Resource Junior Powers Higher on Gold Property Offers

Durango Resources Inc. (TSXV: DGO), a resource junior, climbed after revealing that it has received two offers on its Trove gold property in Quebec

Sean Mason | February 24, 2017 | SmallCapPower

Multiple offers on a gold property was good news for shareholders of a resource junior Friday. Here’s some small stocks making big moves on Friday, February 24, 2017 (as of 4 pm EST):

Durango Resources Inc. (TSXV: DGO) shares jumped 177% to $0.18 on Friday after the resource junior announced that it has received two offers this week on its Trove gold property located in the Windfall Lake district of Quebec.

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As well, shares of Deep-South Resources Inc. (TSXV: DSM) surged 30% to $0.285 as the mineral exploration company said it has agreed to acquire the remaining 70% of Haib Minerals (Pty) Ltd. that it does not own from Teck Namibia Ltd in exchange for, among other things, 13.6 million common shares of Deep-South.

Otis Gold Corp. (TSXV: OOO), meanwhile, reported that Agnico Eagle Mines has agreed to acquire, by way of private placement, 14,420,000 common shares of Otis at a price of $0.35 per share for proceeds of $5,047,000. Upon closing of the transaction, Agnico will own approximately 9.95% of Otis Gold. Otis Gold stock moved up 18% to $0.365 following the announcement.

Finally, Intellipharmaceutics International Inc. (TSX: I) shares gained 21% to $3.40 after the pharmaceutical company announced that it has received final approval from the U.S. Food and Drug Administration for the Company’s abbreviated new drug application for metformin hydrochloride extended release tablets in the 500 mg and 750 mg strengths.

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