Twin Butte Energy Ltd. (TSE:TBE), an oil penny stock, slipped after agreeing to be acquired for $0.06 per share
Sean Mason | June 24, 2016 | SmallCapPower
Investors soured on an oil penny stock deal Friday, while a vanadium LOI was generally ignored. Here’s some small stocks making big moves on Friday, June 24, 2016 (as of 4 pm EST):
Oil penny stock Twin Butte Energy Ltd. (TSE:TBE) fell 17% to $0.05 on Friday after announcing that it has agreed to be acquired by Reignwood Resources Holding Pte. Ltd. for a cash consideration of $0.06 per share.
As well, shares of Penn West Petroleum Ltd. (TSE:PWT) eased 3% to $1.76 as the oil and gas producer said it has closed the previously announced sale of all of its Saskatchewan assets for cash consideration of about $975 million.
VanadiumCorp Resource Inc. (CVE:VRB), meanwhile, reported that it has signed a non-binding Letter of Intent with Energy, Science & Technology Corp. to collaborate and explore the business opportunity of near term, low cost production of Vanadium Electrolyte. VanadiumCorp stock dropped 27% to $0.04 following the announcement.
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