Renewable Energy Stock Soars on Takeover Agreement

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Alterra Power Corp. (TSE:AXY), a renewable energy stock, surged after agreeing to be acquired by Innergex Renewable Energy Inc. (TSE:INE)

Sean Mason | October 31, 2017 | SmallCapPower

A big acquisition in the Canadian clean energy space caused a surge in a renewable energy stock Tuesday. Here’s some small stocks making big moves on Tuesday, October 31, 2017 (as of 4 pm EST):

Alterra Power Corp. (TSX:AXY), a renewable energy stock, powered 55% higher to $7.84 on Tuesday after agreeing to be acquired by Innergex Renewable Energy Inc. (TSX:INE) for a total consideration of $1.1 billion, including the assumption of Alterra’s debt. Alterra shareholders will receive $2.06 in cash and 0.4172 of a common share of Innergex for each Alterra Power share held.

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As well, shares of Euro Sun Mining Inc. (TSX:ESM) gained 19% to $1.61 as the junior explorer/developer said Romania’s National Agency for Mineral Resources has acknowledged the importance of Euro Sun’s wholly-owned gold and copper Rovina Valley Project for Romania and indicated their willingness to support the project and work diligently to expedite its development.

Great Lakes Graphite Inc. (TSXV:GLK), meanwhile, reported that it has received a large initial purchase order for 50,000 pounds of micronized natural flake graphite from a new customer, a Fortune 500 corporation. Great Lakes Graphite stock popped 50% to $0.06 following the announcement.

Finally, Liberty One Lithium Corp. (TSXV:LBY) shares rose 14% to $2.24 after the lithium junior announced that drilling has begun at its Pocitos West property in Argentina.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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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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