Precious Metals Explorer Shines on Takeover Deal

Otis Gold Corp. (TSXV:OOO), a precious metals explorer, climbed after agreeing to be acquired by Excellon Resources Inc. (TSX:EXN)

Sean Mason | February 24, 2020 | SmallCapPower

M&A activity in the junior resource sector sparked shares of a precious metals explorer Monday. Here’s some small stocks making big moves on Monday, February 24, 2020 (as of 4 pm EST):

Otis Gold Corp. (TSXV:OOO) shares jumped 20% to $0.15 on Monday after the precious metals explorer agreed to be acquired by Excellon Resources Inc. (TSX:EXN) in an all-stock transaction. Otis shareholders will receive 0.23 Excellon shares for each Otis share held.

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As well, shares of Japan Gold Corp. (TSXV:JG) surged 9% to $0.35 as the junior explorer said it has formed a country-wide alliance with Barrick Gold Corporation to jointly explore, develop and mine certain gold mineral properties and mining projects in Japan. Japan Gold added that it has also acquired six new projects in the northern part of the Southern Kyushu Epithermal Gold Province.

Strad Inc. (TSX:SDY), meanwhile, reported that it has entered into an agreement to go private at a price of C$2.39 per share in cash, or a total consideration of approximately $130 million. Strad stock popped 32% to $2.36 following the announcement.

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

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