Base Metals Junior Soars on Takeover Offer

Arizona Mining Inc. (TSX:AZ), a base metals junior, moved sharply higher after agreeing to be acquired by South32 Limited

Sean Mason | June 18, 2018 | SmallCapPower

A cash-rich acquisition offer powered shares of a base metals junior Monday. Here’s some small stocks making big moves on Monday, June 18, 2018 (as of 4 pm EST):

Arizona Mining Inc. (TSX:AZ) shares surged 49% to $6.14 on Monday after the base metals junior announced that it has agreed to be acquired by South32 Limited for C$6.20 per share in cash, or a total consideration of approximately C$1.8 billion.

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As well, shares of RNC Minerals (TSX:RNX) slipped 17% to $0.12 as the resource junior said it is withdrawing US$12 million of its capital from the Dumont joint venture formed in April 2017 with Waterton Precious Metals Fund II Cayman, LP and Waterton Mining Parallel Fund Onshore Master, LP, which RNC said will avoid significant equity dilution at current price levels and eliminate the majority of its debt payments in 2018.

Pascal Biosciences Inc. (TSXV:PAS), meanwhile, reported that it has made what it calls “significant progress” in its cannabinoid-based research and development program with the University of British Columbia. Pascal has been licensed by the U.S. Drug Enforcement Administration (DEA) to conduct research and development on cannabinoids. Pascal Biosciences stock moved up 40% to $0.47 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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