Agnico Eagle Mines is a gold producer and exploration with gold cash costs in the low $600s, solid reserves and strong pipeline of opportunities.Sean Kilpatrick/The Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Genesis Land Development Corp. (GDC-T) says it's selling about 1,477 acres of undeveloped non-core lands near Delacour, Alta. for $9-million.
"This sale substantially completes our plan to dispose of the non-core lands owned by Genesis, with the bulk of non-core assets by dollar value having been sold or contracted for sale," said interim CEO Stephen Griggs in a release.
"We have now monetized most of our non-core assets, as we continue to focus on generating value from our Calgary area development lands and our home building business."
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Endo International plc (ENDP-T; ENDP-Q) has applied to the Toronto Stock Exchange to have its ordinary shares delisted on March 17.
"This application is being made due to the limited trading volume of Endo's ordinary shares on the TSX (less than one per cent) of the trading in Endo's ordinary shares has occurred on the TSX since the date Endo's ordinary shares were listed on the TSX," the company said.
Endo's ordinary shares are listed on and primarily trade on Nasdaq, the company said.
Endo said it will continue to be a reporting issuer in Canada and will continue to comply with applicable Canadian securities laws.
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Painted Pony Petroleum Ltd. (PPY-T) reduced its 2017 capital budget and 2018 development plan details citing the "recent decline in forward strip natural gas prices."
It reduced its 2017 capital spending to $288-million from a previously announced capital budget of $319-million. It expects capital spending in 2018 of $216-million, down from previous indications of $385-million in its five-year plan.
"Painted Pony believes that a reduction in the 2017 capital budget and a deeper reduction to the 2018 development plan is financially prudent based on the current commodity strip price outlook," the company said.
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Ensign Energy Services Inc. (ESI-T) reported fourth-quarter revenue of $234-million, a decrease of 18 per cent from revenue of $283.9-million recorded in the fourth quarter of 2015.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $51.7-million or 33 cents per share, a decrease of 31 per cent from $75.3-million or 49 cents a year earlier.
Its net loss was $61.9-million or 41 cents per share, compared to a net loss of $41.2-million or 26 cents per share a year earlier.
Its adjusted net loss was 32 cents per share, compared with 19 cents in the fourth quarter of 2015.
Analysts were expecting revenue of $216-3-million and a loss of 22 cents.
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Agnico Eagle Mines Ltd. (AEM-N; AEM-T) is buying a 15-per-cent stake in GoldQuest Mining Corp. (GQC-X).
It's buying 38 million shares in a non-brokered private placement at a price of 60 cents per share for a total of $22.9-million.
As part of the agreement, Agnico Eagle will have the right to participate in equity financings by GoldQuest, under various conditions.
"This investment is consistent with our approach of positioning ourselves in early-staged opportunities in districts with long-term geological potential," Agnico Eagle CEO Sean Boyd said in a release.
GoldQuest executive chairman Bill Fisher said "we are pleased to welcome Agnico as a strategic shareholder."
Proceeds from the private placement will be used for exploration and development at GoldQuest's Dominican Republic properties and for general corporate and working capital purposes, the company said.
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Slate Office REIT (SOT.UN-T) reported fourth-quarter rental revenue of $35.1-million up from $29.9-million a year earlier.
Net income was $14.6-million up from $13.2-million. Funds from operations were $10.7-million or 23 cents per unit, up from $7.5-million or 21 cents per unit a year earlier.
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Theratechnologies Inc. (TH-T) has reached an agreement with TaiMed Biologics Inc. to buy the commercial rights to ibalizumab in the European Union, Israel, Norway, Russia and Switzerland.
"Ibalizumab is an investigational humanized monoclonal antibody currently being developed for the potential treatment of multidrug-resistant (MDR) HIV-1 infection," the company said.
Theratechnologies first acquired the commercial rights to ibalizumab in the United States and Canada in March, 2016.
"Based on clinical trial results obtained, we believe that there is tremendous potential for ibalizumab," said CEO Luc Tanguay.
"If approved in Europe, ibalizumab will serve to sustain our growth over the long-term. This shows that our business plan is working as we are now gathering momentum.
Under the terms of the agreement, Theratechnologies will assume regulatory responsibilities and associated costs.
Both parties have agreed to a transfer price of 52 per cent for annual European sales up to $50-million (U.S).
The transfer price will increase to 57 per cent on annual sales above the threshold. The agreement also provides for development, launch and sales milestones, Theratechnologies said in a release.
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Iamgold Corp. (IMG-T; IAG-N) signed a power purchase agreement with various parties to begin the development of a solar power plant for the company's Essakane mine in Burkina Faso.
The agreement is for an initial period of up to 15 years, Iamgold said.
"Hybrid power systems enable energy-intensive industries, such as mines, to reduce fuel consumption, decrease energy costs, protect against fuel price volatility, as well as improve their social and environmental footprint by cutting greenhouse gas emissions and boosting local employment," said Iamgold CEO Steve Letwin.
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