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Feronia (V.FRN) up 17% on financing news

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| November 8, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 8, 2013 VANCOUVER (SHfn) –

Feronia Inc. (TSX: V. FRN, Stock Forum) rose 16.7% to seven cents after the commercial farmland and plantation operator announced that it has completed the first tranche of a US$25 million financing led by CDC Group plc (CDC), the UK Government's Development Finance Institution (DFI). CDC has acquired 151.5 million common shares of the company at a purchase price of CAD$0.10 per share for an aggregate purchase price of US$14.5 million pursuant to the terms of a subscription agreement entered into with the company.

Also in connection with the financing, the African Agriculture Fund (AAF), which is the company's largest shareholder, acquired 78.4 million common shares through its subsidiary Golden Oil Holdings Ltd. for an aggregate purchase price of $7.5 million. Proceeds from the financing will be used primarily to fund the company's existing and future oil palm replanting program in the Democratic Republic of Congo.

Gabriel Resources Ltd. (TSX: T.GBU, Stock Forum) fell 1.1% to 94 cents as investors assessed the news that the natural resource company will release its third quarter results for the three months to Sept. 30, 2013 after market close on Thursday Nov. 14, 2013.

Amerigo Resources Ltd. (TSX: T.ARG, Stock Forum) lost 2.6% to 38 cents after the copper and molybdenum producer reported results for the quarter ended Sept. 30, 2013. Revenue was $32 million, compared to $44.2 million in third quarter, 2012. Revenues decreased 28% due to lower copper and molybdenum sales volume and lower average metal prices. Cost of sales was $30.2 million, compared to $46.3 million in third quarter, 2012, a decrease of 35% driven by lower production levels and substantially reduced power costs mainly as a result of the change in the company's power contract from a variable to a lower fixed rate. Net profit was $1.0 million, compared to a net loss of $4.2 million in third quarter, 2012. 

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
iSign Media Solutions Inc. (V.ISD, Stock Forum) 37.50%
Etrion Corp. (T.ETX, Stock Forum) 21.43%
Arsenal Energy Inc. (T.AEI, Stock Forum) 13.24%
Pretium Resources Inc. (T.PVG, Stock Forum) 12.82%
Torex Gold Resources Inc. (T.TXG, Stock Forum) 8.70%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Data Group Inc. (T.DGI, Stock Forum) -55.97%
Detour Gold Corp. (T.DGC, Stock Forum) -18.43%
Lorus Therapeutics Inc. (T.LOR, Stock Forum) -11.11%
Atlantic Power Corp. (T.ATP, Stock Forum) -10.13%
Centerra Gold Inc. (T.CG, Stock Forum) -7.73%

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