Here are the most active stocks on Tuesday mid-morning on the TSX and TSX Venture Exchange.
On Tuesday, the top TSX mover was
Teranga Gold Corp. (
TSX: T.TGZ,
Stock Forum). The stock was up 3.5% and was trading at $0.60 on volume of 23.1 million.
The exploration company had no news to explain the high volume in trading.
Osisko Mining Corp. (
TSX: T.OSK,
Stock Forum) was the second most active stock on the TSX. It slipped 0.2% and was trading at $6.23 on volume of 9.1 million shares.
On January 13, the gold miner responded to
Goldcorp Inc.’s (
TSX: T.G,
Stock Forum) announced intention to offer $2.6 billion to acquire all of the outstanding common shares of Osisko. In a press release, the company stated the Board of Directors of Osisko will consider this announcement as well as any formal offer actually made. Until the corporation completes its review, it will not comment further or speculate as to any future course of action it might take. No formal offer has yet been made.
Pinecrest Energy Inc. (
TSX: V.PRY,
Stock Forum) was the volume leader on the TSX Venture Exchange. It lost 39.7% and was trading at $0.22 on volume of 6.6 million.
Today, the oil and gas junior reported an update to its production guidance for the fourth quarter of 2013, its credit facility and 2014 capital program.
Based on field estimates, average production for the fourth quarter of 2013 was approximately 2,580 barrels of oil per day. Average production for the month of December, based on field estimates, was 2,308 barrels of oil per day, below the company's budget and previous guidance. Current production is estimated to be 2,300 barrels of oil per day.
Furthermore, at Dec. 31, 2013, the company's net debt is anticipated to be approximately $130 million.
Presently, the company plans to spend minimal capital on minor production modifications for the first half of 2014 in an attempt to further arrest declines while continuing to monitor the response of its 22 wells currently under pressure maintenance. Until such time as there is full response from the company's
waterflood initiatives that are not currently exhibiting a response, Pinecrest will apply all of its free cash flow towards reducing its indebtedness.
The second most active stock on the TSX Venture was
Alexandria Minerals Corp. (
TSX: V.AZX,
Stock Forum). It rose 28.6% and was trading at $0.045 after 2.6 million shares changed hands.
Today, the resource junior announced that it has executed and closed a definitive asset purchase agreement and a 2.0% net smelter return royalty (NSR) agreement with
Agnico-Eagle Mines Ltd. (
TSX: T.AEM,
Stock Forum), on Jan. 13, 2014.
Pursuant to the terms of the asset purchase agreement, Alexandria has sold to Agnico the mineral rights to the West Zone gold-copper property comprising 14 mining claims located in Bourlamaque and Louvicourt Townships, Quebec, for $5.0 million cash. Alexandria also retains a 2.0% NSR on the claims, which starts after 210,000 ounces of gold have been produced from the claims.