Four bulletins from NEX companies were at the bottom of Thursday's TSX Venture Daily Bulletins. The first pertains to a trading halt in Avigo Resources Corp. [NEX: TMX.H], issued at 6:02 AM PT or 9:02 AM ET, and the second says that Avigo will remain halted. The company issued a news release during the halt period on Thursday, as described below. Canjex Publishing has webbed copies of both the halt and the continuance of it. TMX.H last closed on Wednesday at 60 cents/share.
The third has details on a private placement by Citadel Gold Mines Inc. [NEX: CGM.H], of 1,454,545 flow-through shares issued at a deemed price of 11 cents/share and 4,250,000 non-flow-through shares at a deemed price of 8 cents/share. There was only one placee for them, insider Dr. Bernard Sherman. Total gross proceeds were about $500,000 - to be exact, $499,999.95. Canjex has webbed a copy of the bulletin here. CGM.H last closed on October 26th, at 12.5 cents/share.
The fourth and final bulletin is a short one, which pertains to The Endurance Fund Corporation Inc. [NEX: END.H]. Its full text reads, "TSX Venture Exchange has accepted for filing the Company's CPC [Capital Pool Company, or "official" shell] Filing Statement dated October 31, 2007, for the purpose of filing on SEDAR." Canjex has a webbed copy here. END.H is currently suspended; it last closed at $1.22/share in May of 2005.
There were four news releases that were sent out exclusively through Canjex on Thursday. The first came from the above-mentioned Avigo, and announces a reverse takeover of/by Carbon Friendly Solutions Inc. (CFS,) "a private environmental company focused on global carbon emission reduction solutions." It currently conducts forestation projects in Poland through a wholly-owned subsidiary; in so doing, CFS generates vendible carbon-tax credits. It currently had gotten 32,809 credits from two reforestation projects in northern Poland, and plans to undertake two more now that leases have been secured for new land on which to tree-plant. "CFS intends to complete the two other afforestation projects in April, 2008, giving CFS approximately 65,000 additional credits during the project cycle period designated for sale in the Kyoto market and post-Kyoto-compliant market." Avigo plans: to issue 8 million common shares at a deemed price of 50 cents/share in exchange for all the shares of CFS; to change its name to Carbon Friendly Solutions Inc.; to bring the three controlling shareholders of CFS onto the board and two of them into top managment; and, to apply for a listing on Tier 2 of the Venture Exchange. An annual meeting will be convened on December 17 to secure shareholder approval of this reverse takeover. TMX.H last closed on Wednesday, at 60 cents/share.
The second release comes from Raptor Capital Corp. [NEX: RCP.H], and it announces a settlement of $395,000 worth of debt owed by Raptor (including accrued interest) in a share swap at a deemed price of 15 cents/share provided that a 20-for-1 consolidation is effected first. The rest of the release notes that Raptor has raised $140,000 by issuing promissory notes whose conversion feature has an exercise price equal to 70% of the above debtholders' settlement price. The consolidation requires regulatory and shareholder approval. RCP.H is currently suspended; it last closed on May 7th at 2 cents/share.
The third release comes from Treat Systems [TSZ.H], and it announces a $8.5 million financing in the form of subscription receipts, as brokered by PI Financial, in the form of 8.5 million subscription receipts at a deemed price of $1.00/receipt. "Each subscription receipt is exercisable for no additional consideration into one unit of Treat upon the satisfaction of certain of Treat release conditions being met. Each unit will comprise one common share and one-half of a warrant. Each whole warrant will be exercisable for one common share of Treat at an exercise price of $1.50 over a two-year term, from the closing date. Gross proceeds are being held in escrow pending satisfaction of the release conditions." The flow-through part, in the amount of $3,025,000, is expected to close concurrently with a transaction that is expected to be a Qualifying one for the purposes of moving to the Tier 2. It also will serve as a change-of-business transaction, to mining under the name Mega Silver Inc. The compensation for PI includes a series of 600,800 broker warrants that will be rendered null and void if Treat does not have access to the funds by December 18th. TSZ.H is currently halted; it last closed at $1.20/share on March 8th.
The fourth and final release disseminated through Canjex comes from International Alliance Resources Inc. [NEX: ALL.H]. It announces Alliance's plans to seek shareholder approval for changing its name and consolidating its shares on a 1-for-5 basis at its upcoming shareholders' meeting. Both of these changes are subject to TSX Venture approval. ALL.H last traded on Wednesday, and closed at 17.5 cent/share on that day.
In addition to the above items, there were also SEDAR-filed financial statements announced on Wednesday, and summarized in this blog for Thursday's report:
- International Alliance has filed its audited annual financial statements for FY 2007.
- Military Internatioal Ltd. has filed its audited annual financial statements for FY 2007 with accompanying M D & A.
To read about the highlighted NEX stocks for Thursday, you can go here.
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