While an unsolicited takeover bid boosted a small miner Friday
Stockhouse Canadian Small and Micro-cap Stock Report for Friday, February 3, 2012
TORONTO (SHfn) – Iona Energy (TSX: V.INA, Stock Forum) shares climbed 13% to 52 cents on volume of more than 4.5 million shares Friday after the oil and gas producer/explorer reported that its UK Subsidiary, Iona Energy Company (UK) Limited, has signed a binding sale and purchase agreement to be completed by March 31, 2012, for the acquisition from Centrica Venture Production Company (VPC) of a 58.73% interest in Block 13/21a containing the West Wick Oil Field in the United Kingdom's North Sea. Iona paid to Centrica a holding deposit of US$3.15 million, and on completion will pay to VPC a sum of US$5 million.
As well, shares of Magma Metals (TSX: T.MMW, Stock Forum) added 77% at 15 cents on more than 2.8 million shares traded as the junior miner noted that Panoramic Resources announced its intention to make an unsolicited conditional offer to acquire all of the Magma shares it does not currently own. The proposed offer consideration is two Panoramic shares for every 17 Magma shares held, which according to Panoramic's announcement implies a value of 14.94 Australian cents per Magma share.
Copper Fox Metals (TSX: V.CUU, Stock Forum), meanwhile, reported further assay results from four diamond drill holes completed for geotechnical purposes as part of the 2011 drill program and recently completed metallurgical test work on the Paramount zone of the Schaft Creek deposit in British Columbia, which included 0.96% copper equivalent over an interval of 110.8 metres starting at a core length of 10.2 metres. Copper Fox stock popped 12% to $1.54 on volume of more than 1.3 million shares.
And, Xebec Adsorption (TSX: T.XBC, Stock Forum) Friday said it had entered into a letter of intent with a multinational company exploring strategic alternatives pertaining to the monetization of its intellectual property portfolio, including the patents and patent applications relating to its gas separation technology. Xebec shares surged 42% to 27 cents.
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