Neo Material Technologies Inc. is likely to test an existing year high of $10.67 after last night announcing the signing of a definitive agreement that will see Molycorp Inc acquire it for approximately $1.3-billion.
Under the agreement, which was unanimously approved by the two companies' boards of directors, Neo Materials shareholders will receive consideration equal to $11.30 per share, comprising of $8.05 per share in cash and 0.122 Molycorp shares based on Molycorp's 20-day volume weighted average price of $26.66 9 (U.S.). The $11.30 per share represents a premium of approximately 42 per cent to Neo Materials' closing share price of $7.97 on March 8, 2012.
Denison Mines Corp. recorded a net loss of $65.54-million (U.S.) or $0.17 per share for the three months ended Dec. 31, 2011 compared with a net loss of $9.39-million or $0.03 per share for the same period in 2010. For fiscal year 2011 the company recorded a net loss of $70.87-million or $0.19 per share compared to a net loss of $5.35-million or $0.02 per share a year prior. For 2012, uranium sales are forecasted at 1.6 million pounds of U3O8 of which 810,000 pounds is expected to be sold into long-term contracts and the remainder will be sold on the spot market. Vanadium sales are projected to be 500,000 pounds V2O5 in 2012.
Canexus Corporation announced its financial results for the fourth quarter ended Dec. 31, 2011. The board declared the regular quarterly dividend of $0.1368 per common share payable April 16, 2012 to shareholders of record on March 31, 2012. For the fourth quarter, cash operating profit was $36.7-million, 84 per cent higher than for the same period in the prior year and well ahead of guidance for the quarter of $30-to $35-million.
Great Canadian Gaming Corporation announced its financial results for the three month period ended Dec. 31, 2011. Highlights include a 2 per cent decrease in revenues and 12 per cent decrease in EBITDA in the fourth quarter of 2011; a recorded non-cash long-lived asset impairment charges of $4.4-million related to Hastings Racecourse in the fourth quarter of 2011 and shareholders' net earnings of $2.3-million compared to a net loss of $29.5-million in fourth quarter 2010.
PetroMagdalena Energy Corp. announced the normalization of operations in its Cubiro Block located in the province of Casanares. With the blockade now removed, operations are returning to normal levels, it said.
Patheon Inc. announced today fiscal 2012 first-quarter results. Revenues were $153.9-million versus $175.7-million in the first quarter of last year. Operating loss was $20.9-million, which includes $6.4-million in consulting fees, compared to operating income of $13.5-million in the first quarter of last year, a decrease of $34.4-million. Adjusted EBITDA was negative $9.2-million compared to positive $28.7-million in the same period last year, a decrease of $37.9-million.
Mandalay Resources Corporation today said it has resumed operations at its Cerro Bayo project, which were stalled when by public protests. Normal operations at Cerro Bayo resumed Thursday morning after the protestors removed the blockade and began negotiations with the local government. The disruption caused by the protests has had a minimal impact on production and will not affect annual production or financial guidance numbers.
ProSep Inc. , which was just below year highs at yesterday's close, announced today its financial results for the three months ended Dec. 31, 2011. The company said revenue was $7.3-million from the previous year's $8.5-million. Loss for the period, however, amounted to $7.2-million, up from the previous year's $1.2-million loss. EBITDA was also higher at negative $1.5-million compared to negative $0.2-million.
Khan Resources Inc. announced today that it has filed its financial statements and management's discussion and analysis for the three months ended Dec. 31, 2011. Net loss was $932,000 or $0.02 per share compared to a net loss of $300,000 or $0.01 per share for the same period in 2010. Khan holds 15.5 million common shares of Macusani Yellowcake Inc., which represents 14.4 per cent of the 107.8 million Macusani common shares outstanding.
Orvana Minerals Corp. announces changes to the board of directors resulting from the annual general meeting held on March 1, 2012. The company has appointed Ron Simkus as chairman of the board and Daniella Dimitrov and John Wilson to the board of directors. They join Mr. Simkus, Dr. Richard Garnett,Robert Mitchell, Jorge Szasz, and Dr. Bill Williams on the board.