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Melbourne Australia; 24 April 2013 - Starpharma Holdings Ltd (ASX: SPL; OTCQX:
(excerpt)
SPHRY) today released its Appendix 4C – Quarterly Cashflow report for the period ended 31 March 2013.
The cash balance at 31 March was $35.9 million following the receipt of a $5.4 million R&D tax incentive refund. This represents a net increase of $2.7 million on the previous quarter.
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=103015
Trials scheduled for October 28, 2013.
Dude! Who's up for a rate cut!
European shares supported by ECB rate cut hopes
http://www.reuters.com/article/2013/04/24/markets-europe-stocks-idUSL6N0DB2BV20130424
Although there was a hearing on Monday, I could find no mention of a trial date yet. Pacer does show documents filed concerning the nature of questions which may be asked of prospective jurors.
Cyprus' Finance Minister Haris Georgiades: "There is “no way” Cyprus will leave the euro area and the island nation has avoided a default" (See context below)
Why The European Union Will Fail: Q&A with Austrian Economist Barbara Kolm
http://reason.com/reasontv/2013/04/16/will-the-european-economy-collapse-qa-wi
Dear EU,
We have discovered a small error in our checkbook register, and it now appears we have been "adding" to our bank balance each time we wrote a check rather than the more traditional method of "subtracting". Please forgive this unforeseen development and accept our sincere apology - along with the attached revised request for an additional 6 BILLION EUROs(give or take).
Sincerely,
Your BFF, Cyprus
Cyprus to appeal to EU for extra bailout assistance
The cost of Cyprus' bailout has risen to 23bn euros
Continue reading the main story
Related Stories
Cyprus bailout 'rises to 23bn euros'
Is Cyprus's euro membership viable?
Why does Cyprus need capital controls?
Cyprus president Nicos Anastasiades has said he will appeal for extra assistance from the European Union.
http://www.bbc.co.uk/news/business-22116270
Dear EU,
We have discovered a small error in our checkbook register, and it now appears we have been "adding" to our bank balance each time we wrote a check rather than the more traditional method of "subtracting". Please forgive this unforeseen development and accept our sincere apology - along with the attached revised request for an additional 6 BILLION EUROs(give or take).
Sincerely,
Your BFF, Cyprus
Cyprus to appeal to EU for extra bailout assistance
The cost of Cyprus' bailout has risen to 23bn euros
Continue reading the main story
Related Stories
Cyprus bailout 'rises to 23bn euros'
Is Cyprus's euro membership viable?
Why does Cyprus need capital controls?
Cyprus president Nicos Anastasiades has said he will appeal for extra assistance from the European Union.
http://www.bbc.co.uk/news/business-22116270
American Vanadium Breaks into Energy Storage, Boosts Renewables
http://www.energydigital.com/global_mining/american-vanadium-breaks-into-energy-storage-boosts-renewables
Funny, how some people always seem to know in advance.
AMERICAN VANADIUM AMENDS PRICING OF PRIVATE PLACEMENT
April 5, 2013 - AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTCQX: AVCVF). Further to its press release of March 7, 2013, the Company announces that it has reduced the price of its previously announced non-brokered private placement from $0.80 per unit to $0.70 per unit. Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.
About American Vanadium Corp.
American Vanadium is developing the only vanadium mine in the United States. The Company’s Gibellini Project,located in Nevada, is being designed to economically produce vanadium electrolyte for
the energy storage industry, as well as vanadium products for the steel and alloying industries. A positive Feasibility Study and updated National Instrument 43-101 on the Gibellini Project were
completed by AMEC E&C Services in 2011. American Vanadium trades on the TSX Venture Exchange as a tier-one company under the symbol
“AVC”, the OTCQX Market under the symbol “AVCVF” and the Frankfurt Stock Exchange under the symbol “0UA”.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
For further information, please contact: Bill Radvak, President & CEO
Phone: (604) 681-8588 X 101
Email: bradvak@americanvanadium.com
or
Mike Hyslop, Director, Corporate Development
Phone: (604) 681-8588 X 102
Email: mhyslop@americanvanadium.com
Web site: www.americanvanadium.com
Bonanza Goldfields Corp. Announces Discovery of High Grade Gold in Quartz Veins
http://www.marketwire.com/press-release/bonanza-goldfields-corp-announces-discovery-of-high-grade-gold-in-quartz-veins-pinksheets-bonz-1775143.htm
The "New Math" in Cyprus
And Scene: Big Cypriot Depositors Facing Complete Wipe Out
http://www.zerohedge.com/news/2013-03-29/and-scene-big-cypriot-depositors-face-complete-wipe-out
The 10K is due on Monday (April Fool's Day). Looking back, last year's report was followed by several of weeks of increased, but essentially flat, trading with no breakout. Anyone wanting out (or in) will probably have an opportunity in the next two to three weeks.
Deja Vu all over again?
Cerebus Capital wants in on the single-family rental boom, looking to bankroll small investment...
Thursday, March 28, 12:24 PM ET
Cerebus Capital wants in on the single-family rental boom, looking to bankroll small investment firms buying foreclosed housing, reports Reuters. The P-E firm is targeting investors too small to tap the serious financing put together by investment banks. At some point look for these loans to end up bundled and sold.
http://seekingalpha.com/currents/post/915501
Come see the new and improved* Cyprus Banks! Grand Opening on Thursday** at fewer locations near you!
WRAPUP 2-Cyprus banks remain closed to avert run on deposits
http://www.reuters.com/article/2013/03/26/eurozone-cyprus-idUSL5N0CI0YX20130326
* past performance is: "no guarantee"
** or some other day to be announced
"Song of Cyprus" (as performed by EU banksters and government twits)
“And hast thou slain the Jabberwock?
Come to my arms, my beamish boy!
O frabjous day! Callooh! Callay!”
Jabberwocky by Lewis Carroll
Words Of Warning: Get Your Money Out Of European Banks
http://theeconomiccollapseblog.com/archives/words-of-warning-get-your-money-out-of-european-banks
A staff writer at Benzinga, Paul Quintaro, apparently reported incorrect figures from the fourth quarter report this morning. I hope no one acted on his article before checking out the facts.
http://www.benzinga.com/news/earnings/13/03/3438966/silver-wheaton-corp-reports-q4-eps-of-0-05-vs-0-48-est-revenue-of-287-20
Record net earnings of $177.7 million ($0.50 per share) compared to $144.7 million ($0.41 per share) in Q4 2011, representing a 23% increase.
http://silverwheaton.com/News1/PressReleases/PressReleaseDetails/2013/Silver-Wheaton-reports-record-2012-operating-and-financial-results/default.aspx
BALANCE SHEET
The Company held $204.2 million of cash and cash equivalents as at December 31, 2012, a $9.3 million decrease compared to $213.5 million as at December 31, 2011. In 2012, positive cash flow from operating activities of $62.3 million and financing activities of $5.8 million was more than offset by $77.4 million of investing activities as described below.
Net working capital, calculated as total current assets less total current liabilities, was $204.6 million as at December 31, 2012, compared to $197.8 million as at December 31, 2011.
The Company held no financial debt as at December 31, 2012.
http://www.aurizon.com/English/News/News-Releases/News-Releases-Details/2013/Aurizon-Reports-2012-Financial-Results/default.aspx
Silver Wheaton Corp. : Silver Wheaton declares first quarterly dividend payment for 2013
US$0.14 per common share
http://www.silverwheaton.com/News1/PressReleases/PressReleaseDetails/2013/Silver-Wheaton-declares-first-quarterly-dividend-payment-for-2013/default.aspx
Revenues
Revenue was $287.2 million in the fourth quarter of 2012, on silver equivalent sales of 9.1 million ounces (7.3 million ounces of silver and 33,000 ounces of gold). This represents a 50% increase from the $191.9 million of revenue generated in the fourth quarter of 2011, due primarily to a comparable increase in the number of ounces sold with relatively unchanged gold and silver prices.
Revenue was $849.6 million for the year ended December 31, 2012, on silver equivalent sales of 27.3 million ounces (24.8 million ounces of silver and 46,100 ounces of gold). This represents a 16% increase from the $730.0 million in revenue generated for the year ended December 31, 2011, due primarily to a 30% increase in the number of ounces sold and a 6% increase in the average realized gold price, which were partially offset by a 10% decrease in the average realized selling price of silver.
Confidence: 1.Trust or faith in a person or thing, 2. the opposite of Cyprus
Aurizon Reports 2012 Financial Results
http://seekingalpha.com/news-article/5939411-aurizon-reports-2012-financial-results
Aurizon Reports 2012 Financial Results
7:01a ET March 14, 2013 (Market Wire)
Aurizon Mines Ltd. (TSX: ARZ)(NYSE MKT: AZK) is pleased to announce its unaudited financial results for the year ended December 31, 2012. All dollar amounts are in Canadian dollars unless otherwise stated. Our financial results are prepared in accordance with International Financial Reporting Standards ("IFRS").
2012 FINANCIAL HIGHLIGHTS
-- Revenue of $224 million from 133,990 ounces of gold sold at an average realized price of US$1,658 per ounce
-- Net profit of $32 million, or $0.19 per basic share, and EBITDA of $92 million
-- Cash and cash equivalents balance of $204 million and debt-free at year-end
-- Cash flow from operations of $62 million
2012 OPERATING HIGHLIGHTS
-- Casa Berardi produced 136,848 ounces of gold at total cash costs of US$696 per ounce, in-line with previous guidance of 137,000 ounces and US$695 per ounce
-- 693,859 tonnes of ore milled at unit mining costs of $140 per tonne
-- Replenishment of Casa Berardi mineral reserves to 1,461,000 ounces of gold (net of mining depletion) at December 31, 2012. A successful drilling program resulted in a 6% increase in the average underground mineral reserve grade to 7.1 grams/tonne and an 11% increase in mineral reserves, before mining depletion, compared to 2011.
-- Successful transition from contractor to owner-operated mining at Casa Berardi
-- Self-funded capital investments at Casa Berardi of $75 million are facilitating transition into Zones 118 and 123 and increased operational flexibility
-- Completed the 2012 drill program at Heva, with an in-pit and underground mineral resource estimate to be completed within the first half of 2013
-- Positive feasibility study received on the Joanna-Hosco deposit of the advanced stage Heva-Hosco gold property
From March 8th hearing.
Felony Disposition Conference (plea bargain?) set for 3/15/13 @ 10:30 AM
Status Conference set for 4/19/13 @ 10:00 AM
Aurizon Takes Steps to Ensure Equal Treatment of All Shareholders
7:01a ET March 11, 2013 (Market Wire)
The Board of Directors of Aurizon Mines Ltd. (TSX: ARZ)(NYSE MKT: AZK) announced today that it has adopted a new shareholder rights plan (the "New Rights Plan").
The purpose of the New Rights Plan is to ensure equal treatment for all shareholders in connection with any transaction to acquire control of Aurizon. Concerns regarding potential unequal treatment of Aurizon shareholders have arisen because of the March 6, 2013 waiver by Alamos Gold Inc. ("Alamos") of the 66 2/3% minimum tender condition to its unsolicited take-over bid (the "Alamos Bid"). Of particular concern to Aurizon's Board of Directors are Alamos' public statements that it has waived its minimum tender condition and anticipates acquiring a sufficient number of additional shares of Aurizon to defeat the arrangement transaction with Hecla. In an interview given to Business News Network on March 5, 2013, John McCluskey, the President and CEO of Alamos said "We extended our offer in order to take up the maximum number of shares that we can in order to block that arrangement from going through." Based on these public statements by Alamos, Alamos is attempting to deprive Aurizon's shareholders of the opportunity to consider and choose any transaction other than the Alamos bid. The Board of Directors of Aurizon concluded that there is a substantial risk that Aurizon shareholders may be coerced into tendering to the financially inferior offer by Alamos in order to avoid being left as minority shareholders in a company controlled by Alamos.
George Brack, Chairman of the Special Committee of the Board of Directors said, "The changes to Alamos' bid and public statements of their intent make it clear that Alamos simply wants to impede shareholder choice by denying Aurizon's shareholders any opportunity to consider other transactions such as the Hecla arrangement. The New Rights Plan does not prevent Alamos or any other party from making a better offer. It simply ensures that Aurizon's shareholders will have an opportunity to make a choice."
The New Rights Plan will terminate on the earliest of (a) the date that is two Business Days after the meeting of Aurizon shareholders to approve the Arrangement; (b) the date that more than 50% of the outstanding common shares held by shareholders (other than the bidder and its affiliates) have been deposited or tendered to a bid and not withdrawn; (c) the date that is two Business Days after the Arrangement Agreement is terminated in accordance with its terms; and (d) June 30, 2013.
The net effect is that unless more than 50% of the Aurizon shares (excluding shares held by Alamos) are tendered to the Alamos Bid, the New Rights Plan will remain in place until the Aurizon shareholders have had an opportunity to vote on the Arrangement or until the Arrangement has been terminated for any reason, including in the event that Aurizon receives a superior proposal that is not matched by Hecla in accordance with the terms of the Arrangement.
While the New Rights Plan is immediately effective, it remains subject to regulatory approval. A copy of the New Rights Plan will be filed today and will be available at www.sedar.com, www.aurizon.com/maximizevalue and as part of the registration statement on Form 8-A to be filed by Aurizon and available at www.sec.gov.
How to Withdraw Shares from the Alamos Offer
Shareholders who have questions or who may have already tendered their shares to the Alamos Offer and wish to withdraw them, may do so by contacting our Information Agent, Georgeson Toll Free (North America): 1-888-605-7616, Outside North America Call Collect: 1-781-575-2422 or Email: askus@georgeson.com.
This news release contains forward-looking information (as defined in the Securities Act (British Columbia)) and forward-looking statements (collectively, "forward-looking statements") that are prospective in nature. All statements other than statements of historical fact may be forward-looking statements. In this news release, such forward-looking statements include statements regarding the effect of a shareholder rights plan. These forward-looking statements are based on a number of assumptions, including assumptions regarding the Alamos Offer; the New Rights Plan becoming effective as planned. Although management of Aurizon believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate. Actual results and developments may differ materially from those expressed or implied by the forward-looking statements contained in this news release and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects. Factors which could cause actual results to differ materially from current expectations include those risks set forth in Aurizon's Annual Information Form dated March 30, 2012. You should not place undue reliance on any forward-looking statements contained in this news release. Aurizon specifically disclaims any obligation to reissue or update these forward-looking statements as a result of new information or events after the date hereof, except as may be required by law.
About Aurizon
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE MKT under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
U.S. Registration (File 001-31893)
News Release Issue No. 12-2013
Contacts:
Media:
Longview Communications
Trevor Zeck
(604) 375-5941
Media:
Longview Communications
Nick Anstett
(416) 649-8008
Aurizon Mines Ltd. - Investor Relations :
Jennifer North
Manager Investor Relations
604-687-6600 or Toll Free: 1-800-411-GOLD (4653)
604-687-3932 (FAX)
jennifer.north@aurizon.com
www.aurizon.com
SOURCE: Aurizon Mines Ltd.
mailto:jennifer.north@aurizon.com
http://www.aurizon.com
Alamos Announces Waiver of Minimum Tender Condition and Extension of Offer for Aurizon
3:12p ET March 5, 2013 (Market Wire)
Alamos Gold Inc. (TSX: AGI)(NYSE: AGI) ("Alamos" or the "Company") today announced that, in connection with its previously announced offer (the "Offer") to acquire all of the outstanding shares of Aurizon Mines Ltd. ("Aurizon"), it has waived the minimum tender condition (the "Minimum Tender Condition") under the Offer as described in the bid circular dated January 14, 2013 (the "Circular"). The Company also announced that, as a result of such change to the terms of the Offer, it is required to extend the expiry date of the Offer until 5:00 p.m., Toronto time, on March 19, 2013. All other terms of the Offer remain unchanged.
Alamos has decided to waive the Minimum Tender Condition primarily because, based on expressions of support from several large shareholders of Aurizon received following the Hecla proposal, Alamos fully expects to receive at least an additional 17.3% of the outstanding Aurizon shares in order to defeat the merger of Aurizon with Hecla as proposed by the Aurizon Board. The US$500 million debt financing for the Hecla acquisition proposed by the Aurizon board is conditional upon Hecla receiving the support of holders of at least 66 2/3% of the Aurizon shares. Alamos will oppose the Hecla proposal.
In relation to the Hecla acquisition proposed by the Aurizon Board of Directors, Alamos notes the following:
-- Timing of Option by Aurizon Board - Hecla has disclosed that it had
confidential discussions regarding merging Hecla with Aurizon on
December 18, 2012. On December 18, 2012 and December 20, 2012, the
Aurizon Board of Directors awarded itself and Aurizon officers more than
1.1 million options. The Aurizon Board has been critical of the Alamos
Offer as opportunistic and inadequate at C$4.65, yet at the same time
awarded themselves 1.1 million options at C$3.61.
-- Fairness Opinion - Bank of Nova Scotia, which is acting as financial
advisor to the Aurizon Board, presumably on a success fee basis, has
delivered an opinion to the Aurizon Board that the Hecla offer is fair
to Aurizon shareholders. Bank of Nova Scotia is also lending Hecla the
US$500 million it is using to finance its bid for Aurizon.
-- Value of Alamos Offer - The Aurizon Board has repeatedly claimed that
the Alamos Offer undervalues the Aurizon assets, yet the Hecla proposal
which the Aurizon Board approved has only a marginally higher cash per
share amount (ten cents) and generally is an inferior offer representing
far greater risks for Aurizon shareholders. Further, the expenses of
multiple teams of financial and legal advisors retained by the Aurizon
board and special committee materially diminish the value of Aurizon as
part of a post-transaction merged company.
-- Possible Illegal Break Fee - The Aurizon Board has agreed to give Hecla
C$27.2 million of Aurizon shareholders' money if Alamos acquires merely
an additional 17.3% of the of the Aurizon shares under the terms of
Alamos's existing Offer. This payment is not contingent on Alamos
increasing its offer, another offer emerging, or any additional value
being created for Aurizon shareholders, as is typically the case. Alamos
intends to challenge this break fee as it believes it may constitute an
improper defensive tactic or be otherwise inconsistent with take-over
bid law in Canada.
-- Hecla is Borrowing Heavily Against Aurizon to Finance the Acquisition -
Alamos can afford this acquisition, while it appears that Hecla cannot.
The company resulting from the Hecla - Aurizon merger proposed by the
Aurizon board will have up to US$500 million in debt. Under the Alamos
Offer, the combined company would have no debt.
-- Hecla has Hedged the Gold Production of the Combined Company - Under the
terms of its debt financing for this acquisition, Hecla has agreed to
hedge at least US$450 million of revenues from gold production. This
significantly reduces the exposure of Aurizon shareholders to any upside
in the gold price. Under the Alamos Offer, the combined company would be
unhedged.
-- Aurizon Shareholders will receive Hecla Shares - As a result of the pro-
ration mechanism under the Hecla offer, it is likely that all Aurizon
shareholders tendering to the Hecla offer will receive Hecla shares as
consideration, and will not receive cash only.
"The company that would be created by the combination of Alamos and Aurizon represents far greater value than the highly-leveraged, hedged, debt-laden, financially constrained company proposed by the Aurizon board through the Hecla merger," said John A. McCluskey, President and Chief Executive Officer. "Just two weeks ago, we reported by far the best quarter and year-end results in our history. Alamos is among the lowest-cost gold producers and has no debt, a robust balance sheet, excellent cash flow, and an attractive near-term growth profile.
"Our goals over the next few years include achieving production that positions us as one of the 25 largest gold mining companies in the world, while remaining among the 10 lowest-cost mining companies in the world," Mr. McCluskey said.
How to Tender
Aurizon shareholders are encouraged to continue tendering their shares by completing the Letter of Transmittal included in the documents mailed by Alamos. Kingsdale Shareholder Services Inc. ("Kingsdale") is available to assist and can be reached at 1-866-851-3214 (North American Toll Free Number) or 416-867-2272 (outside North America). For shareholders whose certificates are not immediately available or who cannot deliver the certificates and all other required documents to Kingsdale prior to the expiry time, they may accept the Offer by properly completing and duly executing a Notice of Guaranteed Delivery and returning it to Kingsdale as specified in the Notice of Guaranteed Delivery. If Aurizon Shares are held by a broker or other financial intermediary, Aurizon shareholders should contact such intermediary and instruct it to tender their Aurizon Shares.
The Offer is open for acceptance until 5:00pm (Toronto time) on March 19, 2013, unless extended or withdrawn.
About the Offer
Alamos announced the Offer on January 14, 2013. Alamos filed the take-over bid circular (the "Circular") and related documents with the securities regulatory authorities in Canada and the United States on January 14, 2013. Aurizon shareholders are advised to read the Circular, the Notice of Extension and Variation dated February 19, 2013 (the "First Notice") and the Notice of Extension and Variation to be mailed by Alamos (the "Second Notice") as they contain important information, including the terms and conditions of the Offer and the procedures for depositing shares. Additional information about the Offer or copies of the Circular, the First Notice or the Second Notice may be obtained free of charge from shareholders' investment advisers, from Dundee Capital Markets, which is acting as Alamos' dealer manager, Kingsdale, which is acting as Alamos' depositary and information agent, at 1-866-851-3214 (North American Toll Free Number) or 416-867-2272 (outside North America) or by directing a request to the Investor Relations department of Alamos at 416-368-9932 (ext. 401).
On January 14, 2013, Alamos filed with the United States Securities and Exchange Commission (the "SEC") a Registration Statement on Form F-10 and a Tender Offer Statement on Schedule TO, each of which includes the Circular. Alamos encourages shareholders of Aurizon to read the full details of the Offer set forth in the Circular, the First Notice and the Second Notice, which, together, contain the full terms and conditions of the Offer and other important information as well as detailed instructions on how Aurizon shareholders can tender their Aurizon Shares to the Offer. Investors may also obtain a free copy of the Circular, the First Notice and the Second Notice and other disclosure documents filed by Alamos from the System for Electronic Document Analysis and Retrieval at www.sedar.com and from the SEC's website at www.sec.gov.
Kingsdale has advised Alamos that, as of 5:00 p.m. (Toronto time) on March 4, 2013, 18,004,432 Aurizon Shares had been validly tendered and not withdrawn to the Offer, representing approximately 10.26% of the issued and outstanding Aurizon Shares. Aurizon shareholders who have already tendered their Aurizon Shares do not have to re-tender their Aurizon Shares or take any other action as a result of the extension of the expiry time of the Offer. To date, Alamos has not issued any Alamos shares or cash in connection with the Offer.
This press release does not constitute an offer to buy or the solicitation of an offer to sell any of the securities of Alamos or Aurizon.
About Alamos
Alamos is an established Canadian-based gold producer that owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey. The Company employs more than 600 people and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos has over US$350 million cash and short-term investments, is debt-free, and unhedged to the price of gold. As of February 19, 2013, Alamos had 127,455,786 common shares outstanding (132,326,086 shares fully diluted), which are traded on the TSX and NYSE under the symbol "AGI".
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos' expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Note to U.S. Investors
Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this presentation are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Alamos may use certain terms, such as "measured mineral resources", "indicated mineral resources", "inferred mineral resources" and "probable mineral reserves" that the SEC does not recognize (these terms may be used in this presentation and are included in the public filings of Alamos, which have been filed with the SEC and the securities commissions or similar authorities in Canada).
The TSX and NYSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Alamos Gold Inc.
Jo Mira Clodman
Vice President, Investor Relations
(416) 368-9932 x 401
Kingsdale Shareholder Services Inc.
North American Toll-Free: (866) 851-3214
Outside North America: (416) 867-2272
SOURCE: Alamos Gold Inc.
Alamos is calling me every day now, urging acceptance of their deal. They claim the Hecla deal is all debt and therefore not as good as their offer. The current stagnation in the price of gold is probably the only reason this hostile and seemingly inadequate offer from Alamos is still in play, and any uptick in gold would change that dynamic rather quickly in my opinion. For now I'm holding out.
Not only have I not been watching, I don't even remember why I posted the original news item. It appears they stopped filing and went pink sometime in 2009. I notice the chart connected to the ORGN IH board does not appear to be updating correctly, but something is obviously going on now and may be related to the recent modest - possibly rigged? - recovery in the mortgage industry. I will look into ORGN in more depth over the next few days.
Aurizon Reiterates REJECTION of the Alamos Offer
Recommends Support for Superior Terms of the Hecla Arrangement
http://www.marketwire.com/press-release/aurizon-reiterates-rejection-of-the-alamos-offer-tsx-arz-1764096.htm
Here we have a stock with an optional CASH per share offer of 4.75 CAD from HL (with no HL shareholder approval needed), and we can't break $4.50 in spite of the fact we went to over $4.75 on a lower offer from Alamos! I never cease to be amazed at how inscrutable the markets can be. Presumably, I can buy at 4.42 and collect a minimum of 4.88(USD) in a couple of months. Not a bad deal.
If the USD/CAD exchange rate applies here,and I don't know any reason why it would not, the USD offer would be 4.88.
Someone sneaked in a small buy at 4.63 pre-market this morning.
Financing the Transaction
The Transaction will be fully financed and will not require the approval of Hecla shareholders.
Section 3(a)(10) of the Securities Act of 1933, as amended (the "Securities Act"), exempts from the registration requirements under the Securities Act the issuance and exchange of securities which have been approved, after a hearing upon the fairness of the terms and conditions on which all persons to whom it is proposed the securities will be issued shall have the right to appear, by any court expressly authorized by law to grant such approval.
Hecla has received a commitment for a US$500 million financing from The Bank of Nova Scotia and there is no financing condition in the Arrangement Agreement. The financing includes a US$200 million amortizing term loan facility with a three-year maturity and a US$200 million three-year revolving credit facility. An additional US$100 million loan will mature shortly after the close of the transaction. The commitment for the financing is subject to satisfaction of certain customary conditions precedent for an acquisition financing.
Now, will Alamos counter? Stay tuned.
$4.75 cash, .9953 HL Share, or combination of $3.11 cash and .3446 HL
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 03/04/13 -- The Board of Directors of Aurizon Mines Ltd. (TSX:ARZ)(NYSE MKT:AZK) ("Aurizon" or the "Company") today announced that it has entered into a definitive agreement pursuant to which Hecla Mining Company (NYSE:HL) will acquire all of the outstanding diluted common shares of Aurizon for approximately CAD$796 million. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
Under the terms of the Arrangement, Aurizon shareholders may elect to receive in exchange for each Aurizon Share, CAD$4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD$513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive CAD$3.11 in cash and 0.3446 of a Hecla share for each Aurizon share.
The CAD$4.75 per share offer price represents an approximately 12% premium to the current implied CAD$4.26 per share value of the Alamos Offer based on the closing share price of Alamos Gold Inc. on March 1, 2013 and assuming that all shareholders elected to receive cash or shares.
George Brack, Chair of the Special Committee of the Aurizon Board of Directors said: "We are pleased that our rigorous process to seek value-maximizing alternatives has resulted in an agreement with Hecla which resulted in additional value for Aurizon shareholders. The agreement with Hecla provides Aurizon shareholders with an attractive premium, value certainty through a substantial cash consideration component and an opportunity to participate in the upside potential of a combined CAD$1.6 billion company with a world class asset portfolio located in politically stable and proven mining jurisdictions."
The Board of Directors of Aurizon, acting on the recommendation of its special committee of independent directors, after consultation with its financial and legal advisors, has determined that the transaction is fair to Aurizon's securityholders and in the best interests of Aurizon. Scotia Capital Inc. and CIBC World Markets Inc. have each delivered an opinion to the Aurizon Board of Directors and Special Committee, respectively, that, based upon and subject to the assumptions, limitations and qualifications set forth in the opinion, the consideration offered by Hecla pursuant to the Arrangement is fair, from a financial point of view to the Aurizon shareholders other than Hecla and its affiliates.
The Arrangement will require the approval of 66 2/3% of the votes cast by the affected securityholders of Aurizon voting as a single class and the approval of 66 2/3% of the votes cast by the Aurizon Shareholders at a special meeting which is expected to take place in May, 2013. Assuming Aurizon securityholders approve the transaction at the special meeting and all court and regulatory approvals are obtained, the transaction is expected to close in the second quarter of 2013.
The Arrangement Agreement provides for, among other things, a non-solicitation covenant on the part of Aurizon (subject to customary fiduciary out provisions). The Arrangement Agreement also provides Hecla with a "right to match" any competing offer which constitutes a superior proposal and the Arrangement Agreement requires Aurizon to pay a termination fee of CAD$27.2 million or to reimburse Hecla's expenses in certain circumstances.
Details of the Arrangement, including a summary of the terms and conditions of the Arrangement Agreement, will be disclosed in a Management Information Circular of Aurizon which will be mailed to Shareholders and other affected security holders of Aurizon.
The Board of Directors of Aurizon unanimously recommends to Aurizon Securityholders that they vote to approve the Arrangement and continues to recommend that shareholders REJECT the previously announced offer by Alamos Gold Inc. Shareholders who have questions or who may have already tendered their shares to the Alamos Offer and wish to withdraw them, may do so by contacting our Information Agent, Georgeson Toll Free (North America): 1-888-605-7616, Outside North America Call Collect: 1-781-575-2422 or Email: askus@georgeson.com.
Waiver of Shareholder Rights Plan and Cancellation of Special Meeting of Shareholders
The Board of Directors the Company also confirmed today that, in accordance with the order of the British Columbia Securities Commission referenced in the Company's February 18, 2013 press release, the Board has, effective today, waived the application of the Company's shareholder rights plan.
Aurizon's Board of Directors also announced the cancellation of the March 7, 2013 Special Meeting of Shareholders, the purpose of which was to ratify the Company's shareholder rights plan.
Advisors
Scotia Capital Inc., DuMoulin Black LLP, Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are advising Aurizon in connection with the Arrangement transaction. CIBC World Markets Inc. and Blake, Cassels & Graydon LLP are advising the Special Committee of the Aurizon Board.
About Hecla Mining Company
Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho and exploration and pre-development properties in four world-class silver mining districts in the U.S. and Mexico.
About Aurizon
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE MKT under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
Conference Call Details
Hecla and Aurizon representatives will host a conference call today, March 4, 2013 at 9 am Eastern Time to discuss the Arrangement transaction with Hecla. You may join the conference call by dialing toll-free 1-866-730-5771 or 1-857-350-1595 internationally. The participant passcode is 42071935. Hecla's live and archived webcast can be accessed at www.hecla-mining.com under Investors or via Thomson StreetEvents Network.
Forward Looking Statements
This news release contains forward-looking information (as defined in the Securities Act (British Columbia)) and forward-looking statements that are prospective in nature (collectively, "forward-looking statements"). All statements other than statements of historical fact may be forward-looking statements. In this news release, such forward-looking statements include statements regarding the ability of the Company and Hecla to consummate the Arrangement on the terms and in the manner contemplated in the Arrangement Agreement, the anticipated benefits of the Arrangement, the anticipated benefits to Aurizon shareholders and to the shareholders of the combined entity on completion of the Arrangement, the timing and anticipated receipt of court and securityholder approvals for the Arrangement transaction, the anticipated value of the combined entity and the expected timing for special meeting of Aurizon securityholders and the closing the Arrangement. These forward-looking statements are based on a number of assumptions, including assumptions regarding the time required to prepare and mail meeting materials to the Aurizon securityholders, the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court, shareholder, stock exchange and regulatory approvals and the ability of the parties to satisfy in a timely manner, the conditions to the closing of the Arrangement, the value of Aurizon's assets, in particular Casa Berardi; the value of Hecla's assets; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; interest and exchange rates; the price of gold, silver and other metals; competitive conditions in the mining industry; title to mineral properties; financing requirements; general economic conditions; and changes in laws, rules and regulations applicable to Aurizon and Hecla. Although management of Aurizon believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate.
Actual results and developments may differ materially from those expressed or implied by the forward-looking statements contained in this news release and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects. Factors which could cause actual results to differ materially from current expectations include non-completion of the Arrangement, including due to the parties failing to receive, in a timely manner and on satisfactory terms, the necessary court, shareholder, stock exchange and regulatory approvals or the inability of the parties to satisfy in a timely manner the other conditions to the closing of the Arrangement; changes in market conditions; actual results being materially different than reserve and resource estimates, grades, mine life and cash cost estimates; variations in ore grade or recovery rates; risks relating to international operations; fluctuations in gold, silver and other metal prices and currency exchange rates; failure to obtain any required financing; inability to successfully complete new development projects, planned expansions or other projects within the timelines anticipated; adverse changes to general economic conditions or laws, rules and regulations applicable to Aurizon or Hecla; changes in project parameters; the possibility of project cost overruns or unanticipated costs and expenses; labour disputes and other risks of the mining industry; failure of plant, equipment or processes to operate as anticipated; risk that estimated costs, including costs of labor, equipment and materials, including power, are not as anticipated; the risk of an undiscovered defect in title or other adverse claim; that results of exploration activities will be different than anticipated; and those risks set forth in Aurizon's Annual Information Form dated March 30, 2012 and in Hecla's filings with the U.S. Securities and Exchange Commission, which are available respectively on Sedar at www.sedar.com and on Edgar at www.sec.gov/. You should not place undue reliance on any forward-looking statements contained in this news release. Aurizon specifically disclaims any obligation to reissue or update these forward-looking statements as a result of new information or events after the date hereof, except as may be required by law.
U.S. Registration (File 001-31893)
News Release Issue No. 10 -2013
Contacts:
Media:
Longview Communications
Trevor Zeck
(604) 375-5941
Media:
Longview Communications
Nick Anstett
(416) 649-8008
Aurizon Mines Ltd.
Investor relations
Dendrimers improve anticancer efficacy in lung metastasis model
Melbourne Australia; 4 March 2013 – Starpharma Holdings Ltd (ASX:SPL;OTCQX:
SPHRY) today announced the results of an animal study which shows that a dendrimerbased formulation of doxorubicin was substantially more efficacious in treating secondary tumours of breast cancer (metastases) in lungs than the drug alone.
The study involved a dendrimer formulation of the widely used cancer drug doxorubicin delivered via intra-tracheal administration, and was substantially more efficacious than doxorubicin alone in treating lung metastases of breast cancer.
The study was conducted as part of an ARC (Australian Research Council) funded collaboration with Monash Institute of Pharmaceutical Sciences (MIPS). It utilised a rat model which uses lung-resident secondary tumours (or metastases) derived from breast cancer cells. Lung metastases are particularly difficult to treat with conventional chemotherapeutic drugs, leading to a mortality rate of approximately 85% within 5 years, and existing treatments may often be considered palliative in nature. Commonly used treatments include doxorubicin, either alone or in combination with other agents.
In addition to the improvement in efficacy, the study also found that the dendrimerdoxorubicin formulation tended to remain in the lungs rather than passing into the body of the animal. This distribution pattern also creates the potential for reduced side effects, which are a significant problem with many cancer drugs, including doxorubicin.
Dr Jackie Fairley said: “The combination of Starpharma’s dendrimers, an existing cancer drug and direct lung administration appears to yield a substantially more efficacious agent for treating lung metastases than the drug alone. Given the clinical management of lung metastases is an area of significant medical need, and current drugs often provide poor results, this finding has the potential to create a valuable and important application for Starpharma’s proprietary dendrimer formulations.”
Starpharma has recently filed a new patent based on these results as a precursor to further discussions with commercial partners.
Results and Methods
This rat lung metastasis model is intended to replicate the situation in humans in which breast cancer cells separate from the primary breast tumour and “metastasize” or spread, seeding new tumours to multiple points throughout a lung.
Figure 1 shows results from the study in which rats with lung-resident tumours derived from breast cancer cells were treated with either saline (left panel), intravenous doxorubicin (centre panel), or intra-tracheal dendrimer-doxorubicin (right panel). [Note: results from intratracheal delivery of doxorubicin alone could not be generated as this route of administration proved too toxic for the drug in the absence of dendrimer.]Saline Control Intravenous doxorubicin (no dendrimer)Intratracheal (IT) dendrimerdoxorubicinFigure 1 – Rat Lungs: Bioluminescent Images and Gross Pathology The figure shows both the gross appearance of the rat lungs and bioluminescent images of the chest at the end of the experiment (day 18-21).
The degree of luminescence indicates the extent of tumour tissue within the rat’s lungs (top), and a photograph of the exterior of the lungs (bottom) is also shown. As can be seen by both gross appearance of the lungs and the bioluminescent images, the extent of lung metastases was greatly reduced in the intra-tracheal dendrimer-doxorubicin group compared with other treatment groups (intravenous doxorubicin and a saline control).
To conduct the study, rats were dosed with breast cancer cells by tail vein injection (Day 0). These tumour cells had been transfected with the luciferase gene allowing imaging of resultant tumours by a technique known as bioluminescent imaging. Following administration, breast cancer cells migrated to the lungs, lodged there and began to replicate, initially without treatment. From Day 7 different treatment formulations were administered to the rats twice a week for two weeks. At the end of the experiment (day 18-21, depending on the extent of tumour growth) all rats were sacrificed and an assessment Degree of luminescence indicates the extent of tumour tissue within the rat’s lungPage 2 of 4was made of their lung pathology and degree of metastasis using both visual inspection of the gross pathology and bioluminescent imaging.
Work is now underway to further explore these findings, including examination of the effect of dosage in metastatic models and the testing of other dendrimer drug combinations. Starpharma is also investigating potential explanations for this finding including the observation that its dendrimer nanoparticles appear to be selectively concentrated in tumour tissue and within the lymphatic system - which plays an important role in tumour spread.
The work was conducted as part of an on-going collaboration between Starpharma and Professor Chris Porter, Dr Lisa Kaminskas, and their colleagues at MIPS. The collaboration is funded through the ARC linkage scheme and is exploring a range of novel applications of dendrimers as drug delivery systems. Data generated under this program also supports Starpharma’s in-house oncology program including its proprietary dendrimer-docetaxel formulation being developed for intravascular use and due to enter the clinic later this year.
Starpharma’s internal oncology program sits alongside a number of partnered drug delivery programs (including for a range of indications with Lilly, GSK and AstraZeneca), and Starpharma’s development programs and commercial relationships based on VivaGel®in BV (bacterial vaginosis) and as a condom coating (licensed to Ansell and Okamoto)
Next court date March 9, 2013.
Nicky Scarfo Jr., Salvatore Pelullo Appear in Court
No trial date has been set. Their next appearance is scheduled for March 9.
Nicodemo Scarfo Jr. and Salvatore Pelullo were among a group of defendants who went before a federal judge in Camden on Friday afternoon, Jan. 20.
Scarfo, of Galloway Township, and Pelullo were among 13 who were arrested on racketeering charges in November of last year.
No trial date was set at Friday’s Status Update Conference, but the next conference was set for March 9, said Matthew Reilly, Deputy Public Affairs Officer at the United States Attorney’s Office/District of New Jersey.
Reilly said the discussion at Friday’s conference before Judge Robert Kugler centered on discovery, meaning the sides exchanged evidence to be used in the upcoming trial. The proceedings lasted about an hour and 15 minutes.
Scarfo, who was arrested at his home in Galloway on Nov. 1, faces 25 counts, each one carrying with it anywhere between a five-year and 30-year maximum jail sentence. The group also faces charges surrounding an alleged illegal takeover of the publicly traded company, FirstPlus Financial Group.
Scarfo, a member of the Lucchese Family of La Costa Nostra, and Pelullo, an associate of the Lucchese and Philadelphia La Costra Nostra families, were indicted on charges of including securities fraud, wire fraud, mail fraud, bank fraud, extortion, interstate travel in aid of racketeering and money laundering, and obstruction of justice.
Scarfo’s wife, Lisa Murray-Scarfo was charged with conspiracy to commit bank fraud and making false loan statements on a loan application in securing a fraudulent mortgage to purchase a $715,000 house with funds from the racketeering enterprise’s criminal activity.
Scarfo’s father, Nicodemo Scarfo Sr., and Vittorio Amuso are also named in the indictment, as unindicted co-conspirators. Scarfo Sr. is the imprisoned former boss of Philadelphia La Costra Nostra, and Amuso is the imprisoned former boss of the Lucchese Family.
Nine other defendants have also been charged with racketeering conspiracy, including securities and fraud conspiracy, wire fraud and other offenses, although not all 13 defendants are still involved in the case, according to Reilly.
Source: galloway.patch.com
Level II shows a little over 30,000 shares left in the .175 - .18 offer range. The next level is .30, and it will be interesting to see if anyone swoops in to grab the ostensibly "cheap" shares. I would do it, but I'm already loaded to the gills from years of following and hoping for lightning to strike twice - it once went from .25 to $4.00 with a similar size contract back in the early 2000's.
Based on the minimum capture of 10% referred to by Mr. Barchenko, the contract would presumably be valued at a minimum of $25 Million for EKCS, but of course all the "forward looking" disclaimers would apply.
Mr. Barchenko added further that, "As a small business prime with a strong team of subcontractors, we expect to capture at least 10% of the task orders issued under this contract."