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Unprocessed ore containing uranium is seen in this file photo.
Unprocessed ore containing uranium is seen in this file photo.

Midnight Trader

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Canadian issues that are moving on early news

Luna Gold Corp. will be removed from the S&P/TSX Venture Composite Index after the close of trading on Friday, September 28, 2012. The company will graduate to trade on TSX under the same ticker symbol.

Canacol Energy Ltd. reported a net income of $3.8-million, or one cent per share, for the quarter ending June 30, 2012. Revenues were $45.7-million, compared to consensus estimate of $84.5-million. In the same period last year, net income was $18.4-million, or four cents per share, on revenues of $47-million.

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Miranda Gold Corp. has received a notice of termination of the exploration agreement with option to joint venture with Agnico-Eagle (USA) Limited, a wholly owned subsidiary of Agnico-Eagle Mines Limited, on Miranda’s Ester Dome project located in the Fairbanks mining district of Alaska.

Twoco Petroleums Ltd. announced that Korea-based oil and gas investment fund is no longer prepared to proceed with the completion of the transactions contemplated in the sale agreement involving Twoco’s Sparky heavy oil property in the Warspite, Alberta area. Twoco previously signed a definitive agreement to sell its 70 per cent working interests in the Sparky property to the Korean fund for $28-million.

Forsys Metals Corp. has completed an updated resource estimate for the Namibplaas Uranium Project in Namibia, Africa. At a 100ppm cut-off a consolidated measured and indicated resource is 93.9 million lbs. of U3O8 grading 175ppm, inclusive of an updated Namibplaas indicated resource of 33.4 million lbs. of U3O8 grading 152ppm.

Tiger Resources Limited advised that the company’s ordinary shares and warrants held by Dutch commodities firm Trafigura Beheer BV have been placed, through a book-build, to local and offshore institutional investors. Trafigura provided a public notice of its intention to dispose of 173,798,416 shares and 24,216,577 warrants, representing approximately 28 per cent of Tiger’s issued ordinary share capital on a fully diluted basis, on Friday 21 September, 2012.

Vena Resources Inc., which is trading near year lows, announced that, further to the company’s press release of September 24th, the company has signed a binding share purchase agreement, whereby it has agreed to sell its 70 per cent interest in Azulcocha Mining S.A. and assign an intercompany loan to Catalina Huanca Sociedad Minera S.A.C., a Peruvian affiliate of Trafigura Beheer B.V.

Lonestar West Inc., which hit new year highs yesterday, reports a net loss of $197,825 for the fourth quarter, a improving on the net loss of $343,315 in the prior year equivalent period. The company generated revenues of around $4.44-million, an increase of 64.9 per cent over the prior year equivalent period revenue of $2.69-million.

Thermal Energy International Inc., which is trading at year lows, said net loss was $26,341 for the fourth quarter, compared to $25,142 for the corresponding period in 2011. Revenue was $3.5-million for the three-month period ended May 31, 2012, compared to $1.9-million for the corresponding period in 2011.

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