Resource Penny Stock Africo Resources Ltd. (TSE:ARL) receives a takeover offer from majority shareholder Camrose Resources Limited
Sean Mason | May 13, 2016 | SmallCapPower
A generous takeover agreement was good news for shareholders of one resource penny stock Friday, while shares of a gold miner continued to get tarnished. Here’s some small stocks making big moves on Friday, May 13, 2016 (as of 4 pm EST):
Africo Resources Ltd. (TSE:ARL) shares powered 102% higher to $0.94 on Friday after the mineral exploration company announced that its 63.66% owned shareholder, Camrose Resources Limited, has proposed to take the Company private for a cash consideration of $1.00 per share.
As well, shares of another resource penny stock Aureus Mining Inc. (TSE:AUE) sank 18% to $0.07 as the West African gold producer said its all-in sustaining cash costs for Q1 came in at US$1,153 per ounce sold post commercial production. The Company added that it is developing a start-up plan to recommence processing as soon as possible following the temporary suspension of activities on May 7, 2016.
Sirius XM Canada (TSE:XSR), meanwhile, reported that SiriusXM Holdings Inc, its biggest shareholder, along with two of its top Canadian shareholders will take the satellite radio service private in a transaction valued at C$472 million. Sirius XM Canada’s shareholders will receive C$4.50 per share in cash or SiriusXM Holdings stock for each share they own. Sirius XM Canada stock moved up 8% to $4.57 following the announcement.
Finally, Renaissance Oil Corp. (CVE:ROE) shares climbed 10% to $0.11 as the oil and gas explorer/developer announced that it has executed 25-year license contracts with the Comisión Nacional de Hidrocarburos for the Mundo Nuevo, Topén and Malva blocks, located in Mexico, which were awarded to the Company in the December 2015 “mature fields” auction. Renaissance added that it has now entered into a 90-day transition period where the operations of these permits, collectively producing approximately 700 Bbls/day, will be transferred from Petróleos Mexicanos to the Company.
Hi, did you know SmallCapPower accepts blog submissions? You can contact me here
DISCLAIMER
The Content contained on this page (including any facts, views, opinions, recommendations, description of, or references to, products or securities) made available by SmallCapPower/Ubika Research is for information purposes only and is not tailored to the needs or circumstances of any particular person. Any mention of a particular security is merely a general discussion of the merits and risks associated there with and is not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, or sponsorship of any entity or security by SmallCapPower/Ubika Research. The Reader should apply his/her own judgment in making any use of any Content, including, without limitation, the use of any information contained therein as the basis for any conclusions. The Reader bears responsibility for his/her own investment research and decisions. Before making any investment decision, it is strongly recommended that you seek outside advice from a qualified investment advisor. SmallCapPower/Ubika Research does not provide or guarantee any financial, legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security, or information source.
