Gold Explorer Soars on Takeover Agreement

Integra Gold Corp. (CVE:ICG), a gold explorer, glistered after agreeing to be acquired by Eldorado Gold Corporation (TSE:ELD)

Sean Mason | May 15, 2017 | SmallCapPower

M&A activity in the Quebec gold patch may heat up following the acquisition of a gold explorer Monday. Here’s some small stocks making big moves on Monday, May 15, 2017 (as of 4 pm EST):

Integra Gold Corp. (TSXV: ICG) shares surged 41% to $1.13 on Monday after the gold explorer announced that it has agreed to be acquired by Eldorado Gold Corporation for $1.21 per share, which will be paid in cash or a combination of cash and/or Eldorado Gold shares. The total transaction value is approximately C$590 million, inclusive of shares held by Eldorado.

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As well, shares of Nuvo Pharmaceuticals Inc. (TSX: NRI) slipped 2% to $4.30 as the healthcare company said topline results from its multi-centre, randomized, placebo-controlled, double-blind, parallel group trial in patients, with grade I or II ankle sprains failed to meet its primary endpoint.

Alix Resources Corp. (TSXV: AIX), meanwhile, reported that it has begun exploration at its 100%-held White Basin lithium property in Nevada, with sampling on the property returning values as high as 3,762ppm lithium from six composite samples of the Horse Spring Formation. Alix Resources stock moved up 25% to $0.05 following the announcement.

In addition, shares of Questor Technology Inc. (TSXV: QST) powered 25% higher to $0.84 as the cleantech company announced that its first-quarter revenue rose 36% to $3.0 million, while Adjusted EBITDA for the quarter increased to $0.8 million from $0.2 million during the same period last year.

Finally, Ceiba Energy Services Inc. (TSXV: CEB) shares jumped 60% to $0.20 after the provider of specialized services to the energy sector announced that it has agreed to be acquired by SECURE Energy Services Inc. Ceiba shareholders will receive $0.205 for each share, to be paid in cash or by the issuance of 0.02115 of a SECURE common share, at their election.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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