Speculators gushed over an oil shale exploration agreement Wednesday, while a diagnostics stock popped on a patent ruling.
Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, July 16, 2008
TORONTO (SHfn) - Speculators gushed over an oil shale exploration agreement Wednesday, while a diagnostics stock popped on a patent ruling.
Noble Metal Group (TSX: V.NMG, Stock Forum) shares as much as 36% before closing up 12% to 32.5 cents on Wednesday after the micro-cap explorer reported that its subsidiary, Noble Hydrocarbons Alta Ltd., has entered into an exploration agreement with Cougar Minerals for the exploration of Noble's 37,980 hectares of oil shale exploration permitted lands near Hudson Bay, Saskatchewan. The exploration agreement with Cougar provides it with an option to earn a 25% interest in any non-hydrocarbon discovery made in the permitted lands in return for an initial investment in exploration expenses of up to $550,000.
As well, shares of MedMira (TSX: V.MIR, Stock Forum) skyrocketed 146% to 27 cents as the rapid diagnostics developer said it has received a Notice of Allowance from the United States Patent and Trademark Office for its rapid flow-through test methodology, the technology platform its rapid tests are built on. The test can be used as an aid to diagnose one or multiple diseases using one test device and a single drop of blood.
MedX Health (TSX: V.MDX,, Stock Forum), meanwhile, announced that it has discontinued its financing relationship with Research Capital, the firm that had begun their second round of financing in May 2008. The low level laser therapy device manufacturer continues to seek funding to help achieve the original goal of expanding its commercialization plans. MedX stock popped 45% to 29 cents.
Shares of Nevoro (TSX: T.NVR, Stock Forum) powered 55% higher to 31 cents after the junior miner said it has acquired, through its indirect wholly-owned subsidiary Aurora Metals USA, the Benbow chromite mine in Montana. The Benbow mine has historical resources totaling 21 million tons averaging 22% Cr2O3 (Chrome Oxide). Chromium is mixed with steel to make it corrosion resistant or harder.
And, MediSolution (TSX: T.MSH, Stock Forum) Wednesday reported that it has entered into an agreement to sell its Health Information Services division to a wholly-owned subsidiary of Healthvision Solutions for $49.5 million in cash. Its shares climbed 26% to 26.5 cents.
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