Mosaid Technologies Inc. shot up to near year highs early Thursday as investors wait to hear what the company might say after the close of trading today about a $480-million hostile takeover bid made last week by Wi-Lan Inc. Rejecting or delaying the bid could possibly ignite a bidding war for control over its strong patent portfolio. Mosaid had rebuffed merger talks with Wi-Lan several times in recent times, forcing Wi-Lan to take its bid directly to Mosaid shareholders. If successful, the transaction would combine Canada's two leading patent companies.
Galantas Gold Corp. hit new year highs Thursday after reporting a profit of $1-million for the second quarter of 2011, up sharply from the previous year's $ 118,724. The company said the main reasons for the improved results were the record gold production and higher sale prices achieved for concentrate recorded by its Northern Ireland subsidiary during the second quarter. Revenue more than doubled to $3.3-million during the quarter from $1.5-million in 2010.
Madalena Ventures Inc. announced its results for the three months ended June 30, 2011. The company realized a net loss of $12.5-million compared to a net loss of $757,919 in the second quarter of 2010. It said net loss increased primarily due to an impairment loss of around $11-million on exploration and evaluation assets in the second quarter of 2011, higher general and administrative expenses and share-based payments expense partially offset by oil revenue in 2011 from the Coiron Amargo Block, and higher interest income. Oil and gas revenue was $807,497 compared to nil in the second quarter of 2010. It said the increase in oil and gas revenue in 2011 is due to the classification in the fourth quarter of 2010 of the Coiron Amargo Block as a development and production asset. The company's share of oil production from the Coiron Amargo Block in the three and six month periods ended June 30, 2011 was 9,568 barrels (105 barrels per day) and 22,278 barrels (123 barrels per day), respectively. The company's share of oil sales in the three and six months ended June 30, 2011 was 14,067 barrels and 24,502 barrels, respectively.
Marathon Gold Corporation announced Thursday the discovery of a new quartz-tourmaline-pyrite vein structure that extends over a 80 meters strike length in an area 1 kilometre southwest from the southern end of the current Leprechaun Gold Deposit resource boundary. The company said this new gold-bearing vein is part of a larger gold-bearing quartz vein alteration system.
Intertainment Media Inc. announced Thursday that its desktop app KNCTR, a key program of the company's wholly owned division itiBiti Systems Inc., has reached another plateau by adding an additional 400,000 unique installations over the previous two-week period to now count over 2.4 million unique installations in the North American Marketplace. The company said that with the growth in unique users and consumer engagement numbers, KNCTR's advertising revenue continues to accelerate.
Valeura Energy Inc. said it ended the second quarter with a net loss of $4.4-million, up from $3.2-million in the comparable period in 2010. Funds flow from operations during the quarter was negative $1.6-million compared to negative $885,673 in the previous year, which reflects higher G&A expenses related to the growth in business activities, partially offset by higher petroleum and natural gas sales related to the Edirne and TBNG-PTI asset acquisitions.
Bellamont Exploration Ltd. reported Thursday that it had a profit of $1.8-million during the second quarter, erasing the $684,000 loss from the previous year. The company also said funds generated from operations increased 25 per cent to $5-million from $4-million in the same period in 2010. Average oil and liquids production increased 27 per cent to 1,185 Boe/d.
Northampton Group Inc. , an integrated Canadian hotelier, announced that it has begun construction of its newest hotel, in the high-end retail and commercial development at Vaughan Mills, just north of Toronto. The company's plans call for a $16-million, 130-room hotel competing in the premium mid-scale market, serving both leisure and commercial customers from its anticipated opening in early 2012.
Catch the Wind Ltd. , a provider of laser-based wind sensor products and technology, announced Thursday that it has leased, with an option to buy, a Vindicator laser wind sensor unit to a leading manufacturer of wind turbines. The company said the introduction of lease arrangements with the option to purchase "represents the next phase of our sales and business development strategy," allowing the company to "address growing market demand to evaluate Vindicator units and generate cash flow at the same time."
TrueContext Mobile Solutions , a mobile data solutions company, reported Thursday the results for its three months ended June 30, 2011. The company ended the quarter with a loss of $689,813, up from the previous year's $482,967, despite posting 122 per cent growth in total revenue. During the quarter, the company had $338,628 in revenue, up sharply from last year's $152,446. Deeper loss was attributed to additional spending on product development and operator channel sales and marketing support.
Defiance Silver Corp. said on Thursday that it has signed an option agreement with IMPACT Silver Corp. for the acquisition of the Santa Gabriela processing plant and associated surface rights, as well as 13 mining concessions in the historic silver mining district of Zacatecas in central Mexico. The silver explorer said the Zacatecas silver district is one of the largest silver mining districts in the world with past production of more than 1.2 billion ounces of silver from veins near the optioned concessions.