Canadian junior explorer Colt Resources (CVE:GTP) reported on Tuesday that all of its remaining outstanding warrants maturing in June have been exercised.
Colt officials said that the company is presently in the strongest financial position in its history, with about $17.5 million in cash and is debt free.
"We anticipate that these funds should be sufficient to advance both of our Montemor gold and Tabuaco tungsten advanced stage exploration projects through feasibility," said Colt Resources chief executive, Nikolas Perrault.
Looking ahead, the company said it will provide an operational update on all of its key projects in Portugal by next week.
Moreover, the company also announced on Tuesday that it has granted a sum of 450,000 incentive stock options to company consultants that have a term of five years, exercisable at 75 cents a share.
Colt Resources explores for gold and tungsten, and is the second largest lease holder of mineral concessions in Portugal.
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Showing posts with label Brad Lemaire. Show all posts
Showing posts with label Brad Lemaire. Show all posts
Wednesday, 6 July 2011
Monday, 4 July 2011
NeoStem appoints vice president
Stem cell-based therapy company NeoStem (NYSE:NBS) said that Joe Talamo has joined the firm as vice president, corporate controller and chief accounting officer.
Prior to joining NeoStem, Talamo held various senior positions at OSI Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of products for the treatment of cancer, diabetes and obesity.
From 1996 to 2010, he helped build the accounting and finance infrastructure to support the clinical development and commercial launch of Tarceva, OSI’s targeted therapy approved for the treatment of patients with non-small cell lung cancer and pancreatic cancer.
Prior to this, Talamo worked at Bristol-Myers Squibb, and at the health care and life sciences audit group at KPMG.
NeoStems chief executive, Robin L. Smith, said: "Joe's experience in the biopharmaceutical industry, including his seeing a product candidate from clinical trials through a highly successful commercial launch, makes him an ideal addition to the NeoStem team as we continue developing our cell-based therapeutics."
"We believe Joe will be instrumental to the financial management of our diverse business units, as we continue to grow," added Smith.
NeoStem is a biopharmaceutical company with operations in the U.S. and China. In the U.S., the company is a provider of adult stem cell collection, processing and storage services. Its network of US-based adult stem cell collection centers is focused mostly on the Southern California and Northeast markets.
The company also owns a 51% interest in Chinese generic pharmaceutical company Suzhou Erye, and has partnerships with hospitals in China for its stem cell therapies.
Prior to joining NeoStem, Talamo held various senior positions at OSI Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of products for the treatment of cancer, diabetes and obesity.
From 1996 to 2010, he helped build the accounting and finance infrastructure to support the clinical development and commercial launch of Tarceva, OSI’s targeted therapy approved for the treatment of patients with non-small cell lung cancer and pancreatic cancer.
Prior to this, Talamo worked at Bristol-Myers Squibb, and at the health care and life sciences audit group at KPMG.
NeoStems chief executive, Robin L. Smith, said: "Joe's experience in the biopharmaceutical industry, including his seeing a product candidate from clinical trials through a highly successful commercial launch, makes him an ideal addition to the NeoStem team as we continue developing our cell-based therapeutics."
"We believe Joe will be instrumental to the financial management of our diverse business units, as we continue to grow," added Smith.
NeoStem is a biopharmaceutical company with operations in the U.S. and China. In the U.S., the company is a provider of adult stem cell collection, processing and storage services. Its network of US-based adult stem cell collection centers is focused mostly on the Southern California and Northeast markets.
The company also owns a 51% interest in Chinese generic pharmaceutical company Suzhou Erye, and has partnerships with hospitals in China for its stem cell therapies.
Thursday, 2 June 2011
Goldrush closes $3.4m private placement financing
Goldrush Resources (CVE:GOD), a junior mineral exploration company, on Wednesday said that it has closed the previously announced $3.4 million non-brokered private placement financing.
The company sold 21.2 million units at a purchase price of $0.16 per unit.
Each unit consists of one common share and half of one non-transferable share purchase warrant. Each full warrant gives the holder the right to purchase an additional common share at a price of $0.21 for the duration of 18 months from closing.
The private placement was fully subscribed, the company said.
Net proceeds will fund continued drilling and development at the company’s 249,000 ounce Ronguen gold deposit in Burkina Faso, West Africa, and go toward financing other high priority projects.
The profits will also be used to acquire more properties and for working capital purposes.
Finder’s fees and warrants have already been paid in connection with part of the financing.
Separately, the gold explorer also said that its 10,300 meter reverse circulation (RC) drill program in Burkina Faso was completed this month, and awaits results from 84 holes drilled on the Kongoussi, Tikare, Liki and the Nakiambouri and Gonaba Est permits.
As follow-up work, Goldrush has entered into contracts to drill a further 10,000 meters of RC drilling and 8,000 meters of core drilling during the third quarter.
The company sold 21.2 million units at a purchase price of $0.16 per unit.
Each unit consists of one common share and half of one non-transferable share purchase warrant. Each full warrant gives the holder the right to purchase an additional common share at a price of $0.21 for the duration of 18 months from closing.
The private placement was fully subscribed, the company said.
Net proceeds will fund continued drilling and development at the company’s 249,000 ounce Ronguen gold deposit in Burkina Faso, West Africa, and go toward financing other high priority projects.
The profits will also be used to acquire more properties and for working capital purposes.
Finder’s fees and warrants have already been paid in connection with part of the financing.
Separately, the gold explorer also said that its 10,300 meter reverse circulation (RC) drill program in Burkina Faso was completed this month, and awaits results from 84 holes drilled on the Kongoussi, Tikare, Liki and the Nakiambouri and Gonaba Est permits.
As follow-up work, Goldrush has entered into contracts to drill a further 10,000 meters of RC drilling and 8,000 meters of core drilling during the third quarter.
Selwyn Resources closes second tranche of special warrant financing
Selwyn Resources (CVE:SWN) on Tuesday said that it has closed the second tranche of its $15 million special warrant financing through Paradigm Capital.
The mineral explorer raised $4.68 million from the sale of 18.7 million special warrants. The company said that a third tranche of the offering is expected to be completed by June 3.
On May 27, 2011, the company closed the first part of the $15 million special warrant offering, first announced in late March.
Each special warrant will be convertible into one common share of Selwyn and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at $0.40, for a period of 24 months after the closing date of the offering.
The proceeds will be used by Selwyn to finance the acquisition of ScoZinc, which owns the Scotia zinc-lead mine-mill complex in Novia Scotia, from Acadian Mining Corp. The acquisition is expected to close on or about May 31, 2011.
The mineral explorer raised $4.68 million from the sale of 18.7 million special warrants. The company said that a third tranche of the offering is expected to be completed by June 3.
On May 27, 2011, the company closed the first part of the $15 million special warrant offering, first announced in late March.
Each special warrant will be convertible into one common share of Selwyn and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at $0.40, for a period of 24 months after the closing date of the offering.
The proceeds will be used by Selwyn to finance the acquisition of ScoZinc, which owns the Scotia zinc-lead mine-mill complex in Novia Scotia, from Acadian Mining Corp. The acquisition is expected to close on or about May 31, 2011.
Monday, 30 May 2011
Fortis to buy Vermont's largest electric utility in $700m deal
Fortis (TSE:FTS), the largest investor-owned utility in Canada, said on Monday that it is buying Central Vermont Public Service (NYSE:CV) (CVPS), Vermont's largest electric utility, in a $700 million deal.
Fortis will pay CVPS shareholders $35.10 per share, representing a 44% premium over CVPS' closing price of $24.32 on Friday.
The $700 million deal, which saw Fortis beat out several bidders in a confidential sales process, includes the assumption of approximately US$230 million of debt.
The acquisition is expected to add to Fortis' earnings in the first full year of ownership, it said.
St. John's-based Fortis, with assets of $13 billion and fiscal 2010 revenue totalling $3.7 billion, has regulated utility companies operating in five provinces: British Columbia, Alberta, Ontario, Prince Edward Island and Newfoundland, as well as three Caribbean countries. The company serves about 2.1 million gas and electricity customers.
CVPS, which employs about 520 people, serves nearly 160,000 customers in 163 cities and towns across Vermont.
"CVPS is a well-run utility whose operations and operating philosophy are very similar to those of our Canadian regulated utilities," said Fortis president and CEO Stan Marshall.
"The commitment of CVPS to customers, as evidenced by the company's stellar customer service record, is very much aligned with the operating philosophy of Fortis."
Under the deal, CVPS will remain headquartered in Rutland and operate autonomously, with its own board of directors and management team. Fortis said that no job losses are anticipated with the transaction. Larry Reilly is to remain president and CEO of CVPS.
"Fortis brings financial strength to CVPS, giving us strong access to capital markets not available to smaller utilities," Reilly added.
The deal, which is expected to wrap up in six to 12 months, is subject to the approval of CVPS shareholders, as well as the approval of state and U.S. federal regulators.
Fortis will pay CVPS shareholders $35.10 per share, representing a 44% premium over CVPS' closing price of $24.32 on Friday.
The $700 million deal, which saw Fortis beat out several bidders in a confidential sales process, includes the assumption of approximately US$230 million of debt.
The acquisition is expected to add to Fortis' earnings in the first full year of ownership, it said.
St. John's-based Fortis, with assets of $13 billion and fiscal 2010 revenue totalling $3.7 billion, has regulated utility companies operating in five provinces: British Columbia, Alberta, Ontario, Prince Edward Island and Newfoundland, as well as three Caribbean countries. The company serves about 2.1 million gas and electricity customers.
CVPS, which employs about 520 people, serves nearly 160,000 customers in 163 cities and towns across Vermont.
"CVPS is a well-run utility whose operations and operating philosophy are very similar to those of our Canadian regulated utilities," said Fortis president and CEO Stan Marshall.
"The commitment of CVPS to customers, as evidenced by the company's stellar customer service record, is very much aligned with the operating philosophy of Fortis."
Under the deal, CVPS will remain headquartered in Rutland and operate autonomously, with its own board of directors and management team. Fortis said that no job losses are anticipated with the transaction. Larry Reilly is to remain president and CEO of CVPS.
"Fortis brings financial strength to CVPS, giving us strong access to capital markets not available to smaller utilities," Reilly added.
The deal, which is expected to wrap up in six to 12 months, is subject to the approval of CVPS shareholders, as well as the approval of state and U.S. federal regulators.
Friday, 27 May 2011
Graham Corp's Q4 profit surges, sales rise 88%
Graham Corporation (AMEX:GHM) said Friday that fourth quarter profit more than quadrupled, boosting the company’s shares as sales climbed 88% during the period due to strong organic growth and acquisitions.
Shares in the company were up 10.62%, trading at $23.44 as of Friday 10 a.m. EST.
In the first three months ending March 31, the Batavia, New York-based vacum and heat transfer equipment manufacturer reported net income of $2.7 million, or 27 cents per diluted share, way up from $0.6 million, or six cents per diluted share, in the prior-year period.
The company more than beat analyst forecasts of 21 cents per share.
Net sales jumped 88% to $25.9 million, compared with $13.8 million in the year ago period, driven by organic growth of 51%.
The company said the December acquisition of Energy Steel & Supply Company, a specialty machining company targeted for the nuclear power industry, also contributed $5.1 million to fourth quarter sales.
Orders during the fourth quarter were $26.8 million, up 47% over orders in the prior year period. Approximately 20% of the total order value in the latest quarter was won by Energy Steel, benefiting the company's nuclear power market segment, said Graham.
According to the company, strong activity in the alternative energy markets allowed Graham to secure orders for geothermal and biomass power-generating facilities in Asia and the U.S.
The company said that sales to the refining industry also accounted for more of total revenue at 38%, reflecting certain large Middle Eastern projects advancing, as well as increased maintenance activity in the US market.
Higher sales and an improving economy drove the improvement of operating margins to 15.4%, compared with 8.6% a year before.
For the next few years, Graham said it expects an increase in orders to come from international customers in its traditional oil refinery and petrochemical markets, while the addition of Energy Steel is expected to continue to improve U.S. order rates from the nuclear power generation market. At quarter-end, the company had a backlog of $91.1 million.
"The first half of fiscal 2011 was the tail end of the trough of the recession for us. The second half of the year clearly demonstrated the early signs of a strengthening market," said president and CEO, James R. Lines.
"Our fourth-quarter results were a strong indication of this early recovery.”
Looking ahead, the company predicts sales for fiscal 2012 to be in the range of $95 and $105 million, an improvement of about 30% to 40% from fiscal 2011. It expects gross margin to be in the range of 29% to 32% for the year.
"While we expect strong growth in fiscal 2012, the health of our markets and the strength and sustainability of the economic recovery can impact our results," added Lines.
Shares in the company were up 10.62%, trading at $23.44 as of Friday 10 a.m. EST.
In the first three months ending March 31, the Batavia, New York-based vacum and heat transfer equipment manufacturer reported net income of $2.7 million, or 27 cents per diluted share, way up from $0.6 million, or six cents per diluted share, in the prior-year period.
The company more than beat analyst forecasts of 21 cents per share.
Net sales jumped 88% to $25.9 million, compared with $13.8 million in the year ago period, driven by organic growth of 51%.
The company said the December acquisition of Energy Steel & Supply Company, a specialty machining company targeted for the nuclear power industry, also contributed $5.1 million to fourth quarter sales.
Orders during the fourth quarter were $26.8 million, up 47% over orders in the prior year period. Approximately 20% of the total order value in the latest quarter was won by Energy Steel, benefiting the company's nuclear power market segment, said Graham.
According to the company, strong activity in the alternative energy markets allowed Graham to secure orders for geothermal and biomass power-generating facilities in Asia and the U.S.
The company said that sales to the refining industry also accounted for more of total revenue at 38%, reflecting certain large Middle Eastern projects advancing, as well as increased maintenance activity in the US market.
Higher sales and an improving economy drove the improvement of operating margins to 15.4%, compared with 8.6% a year before.
For the next few years, Graham said it expects an increase in orders to come from international customers in its traditional oil refinery and petrochemical markets, while the addition of Energy Steel is expected to continue to improve U.S. order rates from the nuclear power generation market. At quarter-end, the company had a backlog of $91.1 million.
"The first half of fiscal 2011 was the tail end of the trough of the recession for us. The second half of the year clearly demonstrated the early signs of a strengthening market," said president and CEO, James R. Lines.
"Our fourth-quarter results were a strong indication of this early recovery.”
Looking ahead, the company predicts sales for fiscal 2012 to be in the range of $95 and $105 million, an improvement of about 30% to 40% from fiscal 2011. It expects gross margin to be in the range of 29% to 32% for the year.
"While we expect strong growth in fiscal 2012, the health of our markets and the strength and sustainability of the economic recovery can impact our results," added Lines.
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