Junior Gold Miner Shines on Takeover Interest

Avesoro Resources Inc. (TSX:ASO), a junior gold miner, jumped after receiving a non-binding takeover expression of interest from its controlling shareholder

Sean Mason | August 20, 2019 | SmallCapPower

A non-binding takeover expression of interest sent shares of a junior gold miner surging Tuesday. Here’s some small stocks making big moves on Tuesday, August 20, 2019 (as of 11:30 am EST):

Avesoro Resources Inc. (TSX:ASO) shares climbed 27% to $1.40 on Tuesday after the junior gold miner announced that it has received a non-binding expression of interest from its controlling shareholder, Avesoro Jersey Limited, to acquire all of the issued and outstanding shares of the Company that it does not already own. Financial terms were not disclosed.

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As well, shares of Aben Resources Ltd. (TSXV:ABN) slid 22% to $0.145 as the gold explorer said it has received analytical results from the first shipment of drill core from the 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. Results included an overall average of 0.12 g/t gold over 500.5 meters in one hole. The Company added that it has expanded the budget for the program and it intends to continue drilling into September.

AirIQ Inc. (TSXV:IQ), meanwhile, reported a 119% increase in its first-quarter revenue and a 121% increase in operating profit compared to the same period last year. The Company is a supplier of wireless asset management services. AirIQ stock moved up 17% to $0.21 following the announcement.

Finally, African Gold Group, Inc. (TSXV:AGG) shares continued to move higher Tuesday, up 23% to $0.45 following a 16% gain on Monday, after the gold junior announced that SENET (Pty) Ltd has been awarded the contract to deliver an updated definitive Feasibility Study for the Kobada Gold Project in Mali. The Company added that the Feasibility Study is expected to be completed by April 2020.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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