Southern Union Company (NYSE:SUG) announced that its shareholders overwhelmingly approved, at a special meeting held this morning, the proposed merger with Energy Transfer Equity, L.P. Approval of the merger proposal required the affirmative vote of the majority of the shareholders entitled to vote. Approximately 80 percent of the outstanding shares of Southern Union common stock as of the record date were voted at the special meeting. Of the shares that were voted, approximately 98 percent voted in favor of the merger.
Southern Union Company, headquartered in Houston, is one of the nation’s leading diversified natural gas companies, engaged primarily in the transportation, storage, gathering, processing and distribution of natural gas.
Majestic Gold Corp. (MJGCF.PK)
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Gold was first discovered as shining, yellow nuggets. “Gold is where you find it,” so the saying goes, and gold was first discovered in its natural state, in streams all over the world. No doubt it was the first metal known to early hominids.
Gold became a part of every human culture. Its brilliance, natural beauty, and luster, and its great malleability and resistance to tarnish made it enjoyable to work and play with.
Because gold is dispersed widely throughout the geologic world, its discovery occurred to many different groups in many different locales. And nearly everyone who found it was impressed with it, and so was the developing culture in which they lived.
Majestic Gold Corp. (MJGCF) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
In the event that no further agreement is reached between the Lender and the Company during the 90 day period, then the loan and a minimum of seven (7) months interest will automatically convert to shares in the Company at a price of $0.205 per share and the interest at Market Price respectively. In addition the Company is pleased to announce that it has arranged a non-brokered private placement of up to 15,000,000 shares to be issued at the price of $0.20 per share for gross proceeds of $3,000,000.
For more information please visit official website of MJGCF.PK: http://www.majesticgold.net
Public Service Enterprise Group Inc. (NYSE:PEG) announced the closing of the sale of the 1801 California Street building, Denver, Colorado , to a consortium of investors led by Brookfield Office Properties Inc. The property was sold “as-is” for $215 million. The building, constructed in 1983, is a 54-story, 1.37 million square foot office building that was previously commonly referred to as the “Qwest Building.” PSEG has owned the building since 1991. The sale of the Qwest Building is part of PSEG’s ongoing efforts to focus on energy investments in the United States. The building was owned by PSEG Energy Holdings, a wholly owned subsidiary of PSEG. The financial impact of this transaction will be reflected in income from continuing operations and not in operating earnings for the fourth quarter of 2011.
Public Service Enterprise Group is a publicly traded diversified energy company with annual revenues of more than $12 billion , and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.
American Water Works Company, Inc. (NYSE:AWK) announced that its Board of Directors declared a quarterly cash dividend payment of $0.23 per share. The regular quarterly cash dividend is payable on March 1, 2012 to all shareholders of record as of February 3, 2012.
Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in more than 30 states as well as parts of Canada.
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