Here are the most active stocks on Tuesday mid-morning on the TSX and TSX Venture Exchange.
On Tuesday, the top TSX mover was
Turquoise Hill Resources Ltd. (
TSX: T.TRQ,
Stock Forum). It rose 6.8% and was trading at $4.69 on volume of 3.4 million shares.
Today, the international mining company filed the final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada and a corresponding amendment to its previously filed registration statement on Form F-10 with the US Securities and Exchange Commission outlining the details of a rights offering in which all existing shareholders, subject to applicable law, may participate on an equal, proportional basis in purchasing additional common shares. The offering is expected to raise approximately US$2.4 billion in gross proceeds. The company intends to use the net proceeds from the rights offering to repay all amounts that will be outstanding under its US$1.8 billion interim funding facility and its secured US$600 million bridge facility with
Rio Tinto Plc (
RIO,
Stock Forum), and to use any remaining proceeds for the continued funding of the Oyu Tolgoi project in Southern Mongolia, working capital, general administrative expenses and other corporate expenses.
International Minerals Corp. (
TSX: T.IMZ,
Stock Forum) was the second most active stock on the TSX. The stock was down 0.7% and trading at $2.76 on volume of 3.4 million.
On November 14, the exploration and development company reported results for its first fiscal quarter ended Sept. 30, 2013. For the first quarter of 2014, the company reported a net income from continuing operations after tax of $952,815 ($0.01 per share) compared to net income from continuing operations after tax of $10.7 million ($0.09 per share) for the first quarter of 2013. The main reason for the reduced income was the significant decline in gold and silver prices that reduced reported revenues.
Madalena Energy Inc. (
TSX: V.MVN,
Stock Forum) was the volume leader on the TSX Venture Exchange. It was up 8.3% and was trading at $0.52 on volume of 3.5 million.
On November 21, the oil and gas junior closed its previously announced private placement financing for aggregate gross proceeds of $3.0 million through the issuance of 5.6 million common shares issued as CDE flow-through shares within the meaning of the Income Tax Act (Canada) at a price of $0.54 per share.
The second most active stock on the TSX Venture was
Empire Industries Ltd. (
TSX: V.EIL,
Stock Forum) It gained 26.7% and was trading at $0.10 after three million shares changed hands.
Today, the specialized products manufacturer reported its unaudited consolidated financial results for the third quarter ended Sept. 30, 2013. The company reported net income of $3.7 million for the first nine months of 2013 ($0.02 per share), versus net income of $1.7 million ($0.01 per share) in the first nine months of 2012.