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Birchcliff Energy Ltd. rose as much as 20 per cent to $12.25 early Monday after announcing that as a result of unsolicited expressions of interest in the company, its board of directors has determined to commence a public sale process, seeking offers to purchase all of the outstanding shares of Birchcliff. "At this time there can be no assurance that this process will result in an acceptable transaction," it said. Birchcliff did not reveal who the suitors are, or how many were interested, but it encouraged shareholders to consider agreeing to sell the company at an "acceptable" price.
Paladin Labs Inc. lost early gains that saw it touch $37.10 and was down 1.5 per cent after withdrawing its offer for Afexa Life Sciences . This would appear to leave the door ajar for Valeant Pharmaceuticals International Inc to buy Afexa instead. Both companies raised their bids on Sept. 26, with Paladin offering to pay $0.81 a share and Valeant lifting its offer just hours later to $0.85 a share. Read more here
ATAC Resources Ltd. was off an early day low of $4.13 after reporting a drilling and exploration update for its 100 per cent owned 1,600 sq/km Rackla gold project in central Yukon. The company said mineralization was intersected on every section line between Conrad and Eaton resulting in the coalescing of both zones into a larger Conrad Zone. Mineralization remains open at depth and in all directions.
McCoy Corp. , a provider of innovative products and services to the global energy industry, announced that its board of directors has declared a quarterly dividend payment of $0.01 per common share payable on Oct. 28, 2011 to shareholders of record on Oct. 14, 2011. The dividend per common share is unchanged from the prior quarter regular dividend.
Focus Ventures Ltd. moved away from a year low 20.5 cents after announcing Monday that it has signed an agreement to acquire an 80 per cent interest in the Santa Cruz Project located in the state of Durango, Mexico. The agreement covers 13,350 hectares of mining claims over a system of robust and high-grade epithermal silver veins and breccias that occur within a corridor 9 kilometres long and 2 kilometres wide.
Intertainment Media Inc. announced Monday that its social media, real-time, experiential communications platform, Ortsbo.com, has released its patent pending Ortsbo One2One app for Apple iPad mobile devices via iTunes. Ortsbo One2One is initially an advertising sponsored app that has been localized for download by users from iTunes in five native languages including English, French, Spanish, German and Italian while translating in over 50 languages.
Corvus Gold Inc. announced the results from its follow-up resource expansion program on its North Bullfrog project near Beatty, Nevada. The company said an updated independent estimate has expanded the district wide Indicated gold resource to 182,000 contained ounces. In addition, some of the resource areas contain higher grade resources as well as high-grade vein systems which could be targets for early mining.
Rio Alto Mining Ltd. jumped more than 7 per cent in the early minutes of trading Monday as it reported that mine development activities at the La Arena gold oxide mine resumed with the evening shift on Friday, and planned productivity levels were achieved on Saturday and throughout the weekend after resolution of the previously announced work stoppage.
Midas Gold Corp. announced Monday additional assay results, including finalized antimony and silver results, from its ongoing core and reverse circulation drilling program on the Hangar Flats and Yellow Pine deposits at the Golden Meadows project, Idaho. Stephen Quin, president and CEO, said: "We are encouraged by these latest assay results from our 2011 drilling program, which continues to demonstrate significant gold, silver and antimony mineralization on our Golden Meadows Project in Idaho. The newly reported silver and antimony results are highly encouraging, as they demonstrate the potential for added by-product value from this significant past producer of these commodities."
SEMAFO today announced that it has entered into an agreement with National Electricity Company Sonabel for the construction of a 73-kilometre high-voltage transmission line to deliver power to its Mana mine in Burkina Faso. The 26-megawatt transmission line will be connected directly to the national power grid and should provide sufficient energy to power the mine.
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