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