Stockhouse Canadian Small and Micro-cap Stock Report for Monday, May 28, 2012
TORONTO (SHfn) – CGX Energy (TSX: V.OYL, Stock Forum) shares jumped 31% to 42 cents on more than three million shares traded Monday after the oil and gas explorer said it has entered into a definitive subscription agreement in which Pacific Rubiale Energy (TSX: T.PRE, Stock Forum) has subscribed for 85,714,285 units of CGX by way of private placement at a price per unit of 35 cents for an aggregate purchase price of $30 million. Pacific Rubiales will hold approximately 35% of CGX Energy's issued and outstanding common shares on closing of the private placement.
As well, shares of Tigray Resources (TSX: V.TIG, Stock Forum) moved up 15% to 23 cents as the junior explorer reported diamond drill results for eight new holes in the Northern and Central Lenses at the Terakimti volcanogenic massive sulfide copper-gold discovery on its Harvest project in Ethiopia, which included 6.1 metres of 27.2 grams per tonne (g/t) gold, 13.9 metres of 1.9% copper, 18 g/t silver, and 3.6% zinc.
Nuvo Research (TSX: T.NRI , Stock Forum), meanwhile, announced that it has entered into a license and supply agreement granting Paladin Labs (TSX: T.PLB, Stock Forum) exclusive Canadian rights to market and sell Synera, a topical patch that combines lidocaine, tetracaine, and heat. Under the terms of the agreements, Nuvo will receive a double-digit royalty on net sales of Synera in Canada and will supply Synera to Paladin. In addition, Paladin has agreed to loan Nuvo $8.0 million in two equal tranches of $4.0 million each. Nuvo Research stock popped 12% to 10 cents.
| Top Canadian Small/Micro-cap Advancers (as of 1:30 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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