Woulfe Mining (V.WOF) down 12% on financing news

Stockhouse Editorial
0 Comments| January 27, 2014

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 27, 2014 VANCOUVER (SHfn) –  

CBM Asia Development Corp. (TSX: V.TCF, Stock Forum) climbed 12.5% to 4.5 cents before closing unchanged at four cents as investors assessed the news that Alan T. Charuk has resigned as the President, Chief Executive Officer and Director of the company. The Board of Directors of the company has elected Charles W. Bloomquist, formerly VP of Operations as well as a co-founder and director of CBM Asia, as the new President and Chief Executive Officer.

Renegade Petroleum Ltd. (TSX: V.RPL, Stock Forum) slipped 6.3% to 90 cents after the oil and gas company announced a decisive victory over FrontFour Capital Group LLC. As result, FrontFour has now withdrawn its requisition for a special meeting of shareholders that had been scheduled for Jan. 28, 2014 to meet FrontFour's demands. "On behalf of the board and management, I would like to thank our retail and institutional shareholders for their tremendous, wide-spread support," said Thomas A. Budd, Chairman of the Renegade board of directors. "Despite our numerous attempts to offer FrontFour two board seats in order to settle this wasteful diversion of money, time and resources, this proxy battle has unfortunately cost the company in excess of $1 million…”

Carpathian Gold Inc. (TSX: T.CPN, Stock Forum) lost 7.1% to 6.5 cents. The exploration and development company advises that it has concluded an extended forbearance and amendment agreement with Macquarie Bank Ltd. The agreement provides for a US$10 million increase in the amount of funds made available under Tranche 3 of a project finance facility entered into between Macquarie and the corporation's wholly owned subsidiary Minerção Riacho dos Machados Ltda.

Woulfe Mining Corp. (TSX: V.WOF, Stock Forum) slipped 11.5% to 11.5 cents after the company reported that it has arranged a non-brokered private placement of up to $4.0 million in principal amount of convertible unsecured subordinated debentures at a price of $1,000 per debenture. The company intends to use the net proceeds of the offering for the completion of the proposed $6.0 million work program on the Sangdong project, located in South Korea, as previously announced on Oct. 28, 2013, which will include diamond drilling to better define the ore body on the project, as well as additional work on mine design, mining method selection, metallurgical process design, and much de-risking of other technical aspects of the project.

In other news, the company announces that it has submitted an application to list its common shares on the Canadian Securities Exchange upon completion of the offering.

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Primary Petroleum Corporation (V.PIE, Stock Forum) 19.05%
Allana Potash Corp. (T.AAA, Stock Forum) 7.61%
Denison Mines Corp. (T.DML, Stock Forum) 5.59%
Horizons BetaPro S&P\/TSX Global Gold Bear Plus ETF (T.HGD, Stock Forum) 5.18%
Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (T.HOD, Stock Forum) 2.41%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Cosigo Resources Ltd. (V.CSG, Stock Forum) -41.18%
Tuscany International Drilling Inc. (T.TID, Stock Forum) -40.00%
Dalradian Resources Inc. (T.DNA, Stock Forum) -15.85%
Horizon North Logistics Inc. (T.HNL, Stock Forum) -15.50%
Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (T.HNU, Stock Forum) -10.20%

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