Market Overview

Benzinga's Microcap Movers for Wednesday May 16, 2012

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Below are highlights from Benzinga's daily coverage of microcap securities making big moves:

Timberline Resources

Shares of Timberline Resources (NYSE: TLR), the Coeur D'Alene, ID mining company, rose 16.90% Tuesday on twice the average daily volume.

Timberline announced Wednesday that it had signed an amended non-binding Letter of Intent to increase its ownership stake in the Butte Highlands Gold Project from 50-percent to 100-percent, acquiring the remaining interest in Butte Highlands JV, LLC from its joint venture partner, Highland Mining as previously announced on April 10, 2012.

The revised terms of the agreement call for Timberline to acquire the remaining 50-percent interest in BHJV in exchange for issuance of shares of the Company's common stock, not to exceed 5% of the common stock issued and outstanding as of the date of closing, along with a Net Smelter Return production royalty of 5% on all production from Butte Highlands, and a future cash payment to Highland Mining of $6 million to be made no later than 2 years subsequent to the commencement of commercial production at Butte Highlands. Consistent with the original agreement, Highland Mining will completely cancel its outstanding loan, including principal and interest, to BHJV for more than $24-million of development costs incurred at the project to-date. The deal is expected to close in the current quarter, subject to standard closing conditions and regulatory approvals, including the approval of the NYSE Amex and the TSX Venture Exchange.

Timberline Resources closed at $0.34 on Wednesday.

Capital Trust

Shares of Capital Trust (NYSE: CT), the New York, NY finance and investment management company focused on the commercial real estate industry, rose 10.70% Tuesday on average volume.

Capital Trust announced Wednesday that its Board of Directors has formed a Special Committee of the Board comprised of independent directors to consider and explore strategic alternatives available to the Company in order to maximize shareholder value. The Special Committee intends to undertake a thorough exploration of the full range of alternatives, including a possible sale of the Company and has retained Evercore Partners to serve as its financial advisor.

No decision has been made to engage in a transaction or transactions resulting from the Special Committee's exploration of strategic alternatives. There can be no assurance that that the Special Committee or the Board will authorize the pursuit of any strategic alternative. Moreover, there can be no assurance with respect to the terms or the timing of any transaction, or whether a transaction will ultimately result at all.

Capital Trust closed at $3.00 on Tuesday.

Enova Systems

Shares of Enova Systems (NYSE: ENA), the Torrance, CA supplier of efficient, environmentally friendly digital power components and systems products, rose 42.86% Tuesday on 8 times the average daily volume.

Enova Systems released its 10-Q on Tuesday. The filing showed a drop of 88% in gross revenues and 69% in gross income for Q1 2012 vs Q1 2011. Shares sold off heavily on Tuesday on the report. Shares had fallen from $0.55 in January to $.07 on Tuesday.

Enova Systems closed at $4.78 on Tuesday.

The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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