Wednesday's TSX Top Traders: (ARV), (BB), (EDV), (WCP)
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Visit: Aurizon Mines Ltd.
Point Roberts, WA - March 20, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top traders on the TSX for March 20th, 2013.
Aurizon Mines Ltd., (TSX: ARZ) trading at $4.540 gained $0.060 or 1.34% on a high volume of 15,951,499 shares, making it today's top trader on the TSX.
Alamos Gold Inc dropped its hostile takeover offer for Aurizon Mines Ltd. on Tuesday.
The company said due to a $27.2-million break fee that would be payable to Hecla Mining, which emerged with a white knight offer for Aurizon, its conditions have not been met.
Alamos already own a 16 per cent stake in Aurizon and had made a hostile offer for the rest of the company.
However, Aurizon signed a deal to be bought by Hecla Mining in an agreement valued at $796 million in stock and cash.
Hecla's offer, valued at $4.75 per Aurizon share when it was announced, is 10 cents more than the Alamos Gold bid, valued at $4.65 per share when it was announced. Apart from a nominally higher total value, the $513.6-million maximum cash component offer from Hecla is almost $210 million above the cash cap in the Alamos stock and cash bid.
The Hecla offer also requires approvals from two-thirds of votes cast at a shareholder meeting.
Research In Motion Limited (TSX: BB) continues its upward streak trading at $16.680 the stock moved up $1.260 or 8.17% on a volume of 8,339,436 shares.
Endeavor Mining Corporation (TSX: EDV) trading at $1.550 went down $-0.010 or -0.64% on a volume of 4,246,771 shares.
Endeavour Mining Corporation announced that construction of its Agbaou Gold Mine in Côte d'Ivoire is proceeding on-budget and on-schedule to initial production in Q1 2014. Steel deliveries for the plant have begun and will continue over the next several months, with major concrete pours complete and CIL tank construction in progress.
Whitecap Resources Inc., (TSX:WCP) trading at $9.410 gained $0.260 or 2.84% on a volume of 2,842,845 shares.
Earlier this week Whitecap Resources Inc. and Invicta Energy Corp. were pleased to announce that they have entered into an arrangement agreement providing for the acquisition by Whitecap of all the issued and outstanding common shares of Invicta. Invicta is a light oil-weighted public energy company with its operations immediately offsetting Whitecap's lands and Viking production in the Lucky Hills area of west central Saskatchewan. Under the terms of the Transaction, Invicta shareholders will receive, at their election, for each Invicta share held, either: 0.05891 of a Whitecap common share; or $0.51911 in cash, subject to an aggregate cash maximum of $10.7 million. Whitecap will also assume the net debt of Invicta, estimated at $17.4 million, after accounting for costs, severance and option proceeds associated with the transaction, as at March 31, 2013.
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