On Monday, shares of Forsys Metals (TSX: T.FSY, Stock Forum) shot up 29% to $6 after the emerging uranium producer and George Forrest International Afrique S.P.R.L. (GFI) announced that they have entered into a definitive agreement pursuant to which GFI will effectively acquire, by way of a court-approved plan of arrangement, all of the outstanding common shares of Forsys on the basis of $7 per share in cash for each common share of Forsys, plus the "in the money" amount of any outstanding Forsys options and warrants.
Genoil (TSX: V.GNO, Stock Forum), meanwhile, provided an update on ongoing marketing and financing efforts on its heavy oil and refinery residue upgrading project with Haiyitong in China. The company has recently revised its internal economic model for the entire project to respond to questions that have arisen around the current status of the project. Using current oil crude prices, the internal return on investment (IRR) of this project has improved significantly. Current estimations show the project IRR went to 63%, from 27%. Genoil stock popped 50% to 24 cents.
In Tuesday trading, Rolling Rock Resources (TSX: V.RLL, Stock Forum) shares powered 75% higher to 3.5 cents after the micro cap miner said it has increased its Monument Bay Gold Deposit in Manitoba by 28.3% to 1,212,000 ounces of gold.
As well, shares of Peregrine Diamonds (TSX: T.PGD, Stock Forum) jumped 18% to 39.5 cents as the junior explorer reported the discovery of a 2.01 carat, gem quality, clear colourless octahedron diamond in a 2.28 tonne sample collected from the CH-1 kimberlite during the 2008 summer field season. The CH-1 kimberlite is located on the 9,800 square kilometre Chidliak property on Baffin Island in Nunavut.
Wednesday’s market action saw shares of Daytona Energy (TSX: V.DTE, Stock Forum) climb 43% to five cents after the oil and gas explorer announced that drilling has begun on the first test well on its North Sharon Prospect in Mississippi. This well, the Block T Petroleum Walker #1H, will be drilled vertically to 6,100 feet and evaluated by the use of open hole logging tools. The Selma Chalk will be penetrated at a depth of 4,600 feet, and if gas productive, the well will be drilled horizontally 2,400 feet in the Selma Chalk horizon. Daytona will be paying 9% of the costs to drill and complete the Walker #1H to earn a 25.875% working interest in the project.
Also, shares of Norsemont Mining (TSX: T.NOM, Stock Forum) surged 15% to $1.95 after the junior miner announced that in response to recent unsolicited expressions of interest to acquire the company, the Board of Directors has formed a Special Committee and is in the process of retaining independent financial advisors.
On Thursday, High River Gold Mines (TSX: T.HRG, Stock Forum) shares powered as much as 20% higher before closing up 10% to 11 cents after the micro cap miner said Russia’s ZAO Severstal Resources, the mining division of OAO Severstal, acquired approximately 282.3 million newly-issued common shares of High River Gold for 20 cents a share, or about $56.4 million.
As well, shares of Eagle Rock Exploration (TSX: V.ERX, Stock Forum) soared 62% to 10.5 cents as the oil and gas explorer announced that third-quarter funds flow from operation surged 89% to $3.2 million, or six cents a share, compared with $1.7 million, or four cents a share, during the same period last year.
And, in Friday trading,HudBay Minerals (TSX: T.HBM, Stock Forum) and Lundin Mining (TSX: T.LUN, Stock Forum) reported that they have agreed to a business combination, in which each Lundin common share will be automatically exchanged for 0.3919 HudBay common shares, and Lundin will become a wholly-owned subsidiary of HudBay. HudBay shares plunged 40% to $3.16, while Lundin stock popped 4% to $1.05.
Finally, Amanta Resources (TSX: V.AMH, Stock Forum) reported on the progress being made at its Luang Namtha copper concession, in northern Laos, where initial work by Amanta reconnaissance teams has led to the discovery of “abundant evidence of copper, silver and molybdenum mineralization.” Its shares surged 100% to four cents.
