Grayd Resource Corp. is up 40 per cent and has hit a record $2.75 high on heavy trade after gold miner Agnico-Eagle Mines said it will buy the Mexico-focused junior for about $275 million in cash and stock. The offer price of $2.80 per share represented a premium of 44 per cent to Grayd's Friday closing of $1.95 on the Toronto Venture Exchange.
Alterra Power Corp. , which had been trading near a year low 50 cents, late on Friday reported its financial and operating results for the fourth quarter and full year ended June 30, 2011, and provided an update on its operations. For 2011 fiscal year, the company recorded a net loss of $14.2 million ($0.05 per common share), compared to a net loss of $16.4 million ($0.07 per common share) in fiscal 2010. EBITDA for fiscal 2011 totaled $12.7 million, compared to ($6.8) million in fiscal 2010. John Carson, Alterra's Chief Executive Officer, said: "These financial results reflect the accounting complications resulting from our rapid growth in 2011 through our increased interest in HS Orka and our acquisition of Plutonic. We now have exceptional wind, hydro and geothermal power management teams, and all six of our operating plants are running as planned. We expect our share of production for the ensuing fiscal year will be 1,518,000 MWh of clean power, providing over $100 million in revenue and over $50 million in EBITDA. Our healthy cash position and strong asset base plus our outstanding portfolio of growth projects will deliver further production and revenue increases in years ahead."
DHX Media Ltd. touched a day low 82 cents in the early minutes of Monday's trading day but it has since recouped those losses. DHX announced that it ended the fiscal year 2011 with a net income of $1.7 million or $0.03 per share, erasing year ago loss of $0.8 million or $0.02 per share. The independent international producer, distributor and licensor of mainly children's entertainment content said its improved results was after posting revenues of $54.7 million, up 35% from $40.5 million in fiscal 2010.
Wesdome Gold Mines Ltd. rose to as high as $3 and closed in on an existing year high $3.10 early Monday after announcing the 2011 Martin Zone surface diamond drilling at Kiena Mine Complex is generating encouraging preliminary results. It said drilling is ongoing.
St Andrew Goldfields Ltd. , which closed Friday at a year low 67 cents, announced results from the initial phase of drilling at the Ghost and Blacktop East zones near the Holloway and Holt mines, and provided an update on its ongoing exploration programs in the Timmins Camp. Highlights: Ghost Zone initial drilling returns 5.48 g/t Au over 12.0 metres, and 10.60 g/t Au over 8.1 metres, (including 22.65 g/t Au over 2.6 metres). Blacktop East Zone initial surface drilling returns 5.04 g/t Au over 17.7 metres, including 6.20 g/t Au over 12.7 metres.
Perseus Mining Limited eased as much as 3 per cent early today as it advised that good progress has been made towards the development of the Sissingue gold deposit on its Tengrela Gold Project in northern Cote d'Ivoire. Progress highlights included: lodgement of an Environmental and Social Impact Assessment with Ivorian authorities in September; awarding of a design contract for the Sissingue processing facility to GR Engineering Services Pty Ltd; exploration and resource drilling is continuing with six drill rigs expected to be operating in October.
NXT Energy Solutions Inc. announced the awarding of a US$1.65 million contract with a new client to conduct an SFD survey in southern Argentina. It said the survey is intended to allow the client to focus and fast-track their exploration resources on the most prospective areas within a new exploration block. The client is a large privately owned Argentina business which has diversified interests in construction and energy exploration and production. NXT has commenced project planning, and is scheduled to mobilize and commence flight operations in the fourth quarter of 2011. NXT is a Calgary based company whose proprietary airborne Stress Field Detection survey system provides a revolutionary survey method that can be used both onshore and offshore to remotely identify potential hydrocarbon traps and reservoirs.
March Networks , a global provider of intelligent IP video solutions, said it introduced five new products that make it "easier, faster and more cost-effective" for customers to increase IP video surveillance capabilities across their operations. The products include new additions to the company's leading hybrid video recording platforms - recognized earlier this year as the best-selling enterprise DVRs in the Americas. It also announced new additions to its financial solutions designed to help banks and credit unions improve security and reduce losses from fraudulent activity.
Hunter Bay Minerals plc announced that it has completed Phase One soil sampling at its Sela Creek Project in Suriname. A total of 917 soil samples have been collected over an area of 7 by 4 km encompassing the Central Ridge, Jons Pit-Texas Trend and Eastern Anomaly prospects. Samples have been submitted to The Assay Office (Suriname) and assay results are expected within four weeks. Hunter Bay has also commenced a second phase of geological mapping and channel sampling of surficial open pits within the 5 km long Jons Pit-Texas trend, with a view to better defining drill targets for a first phase drilling program in Q1 2012. Channel sampling is, however, limited by flooding of abandoned pits and unstable pit walls and Hunter Bay estimates that to date it has only been able to access approximately 15 per cent of the known pits and artisanal workings. Moreover, accessible areas are generally between open pits and in this respect Hunter Bay has not been able to sample those areas mined preferentially by artisanal miners.
VendTek Systems Inc. , a developer and licensor of software for the global prepaid and financial services markets, provided an update on its new operations in Brazil. It said Brazil is a "significant" market opportunity and the company has invested over $1.5 million to-date to establish its network in the country. Over the last nine months, the company has achieved a number of key milestones including: contracts with the Brazilian wireless carriers to provide electronic top-up services to a subscriber base of over 180 million people across the country; contract with Santander bank to provide branchless banking and bill payment services at network locations; established offices in two cities to facilitate the distribution of prepaid products and SIM cards broadly; launched the network in June, 2011. As of August 31st, 2011, the company has grown its network to about 900 locations primarily in the province of Sao Paulo. Since July, transactions processed through the network have grown week over week by an average of 15 per cent. Dollar volumes processed through the network have grown to over C$87,000 per week.Report Typo/Error