Hathor Exploration Ltd. , a junior uranium company focused on exploration projects in the Athabasca Basin of Northern Saskatchewan, hit near three year highs Friday after receiving a takeover offer of $3.75 per share or about $520-million in cash from Canada’s largest uranium producer Cameco Corp CCO-T, which fell to within a $1 of a year low $20.45.
Mosaid Technologies said Thursday it would complete its review of a $38 per share or $480-million hostile takeover bid from rival Wi-Lan WIN-T by September 7. It urged shareholders to take no action before then. Mosaid said its preliminary review found Wi-Lan’s offer to be “opportunistic” and added that it undervalued the company. Meanwhile, Mosaid, which hit a decade high $40.68 yesterday on the prospect of a bidding war for it, said its first-quarter profit dropped to $2.6-million from $5.1-million a year earlier on higher patent licensing and litigation costs. Earnings per share fell to 21 cents from 43 cents. However, earnings on an adjusted basis were $7.2-million or 59 cents per share, lower than the previous year but reportedly well above analyst estimates of 45 cents per share.
Whiterock REIT announced Friday its purchase of a two-tower multi-tenanted office complex directly across from Toronto Pearson International Airport for approximately $31.5-million. The acquisition “adds to our growing market share in the GTA West/Pearson Airport corridor,” the company said.
Augen Gold Corp. fell more than 10 per cent early Friday after announcing the resignation of J. David Mason, founder, president, and chief executive officer, as director and officer of the company, effective immediately. Carmelo Marrelli, the company’s chief financial officer, will act as interim chief operating officer.
Automated Benefits Corp. announced Friday that for the second quarter of 2011 revenue was $2-million, an increase of 58 per cent from the previous year’s $1.3-million. This helped the software company to turn year-ago loss of $405,000 to a profit of $51,000 during the quarter. The company said “by continuing to work closely with our key partners and fostering new customer relationships, we expect to extend this accelerated revenue growth and profitability throughout 2011.”
Realm Energy International rose as much as 5 per cent early Friday after announcing that it has entered into an agreement whereby U.K.-listed San Leon Energy PLC will acquire all of its issued and outstanding shares. The terms of the acquisition value Realm at approximately $1.30 per share. The board of directors of San Leon reportedly believe that the acquisition of Realm has significant commercial logic and would bring together two complementary portfolios to create a focused and large shale acreage position in Poland’s Baltic Basin.
Glass Earth Gold , which closed Thursday at a year high 67 cents, reported Friday high grade gold assays for two additional drill holes on the WKP gold/silver prospect near Waihi, New Zealand. At WKP South, DDH 29, the first hole drilled in this new target zone, marks a new gold discovery on the prospect. The company said the new discovery “presents another exciting dimension on this developing project. A substantial infill/expansion drill program is warranted when budgets and resource consents for further work are approved.”
Lorus Therapeutics announced Friday that for the year ended May 31, 2011, it posted a net loss of $5-million or $0.38 per share, erasing year earlier profit of $5.3-million or $0.57 per share. The biopharmaceutical company also reported cash and cash equivalents and short-term investments of $911,000 compared to $914,000 at May 31, 2010.
Afexa Life Sciences Inc , which recently received a $56.7-million hostile bid from Paladin Labs Inc PLB-T, announced Friday the encouraging results of an interim analysis performed by an independent data monitoring committee for the currently in-progress COLD-FX clinical trial in a pediatric population. The IDMC has completed a review of the data obtained to date and unanimously recommended that the study continue into the 2011/2012 cold and flu season, it said. “This multi-centre, randomized, placebo-controlled, double-blind study is investigating the potential benefits of three-day dosing of COLD-FX in reducing cold and flu symptoms in children,” the company said in a statement.
Canaco Resources reported Friday new assay results from diamond drilling at the Magambazi gold discovery on the Handeni Project in the United Republic of Tanzania. The company said results have been received for 13 drill holes, 6 of which encountered significant mineralization–confirming the continuity and extensions of mineralization in the Central, South, and West lodes.
Astur Gold Corp. , a Canadian company developing what it sees as western Europe’s largest untapped gold field, expects to win a mining license in 2012 for a site on Spain’s northern coast last exploited in Roman times, according to a Bloomberg file. The company bought rights to the Salave deposit in 2010 and next month will propose a €125-million ($180-million) mine project to the newly elected regional government, president Emilio Hormaeche reportedly said in a telephone interview. The previous Socialist administration rejected an open-pit mine proposal, the report said.
Migao Corporation , a leading producer of specialty potash fertilizers, rose as much as 10 per cent early Friday after announcing that the company has negotiated with Potash Export Company for the refund of a prepayment advanced earlier this year. PEC has agreed to refund the entire $100-million (U.S.) prepayment on a fixed schedule over the remainder of calendar 2011, with the first $30-million having now been refunded. Another $35-million is to be returned by October 31, 2011 and the remaining $35-million is to be refunded by December 31, 2011. The volume and price terms of the potash agreement will remain in effect; however, Migao will negotiate financial prepayment terms on a date closer in time to the initial delivery, and in line with the company’s historical prepayment timelines. The initial deliveries of potash from PEC are expected to occur by January 2013.