Speculators took a shine to gold drill results Monday, while a takeover bid boosted a small miner.
Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 15, 2008
TORONTO (SHfn) - Speculators took a shine to gold drill results Monday, while a takeover bid boosted a small miner.
Eagle Plains Resources (TSX: V.EPL, Stock Forum) shares climbed 38% to 11 cents on Monday after the micro cap explorer has recently been notified by option partner Mountain Capital (TSX: V.MCI, Stock Forum) that final results have been received from an 11-hole, 1,390 metre diamond drilling program completed on the Kalum property near Terrace, British Columbia, which included 10.55 metres grading 0.973 grams per tonne (g/t) gold.
As well, shares of Gold Reserve (TSX: T.GRZ, Stock Forum) shot up 62% to 73 cents as the company said that Rusoro Mining (TSX: V.RML, Stock Forum) is making a take-over bid for Gold Reserve, offering Gold Reserve shareholders and equity unit holders three Rusoro common shares for each Gold Reserve Class A common share and each Gold Reserve equity unit. The offer values Gold Reserve at $1.08 per each Class A common share and each equity unit.
Advanced Explorations (TSX: V.AXI, Stock Forum) shares powered 13% higher to 8.5 cents after the junior miner reported the completion of the first tranche of the private placement previously announced on December 3, 2008. A total of 15,999,909 units at a price of 11 cents per unit were sold for gross proceeds of $1,759,989.99.
Allen-Vanguard (TSX: T.VRS, Stock Forum), meanwhile, announced that it has been awarded a contract from General Dynamics Land Systems-Canada to provide the Commander Blast Seat for the Stryker vehicle. The contract is for a quantity of 2,178 seats at a value of about $15.3 million, with first deliveries to begin in the second quarter of the company's fiscal 2009 year. Allen-Vanguard stock popped 21% to 34.5 cents.
Shares of Intrepid Mines (TSX: T.IAU, Stock Forum) surged 50% to 15 cents after the Australia-based miner announced that Paulsens, its Western Australian gold mine, has delivered the final ounces to Westpac under existing hedge arrangements.
And, Prestige Telecom (TSX: V.PR, Stock Forum) Monday reported that Novare Holding, an arm's length private company controlled by Guy Laliberte, President of the Major Investor and founder of the largest private entertainment producer in Canada, will be the major investor in its previously announced private placement offering of up to 28 million common shares at a price of 25 cents per share for aggregate gross proceeds of up to $7 million. Its shares surged 62% to 30 cents.
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