4:05pm: Copper Mountain Mining shares add to gains late day
Copper Mountain Mining closed up 18% at $2.67, while Cartier Resources gained 7% to $0.145, Willow Biosciences finished 11% higher to $0.10, and Gossan Resources ended up 20% at $0.06.
11:55am: Copper Mountain Mining, Willow Biosciences shares advance sharply
Copper Mountain Mining Corporation (TSX:CMMC) shares jumped 16% to $2.61 on Thursday after the copper miner said it has agreed to be acquired by Hudbay Minerals Inc in an all-stock transaction valued at US$439 million. Copper Mountain shareholders will receive 0.381 of a Hudbay share for each Copper Mountain common share held.
As well, shares of Cartier Resources Inc (TSXV:ECR) climbed 31% to $0.175 as the advanced gold project exploration company revealed results of a Preliminary Economic Assessment (PEA) on the Chimo Mine Project located in Quebec’s Val-d'Or mining camp.
Highlights included an estimated post-tax net present value (NPV), using a 5% discount rate, of C$388 million, an internal rate of return (IRR) of 20.8%, and Capex of C$341 million.
Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF), meanwhile, reported the launch of BioOxi, a bio-oxidation platform technology that is complementary to the company's existing strain engineering and precision fermentation FutureGrown biotechnology platform. Willow Biosciences stock moved up 17% to $0.105 following the announcement.
And, Gossan Resources Limited (TSX-V:GSS) shares rose 20% to $0.06 on Thursday after the mineral exploration and properties development company announced that it has entered into an asset sale and NSR agreement with Grid Metals Corp (TSX-V:GRDM, OTCQB:MSMGF) to transfer 100% interest in Gossan's Bird River Claims for consideration of up to $1.61 million plus a 2% royalty.
Contact Sean at sean@proactiveinvestors.com