AltaGas Utility Group (T.AUI) hit a new 52-week high of $8.95; AltaGas Income Trust and AltaGas Utility Group Inc. jointly announce that they have entered into a support agreement pursuant to which AltaGas will, subject to certain conditions, make a cash offer for all of the outstanding common shares of Utility Group not already owned by AltaGas and its affiliates by way of a take-over bid for $9.05 per common share.
The Offer represents a 45% premium based on the $6.25 closing price of Utility Group common shares on August 14, 2009 and a 21% premium to the price at which Utility Group was spun out by the Trust in 2005. The acquisition is valued at approximately $200 million, including assumed debt expected to approximate $130 million, and represents approximately 1.15 times the expected combined regulated rate base.
Northern Abitibi Mining (V.NAI) hit a new 52-week high of 19 cents; Northern Abitibi Mining provided assay results for drill holes 09VK-22 to 25 from its ongoing exploration program at the Viking gold property in Newfoundland. One drill hole has intersected one of the widest high grade zones encountered in drilling so far and continues to highlight the excellent potential of the Viking project.
Drilling to date has partially tested the Thor Trend over a strike length of 500 metres and numerous well mineralized zones of near surface potentially bulk minable mineralization have been identified. Recent exploration data indicate the Thor Trend could have a strike length exceeding 1,200 metres, and permitting is underway to allow trenching and drill testing along the entire strike length.
Kilo Goldmines (V.KGL) hit a new 52-week high of 58 cents; no news announcements today
Etna Resources (V.ETN) hit a new 52-week high of 40 cents; no news announcements today
Universal Power (V. UNX) hit a new 52-week high of 92 cents; no news announcements today
Mountain-West Resources (V.MWR) hit a new 52-week high of 24 cents; no news announcements today
Rodinia Minerals (V.RM) hit a new 52-week high of 80 cents; no news announcements today
Aura Silver Resources (V.AUU) hit a new 52-week high of 60 cents; no news announcements today
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