Gluskin Sheff + Associates Inc. added 4 per cent to its share price early Friday after announcing that net income during the three months ended June 30 was $22.1 million or 76 cents per share, up from last year's $5.8 million. Performance fees swelled, climbing from $1.9 million in the year-ago quarter to $27.2 million in the latest period and contributing to a nearly three-fold jump in net profit. Overall revenues, also aided by a small rise in management fees, rose 123 per cent to $48.6 million.
Redhill Resources Corp. moved higher with close to 2.8 million shares traded early Friday (making it one of the most actively traded on the TSX Venture Exchange) as it announced that Mutiny Gold Ltd., operator and optionee of Redhill's wholly owned Gullewa copper-gold project, had informed Redhill of "significant" new high-grade gold intersections generated from the West Lode of its Deflector gold deposit. It said: "The latest results were from Mutiny's recently completed diamond drilling program within the recently discovered extensions of the Deflector deposit. These results will be incorporated into the revised resource estimate, which is expected to be released in the coming weeks." Redhill Resources is an exploration and resource development company with major gold projects in Australia as well as rare earth projects in Utah, USA and British Columbia, Canada.
Homburg Canada REIT recouped early losses that saw it touch $11.46 and edged higher after announcing that it has entered into a binding agreement to acquire a 100 per cent interest in a portfolio of 29 neighbourhood shopping centers, of which 24 are leased and anchored by the Jean Coutu Group . The REIT said this acquisition, which has a gross purchase price of $114.9 million, "provides us with additional access to Jean Coutu Group and other high quality tenants, enabling us to further leverage our existing retail platforms in the Greater Montreal Area."
Carpathian Gold Inc. recouped early losses that saw it touch 64 cents early Friday and edged higher after reporting that it has received the Ad Referendum for the Licenca Instalacao, thereby enabling it to proceed with the overall construction of its 100 per cent owned Riacho dos Machados gold oroject, located in Minas Gerais State, Brazil. The company said it will expedite the construction of the project with the targeted goal for the commencement of gold production in late 2012 or early 2013 at a nominal anticipated production rate averaging 94,000 ounces per annum for an initial eight-year period.
GuestLogix Inc. , a provider of onboard store technology and merchandising solutions to airlines and the passenger travel industry, announced that it has expanded its portfolio of ready-made content and destination-based offerings through new agreements with several of the largest global providers of entertainment and attractions including Visit Britain and Merlin Entertainments. The company said the addition of new ready-made content provides airlines with new revenue opportunities.
VendTek Systems Inc. , a developer and licensor of software for the global prepaid and financial services markets, announced it has has partnered with ezetop LLC to offer international air time top up for the Canadian market. The company said that with the addition of its Now Prepay Canada network to ezetop's distribution network, customers will be able to purchase International top up from 15,000 locations in Canada including any ESSO, Canadian Tire, Pioneer Petroleum, and Gateway Newsstand locations.
Cervus Equipment Corp. announced that its board of directors has approved a cash dividend to Cervus shareholders of $0.18 per share for the third quarter of 2011. This represents $0.72 per share on an annualized basis. Payment will be made on or about Oct. 14, 2011 to shareholders of record as of the close of business on Sept. 30, 2011.
Apogee Silver Ltd. announced on Friday that it will buy Valencia Ventures Inc.'s controlling stake in Compania Minera Valencia Ventures – Chile Limitada. The company said Compania Minera holds Valencia's entire 80 per cent participation interest in the Cachinal and Nueva Juncal properties in northern Chile.