Junior Gold Miner Soars on Takeover Agreement

Guyana Goldfields Inc. (TSX:GUY), a junior gold miner, surged after agreeing to be acquired by Silvercorp Metals Inc. (TSX:SVM)

Sean Mason | April 27, 2020 | SmallCapPower

A silver producer made waves Monday after agreeing to acquire a junior gold miner. Here’s some small stocks making big moves on Monday, April 27, 2020 (as of 4 pm EST):

Guyana Goldfields Inc. (TSX:GUY) shares jumped 40% to $0.58 on Monday after the junior gold miner announced that it has agreed to be acquired by Silvercorp Metals Inc. (TSX:SVM). Guyana Goldfields investors will have the option to receive, for each Guyana Goldfields share held, C$0.60 in cash or 0.1195 of a Silvercorp common share.

Win Big With Our Small Cap Picks

 

As well, shares of MAG Silver Corp. (TSX:MAG) climbed 19% to $16.27 as the silver junior said it will receive a C$60 million investment from Eric Sprott via a non-brokered private placement at a price of C$13.25 per common share.

Azimut Exploration Inc. (TSXV:AZM), meanwhile, reported results of an induced polarization (IP) geophysical survey conducted this winter over the eastern part of the 20-kilometre Copperfield Trend on the Pikwa Property in Quebec, which included the identification of a 5.6-kilometre-long series of moderate to strong IP anomalies that crosscuts the entire survey grid. Azimut Exploration stock moved up 9% to $1.58 following the announcement.

Finally, Tetra Bio-Pharma Inc. (TSXV:TBP) shares gained 17% to $0.34 after the cannabinoid-derived drug discovery and development company announced plans to develop PPP003 as potential drug therapy for the battle against COVID-19.

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

Hi, did you know SmallCapPower accepts blog submissions? You can contact me here

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

To read our full disclosure, please click on the button below: