Junior Gold Miner Soars on Takeover Bid

Core Gold Inc. (TSXV:CGLD), a junior gold miner, climbed after announcing an all-stock takeover offer from Titan Minerals Ltd.

Sean Mason | October 1, 2019 | SmallCapPower

An all-stock takeover offer from Down Under powered shares of a junior gold miner Tuesday. Here’s some small stocks making big moves on Tuesday, October 1, 2019 (as of 4 pm EST):

Core Gold Inc. (TSXV:CGLD) shares surged 9% to $0.235 on Tuesday after the junior gold miner announced that it has received an unsolicited, all-stock takeover offer from Titan Minerals Ltd. (ASX:TTM), in which Core Gold shareholders would receive 2.5 Titan shares for each Core Gold share held, valued at approximately C$0.422 per Core Gold share. Core Gold is currently mining gold at its Dynasty Goldfield in Ecuador, which has a resource of 2.14 million gold ounces.

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As well, shares of Dorel Industries Inc. (TSX:DII.B) sank 32% to $6.18 as the company that sells juvenile products, bicycles and home products said it has decided to suspend its dividend citing, among other factors, the impact of increased U.S. imposed tariffs.

MacDonald Mines Exploration Ltd. (TSXV:BMK), meanwhile, reported that the multi-element signature of grab samples collected at its Scadding Mine in northern Ontario is likely indicative of an Iron-Oxide-Copper-Gold deposit. MacDonald Mines Exploration stock moved up 29% to $0.135 following the announcement.

Finally, Noble Mineral Exploration Inc. (TSXV:NOB) shares gained 22% to $0.11 after the junior explorer announced its plan to create the Canada Nickel Company, which will own a consolidated 100% interest in the Crawford nickel-cobalt sulphide project. The Company added that it will distribute a significant portion of Noble’s interest in Canada Nickel to Noble shareholders.

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

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