Stockhouse Canadian Small and Micro-cap Stock Report for Thursday March 12,, 2009

TORONTO (SHfn) – Shares of a Vancouver-based miner climbed on reports it is being acquired, while a life sciences company jumped on results news.

Silver Wheaton Corp. (TSX: T.SLW, Stock Forum) announced Thursday that it has entered into an agreement to acquire Silverstone Resources Corp. (TSX: V. SST, Stock Forum) in a transaction worth $190 million. Silver Wheaton is set to acquire all of the outstanding common shares of Silverstone, exchanging 0.185 common shares of Silver Wheaton for each common share of Silverstone. The transaction values Silverstone at $1.47 per common share. Shares of Silverstone Resources jumped 16% to $1.45.

Chariot Resources (TSX: T.CHD, Stock Forum) was up 20.8% to 14.5 cents following news that its board of directors has adopted a shareholder rights plan. Chariot notes that the Plan has been adopted to prevent any “creeping take-over” of the company and preserve its ability to obtain the best value for all shareholders in connection with any change of control transaction. Chariot says it is not currently aware of any specific or pending take-over bid.

Shares of life sciences company Warnex Inc. (TSX: T.WNX, Stock Forum) jumped 13% to 8.5 cents Thursday afternoon, after the company announced financial results for the fourth quarter and year after Wednesday’s market close. Highlights include revenues of $7.1 million in the last quarter and $25.8 million for the year. The company also reported net earnings of $2.4 million or four cents per share for the year, compared to a loss of $2 million or four cents per share in 2007. Shares of Warnex closed up 6.7% to eight cents.

And, Montreal-based ProSep Inc. (TSX: T.PRP, Stock Forum) saw its shares climb 11% to 15 cents, after the company reported its financial results for the fourth quarter and year. The company, which designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production, says that its revenues for the quarter reached $14.8 million, up from $5.7 million during the same quarter of 2007. Net income was $0.03 million compared to a net loss of $5 million for the fourth quarter of 2007.