Investors are betting on increased demand for lumber and specialty wood products used in home renovation to fire up the shares of Western Forest Products Inc., the largest lumber producer on the B.C. coast.
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This file will be updated through the morning.
In a response to a request by the Investment Industry Regulatory Organization, African Gold Group Inc. says it is unaware of any material change in the company's operations that would account for the massive spike in trading volume. Tuesday's session saw volume of more than 22 million shares, compared to an average of only a few thousand.
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Ballard Power Systems said it was "resetting guidance" to revenue growth of 20 per cent and "adjusted EBITDA" improvement of 65 per cent for 2014, after its third-quarter gross margin declined and year-to-date revenue growth of 21 per cent was lower than the company had initially expected.
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Sherritt International Inc. said it's cutting the size of its head office workforce by 25 per cent and preparing to sell the building as part of a previously announced cost-cutting plan. The restructuring will reduced the overall salaried workforce by about 10 per cent, without making cuts at a key nickel operation in Madagascar.Sherritt said it's aiming to reduce costs by about $10 million a year.
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MEG Energy Corp. missed earnings estimates. Operating profit, which excludes most one-time items, rose to $87.5-million, or 39 cents a share, from $56.2-million, or 25 cents. However, it lagged the average analyst estimate of 50 cents per share. MEG also reported record quarterly production of 76,471 barrels per day (bpd), an increase of 11 per cent over second quarter 2014 results, and cash flow from operations of $238.7-million, driven by increased production levels and continuing strong cash operating netbacks.
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Surge Energy Inc. provided a sustainability outlook based on lower crude oil prices, and an operations update for the third quarter of 2014.
"With the low Canadian dollar, Surge continues to realize WTI pricing of over $91 (Canadian) per barrel. Reduced differentials and the company's strategic ongoing hedging programs, enhance and further protect Surge's monthly cash flows," it said, adding that Surge has more than 40 per cent of production locked in at over $100 per barrel through July, 2015. The company expects to finish 2014 at production guidance of 21,350 boepd, even after the sale of the 400 boepd of non-core assets.
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Canexus Corporation has announced that Andy Lacara, senior vice president of operations, will be leaving the company as of Dec. 31, 2014. The Corporation has commenced a search for his replacement.
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Domtar Corp. announced the election of Domenic Pilla to its Board. Mr. Pilla is the president of Shoppers Drug Mart.
"Domenic's extensive leadership experience in the retail and institutional health care markets will play an integral role in advancing our company's strategic growth in the personal care segment," said John D. Williams, Domtar's CEO.
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Western Forest Products Inc. has revealed that chief financial officer, Brian Cairo, has announced his resignation, effective Nov. 30, 2014.
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American Hotel Income Properties REIT announced the acquisition of a 50-room Oak Tree Inn and Penny's Diner in Glendive, Montana for $4.9-million (U.S.).
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Deveron Resources Ltd. has agreed with Greencastle Resources Ltd. to pay $150,000 (Canadian) and incur $2-million in exploration expenditures over a three-year period to earn a 60 per cent interest in Greencastle's Rockstone zinc/graphite property near Thunder Bay.
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Polar Star Mining Corp. and Iron Creek Capital Corp. announced that they have entered into a definitive arrangement to combine the two companies pursuant to a statutory plan of arrangement that will result in Iron Creek acquiring, indirectly through a wholly-owned subsidiary, all of the issued and outstanding common shares of Polar Star.
The transaction was previously announced in a joint news release on September 19, 2014, and contemplated Polar Star acquiring all of the issued and outstanding shares of Iron Creek. After further consideration, and in order to simplify the transaction, the parties decided to reverse the structure so that Iron Creek will now acquire Polar Star.
Darcy Keith