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Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This will be updated through the morning.
Duluth Metals Limited said it has agreed to be bought by Chile's Antofagasta PLC for 45 cents a common share in cash, a 284 per cent premium to the 20-day volume-weighted average price on Oct. 31.
The company owns and operates 60 per cent of the Twin Metals copper and nickel project in Minnesota, with Antofagasta holding the rest. Antofagasta already owns 10.4 per cent of the explorer.
Duluth surged more than fivefold to 41 cents in Toronto trading today.
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Orezone Gold Corp. has temporarily halted its activities in Burkina Faso until the political situation in country has stabilized. "Although the area around Bombore has been relatively calm during the recent events, minor vandalism occurred at the Bombore camp over the weekend," Orezone said in a statement.
The majority of the field investigations required for the ongoing feasibility study of the project have been completed. "Social, environmental and geotechnical assessments in progress, although delayed, may not affect the overall completion of the study," the company said.
Shares in Orezone plunged 20 per cent in trading Monday.
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Second Cup Ltd. had a $26.2-million loss in the third quarter, as it booked provisions for cafe closures and the impairment of its asset values. The company also announced it plans to raise up to $5-million this month through a private placement of its stock, as part of a three-year plan to revitalize the Canadian specialty retailer's network of cafes and brand.
Shares in Second Cup were down 6.4 per cent in TSX trading Monday.
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Claude Resources Inc. announced third-quarter net profit of $6.9-million, or 4 cents per share, which compared to a net loss of $33.9-million, or 19 cents a share, in the same period last year. "The improvement in financial performance reflected a significant increase in gold production and sales volumes, improved ore grades and operational efficiencies that reduced our cost per ounce on both a cash and all in sustaining cost basis," the company said.
Investors reacted with much enthusiam to the results, with shares gaining 9 per cent on Monday.
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Caledonia Mining Corp. announced a revised investment plan and production projections for its Blanket Mine in Zimbabwe.
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Sandvine Corp. said that it has received $8-million in orders from three tier-1 telecom service operators across the world.
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First Capital Realty Inc. said Adam Paul will be its new president and chief executive officer, replacing Dori Segal in the first quarter of 2015. Mr. Paul was an executive vice president at Canadian Real Estate Investment Trust.
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Antrim Energy Inc. said its CEO and president Stephen Greer has resigned. Chief financial officer Anthony Potter will assume the role immediately.
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TVI Pacific Inc. has entered into an agreement with Kalo Exploration Ltd., a private resource company incorporated in Fiji, for the exclusive right to enter into a joint venture partnership to conduct mineral exploration, development and production on the Cirianiu gold project in Fiji.
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Platinum Group Metals Ltd. said it has terminated the mandate for a term loan facility entered into with a syndicate of lenders announced in November 2013.
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Touchstone Exploration Inc. announced it has signed an Exploration and Production License with the Ministry of Energy and Energy Affairs of Trinidad and Tobago for the Ortoire Block in Southern Trinidad. Under the terms of the license, Touchstone is the operator with an 80 per cent working interest.
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Suparna Gold Corp. has entered into an assignment agreement with a private British Columbia corporation and XS Energy Ltd. giving Suparna the right to acquire a 75 per cent working interest in a disposal well in Drayton Valley, Alberta.
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In analyst actions involving Canadian small caps today:
Clarus Securities analyst Robert Paré cut his price target on Epsilon Energy Ltd. to $5 (Canadian) from $5.50 and maintained a "buy" rating after the company disclosed its third-quarter results last week. Pricing differentials continue to hamper revenues for the company, he commented. Mr. Paré noted that Epsilon's revenue for the quarter was $11-million compared to his estimate of $16.8-million, due mainly to lower than expected production and lower realized pricing.
Canaccord Genuity added Bankers Petroleum to its "focus list" - its favourite investing ideas - while reiterating a "buy" rating and $8 (Canadian) price target.
Raymond James cut its price target on Avigilon to $22 (Canadian) from $29 but maintained an "outperform" rating.
Canaccord Genuity cut its price target on Baytex Energy to $42 (Canadian) from $49 and maintained a "buy" rating.
Beacon Securities downgraded Clearwater Seafoods to "hold" from "buy" and raised its price target to $11.50 (Canadian) from $10.50.
AltaCorp Capital Research downgraded Akita Drilling to "sector perform" from "outperform" and cut its price target to $14.50 (Canadian) from $16.50.
National Bank Financial downgraded DHX Media to "underperform" from "sector perform" and maintained an $8.50 (Canadian) price target.
BMO Nesbitt Burns initiated coverage on Slate Retail REIT with an "outperform" rating and $12 (Canadian) price target.
Cormark Securities downgraded Terango Gold to "buy" from "top pick" with a price target of $1.20 (Canadian).
CIBC World Markets upgraded Canfor Pulp Products to "sector outperform" from "sector perform" with a price target of $17.50 (Canadian), up from $15.
CIBC World Markets cut its price target on Lightstream Resources to $4 (Canadian) from $7 and maintained a "sector performer" rating.
CIBC World Markets upgraded Duluth Metals to "sector perform" from "sector underperform" with a price target of 45 cents (Canadian).
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