Goldrock Mines Corp. (CVE:GRM), a gold penny stock, surges after agreeing to be acquired by Fortuna Silver Mines Inc. (TSE:FVI)
Sean Mason | June 8, 2016 | SmallCapPower
A gold penny stock surged following an acquisition agreement Wednesday, while time is running out for a tiny oil play. Here’s some small stocks making big moves on Wednesday, June 8, 2016 (as of 4 pm EST):
Gold penny stock Goldrock Mines Corp. (CVE:GRM) soared 52% to $1.02 on Wednesday after announcing that it has agreed to be acquired by Fortuna Silver Mines Inc. (TSE:FVI) in an all-stock transaction valued at approximately C$129 million. Goldrock shareholders will receive 0.1331 of a Fortuna common share for each Goldrock share held. Goldrock’s principal asset is the 100% owned Lindero Project in Argentina, an open pit, heap leach gold project with a completed 2016 feasibility study and environmental permit.
As well, shares of Twin Butte Energy Ltd. (TSE:TBE) plunged 53% to $0.045 as the oil producer said its bank syndicate has not extended the maturity date of the Company’s $85 million non-revolving credit facility and has not extended the expiry of the revolving period of its $140 million revolving credit facility past June 7, 2016, meaning that the lenders will be entitled to make a demand for the full repayment of the amounts owing.
Striker Exploration Corp. (CVE:SKX), meanwhile, reported that it has agreed to be acquired by Gear Energy Ltd. (TSE:GXE) in an all-stock transaction valued at about $63.7 million. Striker shareholders will receive 2.325 Gear common shares for each Striker share held. Striker Exploration stock moved up 12% to $1.55 following the announcement.
Finally, Horizonte Minerals Plc (TSE:HZM) shares rose 14% to $0.04 after the nickel project developer announced that it has been granted a Preliminary Environmental Licence, for the mining and beneficiation plant to produce ferronickel, for its Araguaia Nickel Project in Brazil.
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