Market Overview

Benzinga's Microcap Movers for Wednesday July 11, 2012

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Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

FastFunds Financial

Shares of FastFunds Financial (FFFC), the West Palm Beach, FL financial services company, rose 20.00% Wednesday on lower than average volume.

FastFunds Financial Corporation announced Monday that FINRA has approved the Company's 3 to 1 forward stock split on its common stock outstanding in the form of a dividend, with a Record Date of June 18, 2012.

Payment Date for the forward split is July 9, 2012; Ex-Dividend Date is July 10, 2012; Bill Redeemable Date is July 12, 2012.

The stock split will entitle each common stock shareholder as of the Record Date to receive two additional shares of common stock for each one (1) share owned. Additional shares issued as a result of the stock split will be distributed on the Payment Date. Shareholders do not need to exchange existing stock certificates and will receive a new certificate reflecting the newly issued shares.

FastFunds Financial closed at $0.06 on Wednesday.

PhoneBrasil International

PhoneBrasil International (PHBR), the Doral, FL internet broadcasting and telecommunication services company, rose 1,000% Wednesday on 714 times average volume.

Anderson Dias, CEO of Phone Brasil, assured the Company's shareholders that the lack of communications in the last few years will not occur in the future. Mr. Anderson went on to state that the Board of Directors of the Company has adopted a policy, which ensures total transparency in the future.

Mr. Anderson went on assuring that the company has been hard at work securing the proper licenses and government permission to enter the telecommunications market in Brazil, a goal now accomplished with its national licenses allowing PhoneBrasil Inc. to sell wireless broadband Internet access and phone services as well as the more traditional fixed line broadband and phone services geared to both consumers and business entities in Brazil.

PhoneBrasil International closed at $0.01 on Wednesday.

Australia Acquisition Corp

Shares of Australia Acquisition Corp (NASDAQ: AACOW), the Melbourne-based special purpose acquisition company, rose 450% Wednesday on 66 times average volume.

Australia Acquisition Corp. and Harbinger Capital Partners (NYSE: HRG) announced Wednesday that they have agreed to a transaction in which AAC will acquire certain assets held by HCP in exchange for newly issued common shares in AAC. The assets being acquired by AAC are a majority interest in Asian Coast Development (Canada) Ltd., an international hotel and casino development company currently focused in Vietnam, and a minority interest in Ferrous Resources Limited, an iron ore producer focusing on the expansion of an export iron ore business in the Iron Quadrangle in Minas Gerais, Brazil. These assets are collectively valued at approximately $350 million.

The proposed transaction is expected to be completed in August 2012. Following the closing, the acquired assets will create the initial platform for a globally diversified holding company. Shares of the new company, which will be named Harbinger Global Corp., are expected to trade on the NASDAQ Stock Market. Philip A. Falcone, CEO of HCP, will serve as Executive Chairman of the new company while Peter Ziegler will serve as CEO. Messrs. Falcone and Ziegler will work together to develop and maximize value of the initial assets as well as to identify new opportunities to grow the company.

Australia Acquisition Corp closed at $0.22 on Wednesday.

The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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