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Midnight Trader

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

Air Canada , which lost 4 per cent yesterday leaving it with a market capitalisation of only $221.7-million, reported a net loss of $210-million in the first quarter of 2012 compared to a net loss of $19-million in the first quarter of 2011.

GMP Capital Inc. , which dropped 3.5 per cent and closer to a year low $5.86 yesterday, recorded net income of $0.2-million and a net loss attributable to common shareholders of $2.3-million ($0.04 net loss per basic share) in first quarter 2012 compared with net income of $26.3-million and net income attributable to common shareholders of $22.5-million ($0.32 per basic share) in first quarter 2011.

Equal Energy Ltd. announced that its board of directors has initiated a strategic review process to identify, examine and consider alternatives with the view to enhancing shareholder value.

Petroamerica Oil Corp. , a junior oil and gas company with activities in Colombia, announced that the Las Maracas-2 sidetrack well has commenced oil production.

Contact Exploration Inc. , which yesterday rose 2.5 cents in moving away from a year low 8 cents, announced Kakwa Montney test results of 2,532 boe/d (950 boe/d Net).

Golden Band Resources Inc. , which is trading near a year low, reported initial results from the current resource expansion diamond-drilling program at the company's Roy Lloyd Gold Mine.

Pulse Seismic Inc. which was nearing year highs yesterday, announced today its financial results for the three months ended March 31, 2012. Net earnings increased to a record $12-million ($0.19 per share basic and diluted) compared to $1.3-million ($0.02 per share basic and diluted) for the same period in 2011. Record quarterly total seismic revenue was $36.4-million compared to $14.1-million for the three months ended March 31, 2011.

Cipher Pharmaceuticals Inc. which closed down 1 per cent yesterday, announced today its financial results for the three months ended March 31, 2012. The company said net income in was $0.1-million, compared with a loss of $1.1-million in the previous year. It has achieved quarterly revenue of $1.8-million, a 168 per cent increase over first quarter 2011. Cash increased for the third consecutive quarter to $10.1-million, compared with $9.6-million as of Dec. 31, 2011.

Novadaq Technologies Inc. , developer of fluorescence imaging solutions, announced today financial results for its first quarter ended March 31, 2012. Total revenues in the first quarter were $4.8-million, a 103 per cent increase compared to $2.3-million in the same period in 2011. At March 31, 2012, cash and cash equivalents totaled $7.9-million, and 32.8 million basic shares were outstanding.

Torex Gold Resources Inc. today announced an updated resource estimate of 4.8 million ounces of gold at its Morelos Gold Project in Mexico.

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