MICROCAP MOVERS FOR FRIDAY NOVEMBER 25, 2011
Below are highlights from Benzinga's daily coverage of microcap securities. Benzinga provides comprehensive, objective, and conflict-free coverage of the microcap sector in real-time at BenzingaSmallCap.com.
Pozen (NASDAQ: POZN), the Chapel Hill, NC pharmaceutical company specializing in the development of pain medication, reported in an 8-K filing on Wednesday they had entered into a Purchase and Sale Agreement with CPPIB Credit Investments.
Under the Agreement, the Company received a purchase price of $75 million and will receive a twenty percent (20%) interest in any Royalties (as defined in the Agreement) received by CII relating to the period commencing on April 1, 2018. The Agreement also grants CII (i) the right to receive certain reports relating to the Royalty Entitlement, and (ii) certain audit rights relating to the Royalty Entitlement.
Pozen shares traded at 11 times the average daily volume Friday, in a range of $3.35 to $3.72 and ended the day at $3.62, a gain of 44% for the day.
Shares of Royale Energy (NASDAQ: ROYL), the San Diego, CA based independent oil and natural gas producer focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains, rose 20% Friday on 8 times the average daily volume, after the Paragon Report published positive research on the company.
Earlier this week, Royale shares rose sharply when the company announced two natural gas discoveries in its core area, the Royale Jewel and the Royale Bristol.
Royale Energy traded Friday in a range of $4.26 to $4.86 and closed at $4.64.
Benzinga attempted to contact the company, but telephones have been disconnected.
Evergreen Energy (NYSE: EEE) the Denver, CO clean coal technology company, rose 50% Friday on 17 times the average daily volume. Evergreen shares had lost about 75% of their value over the past 2 weeks before today's move.
On Wednesday, Evergreen announced that an unsolicited offer from Stanhill Capital Partners for its K-Fuel process and technology business had been withdrawn and all further discussions regarding such a purchase had been terminated. The offer had been announced on October 4, 2011.
Shares of Evergreen Energy traded Friday in a range of $0.14 to $0.23 and closed at $0.21.
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