Small
stocks making big moves on Monday, May 11, 2015 (as of 4 pm EST), as
reported by Sean Mason, SmallCapPower.com
Crocodile Gold Corp. (TSX:
CRK) shares jumped 13% to $0.305 on volume of more than 3 million shares
Monday after the junior gold miner announced that it intends to merge with Newmarket Gold Inc. (TSXV:
NGN). Each Crocodile Gold shareholder will receive 1.088 shares of the
newly-merged company, to be called Newmarket Gold Inc., and C$0.042 in cash for
each Crocodile share held. Each Newmarket shareholder will receive one share of
the newly-merged company for each Newmarket share held.
As well,
shares of Tethys Petroleum Limited (TSX:
TPL) slipped 11% to $0.12 as the Central Asia focused oil and gas
producer/explorer said that despite its ongoing strategic review process and
the fact that a number of new parties have expressed interest there can be no
certainty that further funding will be secured or that any strategic
transaction or alternative will be undertaken.
Golden Star Resources (TSX:
GSC), meanwhile, reported the results of a Feasibility Study on the
development of an underground mining operation at its currently operating Wassa
open pit mine in Ghana. Highlights included an Internal Rate of Return of 83% at
$1,200 per ounce gold price, as well as life of mine all-in sustaining costs of
$938 per ounce. Golden Star stock moved up 16% to $0.37 following the announcement.
Finally,
Cordoba
Minerals Corp. (TSXV:
CDB) shares powered 22% higher to $0.22 after the junior explorer announced that High
Power Exploration Inc., a private mineral exploration company indirectly
controlled by Robert Friedland, has agreed to form a partnership with Cordoba. High
Power has agreed to make a strategic investment, via a private placement, in
Cordoba and will have the option to enter into a joint venture with the company
to earn up to a 65% interest in Cordoba’s San Matias Copper-Gold Project in
Colombia. Following the closing of the private placement, High Power will own an
11.0% stake in Cordoba.
