Junior Mining Stock Moves Higher on Takeover Bid

Nevsun Resources Ltd. (TSX:NSU), a junior mining stock, climbed after Lundin Mining (TSX:LUN) said it will make a formal takeover offer

Sean Mason | July 17, 2018 | SmallCapPower

An unsolicited acquisition offer sparked interest in a junior mining stock Tuesday. Here’s some small stocks making big moves on Tuesday, July 17, 2018 (as of 4 pm EST):

Nevsun Resources Ltd. (TSX:NSU), a junior mining stock, jumped 13% to $4.76 on Tuesday after Lundin Mining Corporation (TSX:LUN) announced that it intends to make a formal offer to acquire all of the issued and outstanding common shares of Nevsun for C$4.75 per share in cash.

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As well, shares of GoGold Resources Inc. (TSX:GGD) fell 12% to $0.375 as the silver and gold producer said it mined 163,991 ounces of silver and 1,630 ounces of gold for 292,273 silver equivalent ounces at the Parral project in Mexico during the quarter ended June 30, 2018, a 2% decrease from the previous year.

Acceleware Ltd. (TSXV:AXE), meanwhile, reported that it has entered into a commercial test agreement with Prosper Petroleum to perform a commercial-scale test of Acceleware’s RF XL radio frequency heating technology. Acceleware stock moved up 2% to $0.255 following the announcement.

Finally, ATAC Resources Ltd. (TSXV:ATC) shares rose as much as 6% before ending unchanged at $0.52 after the gold junior announced results of the first three holes drilled from the Conrad Deposit located at its Rackla Gold Property in the Yukon, which included 23.59 metres of 9.50 g/t gold.

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

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