Gold Junior Soars on ‘Sweetened’ Takeover Offer

Cardinal Resources Limited (TSX:CDV), a gold junior, jumped after agreeing to be acquired by Shandong Gold Mining

Sean Mason | June 18, 2020 | SmallCapPower

An improved acquisition offer powered shares of a gold junior Thursday. Here’s some small stocks making big moves on Thursday, June 18, 2020 (as of 4 pm EST):

Cardinal Resources Limited (TSX:CDV) shares surged 23% to $0.56 on Thursday after the gold junior announced that it has agreed to be acquired by Shandong Gold Mining (Hong Kong) Co, Ltd. for A$0.60 per share in cash, which CDV’s Board considers to be a superior proposal to Nord Gold SE’s bid of A$0.45775 submitted back in March 2020.

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As well, shares of MediPharm Labs Corp. (TSX:LABS) fell 14% to $1.46 as the cannabis extraction company said its first-quarter 2020 revenue fell 49% from the same quarter a year ago, due to a “reduction in the average selling price of bulk extracts and reduced volumes sold because of a continued muted demand in the Canadian bulk wholesale market.”

Manganese X Energy Corp. (TSXV:MN), meanwhile, reported that its wholly-owned subsidiary, Disruptive Battery Corp., has signed a Partnership Agreement for continental African distribution of an air disinfectant system with Ecor Cleaning (Pty) Limited of South Africa. Manganese X Energy stock moved up 15% to $0.115 following the announcement.

Viemed Healthcare, Inc. (TSX:VMD) shares rose 6% to $15.21 after the home medical equipment supplier announced that its stock is expected to be included in the Russell 3000 Index on June 29, 2020.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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

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