A big stock buyback boosted a small miner Friday, while speculators took a shine to a copper investment.
TORONTO (SHfn) – A big stock buyback boosted a small miner Friday, while speculators took a shine to a copper investment.
High Desert Gold (TSX: T.HDG, Stock Forum) shares powered 26% higher to 24 cents on Friday after the micro cap miner reported an issuer bid, pursuant to which the company will offer to purchase for cancellation a maximum of 36 million common shares of the company (about 87.7% of the currently issued and outstanding HDG shares) at a price of 27 cents per HDG Share. The purchase of HDG Shares will be financed from existing cash and will result in a distribution of a substantial majority of HDG's cash. The offer is being made to afford HDG shareholders an opportunity to realize a cash return for all or a portion of their investment in HDG at a premium of 42.1% per HDG Share to the previously announced offer of Northern Financial dated October 30, 2008, of 19 cents per HDG Share.
As well, shares of Frontera Copper (TSX: T.FCC, Stock Forum) shot up 31% to 59 cents as the junior miner acknowledged the recent purchase of a 16% equity interest in the company by Invecture Group, S.A. de C.V., a Mexican registered company. Invecture has announced its intention to seek to acquire additional shares in Frontera to the extent of at least the number of shares that would constitute legal control, provided such shares are available at an acceptable price.
Resin Systems (TSX: T.RS, Stock Forum), meanwhile, announced that it has increased the size of its unit offering announced on November 19, 2008. RS now intends to sell by way of private placement up to 10,000 units of RS at a price of $1,000 per unit for total gross proceeds of up to $10 million. Resin stock popped 12% to 12 cents.
And, Nordic Oil and Gas (TSX: V.NOG, Stock Forum) Friday said third-quarter net cash flow from operating activities (cash received from operators minus cash paid to suppliers and for royalties) totaled $163,894 for the quarter, as compared to $71,110 during the same period a year ago. Average production in Q3 surged 63% to approximately 130 BOE/d. Its shares surged as much as 17% before ending unchanged to six cents
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