Materials Stock Jumps on New Takeover Offer

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Polaris Materials Corporation (TSE:PLS), a materials stock, surged after receiving a superior takeover offer

Sean Mason | September 22, 2017 | SmallCapPower

A potential bidding war generated much speculation over a materials stock Friday. Here’s some small stocks making big moves on Friday, September 22, 2017 (as of 4 pm EST):

Polaris Materials Corporation (TSX: PLS), a materials stock, powered 30% higher to $3.60 on Friday after announcing that it has received an unsolicited takeover offer from a major U.S. construction materials company listed on a U.S. stock exchange at a price of C$3.40 per share in cash, superior to the C$2.79 per share bid by Vulcan Materials Corporation.

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As well, shares of LeoNovus Inc. (TSXV: LTV) slipped 7% to $0.195 as the cloud solutions software provider said it closed a $1,500,000 financing by way of a non-brokered private placement at a price of C$0.05 per unit, much of the proceeds going its Blockchain initiatives to enhance its “powerful security and compliance solution for bulk and archival data.”

Spectral Medical Inc. (TSX: EDT), meanwhile, reported that, pursuant to the acceptance by the United States Food and Drug Administration (FDA) of its PMA submission for Toraymyxin for filing on July 20, 2017, it has been engaged in an ongoing interactive review process with the FDA. The Company added that it expects to receive more detailed feedback from the FDA on its PMA submission in the fourth quarter of this year. Spectral Medical stock moved up 5% to $0.415 following the announcement.

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Disclosure: Neither the author nor any of the principals at SmallCapPower, or their family members, own shares in any of the companies mentioned above.

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