Canadian issues that are moving on early news
Madalena Ventures Inc. has signed a pre-acquisition agreement to acquire all of the issued and outstanding common shares of Online Energy Inc. by way of a take-over bid. Under the terms of the pre-acquisition agreement, Madalena will pay $0.35 cash per online share for a total purchase price of $20.3-million.
Brigus Gold Corp. said that exploration in-fill drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays from the 147 Zone. The company said the 147 and contact zones provide Brigus with near term production growth opportunities because of their proximity to the Black Fox Mine infrastructure.
Red Eagle Mining Corporation, which rose 4 per cent on Friday, announced that the initial assay results have been received from the Phase 3 oxide core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. The company said these latest results confirm strong gold mineralisation from surface in the oxidised material.
Quattro Exploration and Production Ltd. has entered into an agreement to acquire 100 per cent of one conventional heavy oil field and a material interest in one gas field and various minor oil and gas interests within two core areas of northern and east central Alberta for $3.35-million.
Twin Butte Energy Ltd. announced that it has entered into an arrangement agreement providing for the acquisition of all of the outstanding securities of Waseca Energy Inc. for total consideration of approximately $127-million including the assumption of approximately $7.5-million of positive working capital after accounting for estimated transaction costs. Waseca is a private company with a focused asset base in the greater Lloydminster area with 100 per cent of its production consisting of heavy oil. Twin Butte also announced that conditional on the closing of the Waseca Acquisition, it will increase its monthly dividend by 6.7 per cent to $0.016 per share, or to $0.192 per share annually.
Canaccord Financial announced that Alexis de Rosnay will be joining the company as chief executive officer of Canaccord Genuity Limited, Canaccord's U.K. and European operations, effective Sept. 5. His appointment follows Mark Brown's departure. Brown will continue working with Canaccord Genuity Limited, as a consultant, until March 2013.
Coalspur Mines Limited, which rose 5 per cent on Friday, announced the terms of an updated port allocation agreement with Ridley Terminals Inc. and an expanded memorandum of understanding with CN Rail.
Elemental Minerals Ltd. announced its "best potash intersection yet" – 4.47m grading 36.41 per cent K2O (57.66 per cent KCl), from the first borehole at the Dougou Prospect, 15 km southwest of the Kola Deposit.
Yellow Media Inc. withdrew the previously announced amendment to the debtholders' arrangement resolution and also proposed nominees to its new board of directors as part of its previously announced plan of arrangement and recapitalization, which is expected to occur by Sept. 30.
Loyalist Group Limited, which rose 7.5 per cent and closer to a year-high on Friday, announced that it has fully repaid the loan previously secured by the company from Windsor Private Capital Limited Partnership. Total repayment was approximately $1-million, which will save the company approximately $130,000 per year in interest.