Junior Gold Miner Soars on Takeover Agreement

SEMAFO Inc. (TSX:SMF), a junior gold miner, powered higher after agreeing to be acquired by Endeavour Mining Corporation (TSX:EDV)

Sean Mason | March 23, 2020 | SmallCapPower

M&A activity in the gold sector sent shares of a junior miner surging Monday. Here’s some small stocks making big moves on Monday, March 23, 2020 (as of 4 pm EST):

SEMAFO Inc. (TSX:SMF) shares jumped 39% to $2.77 on Monday after the junior gold miner announced that it has agreed to be acquired by Endeavour Mining Corporation (TSX:EDV) in an all-stock transaction valued at approximately C$1.0 billion. SEMAFO shareholders will receive 0.1422 of an Endeavour share for each SEMAFO common share held.

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As well, shares of BELLUS Health Inc. (TSX:BLU) gained 19% to $13.93 as the clinical-stage biopharmaceutical company said it has agreed to acquire all of the remaining BLU-5937 and related P2X3 antagonists intellectual property assets from adMare BioInnovations’ NEOMED Institute in consideration for 4.77 million BELLUS Health common shares.

Vanstar Mining Resources (TSXV:VSR), meanwhile, reported that it has acquired 98 additional cells (5,188 hectares) by map designation to be added to the Amanda project in Quebec, for a total of 138 cells with a total area of ​​7,306 hectares. Vanstar Mining stock moved up 12% to $0.65 following the announcement.

Finally, Visionstate Corp. (TSXV:VIS) shares rose 43% to $0.05 after the Company announced that it has shipped its first Internet of Things (IoT) buttons to hospitals in Vancouver. The buttons, called Wanda QuickTouch, send instant alerts to management advising of any cleaning or maintenance issues that may pose risks to the public safety.

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

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