A bold acquisition attempt boosted shares of an oil and gas junior Tuesday. Here’s some small stocks making big moves on Tuesday, May 22, 2018 (as of 4 pm EST):
Iron Bridge Resources Inc. (TSX:IBR) shares surged 27% to $0.75 on Tuesday after Velvet Energy announced an unsolicited takeover offer for the oil and gas junior valued at $0.75 per share in cash, or an enterprise value of approximately $120 million.
As well, shares of UrtheCast Corp. (TSX:UR) gained 14% to $0.295 as the geospatial and geoanalytics technology provider said it has entered into a binding credit agreement for the previously-announced US$142 million senior secured credit facility with UrtheDaily Funding L.P., the proceeds of which will be used to finance the construction, launch and deployment of six satellites, and for related working capital and general corporate purposes.
Pacton Gold Inc. (TSXV:PAC), meanwhile, reported that it has entered into a binding letter of intent to acquire 100% of the shares in Drummond East Pty Ltd, which holds seven granted tenement licenses, comprising of a total of 1,126 sq km in Australia’s Pilbara gold region. Pacton added that the transaction would make it the third-largest land holder in an area in which Novo Resources has enjoyed some early exploration success. Pacton Gold stock popped 31% to $0.64 following the announcement.
Finally, NxGold Ltd. (TSXV:NXN) shares climbed 61% to $0.29 after the gold explorer announced that it has completed the initial mapping program at its 80%-owned Mt. Roe Gold Project located in the Pilbara Gold Region of Western Australia.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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Iron Bridge Resources Inc. (TSX:IBR) shares surged 27% to $0.75 on Tuesday after Velvet Energy announced an unsolicited takeover offer for the oil and gas junior valued at $0.75 per share in cash, or an enterprise value of approximately $120 million.
