Canadian issues that are moving on early news
BSM Technologies Inc. reported a third-quarter net income of $477,000, or $0.002 per share, on revenues of $2.4-million. In the same period last year, net income was $239,000, or $0.001 per share, on revenues of $2.4-million. GPS almost hit year highs on Friday.
Orsu Metals Corporation has received approval from Kazakh authorities for the Karchiga technical project relating to the development of a mining and processing complex at the company’s Karchiga Project in Kazakhstan. The approval was granted by the Central Commission for Exploration and Mining of Mineral Resources at the Ministry of Industry and New Technologies of the Republic of Kazakhstan.
DHX Media Ltd. has signed an agreement to acquire Cookie Jar Entertainment in a $111-million deal. The company said the combined company will own the world’s most extensive independent library of children’s entertainment. DHX rose 7 per cent to $1.14 on Friday, moving closer to year highs.
New Zealand Energy Corp., which climbed 15 per cent on Friday, has commenced drilling of the Waitapu-1 well, the first of an anticipated eight wells to be drilled by the end of this year. In addition, the company continues to expand its in-country team and has appointed James Watchorn to the position of Operations Manager.
FMC Technologies Inc. and Pure Energy Services Ltd. announced execution of a definitive acquisition agreement under which FMC will acquire Pure for $11 per share in cash, or approximately $282-million. PSV closed down 5 cents at $7.85 on Friday.
Yangarra Resources Ltd., which fell 6 per cent Friday, reported a net income for the second quarter of $3.3-million compared to a net loss of $1.79-million a year earlier. However, the company is reducing the previous cash flow guidance for 2012 from $25-$30-million to $20-$25-million and is reducing the expected exit production rate to 2,500 boe/d. The average production guidance remains at 2,000-2,500 boe/d which is an 88 per cent increase from the 2011 production average. The company plans to drill 5 gross (3.4 net) wells for the balance of 2012.
EACOM Timber Corporation said its second-quarter net loss attributable to shareholders amounted to $709,000 or $0 per common share, against net earnings of $6.35-million or $0.01 per common share in the previous quarter and against a net loss of $13.7-million or $0.03 per common share in the corresponding quarter of 2011. The previous quarter results included a gain of $14.3-million on disposal of property, plant and equipment destroyed by fire. It recorded sales of $65.26-million, down 8 per cent on a year earlier.
Northern Iron Corp., which is trading near a year low 8 cents, announced that on Aug. 15 the Ministry of the Environment of Ontario issued to the company the Permit to Take Water from the Former Griffith Mine North Pit. The permit allows the company to dewater the North Pit to a maximum depth of 25 metres, and is valid until Aug. 13, 2013.
Golden Hope Mines Limited, which is trading near a year low 6 cents, announced that it has acquired an additional 56 claims or 2,231 hectares on the Northern extension of the Bellechasse Belt in southeastern Quebec.
CounterPath Corporation, a provider of desktop and mobile VoIP software products and solutions, will today move up from the TSXV and commence trading today on the TSX. The company will not issue any additional shares in connection with the TSX listing. The company will retain its listing on NASDAQ under the trading symbol CPAH.
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