Larry MacDougal
Canadian oil and gas explorer Daylight Energy Ltd soared 110 per cent early Tuesday after saying on Sunday it has agreed to be acquired by China's Sinopec International Petroleum Exploration and Production Corp. for $10.08 per share, or about $2.2-billion. That was more than double the closing price of Daylight's closing price of $4.59 on Friday, but the company noted it was only a 43.6 per cent premium over the 60-day weighted average trading price. More than 25 million Daylight Energy shares changed hands on the TSX over the opening 30 minutes of Tuesday's session, compared to a trading average of around 1.6 million over 30 days. Read more on the deal here
Harry Winston Diamond Corp. announced the first two months of the third quarter have seen jewelry and watch sales continue to increase. It said sales have been particularly strong in the U.S. and Japan while Chinese customers represent a growing share of the clientele in all sales regions. Chairman and CEO Robert Gannicott said: "The credit crisis of 2008/9 was centred on consumer credit and the banks that were supporting it. This had a dramatic effect on the consumer. The current crisis is centred on sovereign debt and the largely European banks that are its holders, while consumer off-take remains resilient. Although we continue to make small sales of specific rough diamond assortments to specialist clients, we have elected not to make broader rough diamond sales into an unstable market that seeks bargains. As a result, significant rough sales revenues from this period will be deferred into the fourth quarter, and possibly subsequent periods. This time of the year is traditionally quiet in the rough diamond market being the Jewish and Indian holiday periods. We expect a return to normality in November as demand increases in the lead-up to the Christmas, Indian wedding and Chinese New Year seasons."
Poynt Corp. , a global leader in mobile local search and advertising, today announced that since the launch of the Poynt App in June 2008, Poynt has been downloaded and used on over 10 million iPhone, Android, Windows Phone, and Nokia devices, as well as BlackBerry smartphone and PlayBook tablets. Poynt's 10 millionth unique user marks a milestone for the company, representing 162 per cent growth in unique users over the past year.
Titan Logix Corp. , a Canadian advanced technology industrial instrumentation and controls company, may test a year high of 25 cents after it reported the shipping of a record number of its TD80 level transmitters.
As a result of a review by the British Columbia Securities Commission, Vista Gold Corp issued a news release over the long holiday weekend to clarify its disclosure in a presentation made at the Denver Gold Forum in Colorado Springs, Colorado, and previously available on the company's website. It said: "Certain disclosure was not compliant with sections 2.2(a), 2.2(c), and 3.4 of Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects because it aggregated measured and indicated resources with inferred resources and did not provide required supporting information and cautionary language. In addition, the Prior Presentation contained certain disclosure that was not compliant with section 2.3(1)(a) of NI 43-101 because it disclosed the potential mineral content of a deposit without the disclosure required by section 2.3(2) of NI 43-101. Also, non NI 43-101 compliant disclosure of an estimate of gross metal value was included in the Prior Presentation. The Prior Presentation did not state the name and relationship to the company of each qualified person responsible for preparing the technical information disclosed in the Prior Presentation as required by section 3.1 of NI 43-101."
Pan Terra Industries Inc. said it had entered into a definitive agreement effective Oct. 6, 2011, to acquire 80 per cent of the issued and outstanding common shares of Congo Namibia Trading (PTY) Ltd., a private company incorporated under the laws of Namibia, Africa.
Lydian International Ltd. , a gold-focused mineral exploration and development company, announced that its 100 per cent owned Georgian subsidiary Georgian Resource Company LLC has been awarded a combined exploration and mining license with a 40-year term for an area of gold mineralization that has indications of historic underground exploration activity in the Guria province of western Georgia.
Centamin Egypt Ltd. announced its preliminary production results from its Sukari gold project in Egypt for the quarter ended Sept. 30. Total gold production for the quarter was 50,539 ounces, a 67 per cent increase from the corresponding quarter last year and a 5 per cent increase on the previous quarter's production. The gains were underpinned by record quarterly throughput in the Sukari process plant of 964,000 tonnes (59 per cent higher than the corresponding quarter last year and 13 per cent higher than the previous quarter), as the ramp up to higher production rates progressed post-Stage 3 commissioning.
Foundation Resources Inc. and Alto Ventures Ltd. announced the results of the last 10 holes drilled this summer on the East Coldstream gold deposit in northwestern Ontario. Among the results: Some 11.65 grams per tonne gold and 10.95 g/t gold were intersected, over 1.35 metres and 2.0 metres, respectively, at the EC-2 Horizon (formerly the East Zone) at drill hole C-11-75;
Sprott Resource Lending Corp. said it continues to build its resource lending portfolio. As of Oct. 6, 2011, it had advanced approximately $114-million in resource loans, which includes $25-million in a senior secured note with North American Palladium Ltd. Peter Grosskopf, president and CEO said: "We are very pleased with our continued growth in our resource lending book which recently included acting as the lead investor in the North American Palladium Ltd. notes financing. The most recent downturn in the equity markets has once again amplified our loan pipeline and with approximately $80-million of available funds, we are well positioned to capitalize on these new opportunities".
Intertainment Media Inc. rose by as much as 10 per cent after announcing that its subsidiary, Ortsbo Inc., has launched its mobile offering of its social media, real-time experiential translation platform, Ortsbo 2go, or "O2go", for the Android operating platform. The company said Ortsbo's O2go social media platform for Android allows users to effectively communicate with individuals around the world in 53 different languages on Android mobile smartphones seamlessly and in real time.
ProSep Inc. , dedicated to providing process solutions to the oil and gas industry, announced today that it was awarded its first contract for the design and supply of a water injection system. Valued at $2.7-million, this equipment will be installed on a floating production storage and offloading vessel in South East Asia. Delivery is expected to occur before the second half of 2012. The stock has been trading near a year low of 4 cents.
Homburg Invest Inc. announced over the long holiday weekend that it obtained an order from the Superior Court under the Canadian Companies' Creditors Arrangement Act extending the court protection granted to Homburg Invest and certain of its affiliates on Sept. 9, 2011. The extension will be in effect until Dec. 9, 2011, at which time the matter will be reviewed by the court. The order received will allow Homburg Invest time to develop a restructuring plan for the benefit of all stakeholders, including its bondholders and creditors.
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