A takeover battle appears to be brewing for a uranium explorer Thursday, while the same might be said for a gold and a potash play.
Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, July 16, 2009
TORONTO (SHfn) – A takeover battle appears to be brewing for a uranium explorer Thursday, while the same might be said for a gold and a potash play.
Northern Continental Resources (TSX: V.NCR, Stock Forum) shares surged 57% to 29 cents on Thursday after Hathor Exploration (TSX: V.HAT, Stock Forum) said it has made an offer to acquire Northern Continental. Under the terms, Northern Continental shareholders would receive 0.1389 of a Hathor common share for each Northern Continental share, representing a value of 25 cents per share.
As well, shares of Angiotech Pharmaceuticals (TSX: T.ANP, Stock Forum) moved up 30% to $2.10 as the specialty pharmaceutical and medical device firm announced that its corporate partner, Boston Scientific Corporation, has received approval from the U.S. Food and Drug Administration (FDA) to market its TAXUS(R) Liberte (R) Long Paclitaxel-Eluting Coronary Stent System, a drug-eluting stent designed for long lesions.
Athabasca Potash (TSX: T.API, Stock Forum), meanwhile, is considering putting itself up for sale or merger after getting "broadly solicited expressions of interest" from prospective bidders on a strategic alliance to develop the Burr potash mine in Saskatchewan. The potash producer said it has signed confidentiality agreements with a number of interested parties after beginning solicitations for a joint venture to develop Burr in March. Athabasca Potash stock popped 35% to $5.51.
Shares of Fluid Music Canada (TSX: T.FMN, Stock Forum) jumped 18% to 90 cents after the provider of Internet-delivered music and messaging services to the retail and hospitality sectors reported that Planet Fitness, a health club chain, has chosen Fluid Music’s Trusonic to provide it with a custom background music and messaging solution.
And, Randgold Resources (NASDAQ: GOLD, Stock Forum) Thursday announced that it has approached the board of directors of Moto Goldmines (TSX: T.MGL, Stock Forum) regarding a proposed business combination worth C$546 million. Randgold says it has proposed to enter into an arrangement agreement providing for the exchange of each outstanding common share of Moto for the equivalent of C$5.00 per share. Moto shares added 9% at $5.11.
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