Gold Junior Soars on Takeover Agreement

Avnel Gold Mining Limited (TSE:AVK), a gold junior, glistered after agreeing to be acquired by Endeavour Mining Corporation

Sean Mason | June 29, 2017 | SmallCapPower

An out of Africa gold acquisition agreement had more than a few speculators drawn to a gold junior Thursday. Here’s some small stocks making big moves on Thursday, June 29, 2017 (as of 4 pm EST):

Avnel Gold Mining Limited (TSX: AVK) shares surged 46% to $0.415 on Thursday after the gold junior announced that it has agreed to be acquired by Endeavour Mining Corporation in an all-stock transaction valued at approximately C$159 million. Avnel shareholders will receive 0.0187 of an Endeavour share for each Avnel share held.

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As well, shares of Alio Gold Inc. (TSX: ALO) slid 21% to $5.85 as the gold miner with operations in Mexico said it has entered into a $50 million bought deal equity financing agreement at a price of C$6.25 per unit.

Ashburton Ventures Inc. (TSXV: ABR), meanwhile, reported that it is moving ahead on commercializing the TransCanada Zeolite Property in British Columbia after it has been advised by ZMM Canada that the Application under the Provincial BC Mines Act Permit has been made to the British Columbia Ministry of Energy Mines. Ashburton Ventures stock moved up 5% to $0.11 following the announcement.

Finally, Lorraine Copper Corp. (TSXV: LLC) shares rose 20% to $0.09 after the mineral exploration company announced that a letter of intent has been signed giving the Company an option to purchase a 100% interest in the Lustdust mineral property in British Columbia.

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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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