Polaris Materials Corporation (TSE:PLS), a materials stock, soared after agreeing to be acquired by Vulcan Materials Company (NYSE:VMC)
Sean Mason | August 28, 2017 | SmallCapPower
A materials stock powered higher Monday following an ‘out of this world’ takeover premium paid by Vulcan Materials. Here’s some small stocks making big moves on Monday, August 28, 2017 (as of 4 pm EST):
Polaris Materials Corporation (TSX: PLS), a materials stock, soared 181% to $2.70 on Monday after announcing that it has agreed to be acquired by Vulcan Materials Company (NYSE: VMC) for C$2.79 per share in cash.
As well, shares of Diversified Royalty Corp. (TSX: DIV) gained 13% to $2.63 as the multi-royalty corporation said it has acquired the Canadian AIR MILES trademarks and certain related Canadian intellectual property rights from a subsidiary of Aimia Inc. for $53.75 million plus additional contingent consideration of up to $13.75 million. DIV will receive an aggregate royalty, payable quarterly, equal to 1% of gross billings from the AIR MILES Program in Canada.
Bayhorse Silver Inc. (TSXV: BHS), meanwhile, reported assay results from sampling the silver mineralized Sunshine and Big Dog Zones at the Bayhorse Silver Mine in Oregon. Sample results included grades as high as 3,478.92 grams per tonne silver. Bayhorse Silver stock moved up as much as 10% before ending down 3% to $0.195 following the announcement.
Finally, Southern Lithium Corp. (TSXV: SNL) shares rose 3% to $0.155 as the junior explorer announced that it has advanced additional funds in the amount of $300,000 to Millennial Lithium Corp. to continue to further the Phase One exploration program at its Cruz Property in Argentina.
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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.
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