Inside the Market's roundup of Canadian small caps making news and on the move today. This file is updated during the trading day.
EnerCare Inc. said its board has unanimously determined that an offer by private U.S. investment firm TPG Special Situations Partnerin late May to acquire the company for between $13.50 to $15 per share "did not represent full value for EnerCare's shares and was not sufficient to form the basis of meaningful discussions." EnerCare and affiliated company EnerCare Solutions, however, said it was "always open to considering value maximizing opportunities."
Shares in EnerCare spiked 6 per cent at today's open before being halted ahead of the announcement. They have since resumed trading and are now up nearly 15 per cent on the TSX.
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B2Gold Corp. said its gold production in the second quarter of 2014 was 85,704 ounces, approximately 5 per cent below budget, but approximately 4 per cent higher than in the same quarter last year. It also forecast company-wide production in 2014 from the Masbate, Libertad and Limon Mines to come in at a range of 395,000 to 420,000 ounces of gold at a operating cash cost of $667 to $695 per ounce. Shares are up 1.7 per cent in late afternoon trading
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Uranerz Energy Corp has announced plans to raise $10-million (U.S.) through an issue of eight million shares at $1.25 per unit. The funds will go towards developing mining facilities, in particular Uranerz's uranium project in Wyoming where mining began earlier this year.
Its shares plunged 13 per cent at today's open of trading.
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Imvescor Restaurant Group Inc. announced today that Denis Richard has resigned as president and CEO to pursue other opportunities. Yves Devin, the company's chief operating officer, will continue to lead the company through the execution of its business plan until the appointment of Mr. Richard's successor. Shares in the company plunged 12 per cent at today's open.
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Imperial Metals Corp. announced second-quarter copper-gold-silver production results after the bell Wednesday night, which were largely in line with analysts' estimates. But it also said a power line at the Red Chris project is not expected to be energized until September, due to faulty implosion sleeves, which are used to connect the wires. As a result, analysts at M Partners said today they have pushed out their expectations for commercial production from the site to the second quarter of 2015 from the first quarter.
M Partners maintained a "buy" recommendation and 12-month target price of $20.25 per share. Shares in Imperial Metals, however, are down 0.5 per cent in mid-morning TSX trading.
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Reporting its eighth consecutive quarter of record gold production, AuRico Gold Inc. is expecting continued growth as it continues ramping up production at its northern Ontario mine. The company expects the mine to be generating positive free cash flow by the end of this year.
As with most gold companies, AuRico's stock has struggled with falling gold prices over the past couple of years. Its shares are up 2.1 per cent today, however, in response to its latest gold production statistics.
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Shipments for lumber producer West Fraser Timber Co Ltd. have risen sharply this quarter, a result of the company continuing to clear backlog after a March strike in Vancouver which hampered deliveries. But its earnings in its latest quarter have missed expectations by a wide margin. Net income was $74-million or 87 cents per share, compared with $109-million or $1.27 per share in the comparable 2013 period.
Shares are down 3.2 per cent in early TSX trading.
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RMP Energy Inc. has hit another quarterly production record, leading the crude oil and natural gas company to raise its 2014 production guidance. Production was up 34 per cent from the previous quarter, buoyed by good operating conditions and fewer oil trucking restrictions. RMP also has four additional wells in central Alberta in various stages of testing and surface leasing.
At least three analysts today raised their price targets on the stock, including CIBC hiking his target to $8.75 from $8.25 and Raymond James raising its target to $11.25 from $10.75.
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Two acquisitions for Retrocom REIT has resulted in an additional nine properties for $179-million, most of which are anchored by Wal-Mart stores. Once complete, Wal-Mart will account for 18 per cent of the REIT's total revenue, up from 10 per cent.
Retrocom shares have been under pressure since May as the REIT continues to recover from the loss of Zellers leases. Investors aren't responded well to the latest acquisitions; shares are down 4.4 per cent in early TSX trading.
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Asanko Gold Inc. announced its board has made a positive financial investment decision to proceed with the construction of Phase 1 of the Asanko Gold Mine in Ghana. Phase 1 is based on the construction of the Obotan Gold Project which was acquired during the takeover of PMI Gold Corp. in February of this year. Phase 2 anticipates the inclusion of the adjacent Esaase deposit. Project construction will commence shortly, with ground breaking expected within the next month. First gold is targeted in the first quarter of 2016.
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Ivanhoe Energy Inc. said it is not aware of any specific factors, other than what has been previously disclosed in its public filings or news releases, which would result in the recent decrease in the share price. The company also said its potential joint venture in Ecuador, while delayed, remains a key focus. Shares of the company fell 13.6 per cent on Wednesday.
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Mainstreet Equity Corp. said its third-quarter revenue from continuing operations rose 16 per cent to $23.0-million while its same asset rental revenues climbed 8 per cent to $20.4-million. M Partners analyst Brendon Abrams commented that, "at first glance, the company looks to have delivered another strong quarter." TD Securities analyst Jonathan Kelcher, after reviewing the results, raised his price target to $43 (Canadian) from $40 and maintained a "hold" rating.
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Héroux-Devtek Inc. announced that it has renewed an important multi-year contract with Bell Helicopter for the manufacturing of components and assemblies for several helicopter programs.
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Colabor Group Inc. reported a 0.4 per cent rise in sales in its second quarter, but net earnings per basic share fell to 6 cents from 9 cents. Cash flow from operations plunged to $1.6-million from $21.9-million a year earlier.
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Rich finds at its Botswana mine has Lucara Diamond Corp enjoying large sales. Like many other Botswana mines, the company's Karowe mine has been generating large, high-value diamonds, with its second large-stone sale this year bringing in slightly over $40-million. Rough-diamond prices are also up around 10 per cent so far this year.
Lucara shares have been on an upward spike since February, so far gaining over 85 per cent.
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Mandalay Resources Corp. announced fresh drill results from its infill and extensional drilling at the Costerfield gold-antimony mine, Victoria, Australia during the first half of 2014. Brad Mills, CEO of Mandalay, commented, "The infill and extensional drilling results so far this year give us confidence in being able to once again increase our Reserves and Resources in the year-end 2014 estimations.