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(Jupiterimages/(C) 2006 Media Bank)
(Jupiterimages/(C) 2006 Media Bank)

Midnight Trader

Today's small-cap stocks to watch Add to ...

Avion Gold Corporation , which last traded down 6.5 per cent near a year low 82 cents, announced first-quarter 2012 production of approximately 26,256 ounces of gold from its Tabakoto/Segala operations in Mali, West Africa, a quarterly production record for the company. During the first quarter of 2012, the company milled 225,700 tonnes of ore at an average grade of 4.02 g/t Au, with a 90.2 per cent mill recovery.

Fibrek Inc. announced that Mercer International Inc. has extended the expiry date of its superior offer to acquire all of the issued and outstanding common shares of Fibrek to April 16, 2012. Resolute Forest Products earlier this month reduced the minimum tender condition of its rival $1.00 unsolicited bid to April 11.

Perpetual Energy Inc. , which last traded down more than 5 per cent near a year low 66 cents, announced the signing of definitive agreements totaling $84.3-million to further advance the previously-announced asset disposition program. It also announced the attainment of the 4,000 bbl/d of oil and NGL production capability milestone; provided an update on its semi-annual bank credit facility review and confirmed its intention to repay the maturing $75-million 6.5 per cent convertible debentures, due June 30, 2012, in cash.

Scorpio Gold Corporation , which last traded down more than 4 per cent, updated investors on the legal proceedings commenced by Golden Phoenix Minerals Inc., its joint venture partner on the Mineral Ridge project located in Nevada, against Scorpio Gold, its U.S. subsidiary, and Waterton Global Value LP, Golden Phoenix's lender.

Manitok Energy Inc , which last traded down 5.5 per cent, announced the disposition of its non-core heavy oil assets in the Swimming Area of Alberta for $13.5-million.

Forest Gate , which has been trading near year lows, reported that its mineral exploration group continues to work on the financing required to develop its two 100 per cent-owned iron ore properties located in the Abitibi region of central Quebec. Forest Gate said that it is actively exploring the opportunity of a joint venture with another iron ore exploration or steel company to develop the opportunity.

Seprotech Systems Incorporated announced that Wilf Stefan has resigned from his position of President and Chief Operating Officer, effective April 30, 2012, and will pursue other interests. Harry J. Marshall, CEO, will also assume the title of President.

Huntingdon Capital Corp. , which has closed at session highs on Thursday, announced today that it has entered into a binding agreement to sell Portage Place, Peterborough, Ontario. The previously announced agreement in February 2012 to sell 4 Ontario retail properties has been amended to include Portage Place. The revised terms of the agreement include the sale of 5 Ontario retail properties for gross sale proceeds of $80-million.

Redline Communications Group Inc. , provider of broadband wireless solutions for machine-to-machine communications, announced today the launch of a larger, second phase of a major wireless project for Shell Oil joint venture Petroleum Development Oman LLC. This expansion follows the successful deployment of a wireless infrastructure network supporting over 2000 wells.

Victory Resources Corp. today announced that it has begun a systematic drilling program to determine the potential size and grade values of the Matanza and Altamira historic Reforma tailings deposit located beside the Reforma historic mine site. This 1400 meter drill program is expected to take about 30 days to complete.

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