The Canadian Press
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated during the trading day.
Canadian Apartment Properties Real Estate Investment Trust reported second-quarter operating revenues of $125.4-million, up 6.6 per cent from $117.6-million last year. The REIT also beat expectations with an EPS of 43 cents compared to consensus estimates of 42 cents, owing the increase to acquisitions, higher average monthly rents and continuing strong occupancies. Shares are up almost 9 per cent so far this year.
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Continental Gold Limited beat expectations with a reported EPS of 1 cent compared to estimates of a 1-cent loss as net income rose to $1.6-million entirely on income tax recovery. The company suffered from a net loss of $8.4-million this time last year.
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Scorpio Gold Corp. reported additional results from its 2014 satellite deposit drilling program at the 70-per cent owned Mineral Ridge project, located in Nevada. The Bluelite deposit lies west of the currently producing Drinkwater and Mary/LC pits and 400 meters northwest of the leach pad.
"Drilling on the Bluelite deposit continues to meet with success, returning significant intercepts both within and extending outside of the pit shell outline modelled in the updated Life of Mine plan," the company said in a statement.
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Peregrine Diamonds Ltd. has filed a preliminary prospectus for a rights offering of units to its shareholders. Investors will receive one right for each common share held. Peregrine intends to use proceeds to initiate bulk sampling at Chidliak via large diameter reverse circulation drilling, scheduled to commence in 2015.
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SouthGobi Resources Ltd. said it "continues to operate under difficult market conditions," as it announced a second-quarter net loss of $23.17-million. "Coal prices in China declined further in the second quarter compared to the first quarter of 2014 in response to excess seaborne and Chinese domestic supply. The decline in coal prices has been partially offset by the increase in the company's volumes in the second quarter compared to the seasonally slow first quarter."
"The company anticipates that coal prices in China will remain under pressure through the end of 2014, which will continue to impact the company's margins and liquidity. The company continues to strive for further cost reductions and where possible delay expenditures," SouthGobi said.
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Cargojet Inc. announced a cash dividend of 14.91 cents per share for the period from July 1, 2014 to September 30, 2014. The dividend will be paid to all shareholders of record as at the close of business on September 19, 2014 and will be payable on or before October 3, 2014.
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Kirkland Lake Gold Inc. said it is "on track to achieve its 2015 production guidance of 140,000 to 155,000 ounces of gold," having milled 93,880 tons at a head grade of 0.45 ounces per ton in its fiscal first quarter.
"I believe the turnaround in our company is well on track and that there are many more opportunities for further productivity and efficiency gains within our business," said chief executive officer George Ogilvie. "These are the strongest production results ever seen in the company's history."
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Shoreline Energy Corp. said it has closed the sale of its interests in certain petroleum and natural gas properties (excluding royalty interests), wells and infrastructure located within the Valhalla and Progress Property boundaries in the Greater Peace River Arch area and associated Valhalla and Progress petroleum and natural gas assets for total proceeds of $20.8 million. The proceeds were used to reduce total corporate indebtedness, including Shoreline's credit facilities with its senior secured lender, Alberta Treasury Branches, which have now been fully repaid.
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Wealth Minerals Ltd. said it has arranged to settle up to $1.92-million of corporate debt by issuing common shares at a price of 8 cents each. Following the completion of the debt settlement, the company plans to consolidate its common shares on a 4:1 basis.
Sonali Verma