Here are the most active stocks on Monday mid-morning on the TSX and TSX Venture Exchange.
On Monday, the top TSX mover was
BlackBerry Ltd. (
TSX: T.BB,
Stock Forum). The stock was down 14.1% and was trading at $6.95 on volume of 4.9 million.
Today, the smartphone maker reported Fairfax Financial Holdings Ltd. will invest in BlackBerry through a U.S. $1.0 billion private placement of convertible debentures. Fairfax has agreed to acquire U.S. $250 million principal amount of the debentures, instead of acquiring the company. The transaction is expected to be completed within the next two weeks.
Jaguar Mining Inc. (
TSX: T.JAG,
Stock Forum) was the second most active stock on the TSX. It plummeted 62.2% and was trading at $0.07 on volume of 2.6 million shares.
On November 1, the gold miner reported that as a result of productive discussions with the ad hoc committee of holders of its US$165 million 4.5% senior unsecured convertible notes due Nov. 1, 2014 and US$103.5 million 5.5% senior unsecured convertible notes due March 31, 2016 regarding a recapitalization and financing proposal, the board of directors of Jaguar has approved a non-binding term sheet outlining the terms of a recapitalization and financing transaction.
The Term Sheet contemplates a transaction that would provide significant operating liquidity to the company and its subsidiaries through new equity financing and that would significantly reduce the leverage on the company's balance sheet through a debt-for-equity exchange with holders of the convertible notes. As a result of this new equity financing and debt-for-equity exchange, current shareholders would have minimal or no continuing equity interest in the company following the completion of the transaction.
In connection with the decision to approve the Term Sheet, Jaguar has elected to defer the semi-annual interest payment due Nov. 1, 2013 on the 4.5% convertible notes. The Ad Hoc Committee, which represents a majority of the convertible notes, is supportive of the company's decision to defer this payment at this time
Legend Power Systems Inc. (
TSX: V.LPS,
Stock Forum) was the volume leader on the TSX Venture Exchange. It slipped 16.7% and was trading at $0.125 on volume of 2.2 million.
On October 21, the energy saving device marketer announced it had completed a private placement via the issuance of 8.2 million units at $0.09 each for proceeds of $736,665.
The second most active stock on the TSX Venture was
Xmet Inc. (
TSX: V.XME,
Stock Forum). It gained 100% and was trading at $0.02 after 2.2 million shares changed hands.
Today, the exploration and development company announced that it has acquired two contiguous blocks of claims, totaling 70 claim units, tied onto the northwestern portion of
Zenyatta Ventures Ltd.'s (
TSX: V.ZEN,
Stock Forum) Albany project in northern Ontario, including a staked 100% ownership interest in 46 claim units contiguous to Zenyatta's northwest boundary and an optioned 100% ownership interest in 24 claim units tied onto the northwestern portion of Zenyatta's project.
In order to acquire the 100% stake in the 24 claim unit block, Xmet will pay $5,000 in cash and 300,000 shares of Xmet upon receipt of TSXV approval of the transaction and an additional $5,000 in cash 90 days after TSXV approval of the transaction.
"Zenyatta's tremendous success in the region demonstrates the high potential of the area for world class graphite deposits,” said Alexander Stewart, Xmet's Chairman and CEO. “The market demand that exists for hydrothermal vein-type graphite is substantial.
As indicated in Zenyatta's recent press releases, the graphite discovered in the area appears to have highly desirable characteristics, such as low resistivity and thus enhanced ability to transmit an electrical current. Its highly crystalline structure also aids thermal and electrical conductivity. These characteristics are comparable to commercial grade synthetic graphite, which attracts significant prices from many growing markets for products such as electronics, lithium-ion and other batteries, capacitors, sensors and catalysts."