Small
stocks making big moves on Wednesday, June 24, 2015 (as of 4 pm EST), as
reported by Sean Mason, SmallCapPower.com
Bedrocan Cannabis Corp. (TSXV:
BED) shares surged 30% to $0.86 on volume of more than 4.4 million shares
Wednesday after the pharmaceutical-grade medicinal cannabis producer said it
has agreed to be acquired by Tweed
Marijuana Inc. (TSXV:
TWD) in an all-stock transaction. Bedrocan shareholders will be entitled to
receive 0.4650 common shares of Tweed for each common share of Bedrocan held, for
a total consideration of approximately $61.0 million.
As well,
shares of Transition Therapeutics Inc. (TSX:
TTH) plunged 73% to $2.92 as the biopharmaceutical development company
announced that a Phase 2/3 clinical study of neuropsychiatric drug candidate ELND005
did not meet its primary efficacy endpoint.
New Carolin Gold Corp. (TSXV:
LAD), meanwhile, reported it has negotiated the purchase of a further
30% interest in the Ladner Gold Project in British Columbia, which is being
facilitated through the receiver of Century Mining Corp. New Carolin Gold stock
moved up 8% to $0.065 following the announcement.
Finally,
Redknee Solutions Inc. (TSX:
RKN) shares rose 6% to $4.91 after the provider of real-time monetization
and subscriber management software said it has reached a definitive agreement
to acquire privately-held Orga Systems for a total cash consideration of €38M. Orga
Systems’ 2014 revenue was approximately €60M, with recurring revenue of greater
than 45%. Redknee added that it will fund the acquisition through available
cash on hand.
