Employees of the Canadian Pacific Rubiales Petroleum Company work at an oil excavation pipe at Campo Rubiales field in Meta, eastern Colombia, Jan. 23, 2013.JOSE MIGUEL GOMEZ/Reuters
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.
Capital Power Corp. issued an earnings warning for the third quarter. Due to lower plant availability at its Sundance PPA units and other factors, overall electricity generation production was below expectations, it said, and quarterly net income and funds from operations will be below previous guidance.
The company said its funds from operations for the year is now expected at the low end of the forecast range of $360-million to $400-million. The company also said its net income for the third quarter of 2014 was negatively impacted by a non-cash write-down of deferred tax assets of $73-million.
Shares in the company were trading down 4 per cent in reaction to the news this morning.
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Pacific Rubiales Energy Corp. announced that it has entered into a three-year Memorandum of Understanding and Cooperation with Mexico's state oil company, Petróleos Mexicanos, for potential oil and gas partnerships in Mexico. These partnerships could involve exploration, deep-water projects, revitalization of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.
"The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities," Pacific Rubiales said.
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Timmins Gold Corp. said its third-quarter production came in at 27,013 gold equivalent ounces, 8 per cent below year-ago levels. It said production during the quarter was impacted by record storms and rainfall in September which restricted access to mine.
"This resulted in the Company processing lower grade ore from stockpiles and also caused dilution of gold in the leaching solutions, which reduced the recovered ounces," the company said.
Timmins said that operations are now back to normal. Management maintains production and cost guidance for the year and expects to reach the higher range of production guidance of 115,000 to 125,000 ounces of gold equivalent.
Dundee Securities analyst Joseph Fazzini played down the importance of the unfavourable results for the third quarter, and reiterated a "buy" rating and $2.25 (Canadian) price target. "Post-quarter end, the rain has dissipated and TMM has confirmed that operations are back to normal. Of greater importance, production guidance for 2014 was reiterated and remains achievable in our view. With TMM expected to remain one of few companies generating positive free cash flow in the currently weak gold price environment," he said.
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Inovalis Real Estate Investment Trust announced $61-million (Canadian) of property acquisitions, a $14.3-million acquisition loan and a $37-million bought deal of trust units.
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Richmont Mines Inc. announced the appointment of Renaud Adams to the position of president and CEO. Mr. Adams has 20 years of mining experience, and most recently served as president and chief operating officer at Primero Mining Corp.
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Monarques Resources Inc. announced a positive pre-feasibility study for its Croinor Gold project near Val-d'Or, Quebec. "The positive results of the Prefeasibility Study confirm that we are drawing closer to our goal of becoming a Val-d'Or gold producer," said Jean-Marc Lacoste, President and Chief Executive Officer."
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AurCrest Gold Inc. has announced that it is undertaking a non-brokered working capital unit private placement to raise proceeds of up to $200,000 by offering up to 4,000,000 working capital units of the company at a price of $0.05 per unit. The company placed 666,785 units for proceeds of $33,339.27 in the first tranche. The securities issued are subject to a hold period expiring on February 15, 2015.
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Auryn Resources Inc. has announced that it intends to raise up to $3,250,000 through a non-brokered private placement. The placement will consist of up to 5 million common shares at a price of $0.65 (Canadian) per share. The Company intends to use the proceeds for mineral property acquisitions and general corporate purposes.
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