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Crocodile Gold Corp. announced that its Board of Directors has adopted a limited duration Shareholder Rights Plan. The Rights Plan will expire at 5 p.m. (EST) on Feb. 29, 2012. The Rights Plan is intended to ensure that in the context of the unsolicited take-over proposal for Crocodile Gold common shares announced by Luxor Capital Group, LP, the Board has sufficient time to identify, develop and negotiate alternatives to maximize shareholder value. The Rights Plan also seeks to ensure the fair treatment of shareholders and to provide them with adequate time to properly assess any potential take-over bid without undue pressure. New York-based private equity firm Luxor on Tuesday offered to buy around 69 per cent of Crocodile Gold at 56 cents apiece.
Adriana Resources Inc. , which fell 15 per cent and touched a day low of 76 cents on Monday compared to an existing year low 68 cents, has entered into a Joint Venture Agreement with a wholly owned subsidiary of WISCO International Resources Development & Investment Limited to engage in the development and operation of the Company's Lac Otelnuk and December Lake iron ore properties in Nunavik, Quebec.
Extendicare Real Estate Investment Trust announced its wholly owned U.S. subsidiary, Extendicare Health Services, Inc. has reached an agreement in principal to sell its group purchasing organization, or GPO, to Navigator Group Purchasing, a subsidiary of Managed Health Care Associates, Inc. The transaction, valued at approximately $56-million (U.S.), is expected to be finalized and closed in early 2012 and result in an after-tax gain of approximately $32-million (U.S.) that will be recognized by the REIT in the first quarter of 2012.
Bonterra Energy Corp. , which lost 3 per cent on Monday, announced its Board of Directors has approved a 2012 capital expenditure program budgeted at $65-million which targets production growth of approximately 10 per cent in 2012. Bonterra said in 2011 it maintained its focus on providing investors with continued growth on a per share basis, a sustainable pace of development and monthly income through its dividend policy. The company added it will continue to follow this corporate strategy in 2012 by mainly pursuing the development of its horizontal drilling program on its significant Cardium light oil play that will consist of an aggressive multi-well horizontal drilling program in the main Pembina Cardium pool. Bonterra currently estimates that it has a 15 year drilling inventory predominantly in the Pembina and Willesden Green Cardium pools that will allow the Company to sustain its current business model.
Essential Energy Services Ltd. , which gained 1 per cent on Monday, announced the 2012 capital spending budget of $60-million comprised of $29-million of newly announced growth capital, $10-million of spending to complete previously announced new equipment fabrication and $21-million of maintenance capital. "Spending is primarily focused on the high demand deep coil tubing fleet including nitrogen and fluid pumpers, and reflects Essential's continued investment in its industry leading market position in coil tubing well service. The 2012 capital spending is expected to be funded from operating cash flow and the existing credit facility," it said.
Absolute Software Corporation , the provider of firmware-embedded endpoint security and management solutions that closed yesterday's session touching a 20-day SMA $4.51, announced today it that has completed a Computrace software license sale covering more than 60,000 student laptops with the Queensland Government's Department of Education and Training in Australia. This transaction, the company said, expands its existing relationship with Queensland DET and will be completed in calendar fourth quarter. Under terms of the agreement, Absolute will sell its Computrace Data Protection product, with the sale amortized to revenue over a period of 3 to 4 years.
Warnex Inc. , a life sciences company that closed yesterday's session touching a 20-day average 4 cents, announced today that it has signed a binding agreement with a private company to sell its Analytical Services division, which provides pharmaceutical and biotechnology companies with a variety of quality control services. The company said in consideration of the sale, it will receive $400,000 in cash, cash payment equal to the working capital of the division on the closing Date, estimated to be approximately $700,000, a 15 per cent passive equity interest in the purchaser, and other valuable consideration.
Terra Energy Corp. , which has been trading near a year low 41.5 cents, announced that it has engaged Macquarie Capital Markets Canada Ltd. and Scotia Waterous of Scotia Capital Inc., jointly, as marketing/financial advisors to assist the Company in connection with an outright sale or joint venture of its unconventional Montney assets located in northeast British Columbia. Terra has also engaged GMP Securities LP to assist the Company in the analysis and evaluation of any proposed transactions. Terra has also recently announced that it is marketing certain non-core assets in west-central Alberta, including a substantial Duvernay and a substantial Montney land position. These west-central Alberta assets consist of approximately 221 net sections in total. Terra is a junior oil and gas corporation engaged in the exploration for, and development and production of, natural gas and oil in Western Canada.
Moly Mines Limited , which ended yesterday's session just a cent above year low 32 cents, today confirmed the shipment of the one millionth tonne of iron ore fines from the Spinifex Ridge Iron Ore Mine. The milestone has occurred within 12 months of the mine's first shipment on 30 Dec. 2010. CEO and Managing Director Dr Derek Fisher said: "we are proud of the mine's performance this year and our operations staff are to be congratulated. The mine has consistently exceeded performance targets and generated significant cashflow for the Company".
Northern Tiger Resources Inc. announced that assays have been received for an additional twelve diamond drill holes from the 3Ace Property in the southeast Yukon. Greg Hayes, President of Northern Tiger, said: "Drilling continues to demonstrate the continuity of the Main Zone. We have also observed visible gold in 6 of the 17 Main Zone holes reported so far this year - an encouraging indicator of the strength of the mineralizing system at 3Ace."