TransGlobe Apartment REIT announced Friday that it has completed its public offering of subscription receipts and $50-million aggregate principal amount of 5.4 per cent extendible convertible unsecured subordinated debentures. The offering, which raised gross proceeds of approximately $244-million, was underwritten by a syndicate of underwriters led by CIBC and TD Securities Inc. and including RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., Dundee Securities Ltd., GMP Securities L.P. and National Bank Financial Inc. A total of approximately 17.25 million subscription receipts were sold at a price of $11.25 per subscription receipt (which included approximately 1.7 million subscription receipts issued as a result of the exercise of the over-allotment option by the underwriters) representing gross proceeds of approximately $194-million.
Brookemont Capital Inc. was among the most actively traded on the TSXV early Friday, with more than 1 million shares changing hands inside the opening 15 minutes. The stock jumped 15 per cent on reports that its field crews are continuing geological mapping and grid soil sampling on its Tanzanian property adjacent to the north of Canaco's Magambazi Prospecting License. It said the qualified person for the project has notified Brookemont that crews have uncovered a 4.5 km trend of gold related arsenic geochemistry anomaly, with visible arsenopyrite in amphibolitic gneiss with quartz veining cutting across the property. According to the qualified person, this zone is revealed up to 200m wide and represents a new prospective zone within Brookemont's 63 square kilometre prospect. The company is continuing detailed work throughout the property with anticipation that a drill program will occur once the highest priority drill targets are finalized.
Scorpio Mining Corporation announced its unaudited financial and operating results for the second quarter of 2011. Highlights included: mine operating profit was $10.3-million compared with 2010 results of $920,266. Net earnings were $3.3-million or 2 cents per share (basic) compared with a loss of $1.2 million or 1 cent per share (basic) for the same period last year. Adjusted EBITDA was $11.6-million compared with $2-million in 2010. Cash flows from operating activities were $12-million compared with $769,781 last year.
Mitec Telecom , a designer and provider of radio frequency products and solutions for the telecommunications and satellite communications industries, announced its fourth-quarter results on Friday. Sales from continuing operations were $4.5-million, which compared with $4.5-million in fiscal 2010. The net loss for the quarter was $365,000 or 1 cent per share compared with $5.2-million, or 2 cents, in the fourth-quarter of 2010. EBITDA was negative $1.3-million compared to negative $1.1-million over the same period last year.
Tyhee Gold Corp. announced that it has received $625,000 Thursday from the early exercise of 5 million warrants (at 12.5 cents) from Williams Creek Gold Limited. Tyhee said it is actively moving its wholly-owned Yellowknife Gold Project towards production. A feasibility study led by SRK Consulting is under way and is expected to be completed by mid 2012. "It will build on the positive preliminary feasibility study completed in July 2010 that recommended operating at 3,000 tonnes per day," the company said in a statement. The feasibility study will consider an expanded resource and a more current gold price as well as other updated inputs.
Stikine Energy Corp. , which has been trading close to a year low 19.5 cents, Thursday night provided an update on its pilot plant operations located in Abbotsford, B.C. It said that new motors and motor controllers for the attrition scrubbers have been delivered and assembled at its pilot plant operations located in Abbotsford, B.C. Stikine is working to become a dominant frac sand supplier to B.C.'s developing shale gas industry. Over the past two weeks, consultants and contractors have conducted tests to compare a variety of scrubber settings and power configurations, in addition to maintenance on other equipment. Once the plant is running at steady-state, samples will be collected and prepared for proppant testing, they said.
Bird Construction Inc. is part of a bidding group recently selected as the successful proponent to design and build the Restigouche Hospital Centre located in Campbellton, N.B. If finalized, Bird would guide design and construction of the facility through an interest in a joint venture arrangement with a SNC-Lavalin Construction subsidiary. It said the consortium plans to reach financial close shortly. Construction is slated to start in the fall of 2011.
RDM Corporation , a developer of specialized software and hardware products for electronic payment processing, reported its third-quarter results Friday. Highlights included: profit was $26,000 or $0.00 per share, compared to a loss of $1,049,000 or 5 cents per share in the third-quarter of 2010. Revenue was $4.6-million, compared to $4.8-million in the third-quarter of 2010. Excluding the effect of exchange, revenue would have increased 4 per cent over the prior year quarter. Cash and equivalents were $14.7-million at June 30, 2011.