Energy Penny Stock Surges on Asset Sale

Energy Penny stock Arsenal Energy Inc. (TSE:AEI) moves up after the company announces the sale of all its oil and natural gas properties in the United States

Sean Mason | May 27, 2016 | SmallCapPower

Property sales gave an energy penny stock a jolt Friday, while a medical play was rocked by financial results. Here’s some small stocks making big moves on Friday, May 27, 2016 (as of 4 pm EST):

AEI logoArsenal Energy Inc. (TSE:AEI) shares powered 33% higher to $1.46 on Friday after the oil and gas producer/explorer announced the sale of all its oil and natural gas properties in the United States for a price of US$34 million. The Company added that it will also sell 250 boe/d of Canadian production for total proceeds of $8.7 million.

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As well, shares of LED Medical Diagnostics Inc. (CVE:LMD) slid 15% to $0.11 as the provider of diagnostic imaging products and software for the dental industry said its first-quarter net revenue fell 12% to $2,153,250, while its net loss for the quarter widened to $2,051,827 from $1,489,924 during the same period last year.

Monarques Gold Corporation (CVE:MQR), meanwhile, reported that it has entered into two private placement agreements with companies controlled by Robert McEwen and Greg Chamandy, at a price of $0.175 per share, for total gross proceeds of $3 million. Monarques Gold stock moved up 45% to $0.275 following the announcement.

In addition, shares of SunOpta Inc. (TSE:SOY) climbed 27% to $6.32 after an activist investor, Tourbillon Capital Partners, send a letter to its Board to push the organic and specialty foods provider to explore strategic alternatives, which could include the sale of the Company.

Finally, Gold Bullion Development Corp. (CVE:GBB) shares rose 17% to $0.14 as the gold junior announced an updated Mineral Resource estimate on its Granada Gold Property in Quebec, which showed 1.8 million Measured & Indicated ounces grading 0.71 g/t gold as well as 1.7 million Inferred ounces grading 0.79 g/t gold, using a cut-off grade of 0.21 g/t gold.

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