Canadian issues that are moving on early news
B2Gold Corp. and CGA Mining Limited announced that they have entered into a deal to merge the two companies at an exchange ratio of 0.74 B2Gold common shares for each CGA share held, which represents a purchase price of approximately $3.18 per CGA share, a 26 per cent premium over the CGA closing share price on September 17, 2012. The transaction is valued at approximately $1.1-billion.
The Churchill Corporation's general contracting segment has been selected by the board of the Winnipeg Convention Centre (WCC) to design and build a 304,000-square-foot expansion to its complex downtown, the project is estimated to cost $147-million. CUQ rose nearly 2 per cent yesterday but is close to year low $8.
Western Wind Energy Corp. fell 2 per cent from near year highs yesterday, and has reiterated the recommendation by proxy advisory firm Glass, Lewis and Co. to have shareholders vote for the current board, in an attempt to stave off dissident shareholder Savitr Capital LLC. Savitr also recently sent a letter to Western Wind shareholders arguing anew for its own "highly qualified" director nominees.
Great Basin Gold Ltd. announced that its principal South African subsidiary, owner of the Burnstone mine, has filed for protection under South African business rescue procedures. Great Basin Gold also expects to seek creditor protection this week. TSX has suspended trading of the common shares, debentures and warrants of the company pending clarification of company affairs. The company's securities are currently subject to a Remedial Delisting Review.
Pollard Banknote Limited, which rose 1.5 per cent to near year highs on Tuesday, announced that it has been awarded an exclusive contract for the supply of instant tickets to Loteria Nacional de la Republica Dominicana, the national lottery of the Dominican Republic, and its operator CONAFRA.
Gale Force Petroleum Inc. provided an update on leasing at its Texas Reef project that it acquired in April, 2012. The company has obtained new oil and gas mineral leases on over 2,000 net acres at Texas Reef, increasing its total leasehold position in the area to over 4,100 net acres. The company owns an 82 per cent working interest in the Texas Reef properties, and is the operator of the project.
Sandstorm Gold Ltd. has entered into a precious metals purchase agreement with Colossus Minerals Inc. to purchase 1.5 per cent of the gold and 35 per cent of the platinum produced from from the Serra Pelada Mine in Brazil.
Manas Petroleum said that its subsidiary Gobi Energy Partners LLC plans to start drilling its second well in the East Gobi Cretaceous basin in Mongolia, called East Sainshand A1, on September 20, 2012. MNP lost 8 per cent yesterday.
Dia Bras Exploration Inc. and Plexmar Resources Inc. have signed a definitive arrangement agreement with respect to the previously announced acquisition of Plexmar by Dia Bras.
Gold Canyon Resources Inc. reported additional infill diamond drill results from the 2012 barge drilling program at its Springpole Gold Project. The company said drilling has encountered 11.2 meters at 1.81 grams per tonne gold at Springpole. GCU gained 11 per cent yesterday.