Junior Explorer Powers Up on Acquisition LOI

Colorado Resources Ltd. (TSXV:CXO), a junior explorer, jumped after entering into a non-binding letter of intent to acquire Buckingham Copper Corp

Sean Mason | May 8, 2019 | SmallCapPower

A potential acquisition sparked speculation in shares of a junior explorer Wednesday. Here’s some small stocks making big moves on Wednesday, May 8, 2019 (as of 4 pm EST):

Colorado Resources Ltd. (TSXV:CXO) shares climbed 17% to $0.07 on Wednesday after the junior explorer announced that it has entered into a non-binding letter of intent to acquire Buckingham Copper Corp. in an all-stock transaction. Buckingham Copper shareholders will receive 0.50 of a Colorado share for each Buckingham share held.

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As well, shares of Radius Gold Inc. (TSXV:RDU) slid 12% to $0.27 as the gold junior revealed the progress of its ongoing diamond drill program at the Amalia Gold-Silver Project in Mexico, saying drill hole AMDD19-011 lacks the strong sulphide mineralization associated with drill hole AMDD19-010.

SunOpta Inc. (TSX:SOY), meanwhile, reported first-quarter revenue of US$305.3 million, surpassing the Street consensus estimate by $4.76 million. SunOpta stock moved up 14% to $5.39 following the announcement.

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

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