Pacific Northern Gas Ltd. hit a new year high of $36.70 after announcing today that it has entered into an agreement with AltaGas Ltd. where AltaGas will acquire all of the issued and outstanding common shares of PNG for $36.75 per share. Roy Dyce, president and CEO of PNG, reportedly said, "Among the reasons we recommend the proposed transaction to our shareholders are the size of the premium, the immediate liquidity and certainty of value the cash consideration offers, and the fact that we believe AltaGas' offer fairly values the $20-million contingent payment that PNG will receive if the Kitimat liquefied natural gas project proceeds."
Sandell Asset Management Corp. said it over the weekend it acquired control or direction over 150,000 common shares of MOSAID Technologies Inc. , representing approximately 1.3 per cent of the issuer's issued and outstanding common shares. Following this acquisition, Sandell exercises control or direction over 712,300 common shares of the issuer, or approximately 6 per cent of the outstanding common shares of the Issuer. Mosaid on Friday rose $2.53, or nearly 6 per cent, and hit $46.10 – its highest levels in 11 years – after saying the day before that it agreed to be bought by U.S.-based private equity firm Sterling Partners for $46 cash per share, or $590-million, which trumped a hostile $532-million bid from rival Wi-Lan Inc. . The offer has the unanimous support of Mosaid's board of directors. The agreement reportedly includes core wireless patents controlled by Mosaid as part of a recent deal with Nokia and Microsoft.
Stream Oil & Gas went up by more than 5 per cent early Monday despite ending the latest quarter with a net loss of $229,000, erasing year-ago loss of $813,000. Revenue, however, were higher by 29 per cent to $3.4-million compared to $2.7-million for the corresponding period in 2010. Average net production was also higher, jumping 170 per cent to 1,048 boed compared to 392 boed.
Omni-Lite Industries announced that the board of directors have approved a dividend of 2 cents per share for shareholders of the company's Common Class A shares of record on Nov. 15. The dividend is payable on Dec. 1. David F. Grant, CEO and chairman of the board, reportedly said, "After reviewing the company's positive results in the first half of the year, the board of directors would like to announce a continuation of the dividend program initiated last year. As the company continues to successfully execute its Vision 2015 plan of growth and development, one of the key benefits will be a focus on enhanced shareholder value."
On Oct. 28, Geosam Capital Inc. acquired 5,854,000 units of Cinram International Income Fund at a price of $0.03 per unit, representing 9 per cent of the outstanding units of Cinram. Immediately after the transaction, Geosam owns 7,632,800 units representing 11.7 per cent of the outstanding units. Cinram rose 1 cent to 5 cents on Friday.
Auriga Gold Corp. announced today that it has received a positive preliminary economic assessment of the proposed open pit mining and milling operation at its Maverick Gold Project. The company said the proposed open pit operation provides an opportunity to refurbish the existing mill and demonstrate its performance whilst also reaching payback and earning a respectable return on investment in a very short period.
Technology company Lignol Energy Corporation reported today its financial results for the three-month period that ended July 31. The company said it had a net loss of $1-million, or $0.02 per share, compared to a net loss of $0.9-million, or $0.02 per share. Total operating expenses, however, declined by $0.4-million compared with reflecting a $0.2-million reduction in headcount-related expenses, a $0.1-million reduction in third-party contract research, and a $0.1-million reduction in pilot plant related operating costs.
Mazorro Resources Inc. announced today that Dean Hanisch has been appointed president and chief executive. Andre Audet, who held the positions on an interim basis, will remain in his role as a member of the board of directors. Mr. Hanisch has over 18 years of experience as an entrepreneur helping build companies in a variety of industries, the company added.
Mood Media Corporation , which closed at a 20-day average $2.79 on Friday, today announced its results for the 3 months that ended Sept. 30. The in-store media solution provider said it delivered record revenue of $106.6-million, up 11 per cent from the previous quarter, and record EBITDA of $31.1-million, up 22 per cent from the previous quarter.