Cangene Corporation overnight announced changes to its senior management team and cut 120 positions. It said the financial impact of these changes in the current fiscal year is expected to be neutral with the cost savings being offset by severance costs. The expected future annualized savings are estimated to be in the range of $6-million to $7-million.
Huntingdon Capital Corp. , which is trading near year highs, announced that it has closed the sale of a surface parking lot in Winnipeg, Manitoba known as 245 Graham for $5-million. The sale resulted in net cash to Huntingdon of approximately $2.6-million after expenses, closing adjustments and the repayment of approximately $2.2-million of first mortgage debt. The sale price reflects a cap rate of approximately 4 per cent and is approximately $3-million greater than Huntingdon's cost basis.
Kiska Metals Corporation , which rose 4 cents or 12 per cent yesterday, reported today that partner Brixton Metals Corporation , which rose 35 per cent on Thursday, has forwarded the company its final results from the 2011 drilling program at the Thorn Property in northwestern British Columbia. Highlights of the 2011 program include hole THN11-60 at the Oban Breccia Zone which returned 95.08 metres of 628.3 g/t silver, 1.71 g/t gold, 0.12% copper, 3.31 per cent lead and 2.39 per cent zinc including 9.25 metres averaging 2,984.4 g/t silver, 3.04 g/t gold, 0.53 per cent copper, 11.60 per cent lead and 3.42 per cent zinc.
Cardero Resource Corp. announced it has received the final Preliminary Economic Assessment technical report from Norwest Corporation relating to the Carbon Creek Metallurgical Coal deposit. Cardero, through Cardero Coal Ltd., currently has 75 per cent interest in the Carbon Creek Metallurgical Coal deposit, situated in northeast BC, Canada. It said results of the preliminary economic assessment indicate that on a 75 per cent basis and using a base case coal sale price of $185 (U.S.) per tonne, the project returns a post-tax $752-million Net Present Value at an 8 per cent discount rate and a 29.3 per cent Internal Rate of Return.
Alter NRG Corp. announced that it has signed an agreement for the sale of its wholly owned subsidiary CleanEnergy Developments Corp. for $5-million, which represents the approximate net book value of CleanEnergy as reported in its Sept. 30, 2011 financial statements.
Russell Breweries Inc. , a producer of premium craft beer that rose 1.5 cents or 43 per cent on Thursday, reported a first quarter net loss of $83,128 for first-quarter 2012 fiscal or $0.00 per share compared to the net loss of $46,775 or $0.00 per share for first-quarter 2011 fiscal. Net sales were $1.66-million, up $64,919 or 4 per cent compared to $1.59-million for the period that ended Sept. 30, 2010.
Microbix Biosystems Inc. announced today that it has signed a deal with Zydus Cadila, a global pharmaceutical company headquartered in India, to market the Thrombolytic drug, Urokinase in the North American markets. The biotechnology company said the estimated market size for Urokinase use in the U.S. alone is expected to touch $400-million by 2020 between three indications: pulmonary embolism, catheter clearance and catheter prophylaxis.
Canasia Industries Corporation announced today that it has entered into an option agreement to acquire approximately 5,500 contiguous acres prospective for aluminous clay and rare earths in the Gaspe Bay Region of Quebec. The company said the terms of the new agreement are $20,000 and 5 million shares upon closing, as well as 5 million shares within 13 months of closing. The agreement is subject to TSX Venture Exchange approval.
Canadian Zinc Corporation announced today that it has closed the previously announced bought deal public offering of over 7 million units at $0.67 per unit for total proceeds of $5.1-million. The company said it intends to use the net proceeds for the advancement of its Prairie Creek Project and for general corporate and working capital purposes.