Midway Energy Ltd. , which was last trading 2.5 per cent higher before a trading halt was placed on the stock at 1.55pm ET on Thursday, announced that it has become aware that information may have entered the market with respect to certain potential transactions. It didn't elaborate. But the company said it has not entered into any definitive agreement with respect to these transactions and will issue a press release when and if a successful transaction has been negotiated. Midway Energy Ltd. is a public oil and natural gas exploration and development company, located in Calgary, Alberta with operations pursued in Alberta.
G4G Resources Ltd. , following the announcement of the joint venture agreement with Almaden Minerals Ltd. on June 21, 2011, whereby G4G could acquire a 70 per cent interest in Almaden's 100 per cent owned Yago gold-silver project located in Nayarit State, Mexico, announced that Almaden and G4G have mutually agreed to cancel this agreement. "Market conditions and the inability to raise the necessary funds for the initial round of exploration have been the primary reasons behind the mutual decision to cancel the joint venture agreement with Almaden," a statement read.
Western Wind Energy Corp. announced that its producing 30 MW Mesa Wind Farm located near Palm Springs, California has executed a new Power Purchase Agreement with a major California Utility. It said terms of the deal are confidential, but it did disclose the price received will double the revenues received from Mesa. The new PPA covers the existing equipment. The Agreement is subject to customary regulatory approvals. Mesa records the highest annual wind speeds for any producing wind farm in North America. The year to date wind speed is 10.7 meters per second, or almost 24 miles per hour. Mesa has produced these exceptional winds since the opening in 1984.
Sandstorm Metals & Energy Ltd. , which edged away Thursday from near a year low of 34 cents, announced it has amended the coal purchase agreement with Royal Coal Corp. , which is trading close to a year low 3 cents. Under the terms of the agreement announced on Nov. 26, 2010, Sandstorm is entitled to purchase 18 per cent of the first six million tons of coal produced and 12 per cent of the life of mine coal produced thereafter from the Big Branch Mine, the Big Branch Extension and the SID Mine for $55 (U.S.) per ton.
As part of the agreement, Royal Coal provided a guarantee that Sandstorm would receive minimum cash flows of $2-million (U.S.) in 2011 and $2.5-million in each of 2012, 2013, 2014 and 2015. Sandstorm has amended the agreement whereby the requirement for Royal Coal to deliver the fixed percentage of coal will be deferred until Dec. 31, 2012. This amendment is contingent upon Royal Coal raising $5-million (CAN) by means of an equity financing. Under the amended coal purchase agreement a total of $4.4-million (U.S.) will be due to Sandstorm by June 30, 2013, which represents the unpaid portion of the 2011 cash flow guarantee and the $2.5-million 2012 cash flow guarantee, with interest.
Amarc Resources Ltd. , which lost 2 cents or 4.5 per cent yesterday, announced that it has entered into a purchase agreement to acquire six mineral claims comprising approximately 70 square kilometres adjacent to its Hubble property in south-central British Columbia. Pursuant to the agreement, Amarc can acquire a 100 per cent interest in the property by issuing 80,000 common shares and making a cash payment of $50,000. The agreement is subject to acceptance by the TSX Venture Exchange.
The Amarc shares will be subject to a statutory four-month hold period under Canadian securities requirements. Amarc holds a 100 per cent interest in the Hubble property, located within the Blackwater district approximately 35 kilometres northeast of New Gold's Blackwater deposit for which an Indicated Resource of 184 million tonnes at 0.94g/t gold and 4.9 g/t silver and an Inferred Resource of 43 million tonnes at 0.88 g/t gold and 4.7 g/t silver at a 0.3 g/t gold cut off has been announced (New Gold website). New Gold acquired the Blackwater deposit from Richfield Ventures Corp. in June 2011 through a transaction valued at approximately $550-million).
Golden Dawn Minerals Inc. , which is still trading close to a year low 4.5 cents despite edging up yesterday, announced the discovery of significant porphyry style copper and gold values north of the Deadwood Inferred Gold Resource on the Wildrose/Tam O'Shanter properties, Greenwood Mining District, British Columbia, Canada. It said four step-out holes in an area 1.1 km north of the published inferred gold resource intersected widespread copper and gold values with minor molybdenum in all four holes spatially associated with the Buckhorn Diorite. The best intercepts of copper ranged from 239.0 m at 0.08 per cent copper, to 23.5 m at 0.20 per cent copper, interspersed with gold values throughout the entire depth of the holes.