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Canadian small/micro-cap weekend roundup

Stockhouse Editorial
0 Comments| November 17, 2012

On Monday, Alpha Minerals (TSX: V.AMWStock Forum) shares climbed 60% to $1.36 after the micro cap explorer and partner Fission Energy (TSX: V.FIS, Stock Forum) reported additional drilling results from the PLS project in Saskatchewan. The companies said one of the two holes intersected approximately 13 metres of strongly anomalous radioactivity over the core interval between 63-76 metres downhole with visible uranium and extensive alteration. Fission Energy shares gained 22% to 62 cents on volume of more than three million shares.   

As well, shares of Queenston Mining (TSX: T.QMIStock Forum) added 15% at $5.75 on more than 4.7 million shares traded after the gold junior agreed to be acquired by Osisko Mining (TSX: T.OSKStock Forum) in a friendly deal valued at $550 million. Queenston shareholders will receive 0.611 of an Osisko share for each common share of Queenston held, implying an offer of $6.00 per share based on Osisko's closing price on the Toronto Stock Exchange on November 9, 2012.  

In Tuesday trading, Nautilus Minerals (TSX: T.NUS, Stock Forum) shares sank 43% to 41 cents on volume of more than 1.9 million shares after the ocean floor mineral explorer said it has decided to preserve its cash position by terminating the construction of the equipment for its Seafloor Production System.  

Also, shares of Romios Gold Resources (TSX: V.RG, Stock Forum) moved up 25% to 15 cents as the micro cap explorer reported results from its diamond drill program at the Ken Zone on the Newmont Lake Project in British Columbia, which included 3.28 metres of 1.39 grams per tonne (g/t) gold, 0.43% copper, 5.34 g/t silver.

Wednesday’s market action saw shares of Petroamerica Oil (TSX: V.PTA, Stock Forum) jump 17% to 27 cents on volume of more than 5.4 million shares after the oil and gas producer/explorer reported the discovery of light oil at La Casona-1 in Colombia. During an 8 hour and 30 minute flow period, the well produced under natural flow conditions light oil at an average rate of approximately 1,200 barrels of oil per day (bopd) with 4.0 MMCFD of gas and a maximum oil rate of 1,288 bopd.

In addition, shares of Prophecy Coal (TSX: T.PCY, Stock Forum) rose 8% to 14 cents as the energy projects developer said it has entered into a Memorandum of Understanding with one of the world's largest power generation groups to jointly develop the company's Chandgana Power Plant project in Mongolia.

On Thursday, Second Wave Petroleum (TSX: T.SCS, Stock Forum) shares fell 30% to 58 cents on volume of more than 3.7 million shares after the oil and gas producer reported that it has reduced its 2012 production guidance due to continued weakness in commodity pricing and production delays.

As well, shares of BioSyent (TSX: V.RX, Stock Forum) shot up 15% to $1.01 as the specialty pharmaceutical firm announced a 60% increase in third-quarter sales to $1,575,598, an all-time quarterly record for the company.

And, in Friday trading, Petroamerica Oil (TSX: V.PTAStock Forum) shares climbed 13% to 30.5 cents on volume of more than 7.5 million shares after the oil and gas producer/explorer reported results of ongoing testing operations at its Las Maracas-5 well in Colombia, which flowed approximately 3,700 barrels of oil per day from the middle Gacheta sand only.

Finally, shares of Finavera Wind Energy (TSX: V.FVR, Stock Forum) gained 31% to 36 cents as the wind farms operator said it is in advanced negotiations with four prospective companies, which will likely result in either a takeover of Finavera or a partnership to advance Finavera’s projects.  The company anticipates the selection of a lead offer and the subsequent announcement of a binding deal in short order. 

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