Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
PHX Energy Services Corp. (PHX-T) is raising $25-million in a bought-deal financing with a syndicate of underwriters led by Peters & Co. Ltd.
The company also announced a private placement for additional gross proceeds to up to $2-million, which will include "certain officers, directors and employees" of the company.
All proceeds will be used to reduce debt and help fund its ongoing capital expenditure program.
The company said it expects an initial increase in its 2017 capital expenditure budget to approximately $25-million.
Madison Pacific Properties Inc. (MPC-T) reported net income of $11.4-million for the quarter ended Nov. 30, compared to $6.9-million a year earlier.
Net income per share was 19 cents compared to 11 cents per share a year earlier.
Neptune Technologies & Bioressources Inc. (NEPT-Q; NEPT-T) said third-quarter revenues were $12.1-million versus $5.5-million for the same period last year.
Net income was $9.4-million, "largely reflecting revenues from the royalty settlement," versus a net loss of $2.9-million in the prior year.
The most recent quarter includes a non-IFRS operating loss of $1.7-million and a net loss of $2.4-million for Neptune's subsidiary, Acasti, "which is actively engaged in clinical studies and research and development," the company said.
Uranium Participation Corp. (U-T) reported a net loss of $128.5-million for the three months ended Nov. 30, 2016, "primarily due to unrealized net losses on investments in uranium of $127.6-million and operating expenses of $1-million," the company said.
The loss compared to a net loss of $9.9-million for the three months ended Nov. 30, 2015, according to the company's release last year.
Sabina Gold & Silver Corp. (SBB-T) says the Minister of Indigenous and Northern Affairs Canada has decided that its Back River Project should be returned to the Nunavut Impact Review Board (NIRB) for further consideration.
In June, the NIRB recommended to the minister that the project not proceed to the next permitting phase.
"After careful consideration ... we are referring the report back to the board for further review or public hearings as the report is deficient with respect to some ecosystemic issues," the minister said in a Jan. 12 letter to the review board, according to a release from the company.
"In our view, based on the process to date, it is premature to conclude that the project would lead to unacceptable or unmanageable ecosystemic or socioeconomic impacts," the letter states. "There were a number of areas where there was insufficient information presented in the [NIRB] report to support the conclusions of the board, and where further information is required so that the ministers may understand the rationale behind the conclusions presented by the board prior to making a decision on whether the project should proceed."
CEO Bruce McLeod said the company is "extremely pleased" the minister has determined that the NIRB should reconsider its recommendation regarding the project.