Gold Junior Jumps on Takeover Proposal

Cardinal Resources Ltd. (TSX:CDV), a gold junior, after receiving a non-binding acquisition proposal from Nord Gold SE

Sean Mason | March 16, 2020 | SmallCapPower

An unsolicited acquisition bid boosted shares of a gold junior Monday. Here’s some small stocks making big moves on Monday, March 16, 2020 (as of 4 pm EST):

Cardinal Resources Ltd. (TSX:CDV) shares climbed 40% to $0.28 on Monday after the gold junior announced that Nord Gold SE has provided a non-binding indicative and conditional proposal to acquire all of the issued capital of Cardinal that it does not already own for A$0.45775 per share in cash.

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As well, shares of Correvio Pharma Corp. (TSX:CORV) gained 14% to $0.48 as the specialty pharmaceutical company said it has agreed to be acquired by ADVANZ PHARMA Corp. Limited for US$0.42 per share in cash, or a total consideration of approximately US$76 million.

Lattice Biologics Ltd. (TSXV:LBL) stock, meanwhile, continued to move higher Monday, up 20% to $0.09 following a 200% gain on Friday, after reporting that it plans to evaluate its amniotic fluid concentrate, AmnioBoost, which the Company believes has potential for use in the treatment with acute respiratory distress syndrome (ARDS) caused by coronavirus (COVID-19).

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

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