Each morning, the exchanges come alive – and finding a company with news to back its movement allows MN1 to bring you updates each morning and afternoon to keep you on top of the small and micro-cap markets. The following companies released news late yesterday evening or early this morning:Shares of InterOil Corp. (AMEX: IOC) (TSX: IOL) jumped $3.09 this morning, up 16 percent to $22.09. The increase comes after Sunday’s announcement that its $130 million secured credit facility was amended, extending the existing 4 percent interest rate until July 31, 2007. With the completion of a shareholder agreement covering the Papua New Guinea liquid natural gas project on or before July 31, the interest rate will remain at 4 percent for the full term of the loan. The company said it has made major progress on closing the project and is close to completing the documentation on a definitive shareholder agreement.
Apollo Gold Corp. (AMEX: AGT) (TSX: APG) shares were up 5 cents, or 14 percent, to 49 cents this morning after the company announced the results of a new Canada National Instrument 43-101 mineral reserve and resource estimate at its Black Fox Project in Canada. The mineral reserve and resource estimate confirmed that the study complies with all N1 43-101 guidelines. The company said the reserves at Black Fox increased to 1 million ounces of gold.
Pro-Pharmaceuticals Inc. (AMEX: PRW) shares are up 6 cents, or 20 percent, to 42 cents this morning. Today the company announced that the Securities Purchase Agreement between the company and investors was terminated after the American Stock Exchange gave notice that the company is not in compliance with certain listing standards. According to the press release the company believes the new proposed pricing would be excessively dilutive and not in the best interest of shareholders – the company is seeking other financing alternatives.