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Inside the Market

Up-to-the-minute insights
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Friday's small-cap stocks to watch Add to ...

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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.

Shares in Golden Minerals Co. plunged this morning on the TSX after the company announced a public offering of up to 3.6 million units. Each is comprised of one share of common stock and a five-year warrant to acquire one half of a share at a price of $1.21 (U.S.), at a unit price of 86 cents. Gross proceeds are $3.2-million (U.S.)

Proceeds will be partly used to fund exploration programs for its properties in Mexico, the company said.

As of mid-morning, Golden Minerals was the top decliner on the TSX, falling by 30 per cent to 81 cents.

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Algonquin Power & Utilities Corp. announced an agreement to acquire a construction-stage 200 MW wind project in the United States. The Odell wind power project is located in Minnesota and is being constructed on approximately 23,000 acres of land leased from a wind power supportive land owner group. Project construction costs are estimated to be approximately $313.5-million (U.S.).

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Com Dev International Inc. is reporting a lower third-quarter net profit of $3.1 million while the satellite and space hardware company says its revenues were impacted by continuing U.S. government budget cuts. Com Dev said it earned 5 cents per share in the quarter, compared with $4.7-million, or seven cents per share, in the third quarter of 2013. Revenue was $50.8-million, a 6.3 per cent decline from the $54.2-million in the same quarter last year.

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Stantec Inc.’s board of directors has declared a two-for-one stock split to be effected by way of a stock dividend.

Subject to receipt of final regulatory approval, shareholders of record as at the close of business on Oct. 31, 2014, will be entitled to receive the stock dividend on the payment date of November 14, 2014.

"The stock dividend has no impact on our estimates although investors normally take these types of announcements as a positive sign of management's confidence in future performance," says AltaCorp Capital Research analyst Chris Murray. He maintains his "outperform" rating and $85 (Canadian) price target. 

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Sprott Resource Corp. announced that it intends to commence a normal course issuer bid to repurchase up to 8.5 million of its common shares, representing approximately 8.83 per cent of its public float.

Sprott has received approval from the TSX to commence the Bid on Sept. 10, 2014.

"SRC believes that its Shares have been trading in a price range that does not adequately reflect the value of the shares in relation to SRC's assets and future prospects. As a result, SRC believes that, at appropriate times, repurchases through the Bid can enhance shareholder value and represents an attractive investment and an appropriate use of SRC's financial resources," it said.

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Ivanhoe Mines Ltd. announced the second batch of assay results from the company’s underground diamond-drilling program at the Kipushi copper-zinc-germanium-lead and precious-metals mine. The company said it has returned "more exceptionally high-grade zinc and copper drill intercepts."

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Great Canadian Gaming Corp. announced it has exercised its renewal option with the British Columbia Lottery Corporation to extend the term of the Casino Operational Services Agreement. The deal gives the company the right to operate the Fraser Downs Racetrack and Casino in Surrey, British Columbia. Under the terms of the contract extension, Great Canadian Gaming will be the casino operator of Fraser Downs to March 31, 2024 and has committed to complete market research that will determine the scope of a property redevelopment or renovation for 2015.

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Sierra Metals Inc. announced the resignation of its chief financial officer, Fernando Piccini, who is leaving to pursue an opportunity with another company. Piccini has served as Chief Financial Officer of Sierra since July 14, 2011. The company's CEO, Audra Walsh, said, "I have great confidence in our Finance team's ability to continue to oversee and steward our financial position."

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Exchange Income Corp. announced that it has entered into a long-term strategic alliance agreement with Sakku Investments Corp., the business arm of the Kivalliq Inuit Association whose mission is to invest in viable businesses for the Inuit of the Kivalliq Region.

The alliance will allow EIC's operating subsidiaries, including Calm Air International LP and Keewatin Airlines LP, to leverage Sakku's local knowledge, area representation, community feedback and direct relationship with the Kivalliq people to more effectively provide aviation services to the communities in the Kivalliq Region.

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International Datacasting Corp. announced its financial results Thursday for the second quarter ended July 31. Total revenues and financial results decreased from the same period in fiscal 2014. But compared with the previous quarter both product revenues and margins improved.

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