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Canadian small/micro-cap roundup

Stockhouse Editorial
0 Comments| July 8, 2013

Stock movers for the week of July 2, 2013:
On Tuesday, Antrim Energy Inc. (TSX: T.AEN) soared 23.5% to 10.5 cents after the international exploration and production company said that the UK Department of Energy and Climate Change (DECC) has agreed to amend the terms of UK Central North Sea License P077 to allow for a revised field development plan for the Fyne Field to be submitted no later than Jan. 31, 2014. DECC's consent to this amendment includes conditions, amongst other things, that the field development plan submission is in its final form, the environmental statement is cleared, Antrim is approved as a production operator, there is satisfactory evidence of project financing, and first production is achieved prior to Nov. 25, 2016.
Solvista Gold (TSX: V.SW) climbed 15% to 23 cents in mid-morning trading, but was unchanged at $0.20 a share after the bell, as investors assessed the news that the exploration company had discovered a third mineralized porphyry system at its Ajiaco Sur target, the third target drilled of six identified targets, within the company's 100% owned Caramanta Porphyry Cluster at its Caramanta project in northwest Colombia. Highlights from the drilling results included 76.9 metres grading 0.69 grams per tonne gold, 3.4% copper and 0.46 parts per million molybdenum.
On Wednesday, Matamec Exploration (TSX: V.MAT) lost 3.5% to 14 cents as investors assessed results of the mining company’s annual and special meeting, held in Montreal, Quebec, on Thursday, June 27, 2013. According to Matamec, shareholders elected each of the company's nominees for director.
Antofagasta Gold Inc. (TSX: V.AN) fell 10% to 45 cents after the exploration company commenced a work program on its recently optioned Pampas El Peñon property. The property consists of seven separate blocks located in northern Chile. With limited near surface exploration, previous owners managed to identify several prospective veins and structures with highly anomalous silver and gold values that remain open along strike and at depth.
In Thursday trading, Questerre Energy Corp. (TSX: T.QEC) rose 13 % to 87 cents after the oil and gas company announced the results of a resource assessment completed on its Montney acreage in the Kakwa-Resthaven area of Alberta. The independent reserve engineers reported a best estimate of 100 million barrels of oil equivalent in prospective resources and 32 million barrels of oil equivalent in economic contingent resources. “We expect that as additional wells are drilled and tested on and adjacent to our lands, the majority of the prospective resources will be reclassified as economically contingent resources and ultimately reserves,” said Michael Binnion, President and Chief Executive Officer.
And, on Friday, Polymet Mining Corp. (TSX: T.POM) rose 5% to 83 cents after the mining company announced the successful completion of its US$60.5 million offering of rights to acquire common shares of PolyMet, which expired at 5:00 PM EST on July 3, 2013. The primary use of funds will include US$17 million for a complete environmental review and permitting of the NorthMet copper-nickel project in northeastern Minnesota along with US$5 million to maintain existing infrastructure, US$10 million for engineering prior to the start of construction and US$10 million for long lead time equipment. polyMet will also use US$9 million for general corporate purposes.
Falcon Oil & Gas Ltd. (TSX: V.FO) climbed 2.4% to 21.5 cents as investors assessed the news that oil and gas company had repaid the full amount outstanding on its Convertible Loan Note of $10.657 million. This repayment means that the company is now completely debt free.

Tags: OIL & GAS E&P

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