Rio Tinto extended its offer, made through an indirect wholly-owned subsidiary, to acquire all the common shares of Hathor Exploration for $4.70 (CAN) in cash per common share until 5.00 pm (Toronto time) on Jan. 6, 2012. The offer has been extended to allow the remaining Hathor shareholders sufficient time to tender their common shares to Rio Tinto's offer.
SIR Royalty Income Fund , which closed Thursday down 1 per cent, announced that SIR Corp., the operating entity from which the Fund earns distribution income and interest income, has filed its financial results for the 12-week period ended Nov. 20, 2011. SIR has advised the Fund that revenue for first quarter 2012 increased 9.8 per cent to $49.2-million from $44.8-million for the same period a year ago. Same store sales for first quarter 2012 increased 5.6 per cent compared to the same period a year ago. Same store sales growth for Jack Astor's, SIR's flagship concept restaurant brand, which generated approximately 70 per cent of current Fiscal 2012 Pooled Revenue, increased 7 per cent during the first quarter. Net loss for the period attributable to shareholders of SIR for first quarter 2012 was $1.2-million compared with $2.0-million for the same period in fiscal 2011. The lower net loss in the first quarter 2012 period was primarily due to favourable earnings from corporate restaurant operations, resulting primarily from same store sales growth.
Chieftain Metals Inc. announced it has entered into a gold and silver purchase transaction with a subsidiary of Denver-based corporation Royal Gold, Inc. to sell a portion of the precious metals stream expected to be produced at the Tulsequah Chief mine. Chieftain will receive an initial, up-front advance payment from Royal Gold for $10-million (U.S.) following closing, with additional advance payments of up to $50-million for the project build (upon certain conditions being met) that will be pro-rated during the development of the project.
The advance payments and future proceeds will allow Royal Gold to purchase, upon production of the Tulsequah Chief mine: 12.50 per cent of payable gold at $450/ounce for the first 48,000 ounces delivered, decreasing to 7.50 per cent thereafter at $500/ounce; and 22.50 per cent of payable silver at $5.00/ounce up to 2,775,000 ounces, decreasing to 9.75 per cent thereafter at $7.50/ounce. The recently completed Preliminary Economic Assessment announced by the Company in a press release dated June 14, 2011 established a base project with robust economics which estimates that approximately 46 per cent of Chieftain's Net Revenues will consist of gold and silver revenue streams. The PEA states that it is anticipated that the project will produce 6.28mm tonnes of mineable resource with an average of 45,000 ounces of payable gold and 1.4mm ounces of payable silver per annum; or 387,000 payable ounces of gold and 12,546,000 payable ounces over the current life of the mine.
The Medipattern Corporation , a medical imaging software solutions developer that closed yesterday's session nearly touching a 20-day SMA 20 cents, announced today its financial results for the first quarter of fiscal 2012. The company said it had a net loss of $653,096 or $0.01 per share versus $587,761 or $0.01 per share in the previous year, as revenues drop 81 per cent to $6,504 from last year's $33,434. Cash and cash equivalents also declined to $192,786 from $201,703 in the same period last year.
Turbo Power Systems Inc. , the innovative electrical machines and electronic systems provider, announced today that it has received a purchase order with a total value of GBP 1.33M for the development and supply of Electrical Machines and Drives. The equipment is scheduled to be delivered in early 2013. Peter Brown, Chief Executive Officer of TPS, said: "Along with the other orders announced this year, this expands the range of applications that utilise our core technology and gives us confidence that we can continue to grow the business in 2012 and beyond."
BTB Real Estate Investment Trust announced today that after the conclusion of the due diligence process, it has now closed the acquisition of an industrial property in Dorval, Province of Quebec, for the purchase price of $5.5-million, excluding closing costs. The REIT said this industrial property has a total leasable area of 80,000 square feet. This building will contribute to its FFO on an annualized basis of approximately 0.4 cent per unit.
Hanfeng Evergreen Inc. announced today that, in connection with its previously announced normal course issuer bid commencing on Dec. 16, 2011, it has entered into an automatic share repurchase plan. The producer and supplier of value-added fertilizer solutions said the plan will allow repurchases under the normal course issuer bid when Hanfeng would ordinarily not be permitted to repurchase shares in the market due to its own internal trading blackout periods, insider trading rules or otherwise.Report Typo/Error
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