Surge Energy up after acquisition: Canadian market movers

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| July 4, 2013


Here are the most active stocks on Thursday mid-morning on the TSX and TSX Venture Exchange.

On Thursday, the top TSX mover was Surge Energy Inc. (TSX: T.SGY). The stock rose 3% and was trading at $5.50 on volume of six million.

On July 3, the oil and gas company closed a $240 million acquisition of an elite, operated, crude oil producing asset in the southwest area of Saskatchewan, with original oil in place of over 250 million barrels and a recovery factor of less than 1.5%.

TORC Oil & Gas Ltd. (TSX: T.TOG) was the second most active stock on the TSX. It climbed 5.9% and was trading at $1.61 on volume of 1.5 million shares.

The exploration, development and production \company had no related news to explain the high volume in trading.
Donner Metals Ltd. (TSX: V.DON) was the volume leader on the TSX Venture Exchange. It fell 30% and was trading at $0.035 on volume of 1.7 million.

On June 24, the zinc and copper miner reported that it had entered into an agreement with Secutor Capital Management Corp. and Marquest Capital Markets under which the underwriters have agreed to act as agents for a private placement for up to $3.0 million units in the capital of the company at a price of $0.10 per unit, and for up to $1.5 million of flow-through units of the company at a price of $0.115 per flow-through unit.

Donner will use the net proceeds to fund its share of the capital and operating expenditures at the Bracemac-McLeod Mine, for exploration expenditures at its projects in Québec, and for other general corporate and working capital purposes.
The second most active stock on the TSX Venture was Renegade Petroleum Ltd. (TSX: V.RPL). It rose 5.6% and was trading at $1.12 after 1 million shares changed hands.

On June 14, the oil and gas company announced a cash dividend in the amount of $0.019167 per share to be paid on July 15, 2013 to shareholders of record as of June 30, 2013.

Tags: INDUSTRIAL METALS & MINERALS OIL & GAS E&P

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