Gold Junior Glisters on Proposed Acquisition

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Legend Gold Corp. (CVE:LGN), a gold junior, jumped after signing a LOI to be acquired by Altus Strategies Plc

Sean Mason | October 11, 2017 | SmallCapPower

A potential long-distance takeover agreement was good news for many shareholders of a gold junior Wednesday. Here’s some small stocks making big moves on Wednesday, October 11, 2017 (as of 4 pm EST):

Legend Gold Corp. (TSXV:LGN) shares jumped 72% to $0.31 on Wednesday after the gold junior announced that it has agreed to be acquired by Altus Strategies Plc, a UK-based prospect generator listed on AIM, in an all-stock transaction following the signing of a non-binding Letter of Intent. Legend shareholders will receive three Altus Ordinary shares for each Legend share held.

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As well, shares of Capstone Mining Corp. (TSX:CS) slipped 8% to $1.36 as the base metals miner said its third-quarter production totaled 22,000 tonnes of copper, impacted by lower-than-expected output from its Pinto Valley and Minto operations.

Pretium Resources Inc. (TSX:PVG), meanwhile, reported that it produced 82,203 ounces of gold during the third quarter of 2017 at its Brucejack Mine in British Columbia. Pretium Resources stock popped 24% to $15.05 following the announcement.

As well, shares of Rye Patch Gold Corp. (TSXV:RPM) gained 17% to $0.245 as the junior gold miner said third-quarter gold production at its flagship Florida Canyon mine in Nevada increased 13% to 7,982 ounces.

Finally, Kesselrun Resources Ltd. (TSXV:KES) shares climbed 19% to $0.125 after the gold explorer announced that a grab sample assayed 15.7 g/t gold from its 100% owned Huronian Gold Project in northern Ontario.

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

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