Small
stocks making big moves on Wednesday, December 3, 2014 (as of 4 pm EST), as
reported by Sean Mason, SmallCapPower.com
Mawson West Limited (TSX: MWE)
shares jumped 13% to $0.045 after the copper and silver-focused resource
company provided updated estimates of Mineral Reserves for its Kapulo Copper
Project in the Democratic Republic of Congo. Highlights included mineral reserves
of 3.942Mt @ 3.65% copper, supporting a 6.3 year mine life, a NPV of US$156
million using a 10% discount rate, and life of mine cash costs of US$1.92/lb.
The company added that the first copper in concentrate production is expected
in Q1 2015.
As well, shares
of Pinetree Capital Ltd. (TSX: PNP)
slid 11% to $0.12 on volume of more than 8.6 million shares as the small cap
merchant banker announced that it is not in compliance with another of the debt
covenants contained in the convertible debenture indenture dated May 17, 2011.
Serengeti Resources Inc. (TSXV: SIR),
meanwhile, said it has recently agreed to the principal business terms of
an arrangement with one of Asia’s largest trading companies, whereby the
Trading Co would acquire 19% of Serengeti through the investment of C$1.2 million
by way of a private placement at a price of $0.10 per share. In consideration
for making this investment, the Trading Co would be granted the right to earn a
30% interest in Serengeti’s Kwanika area resource-stage copper-gold property
and related properties in British Columbia by funding C$7 million in
expenditures on the Kwanika Properties over a period of two years. Serengeti
Resources stock popped 36% to $0.075 following the announcement.
Finally, CRH Medical Corporation (TSX: CRH)
shares continued to move higher Wednesday, gaining 13% to $1.69. On Tuesday,
its stock soared 43% after the North American medical company focused on
providing physicians with products and services for the treatment of
gastrointestinal diseases reported the acquisition of the business, assets and
interests of Gastroenterology Anesthesia Associates, LLC, one of the largest
providers of anesthesiology services to gastroenterologists in the southeastern
United States. CRH will pay US$58.6 million at closing with up to an additional
US$14.6 million payable within 4.5 years based on agreed financial performance
requirements of the acquired business, or a maximum total purchase price of
US$73.2 million.
