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.
Luna Gold Corp. said late Thursday it has established a special committee "to explore all strategic alternatives" to offer greater value to shareholders.
"There can be no assurance that this exploration process will result in any transaction. The Corporation does not currently intend to disclose further developments with respect to this process, unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives," the company said in a statement.
Shares in the company were down 10 per cent in early TSX trading.
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Target Capital Inc. has announced the suspension of its quarterly dividends, effective immediately. "Given the cash-flow requirements of our land development project in Langley, BC, the Board has determined that it would be imprudent to continue paying a dividend at this time," said Ryan Hoult, CFO of Target.
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Century Energy Ltd.'s board of directors has approved the share consolidation agreed to by its shareholders on the basis of one post-consolidation common share for every ten pre-consolidation common shares.
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Venturi Ventures Inc. has announced that it will acquire Medna Biosciences Inc. in an all-share deal. Medna shareholders will exchange all of their issued and outstanding common shares for post-consolidation common shares of Venturi on a one-to-one basis.
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Mart Resources Inc. said the 51-kilometre Umugini pipeline tie-in at the Eriemu flow station and other start-up activities has now been completed. Shares are up 5 per cent in early trading
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In analyst actions involving Canadian small caps today:
RBC Dominion Securities downgraded Ainsworth Lumber to "sector perform" from "outperform" with a price target of $2.75 (Canadian).
Cormark Securities upgraded Fortuna Silver Mines to "buy" from "market perform" with a price target of $5.75 (Canadian).
Canaccord Genuity downgraded Manitok Energy to "speculative buy" from "buy" and cut its price target to $3 (Canadian) from $3.50.
Credit Suisse raised its price target on Canadian Tire to $105 (Canadian) from $96 and maintained an "underperform" rating.
BMO Nesbitt Burns initiated coverage on Canadian Energy Services & Technology with an "outperform" rating and price target of $11 (Canadian).