Ecuador Gold and Copper Corp. (CVE:EGX) a junior explorer, jumped after agreeing to merge with Odin Mining and Exploration Ltd. (CVE:ODN)
Sean Mason | August 4, 2016 | SmallCapPower
A ‘golden’ agreement to combine forces lifted the shares of one junior explorer Thursday. Here’s some small stocks making big moves on Thursday, August 4, 2016 (as of 4 pm EST):
Ecuador Gold and Copper Corp. (CVE:EGX) shares powered 79% higher to $0.59 on Thursday after the junior explorer announced that it has agreed to merge with Odin Mining and Exploration Ltd. (CVE:ODN) in an all-stock transaction in which EGX’s existing shareholders would own 35% of the newly-merged entity.
As well, shares of Primero Mining Corp. (TSE:P) fell 19% to $2.34 as the gold miner said production at its San Dimas mine was impacted by lower than planned grades as well as unexpected labour disruptions in July, the result of which being that Primero has reduced its 2016 production guidance to between 195,000 and 215,000 gold equivalent ounces.
American Manganese Inc. (CVE:AMY), meanwhile, reported that it has received the first progress report from 10 reductive leach tests that were conducted with a range of conditions using AMI’s proprietary process. Extractions of 100% for both lithium and cobalt were achieved from cathode powders used for lithium ion batteries. American Manganese stock moved up 233% to $0.10 following the announcement.
Finally, Mitel (TSE:MNW) shares gained 10% to $10.65 after the provider of real-time business, Cloud and mobile communications announced that its second-quarter GAAP revenue rose 11% year-over-year to $307 million, while Adjusted EBITDA for the period increased 43% year-over-year to $46 million.
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