Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Bombardier Inc. (BBD-B-T) announced the sale of its Challenger 3500 business jet to Italian-based operator, Air Corporate SRL. The company said it will be the first company to offer the aircraft for charter in Europe.
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Blackline Safety Corp. (BLN-T) announced a pricing increase on its hardware and services along with cost reductions that it says are “collectively expected to significantly enhance Blackline’s financial strength and ensure long-term stability.”
The company said it’s implementing an approximate 15-per-cent pricing increase in both hardware and services.
The company also reiterated comments in its second-quarter release recently that operating expenses in its fourth quarter are expected to be at or below the fiscal second quarter 2022 level of $21.5-million. It said part of the cost savings is being driven by a workforce reduction.
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Generation Mining Ltd. (GENM-T) announced that its Generation PGM Inc. subsidiary, which is developing the Marathon Palladium Copper Project near Marathon, Ont., is buying an unused, surplus SAG mill and ball mill for US$12-million from Hycroft Mining Holding Corp.
“With the procurement of the mills, we continue to advance the Marathon Project and reduce some of the risk associated with the procurement, logistics and cost-uncertainty associated with long-lead items for the project,” stated Jamie Levy, CEO of Gen Mining.
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Imperial Metals Corp. (III-T) announced a $45-million brokered private placement, proceeds of which it said will be used for the restart of the Mount Polley Mine.
“The Mount Polley mine is currently operating at targeted production rates. However, the restart took longer than planned due to difficulties in hiring operating personnel, supply chain challenges and unanticipated electrical and mechanical work,” the company stated. “This, together with lower copper prices, caused a shortfall in revenues compared to budget. In addition, the rights offering was not fully subscribed resulting in a shortfall in budgeted equity financing. Due to these reasons, the company now seeks additional funding by way of a convertible debenture financing.”
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Uranium Energy Corp. (UEC-A) announced late Friday that it’s submitting a superior offer to the acquisition proposal made by Denison Mines Corp. (DML-T) for all of the issued and outstanding shares of UEX Corp. (UEC-X)
Under the terms of UEC’s revised offer, each holder of UEX Shares will now receive 0.0890 of one common share of UEC, implying a consideration of approximately 49 cents per UEX share based Friday’s closing price. The revised also increases the break fee by 7 per cent, “which is an increase proportional to the percentage increase in the offered exchange ratio under the revised UEC offer,” the company stated.
“After careful analysis and consideration, we firmly believe the revised UEC offer represents a value-creating opportunity for UEC and UEX shareholders,” stated CEO Amir Adnani.
Denison issued a statement on Monday saying its competing offer for UEX has expired.
“In preparing our now expired acquisition proposal, Denison assessed the performance of UEX’s share price under the previous UEC offer and saw an opportunity to present an alternative proposal, which was determined by the UEX board to be a superior proposal on July 28th,” stated Denison CEO David Cates. “While it is puzzling that the UEX board was not compelled by the premium offer made by Denison, we are nevertheless happy to see exploration assets in the Athabasca Basin so coveted by other industry participants.”
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Energy Fuels Inc. (EFR-T) reported a second-quarter net loss of US$18.1-million or 11 US cents per share compared to a loss of US$10.8-million or 7 US cents a year ago.
Revenue of US$6.5-million compared to revenue of US$456,000 a year ago.
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Senvest Capital Inc. (SEC-T) reported a net loss attributable to common shareholders of $356.1-million or $142.71 per share for the three months ended June 30, compared to a net income attributable to common shareholders of $150.7-million or $60.29 per share for the same period in 2021.
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Algoma Central Corp. (ALC-T) reported second-quarter revenues of $183.5-million compared to $167.7-million for the same period in 2021. The expectation was for revenue of $163.7-million.
Net earnings came in at $47-million or $1.12 per share compared to $32.3-million or 78 cents a year ago.
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Geodrill Ltd. (GEO-T) announced second-quarter revenue of US$39.2-million, a 28 per cent increase compared to the year-ago quarter. The expectation was for revenue of US$35.2-million, according to S&P Capital IQ.
Net income of US$5.9-million or 13 cents US per share compared to net income of US$4-million or 9 cents US a year ago. The expectation was for EPS to come in at 11 cents US in the latest quarter.
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Entrée Resources Ltd. (ETG-T) reported interim second-quarter financial results including a loss of US$469,000 or a penny per share compared to a loss of $2.4-million or a penny per share a year ago.
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Galaxy Digital Holdings Ltd. (GLXY-T) reported a second-quarter loss of US$554.7-million or US$1.74 per share, compared to a loss of US$182.9-million or 56 US cents in the prior-year period. The expectation was for a loss of US$1.01 per share, according to S&P Capital IQ.
Investments stood at US$753.9-million as of June 30, the company stated, a decrease of US$252.2-million from March 31. “The reduction was primarily driven by reduced valuations on certain investments due to external market conditions, partially offset by prudent realizations of certain investments,” it stated.
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