As financial markets plunged this week, the bears were quick to seize the spotlight.The Associated Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Norbord Inc. (NBD-T) says the Quebec government has terminated the wood licence associated with its idled Val-d'Or, Que. oriented strand board (OSB) mill.
The company suspended production at the mill in 2012 "following persistently weak North American housing market conditions" and lower demand for OSB.
It said the latest development from the Quebec Minister of Forests, Wildlife and Parks isn't expected to have any impact on its financial results.
"This is disappointing news, but in the bigger picture, we firmly believe that our Val-d'Or mill is the best alternative for the aspen pulpwood in that region," stated CEO Peter Wijnbergen. "Unfortunately, market conditions do not yet justify a restart at Val-d'Or, but we are exploring options for the mill and are committed to a restart once market conditions are supportive."
It said ministry has confirmed it can reapply for a wood license when it's ready to restart the mill.
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Smart Technologies Inc. (SMA-T) said it expects to record a "primarily non-cash, pre-tax charge" of about $20 million (U.S.) against inventory and purchase commitments in the third quarter.
"Sales from Smart kapp are growing at a slower rate than originally envisaged and, as a result, the company has assessed and revised its future demand assumptions for finished goods and raw materials," the Calgary-based company said, referring to one of its products.
The charge is related to the revised demand assumptions
It said the charge won't impact adjusted earnings before interest, taxes, depreciation and amortization or adjusted net income.
"Although a number of factors led to the need for an inventory charge in the third quarter, kapp remains a key part of our strategy and continues to make progress" stated CEO Neil Gaydon in a release.
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Sandstorm Gold Ltd. (SAND-N, SSL-T) says it has agreed to acquire 56 royalties from Teck Resources Ltd (TCK.B-T) for $32 million.
It said certain royalties are subject to rights of first offer and first refusal as well as the requirement for various transfer consents, which means the transaction will have a number of closing dates.
For the royalties, Sandstorm said it has issued a total of 8.4 million common shares priced at $3.57 each, which it says is based on the stock's volume weighted average price over the last 10 days.
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Westport Innovations Inc. (WPT-T, WPRT-N) says it has received certification from the U.S. Environmental Protection Agency (EPA) for the dedicated compressed natural gas (CNG) and bi-fuel CNG Westport WiNG™ Power System models of the Ford 5.0L F-150 trucks for the 2016 model year.
"This marks the first time that Ford has offered gaseous prep in the 5.0L F-150—the best selling vehicle in both the United States and Canada," the company stated. "With CNG and LPG capable engines, the F-150 5.0L is the only half-ton pickup in the market offered by an original equipment manufacturer."
Westport says its has already received EPA and California Air Resources Board certification on a number of other 2016 vehicles.
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Iamgold Corp. (IMG-T) said it expects 2016 production to be in line with 2015 and lowered its all-in-sustaining cost guidance by $75 (U.S.) an ounce to a range of $1,000 to $1,100.
"We begin 2016 with nearly $700 million in cash and bullion and renewed confidence in mine plans that have been updated to reflect the current gold price environment," CEO Steve Letwin stated in a release,
In its guidance for 2016, the company reported expected gold production between 770,000 and 800,000 ounces and total cash costs between $775 and $815 per ounce.