Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
North American Palladium Ltd. (PDL-T) reported revenues of $193.6 million for 2015, which was below analysts' expectation of $202.9 million.
The revenues were also down 12 per cent compared to 2014.
It said the decrease was primarily due to declining metal prices and lower sales volumes, partially offset by a weaker Canadian dollar and higher mill feed grades.
The average palladium selling price was $718 (U.S.) per ounce in 2015, compared to $802 per ounce in 2014, the company said.
Adjusted earnings before interest, taxes, depreciation and amortization was $13.5 million, a decrease of $36.5 million compared to $50 million for 2014.
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Lundin Gold Inc. (LUG-T) reported a net loss of $12.8 million or 13 cents a share in the fourth quarter, compared to a profit of $2.4 million or 9 cents a year earlier.
"The current quarter's net loss is higher compared to the fourth quarter of 2014 as a result of project evaluation expenditures of $11.2 million incurred on the feasibility study and at the Fruta del Norte Project," in Ecuador, the company stated.
It also cited $1.6 million in general and administrative expenditures, including professional fees in connection with the negotiations with the government of Ecuador.
"The 2015 financial year was a transformative year for Lundin Gold during which the company completed its first year in Ecuador and made significant headway in the advancement of the Fruta del Norte Project," stated CEO Ron Hochstein. "During the year, we made great progress on the feasibility study for the project while working with the Government of Ecuador to complete the definitive form of the exploitation agreement."
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Alterra Power Corp. (AXY-T) reported a net loss in 2015 for its 66.6-per-cent owned Icelandic subsidiary, HS Orka hf.
The Vancouver-based renewable energy company said the loss was $1.9 million (U.S.) versus a net income of $6.3 million in 2014.
It said both revenue and operating costs decreased by $5.5 million year over year, due to the transfer of certain employees directly to former affiliate HS Veitur.
"Previously, the employees costs and revenues related to activities performed for HS Veitur were recharged and recorded in income," the company said.
It said the loss was also due to a change in the fair value of the embedded derivative in power purchase agreements, linked to the aluminum price, which led to a non-cash loss of $24.7 million, versus $16.9 million in 2014.
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Amaya Inc. (AYA-Q, AYA-T) says it has filed a notice of appeal against a previously announced Kentucky trial court order for damages against some of its subsidiaries.
The online gaming company also said it posted a $100 million (U.S.) supersedeas bond (also known as a defendant's appeal bond) to stay enforcement of the order during the appeals process.
"The posting of the bond required the delivery of cash collateral in the amount of $35 million and letters of credit in the aggregate amount of $30 million," the company said.
Amaya also said it will "continue to vigorously challenge the trial court's order."
In December, Amaya said it would appeal the judgement of litigation filed in 2010 that sought "recovery of alleged losses by Kentucky residents who played real-money poker on PokerStars' website during a period between 2006 and 2011."
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Mag Silver Corp. (MAG-T, MVG-N) announced a $65 million (U.S.) bought deal after markets closed on Monday.
It said the deal is with a syndicate of underwriters led by Scotia Capital, BMO Capital Market and Raymond James, who have agreed to purchase 8.9 million common shares at $7.30 (U.S.) each.
The company said intends to use the net proceeds in part to fund exploration and development expenditures at the Juanicipio Project. The offering is expected to close on or about March 1.
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Pretium Resources Inc. (PVG-T, PVG-N) said it intends to file a preliminary prospectus supplement to raise about $120 million (U.S.)
It said the offering will be conducted through a syndicate of underwriters led by CIBC Capital Markets, RBC Capital Markets and Scotiabank.
Pretium said the net proceeds will be used in part to fund development of its Brucejack Project and working capital during start-up.
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Merus Labs International Inc. (MSL-T) says it has an "inaugural deal" with Sanofi S.A. to acquire the rights to four prescription products in France for a one-time payment of €22.5 million ($34 million Canadian).
The products include Surgestone and Provames, used in women's health, Speciafoldine, used to treat a form of anemia and Tredemine, a tapeworm treatment.
Merus said net revenue for the products in 2016 is expected to be approximately €6.3 million ($9.5 million Canadian)
"We have acquired nine established products over the last 10 months and continue to leverage our scalable commercial platform in Europe" stated CEO Barry Fishman.
The company said the acquisition "expands and leverages" its existing commercial platform in France, Europe's second largest pharmaceutical market after Germany.
Merus said it will fund the acquisition with one-third debt and two-thirds equity, "lowering our overall leverage to approximately 2.8 times, right within our stated leverage target range of 2.5 to 3."