Cargojet Inc.The Globe and Mail
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
This morning, Redknee Solutions Inc. (RKN-T) announced it has formed a special committee in order to review strategic options that may unlock shareholder value.
According to the press release, the company has "formed a special committee of independent members of the board of directors of the Company to consider various strategic and financing alternatives potentially available to the Company to enhance shareholder value, including a possible sale of the Company. As part of this process, the Company has engaged TD Securities Inc. as financial advisor."
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On Friday, Eric Sprott announced that he had acquired nearly 47-million shares of Jaguar Mining Inc. (JAG-T) through the conversion of debentures, representing roughly 27 per cent of the shares outstanding. His ownership in the company now stands at approximately 34.7 per cent of the shares outstanding. Jaguar Mining is a gold producer with operations in Brazil. The company is forecasting production of between 90,000 and 95,000 ounces of gold in 2016. Last year, the company reported consolidated annual gold production of 90,421 ounces.
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This morning, management at Cargojet Inc. (CJT-T) announced in a press release that the Board of Directors has approved a 17 per cent increase in its dividend raising the quarterly dividend to 17.5 cents per share from 14.91 cents per share. In the press release the president and chief executive officer, Ajay Virmani, stated, "This increase is a result of our recent and sustainable financial results while maintaining sufficient financial resources and meeting shareholder expectations." Mississauga-based Cargojet provides time-sensitive air cargo services across North America.
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This morning, Westport Fuel Systems (WPT-T) announced that it has agreed to sell a portion, 11.7 per cent, of its interest in the Weichai Wesport Inc. joint venture to two groups, Weichai Holding Group Co. Ltd and another undisclosed buyer, for approximately $11-million. Management indicated that they remain committed partner.
The chief executive officer, Nancy Gougarty stated in the press release that, " China remains an important market for us and we are dedicated to supporting our OEM customers. There is increasing urgency around the globe to address urban air quality issues and natural gas fueled vehicles can play an integral role in reducing emissions. The WWI (Weichai Westport Inc.) joint venture remains well positioned to support China's transportation market and we continue to advance the commercialization of our HPDI (high pressure direct injection) technology in support of the heavy-duty sector. Our ongoing relationship with the joint venture will provide a strong foundation in support of our efforts to grow Westport's presence in both these market segments. Further, this sale helps address our corporate goal of strengthening our balance sheet."
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This morning, management at Balmoral Resources Ltd. (BAR-T) announced drilling results from 36 drill holes completed with its joint venture partner GTA Resources and Mining Inc. on the Northshore Property located in Ontario, which Balmoral has a 48.6 interest in. GTA is the operator and holds the remaining 51.4 per cent interest in the property.
According to the press release, "Drilling continues to intersect very high grade (>1 oz/ton), near surface, gold mineralization (including 139.00 g/t gold over 1.20 metres, 72.40 g/t gold over 1.0 metre and 39.3 g/t gold over 1.50 metres) along both the Audney (D – series holes) and Caly (A –series holes) vein systems."
Jennifer Dowty