contracts for the semisubmersible drilling rigs Ocean Lexington and Ocean Monarch. The settlement agreement is expected to be executed upon completion of negotiations and concurrently with the company's proposed financing.
VentriPoint Diagnostics Ltd. (
TSX: V.VPT,
Stock Forum) was the volume leader on the TSX Venture Exchange. It plummeted 70% and was trading at $0.045 on volume of 5.2 million.
Today, the diagnostic tools creator reported that the FDA has closed its review of the company's 510(K) application for approval of the Ventripoint Medical System (VMS(TM)) for use in Pulmonary Arterial Hypertension (PAH). The FDA has found that despite achieving an average agreement between VMS and MRI results within the allowable 10% mean difference, the substantial equivalency was not sufficiently proven to warrant approval.
The second most active stock on the TSX Venture was
ENTREC Corp. (
TSX: V.ENT,
Stock Forum) It fell 4.1% and was trading at $1.42 after 4.5 million shares changed hands.
On November 14, the heavy lift and heavy haul services company reported that the TSX Venture Exchange has accepted ENTREC's notice of intention to make a normal course issuer bid to purchase for cancellation, from time to time, as ENTREC considers advisable, its issued and outstanding common shares. Pursuant to the bid, ENTREC intends to purchase for cancellation up to a maximum of 8.6 million shares, being equal to 10% of ENTREC's public float.