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Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.
Petroamerica Oil Corp. cut its 2014 production guidance for its oil and gas properties in Colombia.
"Based on current projections for production to the end of 2014, Petroamerica expects to exit the year with a production rate of more than 7,400 barrels oil equivalent per day of working interest production (before royalties). The total combined 2014 annual average production for the Llanos and post-closing Putumayo properties is expected to be 6,600 boepd of working interest production (before royalties). This guidance is below original 2014 expectations, primarily due to the extended production restrictions in the Putumayo properties that have been in effect since July 13, 2014. These restrictions are in the process of being lifted and the projections presented here assume that normal production operations and oil evacuation will be restored in the Putumayo properties by Oct. 1, 2014," the company said in a statement.
Shares in the company were down 3 per cent in mid-afternoon trading.
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Niko Resources Ltd. said that press reports in India are indicating that the Cabinet Committee of Economic Affairs of the Government of India has decided to postpone its decision on pricing for domestic gas sales in the country by another 45 days. The Indian government had previously indicated that the decision would be announced by Sept. 30. The company said it has not received official confirmation of the decision to postpone. Niko is part owner of an offshore India gas play, which is subject to pricing set by the government.
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Ensign Energy Services Inc. announced that the Toronto Stock Exchange has accepted its intention to commence a Normal Course Issuer Bid to purchase, from time to time, up to 4,600,477 common shares, which is equal to 3 per cent of its outstanding common shares.
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DHX Media Ltd. announced its fiscal fourth-quarter financial results. Revenues in the quarter rose 14 per cent to $29.7-million, while net income increased 41 per cent to $1.04-million, or a penny per share.
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Wi-Lan Inc. said it has signed a patent license renewal agreement with Allied Telesis Inc. Terms were not disclosed.
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GLV Inc. said it sold its pulp and paper division for $65-million to a corporation owned by Richard Verreault, its president and CEO, and Laurent Verreault, its executive chairman, and will rename itself Ovivo.
"This transaction will allow GLV to become a pure provider of water treatment products and solutions in a rapidly growing industry with attractive long-term fundamentals. In addition, the transaction will significantly strengthen GLV's balance sheet and position it for accelerated organic and acquisition growth."
Richard Verreault will step-down from his current roles and Marc Barbeau, currently president of the Ovivo division, will be appointed president and CEO.
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Lake Shore Gold Corp. announced the results from 65 holes from drilling the Labine Deposit at the Bell Creek Mine. Tony Makuch, CEO of Lake Shore Gold, commented: "Today's results continue to confirm a substantial resource at the Bell Creek Mine Labine Deposit, with excellent potential for higher grades, expansion and conversion to reserves for mining. As an operation, Bell Creek has been performing well in 2014 with total production in the first half of the year totaling 129,000 tonnes grading 5.3 gpt (20,900 ounces). The mine is on track to produce approximately 40,000 ounces in 2014, an increase of over 40% from 2013."
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Mountain Province Diamonds Inc. announced that De Beers Canada, the operator of the Gahcho Kué diamond project in the Northwest Territories, has received government approval for a water licence.
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Huldra Silver Inc. has announced that its creditors have approved the "plan of compromise and arrangement" that was presented at the creditors' meetings held on Sept. 23, 2014. The plan was approved by 100 per cent of the secured and unsecured creditors who voted in person or by proxy.
"Under the plan, subject to receipt of the requisite approvals, the company intends to compromise and settle its outstanding obligations, exit creditor protection under the CCAA, and restructure its affairs and focus on recommencing the company's business operations. A summary of the plan is included in the company's news release dated August 8, 2014."
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TriMetals Mining Inc. said its Bermudian subsidiary, South American Silver Ltd., has filed a statement of claim in its international arbitration proceedings against Bolivia for the expropriation of its Malku Khota project in July 2012.
"South American Silver seeks compensation for damages in the amount of $385.7-million (U.S.), which includes $307.2-million for all of its losses caused by Bolivia's breaches of the UK-Bolivia Treaty, plus $78.5-million in pre-award interest but excludes fees and costs incurred in connection with the arbitration proceeding. Alternatively, South American Silver seeks restitution of the Malku Khota project along with monetary damages in the amount of $176.4 million, including pre-award interest," the company said in a statement.
"Investors should be aware that a large majority of the costs of the arbitration to be incurred by South American Silver will be paid only in the event there is an award in favour of South American Silver and will be paid out of the proceeds of any such award. These costs include all fees and other expenses incurred in connection with the arbitration, including financing costs and other commitments. These fees, costs and expenses will be paid out of any such award, thus potentially reducing funds received by South American Silver by as much as one-third of the amount of any award in its favour."
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Vecima Networks Inc. said it would pay a quarterly dividend of 18 cents (Canadian) a share as it announced its fiscal 2014 financial results. For 2015, it expects sales to be in the range of $90- to $100-million, gross margin of 46 per cent to 51 per cent, and adjusted earnings of $21- to $26-million.
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Lundin Petroleum AB said it agreed to buy a 50 percent interest in PM328, in offshore Malaysia, and operatorship of the block from PETRONAS Carigali. The effective date of the transaction is 31st August 2014.
"The initial agreement is for three years; within the first 18 months, Lundin Malaysia has committed to undertake the acquisition of 600 square kilometres of 3D seismic. Lundin Malaysia then has the option to commit to drilling one well in the remaining 18 months, or elect to hand back its interests to PETRONAS Carigali without penalty," the company said.
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In analyst actions today involving Canadian small caps:
Cormark Securities initiated coverage on DataWind Inc. with a "speculative buy" rating and 12-month target price of $6.50 (Canadian).
Mackie Research Capital initiated coverage on Intertain Group Ltd. with a "buy" rating and 12-month target price of $14 (Canadian).