Catalyst Paper Corporation , which has been trading near year lows, has entered into an agreement for a recapitalization transaction that will result in a significantly reduced debt burden. The company believes that the proposed recapitalization offers substantial benefits, including: enhanced flexibility to respond to the downturn in the market for paper, newsprint and pulp; improved capital structure: $315.4-million reduction in debt; and reduced cash interest expense: up to $25.5-million reduction in annual cash interest expense ($37.0-million if paid in kind to the maximum extent possible).
Diagnocure Inc. , a life sciences company that develops and commercializes high-value cancer diagnostic tests that rose 13 per cent on Friday, will release its fourth-quarter and fiscal 2011 year end results on Jan. 16, 2012, at approximately 4 p.m. (ET). This release will be followed by a conference call, which will be held today at 4.30 p.m. (ET).
Amica Mature Lifestyles , an operator of seniors' retirement residences, announced the company's operating and financial results for the three and six months ended Nov. 30, 2011. Second-quarter highlights include: consolidated revenues increased 27 per cent to $18.34-million; AFFO per share increased 50 per cent to $0.09 per share; AFFO per share after adjusting for lease-up losses and stock-based compensation increased 40 per cent to $0.14 per share; overall occupancy in mature same communities increased to 93.2 per cent at Nov. 30, 2011 from 92.1 per cent at Aug. 31, 2011 and 92.5 per cent at Nov. 30, 2010; increased quarterly dividend 11 per cent to $0.105 per share.
US Gold Corporation , in light of the proposed business combination between US Gold and Minera Andes Inc. , responded and commented on the news release of TNR Gold Corp. of Jan. 12, 2012, proposing a settlement for an amount of $125-million (U.S.) of the litigation surrounding certain portions of Minera Andes' Los Azules Copper Project. Reference is also made to Minera Andes' news release outlining the consideration by its board of directors and special committee of this offer, and the determination to reject the offer as being unreasonable.
MEGA Brands Inc. late Friday announced it has filed an action against Lego Juris A/S and Lego Group in the U.S. District Court of the Central District of California seeking to invalidate Lego's 1999 functional U.S. trademark, as well as other remedies.
Liberty Metals & Mining Holdings, LLC announced that that it has entered into a subscription agreement with Alderon Iron Ore Corp. , pursuant to which LMM has purchased, on a private placement basis of around 15-million common shares of Alderon at a price of $2.67 per Purchased Share for a total subscription price of approximately $40-million. The purchase price was based on the volume weighted average price of Alderon's common shares on the Toronto Stock Exchange for the twenty trading days ended Jan. 11, 2012. Alderon rose 3 per cent on Friday to close in on an existing year high $3.45.
Adriana Resources Inc. , which fell 11 per cent on Friday, provided notice to WISCO International Resources Development and Investment Limited of its right to subscribe to 972,780 common shares of Adriana at $0.92 pursuant to its pre-emptive right, granted in connection with the private placement completed on March 23, 2011 to maintain its current proportionate interest in Adriana.
Tintina Resources Inc. , which lost 6.5 per cent on Friday, announced Saturday that Louis Lepry, Jr. has resigned as President and Chief Executive Officer, and as a Director of the Company effective immediately. The Board of Directors has established a special committee to search for and appoint a replacement for Lepry. Raj Chowdhry, currently the Executive Vice Chairman, has been appointed as the interim Chief Executive Officer.
Lorus Therapeutics Inc. , a biopharmaceutical company specializing in the research and development of pharmaceutical products and technologies for the management of cancer that gained 2 cents on Friday to move away from near a year low of 16 cents, reported financial results for the three and six months ended Nov. 30, 2011. Net loss for the three months was $1.5-million ($0.07 per share) compared to $1.2-million ($0.11 per share) in the same period in the prior year.