Alix Resources (V.AIX) up 16.7% on acquisition: Canadian market movers

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| November 7, 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 Santonia Energy Inc. (TSX: T.STE, Stock Forum). It fell 11.5% and was trading at $1.77 on volume of 4.4 million shares.
 
Today, the oil and natural gas company provided a summary of its financial and operating results for the third quarter, ended Sept. 30, 2013. According to the press release, average third quarter production was 4,441 barrels per day per day, (25% oil and natural gas liquids), a 4.0% increase over the preceding quarter. Furthermore, funds generated from operations of $5.0 million ($4.5 million after deducting interest expense) were 17% higher than the preceding second quarter resulting in an operating netback of $16.97 per barrel.
 
Eastern Platinum Ltd. (TSX: T.ELR, Stock Forum) was the second most active stock on the TSX. The stock was up 16.7% and trading at $0.07 on volume of 3.9 million.

The platinum group metals producer had no related news to explain the high volume in trading.
 
Zodiac Exploration Inc. (TSX: V.ZEX, Stock Forum) was the volume leader on the TSX Venture Exchange. It rose 18.2% and was trading at $0.065 on volume of 2.7 million after receiving positive coverage at AU-Wire.
 
On October 9, the oil and gas company announced that it had entered into a definitive agreement with Muskwa Resources Ltd. whereby Zodiac has agreed, subject to certain conditions, to acquire all of the issued and outstanding common shares of Muskwa.  Muskwa is a private oil and gas company incorporated in 2008 with approximately 54,240 acres of land in central Alberta, primarily in the Duvernay and Nordegg formations, and pending asset acquisitions in Montana. The acquisition is expected to be completed by way of an amalgamation and closing is expected to occur on or prior to Nov. 30, 2013.  
 
The second most active stock on the TSX Venture was Alix Resources Corp. (TSX: V.AIX, Stock Forum) It gained 16.7% and was trading at $0.035 after 1.5 million shares changed hands.

Today, the mineral exploration company announced that it has acquired the Windy tungsten deposit, located 15 kilometers north of Cassiar in British Columbia. The Windy property has seen several separate massive sulfide, molybdenite and tungsten exploration programs over the years that include reports of 0.70% tungsten trioxide in surface sampling and historic drilling that intersected 0.49% tungsten trioxide over 16.7 meters and 0.57% tungsten trioxide over 4.7 meters in two diamond drill holes.

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

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