Exploration Penny Stock Jumps on Gold Acquisition

Exploration penny stock Rugby Mining Limited (CVE:RUG) purchases Barrick Gold Corporation’s (TSE:ABX) exploration concessions in Colombia

Sean Mason | June 1, 2016 | SmallCapPower

Some exploration penny stock speculators took a shine to a gold portfolio purchase Wednesday, while M&A activity heated up in the oil patch. Here’s some small stocks making big moves on Wednesday, June 1, 2016 (as of 4 pm EST):

RUG logoRugby Mining Limited (CVE:RUG) shares surged 73% to $0.26 on Wednesday after the resource prospect generator announced that it has acquired, through the purchase of a subsidiary of Barrick Gold Corporation, an extensive portfolio of both granted exploration concessions and applications covering approximately 845 square kilometres in Colombia.

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As well, shares of Eagle Energy Inc. (TSE:EGL) slipped 9% to $0.78 as the oil and gas junior said its bankers have required the Company to reduce its monthly dividend from a penny to half a cent.

Hawk Exploration Ltd. (CVE:HWK.A), meanwhile, reported that it has agreed to be acquired by privately-held Kaisen Energy Corp. for $0.08 per share in cash, or a total consideration of approximately $16.1 million, which includes the assumption of Hawk’s debt. Hawk Exploration stock popped 150% to $0.075 following the announcement.

Finally, Rock Energy Inc. (TSE:RE) shares rose 9% to $0.88 after the oil & gas producer announced that it has agreed to be acquired by Raging River Exploration Inc. (TSE:RRX) in an all-stock transaction valued at about $109 million. Rock Energy shareholders will receive 0.082 Raging River common shares for each Rock share held.

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