Sean Mason | March 10, 2016 | SmallCapPower
Some speculators gambled on a potential acquisition Thursday, while an energy play weakened on debt concerns. Here’s some small stocks making big moves on Thursday, March 10, 2016 (as of 4 pm EST):
The Intertain Group Limited (TSX: IT) shares jumped 19% to $11.50 on Thursday after the online gaming holding company announced that its fiscal 2015 financial results surpassed its guidance across all metrics. Intertain added that it was considering a sale of the company or one or more business units and had received “many” expressions of interest.
As well, shares of Penn West Petroleum Ltd. (TSX: PWT) slipped 13% to $1.38 as the conventional oil and natural gas producer said its fiscal 2015 funds flow from operations slid 75% to $237 million. The Company also anticipates breaching debt covenants by the end of the second quarter.
Jemi Fibre Corp. (TSXV: JFI), meanwhile, reported that it has agreed to be acquired by CanWel Building Materials Group Ltd. (TSX: CWX) in an all-stock transaction, in which Jemi Fibre investors will receive one CanWel share for every 31.13 Jemi Fibre shares held. Jemi Fibre stock moved up 14% to $0.125 following the announcement.
Finally, Lake Shore Gold Corp. (TSX: LSG) shares rose 9% to $1.99 after the gold miner announced a resource update for its Timmins West deposit, which showed an increase in its Indicated resource to 903,400 ounces from 694,600 ounces.
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