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.

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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.

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

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