Another acquisition in the junior gold space made a few investors happy Monday, while shares of a miner plummeted on a resource update. Here’s some small stocks making big moves on Monday, January 11, 2016 (as of 11:30 am EST):
NioGold Mining Corporation (TSXV: NOX) shares surged 30% to $0.43 on Monday after the junior explorer announced that it has agreed to be acquired by Oban Mining Corporation (TSX: OBM). Under the terms of the Arrangement Agreement, NioGold shareholders will be entitled to receive 0.4167 common shares of Oban in exchange for each NioGold share held.
As well, shares of Rubicon Minerals Corporation (TSX: RMX) plunged 64% to $0.05 on volume of more than 11.9 million shares as the gold miner provided a revised geological model and updated mineral resource statement for the F2 Gold Deposit at the Phoenix Gold Project in the Red Lake gold district in northwestern Ontario, which showed a significant decreased in the tonnes, grade, and ounces in the F2 Gold Deposit. The revised model suggests that more exploration is required at depth and along strike in order to develop an economic mining operation at the Phoenix.
The Intertain Group Limited (TSX: IT), meanwhile, reported that it expects to exceed its previously-announced guidance for its fiscal year ending December 31, 2015. Intertain Group stock moved up 4% to $9.56 following the announcement.
Finally, Vena Resources Inc. (TSX: VEM) shares gained 50% to $0.03 after the resource projects developer announced that the Superior Court of Lima, Peru has declared null and void in part, the arbitral decision, and specifically, the portion of the decision that had ordered the joint and several payment by the Company, Vena Perú S.A. and Azulcochamining S.A. to Empresa Minera Los Quenuales S.A. of US$2,342,092.51.
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