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.
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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- Almaden Minerals Ltd$1.69+0.10(+6.29%)
- Amarc Resources Ltd$0.070.00(0.00%)
- New Gold Inc$5.77+0.55(+10.54%)
- Golden Dawn Minerals Inc$0.18+0.02(+9.09%)
- Rio Tinto PLC$28.76-2.33(-7.49%)
- Royal Gold Inc$89.93+4.48(+5.24%)
- BTB Real Estate Investment Trust$4.49-0.02(-0.44%)
- Updated June 24 12:47 PM EDT. Delayed by at least 15 minutes.