An unwanted takeover proposal generated much speculation in a junior mining stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 8, 2018 (as of 4 pm EST):
Nevsun Resources Ltd. (TSX:NSU), a junior mining stock, jumped 17% to $4.46 on Tuesday after its Board rejected an unsolicited joint takeover proposal from Lundin Mining and Euro Sun Mining valued at approximately C$1.5 billion, or C$5.00 per Nevsun share.
As well, shares of Aralez Pharmaceuticals Inc. (TSX:ARZ) plunged 67% to $0.64 as the specialty pharmaceutical company said it has decided on a new strategic direction with a focus on driving organic growth in Canada as well as the discontinuation of the remaining U.S. commercial business.
Northern Graphite Corporation (TSXV:NGC), meanwhile, reported that ongoing metallurgical testing being carried out by SGS Lakefield has identified what the Company calls “a very promising opportunity” to simplify the process plant design and reduce capital and operating costs for the Bissett Creek Project in Ontario. Northern Graphite stock moved up 11% to $0.31 following the announcement.
Finally, Spectra7 Microsystems Inc. (TSX:SEV) shares gained 6% to $0.175 after the provider of analog semiconductor products for the broadband connectivity markets announced that it has discovered a solution for hyperscale and cloud providers, which Spectra7 claims would reduce power consumption by as much as 90% and at half the cost of optical solutions.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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