A pump jack is seen at sunrise near Bakersfield, Calif., on Oct. 14.LUCY NICHOLSON/Reuters
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.
Goldspike Exploration Inc. shares spiked more than 10 per cent earlier today after the company announced a new high-grade zinc discovery in Nevada. But the stock quickly gave up those gains and were trading lower shortly before 2 p.m. (ET).
Initial assay results from two drill holes have confirmed the mineralization at the company's 100 per cent owned Lone Mountain property, Goldspike said in a statement
"We are extremely pleased to have discovered a new high-grade zinc zone with Goldspike's first two drill holes. The thickness of mineralization and some of the grades are extremely impressive and significantly elevate the potential of this project," CEO Bruce Durham said.
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K-Bro Linen Inc. has announced that it has increased it's bought deal to sell 730,000 common shares, up from 610,000 shares, at $41.50 per share. The deal involves a syndicate of underwriters including TD Securities Inc., Laurentian Bank Securities Inc., National Bank Financial Inc., Scotiabank, Acumen Capital Finance Partners Ltd., Cormark Securities Inc. and Euro Pacific Canada Inc. K-Bro has granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing of the offering, to purchase up to an additional 109,500 shares.
The net proceeds from the offering will be used to repay indebtedness, fund development at the company's Regina facility and for general corporate purposes.
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Strategic Oil & Gas Ltd. reported third-quarter 2014 sales of $19.74-million, missing analyst estimates of $21.8-million. Earnings per share came in at $0.01, beating estimates of a one-cent loss.
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Cliffs Natural Resources Inc. says it is "pursuing exit options" for its Eastern Canadian iron ore operations which may result in the closure of the Bloom Lake mine.
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Sabre Graphite Corp. said it has terminated an agreement to acquire StarClub, Inc. because StarClub has received an alternative proposal.
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Lake Shore Gold Corp. announced a brokered private placement of 12,900,000 flow-through common shares to be offered on a bought deal basis at a price of $1.17 per share, for gross proceeds of $15,093,000. The offering is being made through a syndicate of underwriters led by TD Securities Inc.
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EcoSynthetix Inc. announced that it intends to make a normal course issuer bid to repurchase, through the facilities of the Toronto Stock Exchange, up to 2.7 million of its common shares, or 5 per cent of its outstanding shares.
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In analyst actions involving Canadian small caps today:
Deutsche Bank initiated coverage on Pacific Rubiales Energy with a "sell" rating and $10.60 (Canadian) price target.
TD Securities initiated coverage on Chinook Energy with a "buy" rating and $2.25 (Canadian) price target.