Alamos Gold drops takeover bid for AurizonGetty Images/iStockphoto
Our roundup of Canadian small-caps making news and on the move today.
Alamos Gold Inc. (AGI-T; AGI-N) said it will begin to able to resume working on its Agi Dagi gold project in Turkey as an injunction order against the Turkish Ministry of the Environment and Urbanization's approval of the Environmental Impact Assessment for the Agi Dagi gold project has been dismissed by the Canakkale Administrative Court. With this ruling, the Ministry's approval of the EIA has been returned to good standing.
"This decision by the court is indeed very welcome news for our company and shareholders. Our team in Turkey is particularly gratified and looking forward to resuming work on the project," said John McCluskey, Alamos Gold's president and chief executive officer.
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Empire Industries Ltd. (EIL-X) reported that revenues for the year ended Dec. 31, 2014 increased by 20 per cent to $141.2-million, up from $117.8-million a year earlier. Net income rose 39 per cent to $6.1-million, up from $4.4-million in 2013. The company's backlog was $155-million, up from $93-million at the end of the third quarter.
"There are storm clouds in Western Canada but the strategic investments we have been making over the past few years are starting to pay off and we expect this trend to continue," said Guy Nelson, CEO of Empire, which manufactures specialized engineered products.
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Orezone Gold Corp. (ORE-T) said a an independent feasibility study has been completed for its wholly owned Bombore Gold Project in Burkina Faso, West Africa, and shows the mine has an 11-year life.
The study envisions a shallow open pit mining operation. The 11-year mine plan, based on a mineral reserve using an $1,100 (U.S.) gold price, is designed to deliver higher grade ore in the early years, the company said. Initial capital is estimated at $250-million.
"The financial model with revenues based on a $1,250 (U.S.) gold price, yields a robust 24.4 per cent after tax internal rate of return to the company with a net present value of $196-million (U.S.) at a 5 per cent discount rate," the company said. "Project payback is estimated at 2.7 years with all in sustaining costs averaging $678/oz."
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Starcore International Mines Ltd. (SAM-T) said it has signed a letter of intent with Cortez Gold Corp. (CUT-X) under which Starcore would acquire the Cortez in an all-share transaction. Each Cortez shareholder would receive three Starcore shares for every one Cortez share held, the company said. Cortez owns the Altiplano gold and silver processing plant in Matehuala, Mexico, which will expand Starcore's business in Mexico, the company said.
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Cricket Media Group Ltd. (CKT-X), an education media company and social learning network, reported revenue was $14.6-million (U.S.), essentially flat year-over-year. The net loss for the year was $22.4-million, or $1.24 per share, compared to a net loss of $22.5-million, or $3.01 per share a year ago. The company said it is streamlining costs, reduced its work force and has put its Nexify advertising business and Open Court commerce business up for sale.
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Patient Home Monitoring Corp. (PHM-X) reported its fiscal second-quarter financial results, in which the company posted large increases in revenues and earnings, reflecting the company's aggressive acquisition program. Revenue for the quarter was $13-million, a 28-per-cent increase over the prior quarter and a 255-per-cent increase over the same quarter a year earlier. Earnings per share rose by 71 per cent from the previous quarter. This was the eighth consecutive quarter of record revenue and profits, the company said.
The company completed the acquisitions of Black Bear Medical in Maine and New Hampshire and West Home Health of Virginia in the second quarter, bringing the number of recent transactions to five, which together represent trailing 12-month revenues totalling $40.5-million. The quarter also saw Patient Home Monitoring execute two additional letters of intent (LOI) with two other potential acquisition targets, while the company is in term sheet negotiations with eight other companies. "Our acquisition and organic growth model is working well in this fast growing market. Our business plan has been proven effective and there have been no recent regulatory changes to prevent us from continuing it," said Michael Dalsin, the company's chairman. "We had a productive quarter in terms of signing LOIs and when closed, we will exceed $100-million in annualized revenues."
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Questor Technology Inc. (QST-X) released its year-end financial results, in which the company generated a 30-per-cent increase in annual revenue. Revenue for the year ended Dec. 31, 2014 was $12.4-million, the highest in the company's history. Earnings per share rose to $0.114, a 13-per-cent increase over 2013. Revenues from the sale of incinerators increased 10 per cent, revenues from rental of incinerators increased 160 per cent and revenue from incinerator and combustion services increased by almost 90 per cent.
"The heightened global focus on emissions from flaring, climate change and the health concerns arising from the impacts of poor air quality has made it essential for our clients to address these issues in their operations in order to comply with regulations, obtain approval for projects and gain the social license to operate from the community," said Audrey Mascarenhas, Questor's CEO. "We are working with key individuals in business and government in the first mover states in the U.S. as they apply air quality rules, as stringently or more so than what has been laid down by the Environmental Protection Agency."
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American Hotel Income Properties REIT LP (HOT.UN-T) announced the closing of a public offering, having raised gross proceeds of $66.1-million on a bought-deal basis, which included the full exercise of the over-allotment option.