Rubicon Minerals Corp jumped close to 20 per cent early Thursday following a $70-million deal giving Agnico-Eagle Mines a 9.2 per cent stake in Rubicon to support its work on the Phoenix gold project in Ontario. The non-brokered private placement has Agnico-Eagle acquiring nearly 21.7 million Rubicon shares at $3.23 each, a 5.5 per cent premium to its $3.06-a-share closing price on Wednesday. The companies said the proceeds will be used for additional drilling, studies, testing and other development work in connection with the F2 Gold System at Phoenix, part of Rubicon's operations in the Red Lake gold belt, considered one of the world's largest producer regions.
Canada Bread Company, Limited reported its second-quarter results for the period ended June 30, 2011. Sales for the second-quarter of $406.2-million were consistent with $402.1-million last year. After adjusting for the impacts of the sale of the fresh sandwich product line in February 2011 and the impact of currency translation on sales in the U.K. and U.S., sales increased 4 per cent compared to last year, primarily driven by higher selling prices as a result of price increases implemented in the first half of 2011. Adjusted operating profit in the quarter increased 14 per cent to $35.1-million from $30.7-million in the prior year as the benefit of price increases and lower manufacturing costs offset higher raw material costs, particularly in the fresh bakery operations. Profit also benefited from reduced promotional costs and from cost reduction initiatives implemented in early 2011. Adjusted earnings per share increased 14 per cent to $0.97 compared to $0.85 in the prior year. Profit in the quarter decreased to $14.9-million ($0.59 basic earnings per share) from $20.9-million ($0.82 basic earnings per share) in the second-quarter of 2010. Profit in the quarter includes $12.5-million of pre-tax costs related to restructuring activities (2010: $0.8-million).
Roca Mines Inc. has moved away from a year low of 20 cents after restarting the mill and concentrator at its MAX molybdenum mine in southeastern British Columbia Wednesday, ending a 10-month rehabilitation project that started in September 2010 following the collapse of a sill pillar. Production initially will operate at a reduced rate using stockpiled surface material until underground mining is back to full speed. According to recent management statements, Roca intends to ramp up production under a permitted 1,000-ton-per-day expansion plan to take advantage of rising molybdenum oxide prices as well as working to lower the company's unit costs.
A 30 per cent jump in retail mobile telephones and services helped lead Glentel Inc to a best-ever $6.2-million profit during the three months ended June 30, the telecommunications company said Wednesday. Second-quarter retail sales in Canada grew $20.8-million from year-ago levels to $90.1-million, part of a 75 per cent jump in overall sales during the quarter. One small blemish was Glentel's business division, which saw its sales of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services slide nearly 16 per cent to $8,356,000.
Hyduke Energy Services Inc. jumped more than 10 per cent early Thursday on news it has been awarded a $16.3-million contract to provide a turn-key, 1500HP AC electric drilling rig package for a U.S.-based drilling contractor. Delivery is expected to be completed over the next year. Hyduke said the customer previously has contracted the company for rig equipment, adding the deal is part of its efforts to expand into the international oil and gas industry.
Pembina Pipeline Corp announced plans to expand its Musreau gas plant, one of the three plants that make up the Cutbank Complex. The $26-million expansion is expected to increase daily processing capacity by 50 million cubic feet, or about 16 per cent, to 410 million cubic feet and is intended to meet rising customer demand and high plant use following positive drilling results. The project is slated to be complete by mid-2012.
Alterra Power Corp. announced that the Toba Montrose General Partnership has exercised a one-time right in its energy purchase agreement with B.C. Hydro to increase its firm energy allotment by 10 per cent. This increase was effective June 1, 2011. It said the exercise of the right does not require the delivery of more power, but because the firm energy allotment is the highest priced tranche of the energy purchase agreement, the increase in power priced under that allotment is expected to result in an average annualized net revenue increase from TMGP of 2.4 per cent. Further financial details were not disclosed. TMGP is a 60/40 partnership between GE Energy Financial Services and Alterra Power Corp. in relation to the Toba Montrose hydroelectric project, located near Powell River, B.C.
Angoss Software Corporation , a provider of business intelligence and predictive analytics software and solutions, announced un-audited second-quarter results and for the six months ended May 31, 2011. The company said it is refocusing on its core business, and wrote off its Intellimaxx investment. Second-quarter earned revenue in 2011 was $2,065,480, unchanged from 2010 revenue of $2,067,845. Year to date, revenue of $4,098,122 was unchanged from 2010 revenue of $4,081,111. Excluding Intellimaxx revenue, revenue from the business was up 9.3 per cent over 2010; while year-to-date revenue was up 8.3 per cent. For the three and six months ended May 31, 2011, billed revenue was below expectations. Excluding Intellimaxx and taking into account the effects of foreign currency declines (year-to-date U.S. dollar decline of 5.3 per cent), management believes that the decline in billed revenue in the business can be recovered over the balance of FY11.
Canadian biotechnology company QLT Inc. reported its second-quarter results. Losses for the second-quarter were $6.1-million (U.S.) or 12 cents a share, compared to $1-million or 2 cents a share in the previous corresponding period. Excluding special items, the company posted a profit of 2 cents a share. Total revenue of $12.7-million was up 2.5 per cent from the same quarter last year, due to higher Visudyne sales worldwide. Cost of sales was flat to the prior year at $3.4-million. But research and development expense was $11.3-million, an increase from $7.3-million in the same period of 2010. The selling, general and administrative expense was $6.3-million, rising from $5.0-million in 2010.
Petroamerica Oil Corp. has moved away from a year low of 12 cents on news it has received $2.8-million in oil revenue during the first six months of 2011 from its 15 per cent working interest in the Balay discovery of the LLanos Basin in Columbia. Since beginning long-term testing of the Balay discovery in July 2010, more than 420,000 barrels of oil with an average price of $105.91 a barrel and a per-barrel netback of $65.48. Two new test wells were started on long-term testing during the past week, producing a collective 6,561 barrels per day with negligible water under electro-submersible pump. The oil is being trucked by road although Petroamerica and its partners are now evaluating the logistics needed to transport those quantities of oil.Report Typo/Error
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