Junior Gold Miner Glisters on Acquisition LOI

Galane Gold Ltd. (CVE:GG), a junior gold miner, continued to climb after signing a LOI to acquire Vantage Goldfields Limited

Sean Mason | May 24, 2017 | SmallCapPower

A potential acquisition out of Africa propelled shares of a junior gold miner Wednesday. Here’s some small stocks making big moves on Wednesday, May 24, 2017 (as of 4 pm EST):

Galane Gold Ltd. (TSXV: GG) shares continued to move higher Wednesday, up 17% to $0.105. On Tuesday, shares of the junior gold miner surged 29% after it announced that it has signed a letter of intent to acquire all of the outstanding shares of Vantage Goldfields Limited, a gold mining company with operations in the Mpumalanga Province of South Africa.

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As well, shares of Oncolytics Biotech Inc. (TSX: ONC) sank 33% to $0.62 as the biotechnology company said it will undertake a public offering of 14.3 million units at a purchase price of $0.70 per unit, for gross proceeds of $10.01 million.

ProMIS Neurosciences (TSX: PMN), meanwhile, reported that it has designated PMN350 – a monoclonal antibody targeting toxic prion-like forms of amyloid-beta oligomers – as the Company’s second lead product for Alzheimer’s disease. ProMIS Neurosciences stock moved up 14% to $0.32 following the announcement.

Finally, Marlin Gold Mining Ltd. (TSXV: MLN) shares rose 10% to $0.79 after the precious metals junior announced drill results from its wholly-owned La Trinidad mine in Mexico, which included 7.57 g/t gold over 63.35 meters.

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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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