Here are Canadian small cap stocks moving on news today and worth watching:
Bill Comrie is no longer the largest individual shareholder in The Brick Ltd. , the furniture retail chain he launched in 1968. The Brick last night said it completed a "cashless" exercise of more than 105 million warrants to buy additional common stock. Depending on when they were originally issued, the warrants were exchanged for Brick shares at ratios of either 1-to-0.6397 or 1-to-0.7046, with Toronto-based Fairfax Financial Holdings on the receiving end of nearly 34.5 million shares of new Brick common stock. The additional stock lifted Fairfax's overall stake to 45.5 million shares, or about 37.3% of The Brick's issued stock. Comrie, who owned or controlled about 40% of The Brick prior to the warrant exchange, now holds just over 33 million shares, or 27.1% of the company's outstanding shares, after getting 11.5 million shares from the exercise of his warrants. In all, The Brick issued 67.6 million shares in exchange for the 105 million warrants and increasing the total number of outstanding shares to 122.1 million shares -- diluting existing shareholder positions by more than 55%.
First Uranium Corp appointed a special board committee for a strategic review of the mining company and its capital structure and advise on potential alternatives. The move follows Village Main Reef Ltd, a New Zealand mining company focusing on South African and international opportunities, announcing plans to sell the 26% interest in First Uranium it acquired through its recent buyout of Simmer & Jack Mines Ltd. First Uranium operates an underground mine along with a tailings recovery facility to extract gold from waste materials. Its shares are down roughly two-thirds since the start of the year, taking a big hit in March after the Fukushima nuclear crisis in Japan and again following a small rally in early May that carried the stock as high as $0.85 a share.
China Gold International Resources Corp. Ltd. announced its production results for its Jiama polymetallic mine from January 2011 to June 2011. The company said it produced 9,215,383 pounds of copper and has seen a steady monthly increase since the beginning of 2011. The company said it also produced 2,644 ounces of gold and 333,526 ounces of silver in the six-month period. Highest production of all three metals was achieved in the April to June period.
Typhoon Exploration Inc. announced that it has received the assay results for the first 15 holes of the 2011 exploration campaign on the Fayolle Project, 100%-owned by Typhoon. It said this campaign covers the north-east sector of the property, excluding the Fayolle Deposit. To date, 28,140 metres of drilling were completed on the 2011 campaign, out of a total of 50,000 metres. Drilling results should be revealed shortly, it said.
Thallion Pharmaceuticals Inc. announced today that it has temporarily suspended the screening and enrollment of the high dose cohort of its Phase II SHIGATEC study as a precautionary measure due to a preliminary product out-of-specification finding observed during routine stability testing of its anti-Stx1 monoclonal antibody.
Gulfside Minerals Ltd. has found a potential buyer for its stake in the Onjuul Lignite Project in central Mongolia, with Lucky Strike Resources in line to acquire title to the property in exchange for paying Gulfside a 2% royalty on net production. Gulfside acquired the rights to the Onjuul coal project in August 2009, agreeing to pay $19-million over the next 22 months and issuing 2 million shares of its stock. It later received concessions from the sellers allowing the firm to instead spend on exploration while it also sought additional investments -- money it was unable to secure. Gulfside last year also sold its 5% stake in another Mongolian coal play and is now concentrating on several gold prospects in British Columbia.
Rainy River Resources Ltd. announced assay results from the Rainy River Gold Project in northwest Ontario where the company is completing 170,000 metres of diamond drilling in 2011. It said the Western Area expanded with drill hole NR11750 intersecting 7.6 grams per tonne gold and 26.5 grams per tonne silver over 16.5 metres, including 15.9 g/t gold and 41.1 g/t silver over 4.5 m. In addition, it said zone continuity is improving at 17 East Extension with NR11735 returning 6.9 g/t gold and 112.3 g/t silver over 7.0 m and NR11737 returning 29.4 g/t gold and 124 g/t silver over 1.7 m, at a vertical depth of 554 m.
Canaco Resources Inc. announced new assay results for diamond drill holes at Magambazi on the company's Handeni project in Tanzania. Highlights included 20.3 metres at 6.93 grams per tonne gold from 235.1 metres in hole MGZD203, including 13.3 metres at 8.96 grams per tonne gold, located in the keel position at Magambazi Central (section 60720N). Highlights also included 21.7 metres at 4.70 grams per tonne gold from 67.7 metres in hole MGZD149, including 5.6 metres at 10.59 grams per tonne gold, in the near-surface Magambazi Main Lode position approximately 40 metres up-dip of the discovery hole MGZD001 (section 60440N). The company said this interval continues to highlight the continuity of thick intercepts of mineralization on strike and up dip of the discovery hole, and represents the nearest to surface intercept on this section to date.
Frontier Rare Earths Ltd. announced today that it has signed a heads of agreement with Korea Resources Corp., the Korean government-owned mining and natural resource investment company, to form a strategic partnership designed to accelerate the development of Frontier's Zandkopsdrift rare earth project in South Africa. Under the terms of the agreement, which is non-binding, KORES will acquire up to a 20% interest in the Zandkopsdrift project as well as up to a 10% equity position in Frontier and the right to purchase up to 40% of Zandkopsdrift's rare earth production. The parties expect to sign a binding strategic partnership agreement in the fourth quarter of 2011.
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