Kevin Van Paassen/The Globe and Mail
Inside the Market's roundup of some of the Canadian small caps making news and on the move today.
Shares in Norbord Inc., a maker of wood panels, were down 7 per cent in afternoon trading after reporting EBITDA of $15-million in the third quarter, less than half year-ago levels of $33-million.
Norbord moved most of its annual maintenance shutdowns into the third quarter and curtailed additional production at several mills in response to challenging oriented strand board market conditions. The company still declared a quarterly dividend.
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Romarco Minerals Inc. said late Monday that the U.S. Army Corps of Engineers has issued a positive record of decision and granted a permit to the company's Haile Gold Mine project in South Carolina under the Clean Water Act.
"The company can finally put the Environmental Impact Statement process in the rear-view mirror, as no further appeal processes are available. .... The attainment of this permit has proven to be the biggest challenge and we believe that investors should see this reflected in the share price performance in the near term," commented Desjardins Securities analyst Michael Parkin.
The company is still waiting for a state-issued mine operating permit. Mr. Parkins expects the project could be fully financed and permitted by year-end, and expects the mine to begin production in the second half of 2016.
Shares in the company are up 1.3 per cent in early trading today.
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InnVest Real Estate Investment Trust and KingSett Real Estate Growth LP No. 5, said they have agreed with Ivanhoe Cambridge, to buy an 80 per cent interest in the Fairmont Royal York Hotel in Toronto in a joint venture where Ivanhoe Cambridge will retain a 20 per cent interest in the property. The joint venture will acquire the 1,363-room Royal York Hotel for an aggregate price of $186.5-million.
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Catalyst Paper announced the temporary curtailment of one of three paper machines at its Powell River mill, removing capacity of 6,500 tonnes of specialty paper grades from the market. This curtailment reflects Catalyst's strategy to match production with domestic market demand and inventory.
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NMC Resource Corp. announced that it has formed a special committee to "review all strategic alternatives to the company."
"No decision has been made to enter into a transaction at this time and there can be no assurance that the company will enter into a transaction in the future. The company does not plan to disclose or comment on developments regarding the strategic review until further disclosure is deemed appropriate," NMC said in a statement.
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Pacific Rubiales Energy Corp. said its total net production for the third quarter is expected to be in the range of 142,000 to 146,000 barrels of oil equivalent, an increase of approximately 13 per cent from the same period a year ago. This is 3 per cent lower than the previous quarter, impacted by lower than expected production from the Rubiales Field primarily due to restricted water disposal capacity, partly offset by higher than expected light oil production.
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B2Gold Corp. reported it produced 90,192 ounces of gold in the third quarter, up from 98,992 ounces a year earlier, but revenues from gold sales fell.
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Empire Industries Ltd. announced a contract award valued at about $8-million from a major South Korean theme park to Empire's Dynamic Attractions business unit. This contract represents Dynamic Attractions' entry into the growing South Korean market and further confirms that the Asian market niche outlook "is very good," the company said.
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Corridor Resources Inc. announced the initial results of its 2014 capital program in the McCully Field and surrounding basin in southern New Brunswick. The program was designed to increase natural gas production and revenues from the McCully Field and to evaluate the potential of the Frederick Brook shale in the McCully and Elgin areas.
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Milestone Apartments Real Estate Investment Trust has completed the purchase of The Village at Legacy Ridge, a 221-unit multifamily apartment community located in the Westminster submarket of Denver, Colorado, for $40.5-million (U.S.). This acquisition was previously announced by the REIT on Oct. 6, 2014.
Darcy Keith