Thompson Creek Metals Company Inc (TSE:TCM) and Royal Gold Inc (NASDAQ:RGLD) were in the spotlight by brokers at Dundee Capital Markets on Wednesday.
Centerra Gold Inc. (CG-T, Not Covered) has reached a deal to acquire Thompson Creek. Dundee called it throwing TCM “a lifeline”. Centerra will acquire all outstanding TCM common shares, and upon closing will redeem all TCM secured and unsecured notes plus accrued and unpaid interest.
As a result, Thompson Creek was lifted to Tender from Sell and no target price, from a target of C$0.20, Dundee said.
Thomson Creek shares gained 14.1% on Wednesday to C$0.73.
Meanwhile, Royal Gold was upgraded to Buy and price taget raised to $85 from $60 by Dundee Capital Markets on Wednesday.
Centerra Gold is operator of the Mount Milligan copper‐gold asset, where Royal Gold owns a stream interest (31% of NAV).
Royal Gold shares closed up 4.6% at $78.25.
Elsewhere, Novadaq Technologies (TSE:NDQ) was reiterated as an Outperform by brokers at Wedbush.
Novadaq announced today that long-time CEO, Arun Menawat, resigned from the company; our conversation with management suggest that today's news was not a reflection of the financial performance in the second quarter or the company's outlook for the remainder of 2016 and that these metrics are on track to meet consensus estimates for the quarter and deliver on full year guidance.
“Dr. Rick Mangat, a co-founder of NVDQ and co-inventor of SPY imaging technology, has assumed the CEO role at the company; importantly, we expect the transition to be seamless given that Dr. Mangat has led the company's commercial infrastructure for the past 1.5 years and was instrumental in transitioning the company toward a more direct sales model approach,” Wedbush said in a note.
Navadaq shares closed down 8.7% at C$11.39.