Mariana Resources Ltd. (CVE:MARL), a junior explorer, powered higher after agreeing to be acquired by Sandstorm Gold Ltd. (TSE:SSL)
Sean Mason | April 26, 2017 | SmallCapPower
A steady stream of speculators piled into shares of a junior explorer Wednesday following a takeover agreement. Here’s some small stocks making big moves on Wednesday, April 26, 2017 (as of 4 pm EST):
Mariana Resources Ltd. (TSXV: MARL) shares surged 66% to $1.71 on Wednesday after the junior explorer announced that it has agreed to be acquired by Sandstorm Gold Ltd. (TSX: SSL) in a cash and stock deal. Mariana shareholders will receive 28.75 pence in cash and 0.2573 of a Sandstorm share for each Mariana share held.
As well, shares of Home Capital Group Inc. (TSX: HCG) plunged 65% to $5.99 as the provider of residential and non-residential mortgage lending said its subsidiary, Home Trust, has reached a non-binding agreement in principle with a major institutional investor for a credit line in the amount of $2 billion, after it has seen deposits drop by nearly $600 million in recent weeks.
Scientific Metals Corp. (TSXV: STM), meanwhile, reported that it has launched its 2017 exploration program at the Iron Creek Cobalt Project in Idaho, initially beginning with the rehabilitation of the underground workings. Scientific Metals stock moved up 4% to $1.07 following the announcement.
Finally, Canaccord Genuity Group Inc. (TSX: CF) shares rose 9% to $5.14 after the independent, full-service financial services firm announced that revenue for its fiscal fourth quarter is expected to exceed $260 million, representing an increase of 30% over the average for the first three quarters of fiscal 2017.
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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.
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