Toronto Stock Exchange (12,650.42 down 96.14 points):
Rainy River Resources Ltd. (TSX:RR). Miner. Up 94 cents, or 34.81 per cent, at $3.64 on 29.91 million shares. Toronto-based New Gold Inc. (TSX:NGD) is offering a 42 per cent premium over market prices to acquire junior mining company Rainy River, which has an advanced gold project in Ontario. The offer values Rainy River at about $310 million, net of its cash balance.
Osisko Mining Corp. (TSX:OSK). Miner. Down 14 cents, or 3.04 per cent, at $4.46 on 19.63 million shares. The August gold contract fell US$19 to $1,393 per ounce on the New York Mercantile Exchange.
Iamgold Corp. (TSX:IMG). Miner. Down 38 cents, or 6.54 per cent, at $5.43 on 15.03 million shares.
Eastern Platinum Ltd. (TSX:ELR). Miner. Down half a cent, or 6.25 per cent, at 7.5 cents on 12.84 million shares. The metals and mining sector led the decliners, falling 2.73 per cent to 832.77 points.
Centerra Gold Inc. (TSX:CG). Miner. Down 33 cents, 7.95 per cent, at $3.82 on 8.71 million shares. Over 50 people were wounded after hundreds of protesters besieged a Centerra's mine in Kyrgyzstan, prompting the president to declare a state of emergency. Protesters are urging that the Kumtor gold mine be nationalized.
Toronto Venture Exchange (962.41 up 1.67 points):
Empire Industries Ltd. (TSXV:EIL). Engineered products. Down half a cent, or 10 per cent, at 4.5 cents on 5.81 million shares. The Winnipeg-based company booked its first-quarter results earlier in the week, with net income flat at $1.1 million despite revenue of $23.8 million in the current period versus $16.8 million last year.
Pinecrest Energy Inc. (TSXV:PRY). Oil and gas. Down two cents, or 2.94 per cent, at 66 cents on 3.05 million shares.
Companies reporting major news:
CVTech Group Inc. (TSX:CVT). Power. Up 25 cents, or 20.33 per cent, at $1.48 on 201,365 shares. Gestion G. Aubert Ltd., the company's second largest shareholder, disclosed that a leading NYSE-listed electrical contractor has offered a takeover bid which represents a 70 per cent premium for the Montreal-based CVTech. The Quebec company has turned down two previous offers from the same company.
Enbridge (TSX:ENB). Down 24 cents, or 0.53 per cent, at $4.97 on 3.76 million shares. The British Columbia government has turned down Calgary-based company's Northern Gateway pipeline project. The government said Enbridge has not shown that it will be able to effectively respond to oil spills.Suggest a correction