Canadian cold and flu medicine maker Afexa Life Sciences Inc said its board recommended shareholders accept Valeant Pharmaceuticals' raised offer. This comes a day after a second suitor, Canadian specialty pharmaceutical company Paladin Labs Inc , said Afexa had not fulfilled a condition under its amended offer, and it would not be buying any Afexa shares.
AG Growth International Inc. is down nearly 10 per cent to 52-week lows after announcing early today the acquisition of substantially all of the operating assets of Airlanco, a manufacturer of aeration products and filtration systems that are sold primarily into the commercial grain handling and processing sectors, for a purchase price of $11-million (U.S.). The company said the acquisition "will add key product categories to the AGI catalog, strengthening our 'one-stop shop' concept and in turn allowing us to better serve new and existing customers in the global marketplace."
Zincore Metals Inc. lost around a third of its value and hit a new year low of 20 cents despite announcing what it called encouraging assay results from eight drill holes at the company's 100 per cent owned Dolores copper-molybdenum porphyry property in southern Peru. The company said the drill program at Dolores intersected "excellent copper and molybdenum mineralization in 6 of the 10 holes drilled, including very good grades and widths in holes DOL-2, 9, and 10."
Mercator Minerals Ltd. fell more than 10 per cent and hit new year lows after reporting early today its production results for the three months ended Sept. 30, 2011 from its wholly-owned Mineral Park Mine in Arizona. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. The company said during the month of September, the Mineral Park Mine produced nearly 3.9 million pounds of copper, a record 0.7 million pounds of molybdenum, and 68,000 ounces of silver.
MEGA Brands Inc. announced that it has entered into an exclusive, multi-year international licensing partnership with online games developer and entertainment firm, Mind Candy, to develop creative toys based on the global kids hit Moshi Monsters. The company said that under this agreement, it will work closely with Mind Candy to develop a full range of Mega Bloks construction sets, Rose Art Color Blanks activity sets as well as innovative 3D Breakthrough puzzles for the global marketplace.
Treasury Metals Inc. lost early gains that saw it touch 92 cents before succumbing to some selling pressure after reporting that the drilling results from the Goliath gold project in northwestern Ontario "demonstrate the high-grade gold that we have been consistently drilling throughout the year continues at depth at Goliath." The company also said it has intersected a number of encouraging results throughout the current program and is in the process of evaluating the C Zone as part of the mineral resource update.
SelectCore Ltd. , a prepaid telecom and financial services transaction processor, announced the beta launch of its Facebook social mobile remittance platform, Social Time. The company said Social Time allows Canadian Facebook users a safe and convenient way to top-up prepaid mobile phones of friends and family abroad in real-time. The recipient instantly receives notification via text message and their Facebook inbox that their account has been topped-up in their local currency. Recipients can also request a top-up through their Facebook account.
Virgin Metals Inc. announced today that its Board has approved the adoption of a shareholder rights plan, effective immediately, subject to acceptance by the TSX Venture Exchange. The company said the plan provides the board and the shareholders with more time to evaluate any unsolicited takeover bid and, if appropriate, to pursue alternatives to maximize shareholder value. It has not been adopted in response to any specific proposal to acquire control of Virgin Metals, the company also said.
Heritage Oil Plc said today that its wholly owned subsidiary has acquired a controlling 51 per cent interest in Sahara Oil Services Holdings Ltd., which holds the necessary long term permits and licences to provide oil field services in Libya, for cash consideration of $19.5-million (U.S.). The company said that through this acquisition, it is looking to play a significant role in the future development of the oil and gas industry in Libya.
Tintina Resources Inc. , which closed Monday at a year low 50 cents, announced today that it has received assay results for an additional seven drill holes from this year's infill drill program on its Sheep Creek project in central Montana. The company said these results show that significant thicknesses of high-grade copper mineralization lay outside the Inferred Resource boundary of the estimate released in January, 2011.
Marifil Mines Ltd. was down by about 18 per cent early Tuesday after announcing that Saccharum Energy Inc. and the company have mutually agreed to terminate their joint venture agreements and the purchase of Oxbow Holdings Corp. in relation to the K-2, K-3, and K-4 potash projects. Saccharum cited its inability to obtain regulatory approval as the principal reason for its withdrawal and emphasizes that such withdrawal was in no way a reflection on the quality of the properties, the company said.
Medwell Capital Corp. , a Canadian-based merchant bank that provides of capital and advisory services to the healthcare industry, has eased to near a year low of 8.5 cents with 3.5 million shares traded on the TSXV. The company today announced that it will present its financial statements in accordance with International Financial Reporting Standards. The company said it does not expect that adoption of IFRS will have a significant effect on the company's consolidated financial statements.
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