Canadian issues that are moving on early news.
U.S. Silver Corp. announced that its board of directors unanimously recommended its shareholders reject the unsolicited cash offer from Hecla Mining Company (HL) to acquire all of the outstanding common shares of U.S. Silver, and instead embrace the proposed strategic combination transaction with RX Gold.
Jaguar Mining Inc., which rose 8 per cent Friday moving away from near year lows, announced that it has increased its estimated measured and indicated mineral resources at its Gurupi Project to 3.2 million ounces of gold based on analysis of recent drilling results.
International Lithium Corp., which is trading at year lows, announced that GFL International Co. Ltd. – an investment company wholly owned by Ganfeng Lithium Co. Ltd., a leading China based multi-product lithium manufacturer – has entered into a letter of intent option to earn a 75 per cent interest in ILC’s Blackstairs project in Ireland.
Western Wind Energy Corp. announced that a decision has been made by the board of directors, in consultation with the CEO, that effective immediately, the entire company and all of its assets will be made available for sale.
Sunwah International Ltd., announced that the company’s primary operating subsidiary, Sunwah Kingsway Capital Holdings Ltd. – which is based in Hong Kong and listed on The Stock Exchange of Hong Kong – has released a profit warning pursuant to rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Coalspur Mines Ltd., which is trading near year lows, announced the completion of a positive scoping study which confirms the potential for an economic and technically feasible underground longwall mine at the company’s wholly owned Vista Extension property.
WaterFurnace Renewable Energy, Inc. and Ningbo Shenglong Group Company, Ltd. announced the formation of WaterFurnace Shenglong HVACR Climate Solutions Co., Ltd. (WFSL) under a joint venture agreement. The new company will provide heating, ventilation, air conditioning and refrigeration (HVACR) products to the Chinese domestic market.
AKITA Drilling Ltd.’s net income for the three month period ending June 30, 2012 was $2.1-million ($0.12 per share) on revenue of $43.78-million compared with $1.5-million ($0.08 per share) on revenue of $31.65-million for the corresponding period in 2011. Funds flow from operations for the quarter ending June 30, 2012 was $8.36-million compared with $3.24-million.
Fibrek Inc. announced the temporary shutdown of its market pulp mill in Saint-Felicien for repairs on the electrostatic precipitator beginning July 29, 2012. The shutdown is expected to last about one week.
First Uranium Corp. announced that the closing date, as defined in the $70-million Gold One agreement, occurred Friday as planned, and the implementation of the Gold One transaction is expected to occur on August 1, 2012.