A dollar sign under a magnifying glass.
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated during the trading day.
Mining company Mandalay Resources Corporation and a fund advised by West Face Capital Inc. have agreed to a secondary offering where BMO Capital Markets will buy 40 million Mandalay shares for $1.10 per unit from West Face. The offering is worth $44-million, with an option to purchase an additional 6 million common shares to cover over-allotments, for a maximum worth of $50.6-million. West Face is currently Mandalay's largest shareholder with 40.1 per cent of shares, which will lower to 28.4 per cent after the transaction.
-
Storm Resources Ltd. beat expectations, reporting an EPS of 6 cents compared to estimates of 2 cents. Gas and non-gas liquid sales have more than doubled from last year, while production is up 58 per cent to 5462 barrels of oil equivalent per day.
-
Algonquin Power & Utilities Corp. has increased its dividend to 35 cents (U.S.)from 34 cents (Canadian). That's the equivalent of 38 cents (Canadian), meaning a 12.4 per cent increase.
-
WesternZagros Resources Ltd. will launch a $250-million (Canadian) equity rights offering that is supported by a comprehensive equity arrangement for up to $200-million and a separate debt financing arrangement of $200 million (U.S.) from its largest shareholder, Crest Energy International LLC. The company says the funds are to go towards developing two major oil discoveries in the Kurdistan region of Iraq.
-
Silvercorp Metals Inc. missed estimates in the first quarter of fiscal 2015, reporting an EPS of 2 cents compared to expectations of 5 cents. Net income fell to $4.6-million from $6.4-million, while silver, gold, lead and zinc sales all fell slightly from a year ago. Shares have lost 17 per cent year-to-date.
-
Martinrea International Inc. fell short of second-quarter estimates, reporting an EPS of 28 cents compared to the consensus 29 cents. The company saw record quarterly revenues, seeing a 12 per cent increase to $930.9-million from $826.2-million a year ago. The company said that its aluminum and fluids businesses had strong quarters and that it had won approximately $20 million in incremental annualized business. Shares have jumped 76 per cent since the beginning of the year.
-
Trevali Mining Corporation reported a loss of 1 cent per share in the second quarter, under expectations of a 1-cent gain. Revenues were at $19.9-million and a net loss of $4.5-million with the company saying that the loss due to "non-recurring item incurred from the recent disposition of its Tingo Hydroelectric project." The company also experienced lower production at its mine in Peru this quarter.