Genivar Inc. opened Wednesday just 4 cents above a year low of $19.83 but soon found buyers that helped push it up by more than 6 per cent as it announced the acquisition of Isaction Inc., a Quebec-based firm specializing in industrial automation integration. The company said the transaction that adds 40 people to its workforce "nicely complements" the recent Dakins acquisition in Ontario, as it positions Genivar as a Canadian leader in the field of automation systems.
Canada's Capstone Infrastructure Corp. early today gained nearly 3 per cent and moved away from a year low $5.68 hit Tuesday after saying it has bought a 70 per cent stake in Bristol Water, a U.K. unit of France's Suez Environnement, for $215-million. It will fund the purchase through existing credit facilities, cash and a new $150-million senior debt facility.
Guyana Goldfields Inc. rose more than 8 per cent to above $8 after announcing that it has signed a Memorandum of Understanding for a licensing deal with the Government of Guyana for the 100 per cent owned Aurora gold project. Significant among the terms of the MOU are: mining royalty of 5 per cent on gold sales at a price of gold of $1,000/oz or less; mining royalty of 8 per cent on gold sales at a price of gold over $1,000/oz; corporate income tax rate of 30 per cent; Mineral Agreement and Mining License and all relevant permits and approvals to be issued within 45 days of MOU signing.
Jourdan Resources Inc. was heavily bid lower to 7 cents early Wednesday after announcing that it has appointed Mr. Michael Dehn as president, CEO, and director of the company. He will be responsible for guiding the company towards rapid development and eventual production of Jourdan's Dissimieux Lake phosphate property. The company also said that in previous roles with other mining and exploration companies, Mr. Dehn has been instrumental in their positioning for both strategic and operational successes.
Western Areas NL , which closed Tuesday at a year low $4.50, reported today "outstanding" results from recent drilling below the Flying Fox and Spotted Quoll mines. At Flying Fox, the company said that recent drilling has intersected high-grade massive sulphide in the T6 deposit, approximately 100 metres below the large T5 deposit where mine development is in progress. While at Spotted Quoll, recent drilling below the Stage One Ore Reserve (where mine development is in progress) is continuing to produce high grade intersections.
Northcore Technologies Inc. , provider of asset management and social commerce solutions, announced today the contract renewal of a strategic client. The company said the client is an industry leader in food and beverage production and distribution and has been a long term user of the Northcore asset management toolset.
Innovative Composites International , a high tech engineering and manufacturing company, went up by as much as 5 per cent after announcing today that it has signed a product supply agreement with Fence-Crete Holdings Inc., a privately held Canadian company. The company said under the agreement, Fence-Crete would use Innovative Composites's Structure Lite panels in highway fencing applications in Canada on an exclusive basis. Fence-Crete anticipates procuring annual volumes of about $10 million worth of panels after final product design and production ramp-up has been completed.
Finavera Wind Energy moved away from near a year low 45 cents after announcing that it has signed a grid connection agreement with Eirgrid for the 105 megawatt Cloosh Valley wind project in County Galway, Ireland. The company said the grid connection agreement with Eirgrid moves the project a step closer to financial close and construction commencing in 2014. This means in turn that Finavera is a step closer to receiving a further payment of 7.1 euros due under the terms of the Cloosh Valley sale to Scottish and Southern Energy.
Kivalliq Energy Corp. , which has been trading near year lows, reported today an update on diamond drilling at the Western Extension zone. The company said six of seven holes, recently drilled from two set ups designed for deep intercepts, have intersected highly radioactive intervals at vertical depths ranging from 193 to 327 metres. These holes have the deepest known radioactive intervals to-date on the Angilak property, the company also said.
AgriMarine Holdings Inc. , a company involved in floating solid-wall containment technology and production for sustainable aquaculture that has been trading near year lows, announced today that it has signed an agreement with The People's Government of Benxi County with the intent of developing two additional farm sites in Benxi County, Liaoning Province, PRC. The company said its flagship salmon and trout farm is situated in the clean water reservoir of Guanmenshan and plans to expand its operation into new sites on the nearby Guanyinge Reservoir.
Precision Drilling Corp. was down by about 2 per cent at $8.83 in the early minutes of Wednesday's session but recovered and was soon up by as much after announcing the signing of eight new build drilling rig contracts. With this announcement, the company said it has increased its 2011 new build rig program to 38 rigs. These eight rigs are expected to consist of four Super Single rigs for the Canadian market and four Super Triple 1200 rigs for the U.S. market, the company added.
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