Renewable Energy Stock Soars on Takeover Agreement

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.

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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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