Defense Stock Powers Higher on Takeover Bid

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Pacific Safety Products Inc. (CVE:PSP), a defense stock, jumped after receiving an unsolicited takeover offer

Sean Mason | December 5, 2016 | SmallCapPower

An unsolicited takeover offer pumped up a defense stock Monday. Here’s some small stocks making big moves on Monday, December 5, 2016 (as of 4 pm EST):

Defense stock Pacific Safety Products Inc. (CVE:PSP) surged 22% to $0.25 on Monday after announcing that it has received an unsolicited takeover offer from an affiliate of MKU Limited at a price of $0.25 per share in cash.

As well, shares of Bellatrix Exploration Ltd. (TSE:BXE) climbed 10% to $1.19 as the oil and gas producer/explorer said it has agreed to sell certain non-core assets in the greater Harmattan area of Alberta for $80 million. The transaction is expected to close before December 31, 2016.

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US Oil Sands Inc. (CVE:USO), meanwhile, reported that in order to preserve working capital it has temporarily laid off most Canadian and U.S. employees, yet expects to close a US$7.5 million financing in mid to late December and to bring back employees in early January 2017 to complete the last few commissioning procedures that will lead into commercial production. US Oil Sands stock moved up 25% to $0.025 following the announcement.

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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