Vuzix Corp. jumped 21 per cent higher at the beginning of today's session after announcing that it has entered into a technology license agreement with Nokia to develop and produce see-through waveguide optics for use in near-eye display systems based on Nokia's proprietary see-through Exit Pupil Expanding optics technology. The video eyewear supplier said the agreement is expected to accelerate the development and introduction of new NED products to the market. More than 190,000 Vuzix shares changed hands early Friday, more than an average trading volume of around 120,000 over the previous 30 trading days.
Swisher Hygiene Inc. opened higher today after announcing that it has acquired Gulf Coast Laundry Services of Mississippi, LLC, a Mississippi-based linen services company for approximately $4.8-million in cash. The provider of essential hygiene and sanitation products and services said the acquisition continues to "increase our linen services presence."
Packaging materials-maker Winpak Ltd. said third-quarter profit rose to $14.6-million or 22 cents per share from $13.5-million or 20 cents per share in the previous, a year ago. Revenue rose to $170-million from $146.1-million. In its outlook, it said: "Capital expenditures are estimated to end the year at over $60-million. This will be the largest internal capital investment undertaken by Winpak in a single year and is part of the company's ambitious program which by the end of 2015 is targeted to grow annual revenue organically to a level approaching $1-billion. The capital spending forecast for 2011 is lower than originally planned at the start of the year due to some minor delays in the timing of various projects. All of the company's investments remain focused on the company's core businesses in food and health care packaging and Winpak will also continue to evaluate external acquisition opportunities in these markets."
With neighboring property-owner Boss Power Corp. yesterday announcing a $30-million settlement against the provincial government in British Columbia, International Montoro Resources Inc. also intends to now press a claim its land likewise was improperly expropriated. Montoro filed a Statement of Claim in the Supreme Court of British Columbia in July, 2009, seeking compensation after the province took control of the company's Cup Lake/Donen property. Montoro said it paid over $1.93-million in mineral property acquisition costs and expenditures prior to the province enacting a ban on most uranium exploration. Boss Power yesterday announced a settlement with British Columbia authorities in exchange for giving up mineral rights to the Blizzard property in southern B.C., adjacent to Montoro's Cup Lake property. Boss shares leapt over 81 per cent on Thursday, gaining 13 cents to close at 29 cents per share.
CBM Asia Development Corp. said well-testing is advancing well, adding that the company recently acquired two more Production Sharing Contracts in South Sumatra, substantially increasing its net acreage as the firm works to commercialize the coal-bed methane business in Indonesia. CBM officials also said they expect to receive the final report on original gas in place and prospective resource estimates for the Sekayu contract area. Drilling should begin early in 2012.
Simba Gold Corp. has a new chief executive officer, selecting Werner Ullmann, after former CEO Peter Miles decided to leave the company. Mr. Ullman comes to Simba Gold from DJE Kapital AG, where he was an analyst and manager of the investment firm's Gold and Resources equity fund. He also was the founding executive for a company specializing in portfolio consultation for commodity investments. The company also said it has appointed a new senior technical advisor for the Miyove gold project in Rwanda.
Nuinsco Resources Limited was flat but being heavily bid lower early today after it reported the balance of drill results from the most recent program conducted at its superbly located, readily accessible, Prairie Lake rare metals project in northwestern Ontario. The holes returned widespread and extensive niobium (Nb2O5) and phosphorous (P2O5) analyses in conjunction with tantalum and rare earths. "The ongoing accumulation of impressive and prospective results from the project only serves to reinforce the company's opinion that Prairie Lake is an undervalued asset within its property portfolio," Paul Jones, president, said in a statement.
Angiotech Pharmaceuticals Inc.'s long-time president and chief executive officer William Hunter has vacated the position. He will be replaced by Thomas Bailey, Angiotech's Chief Financial Officer.
CGX Energy Inc. announced the appointment of Dewi Jones as executive vice-president of exploration and general manager. It said Jones is an upstream exploration and development professional with 25 years of technical and hands-on managerial experience focused on Latin America.
Victoria Gold Corp. announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the Underwriters have agreed to purchase, on a bought deal basis, a combination of common shares and flow-through common shares to provide the company with gross proceeds of at least $30.1-million. The Common Shares will be offered at a price of $0.46 per Common Share, with minimum gross proceeds of $20.9-million and maximum gross proceeds of $25.1-milion. The Flow-Through Common Shares will be offered at a price of $0.55 per Flow-Through Common Share, with minimum gross proceeds of around $5-million and maximum gross proceeds of around $10-million. Under the agreement, the Underwriters have an option to purchase up to an additional 15 per cent of the Common Shares to cover over-allotments, if any. The net proceeds from the sale of the Common Shares will be used for development of the Eagle Gold Deposit, exploration and general corporate purposes. The gross proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses.
Sprylogics International is adding to yesterday's gains, edging up to 12 cents with more than 1.5 million shares traded after it announced that its new management team has completed an extensive strategic planning process. It said: "The process, which included detailed discussions with Sprylogics' current and prospective customers, as well as industry experts and analysts led to a comprehensive analysis and evaluation of the current market opportunity, the company's core technology strengths, the competitive environment, as well as the emerging trends in search, discovery, advertising and commerce." As a result, the new Management Team identified three key areas of focus and strategic direction: 1 Sprylogics Platform; 2 Sprylogics Ventures; and 3 Sprylogics Mobile.
Shares of Belo Sun Mining Corp. are up 9 per cent in initial trade Friday after the company announced positive results from feasibility-level metallurgical test work program at its Volta Grande gold project in Brazil. Test work focused on diorite gold-bearing material of the Grota Seca and Ouro Verde deposits and will be used to develop the Bankable Feasibility Study now underway.
ATAC Resources Ltd. is getting a 4 per cent boost this morning after saying the initial resource estimate for its Tiger gold deposit in the Yukon territory likely contains at least 508,000 ounces of indicated gold, consisting of 7.15 million tons of ore at an average grade of 2.21 grams of gold per ton. Inferred gold resources are estimated at 290,200 ounces.
Donnybrook Energy Inc. is down more than 7 per cent this morning, falling to 50 cents a share after saying it expects to complete a spin-out of non-core assets into a recently formed subsidiary by mid-November. The move is subject to shareholder and court approval. The company also said the DEI Bigstone Hz 14-29-60-22 W5M horizontal well in Alberta has been successfully completed and flow tested, producing 1,011 barrels of oil equivalent per day. The well is currently shut-in for build-up.
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