Crocodile Gold Corp. and Luxor Capital Group, LP announced today that they have entered into a support agreement pursuant to which Armant, LLC an affiliate of investment funds managed by Luxor, has agreed to amend its previously announced offer to acquire up to 215,386,435 common shares of Crocodile Gold to, among other things, increase the purchase price to $0.62 per Common Share and to extend the expiry time of the Offer to 5.00 p.m., Toronto time, on February 7, 2012. The revised offer represents a premium of $0.28, or approximately 82 per cent, to the closing price of the Common Shares on the Toronto Stock Exchange on Dec. 13, 2011, the last trading day prior to the announcement of the Offeror's intention to make the Offer.
Belden Inc., a global leader in signal transmission solutions for mission-critical applications, has announced that it intends to extend until February 9, 2012 its all-cash offer to acquire RuggedCom Inc. for $22.00 (CAN) per share. RCM hit new year highs Friday.
Mirabela Nickel Limited announced its unaudited fourth-quarter results for the period ended 31 Dec. 2011. Highlights included: full year production within guidance at 15,854 tonnes of nickel in concentrate; record production of nickel in concentrate for the quarter of 5,029 tonnes including record production in December of 2,003 tonnes of nickel in concentrate; record sales of 5,155 tonnes of nickel in concentrate for the quarter; record total mining material moved of 12.2 million tonnes and record ore production of 2.0 million tonnes.
Resolute Forest Products (formerly AbitibiBowater Inc.), announced that it extended to February 13 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc. . The extension is intended to allow the Canadian Competition Bureau to complete its review of the proposed acquisition following its request for supplementary information and the Bureau de revision et decision (Quebec) to hear Resolute's application for an order to cease trade the Fibrek shareholder rights plan.
Hart Stores Inc. , which fell nearly 7 per cent on Friday, announced that the Quebec Superior Court granted an Order authorizing Hart Stores to file a Plan of Arrangement under the Companies' Creditors Arrangement Act (Canada). Hart Stores also announced that it has entered into a commitment letter with CIBC Asset-Based Lending for a secured credit facility of up to $25-million.
Catalyst Paper Corporation announced, in accordance with an interim order from the British Columbia Superior Court dated Jan. 17, 2012, that a hearing is scheduled to be held on Feb. 3, 2012 with respect to its previously announced recapitalization transaction. Full details of the recapitalization agreement and the transaction will be provided in a management information circular expected to be distributed to shareholders, holders of its 11 per cent senior secured notes due 2016 and holders of its 7.36 per cent senior notes due 2014, in February 2012. Catalyst has filed for Chapter 15 protection in a U.S. court.
Condor Resources Inc. announced the acquisition of a 100 per cent interest in the Soledad Au-Ag-Cu property located 30 kilometres southwest of the town of Huaraz in north central Peru.
Peru-focused Pan American Silver Corp. has agreed to buy Minefinders Corp. for about $1.5-billion to expand production and reserves. Minefinders investors will get 0.55 of a Pan American share and $1.84 in cash, or 0.6235 of a share, or $15.60 in cash.
Gold miner Banro Corporation today announced positive initial exploration results from its wholly-owned Kamituga project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo. CEO Simon Village said: "These results are promising and underscore the significant exploration potential of the Kamituga property. The company believes that the Kibukila prospect has potential to add ounces to the existing Kamituga resource base."
BSM Technologies Inc. announced today its financial results for the fiscal year 2011. The company says it had the first positive full year net income in the last 5 years of $578,000, which represents a $3.7-million improvement over 2010. Full year EBITDA was also positive at $925,000, which represents a 300 per cent increase over 2010. It also reported first positive full year cash from operations in the last 5 years of $1.6-million, representing a $2.9-million improvement from the previous year.
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