TORONTO (SHfn) – Sierra Wireless (TSX: T.SW, Stock Forum) rose 23% to $9.65 as the company reported second-quarter revenue of $159.1 million, an increase of 18% from $135.3 million during the same period last year. On a non-GAAP basis, net earnings were $4.4 million, or 14 cents per diluted share, compared to net earnings of $1.5 million, or five cents per diluted share, in the second quarter of 2009.
As well, Noranda Income Fund (TSX: T.NIF.UN, Stock Forum) and Xstrata Zinc, through Xstrata Canada Corporation, a wholly-owned subsidiary of Xstrata plc, announced that on July 28, 2010, the two companies entered into a non-binding letter of intent with respect to a potential acquisition of the Noranda Income Fund by Xstrata. The potential transaction contemplates the acquisition of all of the outstanding Priority Units of the Fund for cash consideration of $3.40 per Priority Unit. Noranda Income units popped 19% to $3.65.
Meanwhile, Contact Exploration (TSX: V.CEX, Stock Forum) shares climbed 18% to 16.5 cents on Friday after the oil explorer/producer announced results from the March 31, 2010 year-end evaluation of its oil and gas assets, which showed a 119% surge in net proved oil reserves to 147,000 barrels from 67,000 barrels in 2009.
And, Anaconda Mining (TSX: T.ANX, Stock Forum) late Thursday provided a reserve estimate update for its Pine Cove Gold Mine located in Baie Verte, Newfoundland. Using a cut-off grade of 0.95 grams per tonne gold, there are probable reserves of 2,635,000 tonnes of 2.07 g/t gold, or 175,000 ounces. Its shares added 10% at 33 cents on Friday.
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