Canmarc Real Estate Investment Trust may test fresh highs today on the prospect of it attracting more bidders although it yesterday rejected a bid from Cominar REIT . Conditions for M&A activity among REITs is seen as favourable with low interest rates and the property market remaining firm. Canmarc closed up around 20 per cent and hit a record high $15.82 per unit after the investment trust late Friday received the unsolicited buy-out offer from Cominar REIT for $15.30 per unit. More than 8 million Canmarc shares changed hands on Monday. Cominar closed up 2.6 per cent at $22.13, off a year high $23.
Compton Petroleum Corporation , which was trading above the $90 mark in January of this year and touched $5.70 last week, announced that Tim Granger, its President and CEO, has informed the Corporation that he is resigning to pursue other interests. David Horn, Vice President, Business Development and Land, and Shannon Ouellette, Chief Operating Officer, are also resigning from Compton to pursue other interests. In addition, Theresa Kosek, Vice President, Finance and Chief Financial Officer, is retiring from her role at Compton.
Tembec Inc. , which has recovered from near year lows under the $2.20 level in October, announced yesterday that it has reached an agreement to sell its British Columbia Southern Interior wood products assets to Canfor Corporation for a purchase price of $60-million, which includes working capital. Canfor lost more than 1 per cent yesterday. Tembec last week announced that the sale transaction for its Toronto (Ontario) flooring plant assets as well as its Muskoka and Vintage brands with a private company had closed. It said total consideration for the transaction is approximately $13-million which remains subject to closing working capital adjustments. Tembec will also close the Huntsville (Ontario) hardwood flooring plant. This plant will cease operations in January 2012.
Argex Mining Inc. announced today that its Board of Directors has unanimously approved the sale by Argex of the Mouchalagane iron ore property to Impact Iron Mines Inc., Argex's wholly-owned subsidiary. Argex President and CEO, Roy Bonnell, said: "The Mouchalagane property is an undeveloped iron ore property in the Fermont-Labrador City mining district with significant near-term mineral resource potential. Our focus is to unlock the value of this asset for Argex's shareholders. The sale of the Mouchalagane property to Impact Iron Mines is the first step in the spin-off process to create two public companies: Argex as a titanium dioxide pure-play and Impact as a pure iron ore company."
Resolute Forest Products , formerly AbitibiBowater, today announced plans for a formal take-over bid for Fibrek Inc. , offering $1 a share for the maker of kraft market pulp - 55 cents a share in cash and 0.0284 of a Resolute Forest share. Shareholders holding approximately 46 per cent of Fibrek stock already have committed to tender their shares. Resolute said the acquisition will increase the company's capacity in growing pulp markets.
Life sciences company Warnex Inc. , which has been trading near a year low 2 cents, announced today that Mr. Mark Busgang has resigned as President and Chief Executive Officer and as a director of Warnex. The former responsibilities of Mr. Busgang will be assumed by the remaining senior officers of Warnex with oversight from the newly created Executive Committee of the Board of Directors of the company.
AeroMechanical Services Ltd. announced today that it has signed a contract with a Nigerian airline for the Automated Flight Information Reporting System (AFIRS) 220. The provider of proprietary technological products and services to the airline industry said the contract requires it to install the AFIRS 220 on 6 Fokker 100 aircraft for a leading domestic operator in Nigeria. Gross revenue will be approximately $855,240 (U.S.), excluding optional services.
Brigus Gold Corp. announced today that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays from the Contact Zone as well as an intersection of ore-grade gold mineralization, hole GF11-337, in a new area of the Black Fox Complex. Howard Bird, Brigus VP Exploration, said: "We are also excited about the discovery of a potential new zone. Until now, there has only been limited historical exploration drilling between the Contact Zone and the Black Fox Mine. This four kilometre stretch has significant exploration potential."
Kiska Metals Corporation , which closed Monday at a year low 36 cents, reported today the drill results from the summer Whistler Orbit-area drill program that includes holes from the Rainmaker, Raintree West, Raintree South and Dagwood areas at the Whistler Project, 160 km northwest of Anchorage, Alaska. Exploration in 2011 led to the identification and definition of four distinct porphyry centres proximal to the Whistler Deposit, the company said.
Intertainment Media Inc. announced today that it continues its strategy of investing in new and emerging enterprises, with an investment in Active ImageNation Inc., a Los Angeles based developer of Cap That. Cap That is a patent pending technology platform that allows consumers, studios and professionals to capture and manipulate video, creating images that can be shared socially and commercially printed on demand on a wide variety of products directly through Cap That, as well as proprietary channel partners and licensees.
Seabridge Gold Inc. announced today that new drilling results have confirmed a significant expansion of Zone 8 within Courageous Lake's multi-million ounce FAT deposit. Previous drilling on the relatively high-grade Zone 8 had generated only a small portion of the FAT deposit's measured and indicated resource. Seabridge President and CEO Rudi Fronk said "These results could more than quadruple Zone 8's contribution to measured and indicated resources and help to increase the deposit's average grade."