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Our roundup of Canadian small-caps making news and on the move today.
C-COM Satellite Systems Inc. (CMI-X), a global provider of mobile auto-deploying satellite antenna systems, reported revenues of $2.2-million and net profit of $376,431 or 1 cent per share for the first quarter ended Feb. 28. This compared with revenues of $2.4-million and a net profit of $451,396 or 1 cent per share a year ago.
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Alabama Graphite Corp. (ALP-X) said it has finalized plans for a diamond drilling program at its Coosa Project in Alabama. The company said drilling will begin before the end of April.
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Scorpio Gold Corp. (SGN-X) said the Bureau of Land Management Tonopah Field Office in Nevada has accepted the company's amended operations plan and has issued a "Decision Record and Finding of No Significant Impact for the Environmental Assessment of the Mineral Ridge Mine - Mary LC Satellite Deposit Project Amendment at Scorpio Gold's Mineral Ridge operation."
Scorpio Gold's 70-per-cent owned U.S. subsidiary, Mineral Ridge Gold, LLC, submitted an Amendment to the Plan of Operations to increase the surface disturbance at Mineral Ridge from approximately 612 acres to about 906 acres to facilitate the development of the previously authorized Mineral Ridge Mine Project operations.
"We are very pleased that our Amendment to the Plan of Operations has been accepted by the State and Federal regulators," said CEO Peter Hawley.
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Tidewater Midstream and Infrastructure Ltd. (TWM-X) has named Joel MacLeod, who has more than 15 years of experience in the oil and gas industry, as the company's president and chief executive officer, effective immediately. He will also continue on as chairman.
Mr. MacLeod is currently the largest shareholder of Tidewater owning about 24 per cent of the corporation.
In addition, Doug Fraser has been named a director of the corporation, and Toby McKenna will assume the role of vice-president business development and commercial.
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Revelo Resources Corp. (RVL-X) said it has agreed to buy four properties in northern Chile from Altius Minerals Corp.'s (ALS-T) 49-per-cent-owned Chilean subsidiary BLC SpA. The properties total more than 56,000 hectares.
Along with the acquisition, Revelo and BLC will complete a private placement of 5-million units of Revelo for proceeds of $750,000 at 15 cents per unit. The proceeds from the Placement will be used to fund Revelo's exploration of the properties.
"Revelo continues to deliver on the expansion of its portfolio of high quality exploration properties in Chile and we are delighted to have added Altius to our strong shareholder base," said Tim Beale, president and CEO of Revelo. "Altius is a major player in the prospect generator and royalty business, and brings significant value add to Revelo as a shareholder and strategic partner in Chile. This is an important affirmation of Revelo's business model and property portfolio in Chile."
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Labrador Iron Ore Royalty Corp. (LIF-T) released production and sales figures for the first quarter, showing a lower-than-usual seasonal hit to production, while sales were negatively affected by harsh winter weather. Total iron ore production for the first quarter amounted to 3.6-million tonnes, representing a 6-per-cent decline from the fourth quarter, compared to historical seasonal penalty of 20 to 25 per cent. "This seasonal impact has been largely offset by improved performance," the company said. Sales, meanwhile, amounted to 3.2-million tonnes, representing a 12-per-cent decline from the fourth quarter.
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NAPEC Inc. (NPC-T) announced a series of contracts representing a total value of close to $90-million. The company's U.S. subsidiary, Riggs Distler & Company Inc. signed agreements representing $82.4-million in value with utility companies in Virginia, Connecticut, New England and New Jersey, as well as a contract for two ground-mounted solar panel projects in New Jersey. NAPEC's Quebec-based subsidiary Thirau Ltee, meanwhile, was awarded a $7-million contract with a telecom company to install poles and anchors. "These new contracts further increase the value of our backlog, which currently stands at its highest level in more than three years," said Pierre Gauthier, NAPEC's chief executive officer.
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Savaria Corp. (SIS-T) said it has entered into a bought-deal financing with Cormark Securities Inc. for gross proceeds of $12.5-million for 2.5-million shares at $5 each. "The net proceeds of the offering will be used for growth initiatives and for general corporate and working capital purposes," the company said.