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Small Caps

Today's small-cap stocks to watch Add to ...

Mosaid Technologies swung between positive and negative in early trade this morning after regulators sided with the takeover target in its proxy fight with Wi-Lan Inc . The Ontario Securities Commission last night ruled Mosaid can keep its shareholder right plans in place, giving the company additional time to seek out a white knight in its bid to fend off a $38-a-share hostile bid from Wi-Lan. Mosaid earlier yesterday said it had received a "meaningfully superior" offer from an unidentified source, thought to be a private-equity fund. However, only about 20,000 Mosaid shares had changed hands after 45 minutes of trading Thursday, well down on an average volume of around 150,000 over the last 30 days. Investors may be awaiting more details on the would-be "white knight." Mosaid's 50 day simple moving average is $37.22 and its 200 day SMA is $31.96. Read more from the Globe's Boyd Erman

Bauer Performance Sports Ltd. announced financial results for the first quarter ended Aug. 31, 2011. Revenues increased 29 per cent to $142.4-million versus the previous corresponding period; net income increased 48 per cent to $22.6-million. Removing the unrealized gains on foreign exchange (pre-tax $3.1-million in 2012 and $2.7-million in 2011) and IPO costs ($0.9 million pre-tax in 2011), net income increased 47 per cent to $20.6-million compared to $14.0-million in the prior year. Diluted earnings per share excluding unrealized gains on foreign exchange in both periods and excluding IPO costs in 2011 increased 44 per cent to $0.65 from $0.45 in the first quarter of 2011. Including these items, diluted earnings per share increased 47 per cent to $0.72 from $0.49 in the first quarter of 2011.

ProSep Inc. , dedicated to providing process solutions to the oil and gas industry, edged further away from a year low 4 cents after announcing that it was awarded two contracts totalling $9-million. The first contract is for a large produced water treatment package, and the second is for the supply of a fuel gas treatment system.

Theratechnologies Inc. is likely to open lower on Thursday after reporting that for the third quarter of 2011, it had a net loss of $4.2-million or $0.07 per share, up from last year's $3.4-million or $0.06 per share. This is despite posting higher consolidated revenues of $3.5-million versus the previous year's $1.7-million, which represents an increase of 105 per cent.

OceanaGold Corp. announced that it has entered into an agreement with Australia-lised MOD Resources on the OceanaGold 100 per cent owned Sams Creek Project located near Takaka in the South Island of New Zealand. Under the terms of the agreement, a 100 per cent subsidiary of MOD may earn up to 80 per cent interest in the project by solely funding staged exploration programs. Additionally, subject to certain future outcomes and appropriate approvals, MOD will also issue either 10 or 17 million ASX-listed ordinary shares of MOD to OceanaGold for nil consideration.

Almaden Minerals Ltd. announced results from the ongoing drilling at the Ixtaca Zone with holes TU-11-45, 51, 53 to 55, 57, 58 and 60. J.D. Poliquin, chairman of Almaden said: "These new holes continue to show that the Ixtaca zone is a robust and wide system of veining. The veining of the Ixtaca North zone indicates that the overall Ixtaca vein system is wider than previously known. Hole TU-11-45 shows that the Ixtaca zone remains open to the southwest. Overall, drilling to date on the Ixtaca zone also shows good continuity of mineralization in both horizontal and vertical dimensions. We are very pleased with these new results which further expand the known extent of the Ixtaca zone. We now have three drills on site." The company anticipates drilling operations will continue throughout 2011.

ShawCor Ltd. , while providing no financial details, announced its pipecoating division, Bredero Shaw, has received a contract from Chevron Australia Pty. Ltd. to provide pipeline coatings and related products and services for the gas supply trunkline associated with the Wheatstone Project. The Wheatstone gas supply trunkline will connect natural gas fields located offshore North West Australia with the Wheatstone LNG facility to be located at Ashburton North in Western Australia.

Premium Exploration Inc. rose 7 per cent early today as it announced a drill program update and surface grab sample results from the recently acquired patented claims within the Deadwood Zone at the Idaho Gold Project. Surface grab samples returned encouraging grades from two different mineralized systems. Premium's primary focus is a lower grade, bulk-tonnage target; however a higher grade cross-cutting quartz vein system has been recognised, which represents an attractive secondary target.

Compass Petroleum Ltd. rose as much as 25 per cent in touching $1.50 early today after announcing that its board of directors has determined to consider a range of strategic alternatives, with a view to enhancing shareholder value, including a possible sale. It said: "Strategic alternatives may include a sale of all or a material portion of the assets of Compass, either in one transaction or in a series of transactions, the outright sale of the corporation or a merger or other transaction involving Compass and a third party. The strategic review process has not been initiated as a result of any particular offer and there are no assurances that a transaction will be undertaken."

Northstar Aerospace (Canada) Inc., a wholly-owned subsidiary of Northstar Aerospace Inc. , announced that the unionized workforce at its manufacturing facility in Milton, Ontario began a legal strike today.

White Tiger Gold Ltd. and Century Mining Corporation have received approval under the Investment Canada Act to merge. "We are now one step closer to creating a larger, more diversified gold mining company with multiple properties in various stages of production and development in Canada, Russia, and Peru" said Daniel Major, president and CEO of Century and Dr. Geoffrey Cowley, CEO of White Tiger. Completion of the deal remains subject to final approval of the Toronto Stock Exchange and the TSX Venture Exchange. Closing is expected by the end of this month.

Petrodorado Energy Ltd. added 3 per cent to its share price in the first hour of trading after announcing that its board of directors has approved the adoption of a shareholder rights plan. The company said the plan is designed to ensure that its shareholders are treated fairly in the event of a takeover bid for its common shares and that its board of directors and shareholders will have adequate time to evaluate any unsolicited take-over bid and, if appropriate, to evaluate and pursue other alternatives to maximize shareholder value.

Whitecap Resources Inc. announced a significant increase to its syndicated credit facilities as a result of strong reserve additions. Its banking syndicate has, based on their interim review, increased our borrowing base from the previous $145-million to $190-million, a 31 per cent increase. The 2011 year-end borrowing base review is scheduled for May 31, 2012.

Centurion Minerals Ltd. updated the progress of its exploration and drilling activities on the Nareh epithermal gold prospect within the Badak Property in North Sumatra. Several high gold anomalies in rock and soil samples have been delineated within the surveyed area, enabling Centurion to generate drill hole locations aimed at discovering economically viable gold mineralization.

Covalon Technologies Ltd. , an advanced medical technologies company, announced today a multi-year, non-exclusive distribution arrangement with a China-based partner to distribute ColActive Plus Ag into the Chinese advanced wound care market. The company said the agreement calls for a minimum purchase commitment of $12-million of ColActive Plus Ag over the term of the agreement with a minimum commitment of $500,000 in the first 12 months following regulatory approval in China.

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