A trader watches a graph showing the fall of the Euro in Paris on Friday.The Associated Press
Inside the Market's roundup of Canadian small caps making news and on the move today. This post will be updated during the trading day.
Shares in Pretium Resources Inc. are sharply lower today on news that the company has entered into an agreement with a syndicate of underwriters in connection with its previously announced offering of common shares.
The underwriters have agreed to purchase 8,280,000 common shares at a price of $7.25 (U.S.) per common share for proceeds of $49,524,750 for the company and $10,505,250 for Silver Standard Resources Inc., which own a significant stake in Pretium. The price of $7.25 is about 8.1 per cent below Monday's closing price of $7.89 and represents about 7.6 per cent of Pretium's total outstanding shares.
Pretium will offer 6,831,000 of the common shares in the offering. The remaining 1,449,000 of the common shares will be offered by Silver Standard.
Shares in Pretium are down 7 per cent in the early TSX trading.
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Ur-Energy Inc. today announced results of a recently completed uranium resource analysis for its Shirley Basin Project, in Carbon County, Wyoming. The analysis identified 8,816,000 pounds of measured and indicated resources, with an average grade of 0.230 per cent.
Cantor Fitzgerald analyst Rob Chang commented in a research note this morning that overall the results were "positive" and he reiterated a "buy" rating and $2.25 (Canadian) price target. Dundee Securities analyst David Talbot suggested investors won't get too excited over the results as he reiterated a "buy" rating and $1.80 price target. "Size reflects historical estimates but its grades are quite high," he said. "This secondary project, while a good one that helps solidify the future of URE, will likely be met with muted response from investors given the current uranium price environment."
Indeed, shares in early TSX trading are down 1.6 per cent.
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Cosmetic ingredient and drugs company Sirona Biochem Corp. has entered into a business consulting agreement with Hong Kong-based consulting firm PRC Partners. PRC will receive 1.5 million Sirona shares and stock options in exchange for arrangement of strategic relationships and access to capital markets in Europe.
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Maya Gold and Silver Inc. has started milling operations at its flagship Zgounder silver mine in Morocco, which was re-started by the company back in 2013 after mining was halted in 1990 by another company during low silver prices. Silver recovery is expected to be in a range of 92 per cent and the mine is expected to have a mining life of 10 years.
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United Hunter Oil and Gas Corp. will sell up to 20-million shares at 5 cents per unit in a private placement after it finishes its previously announced share consolidation, with the company expecting to raise up to $1-million. The announced share consolidation will see 10 pre-consolidation shares equal one post-consolidation share, which the company has said was done in hopes of facilitating raising new capital.
Shares plunged 20 per cent at today's open on the TSX Venture Exchange.
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Pilot Gold Inc. announced the results from the first five follow-up holes on the new Valley Porphyry discovery in northwest Turkey. All holes returned long runs of copper and gold mineralization starting at surface, the company said. Shares are up 4 per cent in early trading.
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Alterra Power Corp. announced that the Dokie 1 wind farm re-commenced full operations on July 18. The project temporarily suspended operations on July 16 because of a nearby forest fire. The fire did not enter the project area, the company said.
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Jennings Capital initiated coverage on Mega Precious Metals Inc. with a "speculative buy" rating and 25 cents per share price target. Shares are up more than 4 per cent in morning trading.
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Clarus Securities initiated coverage on ViXS Systems Inc. with a "buy" rating and $3.30 (Canadian) price target.
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Hanwei Energy Services Corp. will sell up to 25-million shares in a private placement at 16 cents per unit. Hanwei hopes to funnel up to $4-million from the sale towards its current oil and gas operations in Alberta. The fibreglass and reinforced plastic pipe maker has struggled as revenues have fallen on the heels of China's slowing growth, though shares have spiked sharply since the end of last month. The stock has gained 100 per cent since the company announced positive well updates last month, and in TSX trading today, added a further 32 per cent.
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Home and commercial security services provider Avante Logixx Inc. reported a 13.2 per cent decrease in revenues from the same time last year, mostly driven by a lower demand for non-recurring services like international security travel advisory. Total revenues were roughly $2.02-million, down from $2.3-million. Shares are down 4 per cent in early trading.
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Oil and gas producer Dundee Energy Ltd. said its subsidiary, Escal UGS S.L. has filed an application to relinquish a concession related to the Castor underground gas storage project in Spain. Dundee Energy holds an indirect 24 per cent interest in Escal.
Dundee Energy says it also holds interests in the largest accumulation of producing oil and gas assets in Ontario and in exploration and evaluation programs for oil and natural gas offshore Tunisia.
Shares in the company are down 10 per cent in trading today.
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LGX Oil and Gas Inc. said it has granted 3.7 million stock options to directors, officers, employees and consultants. The options carry a strike price of $0.48 per share and have a five-year term, with one third of them vesting each year. LGX now has 7.16 million stock options outstanding. The news is pressuring shares, opening down 3 per cent.
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ShaMaran Petroleum Corp. has provided an update on drilling operations at its Atrush development in Iraq, reporting that the well was drilled ahead of schedule and under budget. Final testing is expected to start early 2015. Shares were up 2.8 per cent yesterday.
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AcuityAds Holdings Inc. announced that it will start trading on the TSX Venture Exchange at the start of business today under the symbol "AT".