Hedge fund manager Eric Sprott.The Globe and Mail
Our roundup of Canadian small-caps making news and on the move today. This post will be updated through the morning.
Kirkland Lake Gold Inc. said it has appointed Eric Sprott as chairman of the board of directors. Mr. Sprott was formerly the lead portfolio manager at Sprott Asset Management and is currently the chair of the board of Sprott Inc. He currently holds over 10 per cent of the issued and outstanding common shares of the company.
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Intertape Polymer Group Inc. said it has revised its outlook for adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter of 2014 to approximately $20.5-million, a drop of 18 per cent from the midpoint of its previously provided range. Management indicated that this lower outlook was prompted by temporary manufacturing issues, delays in orders for stretch film in light of declining resin and crude oil prices, and higher than expected employee medical costs and overhead costs. "We are disappointed by our fourth quarter results. The challenges arose primarily in the month of December and we expect the operational issues to be resolved in the first quarter of 2015," said president and chief executive officer Greg Yull. "These issues have no impact on the South Carolina Project being completed in the first half of 2015, and we remain on track to meet our gross margin and cost savings targets relating to the Project."
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Sears Canada Inc. said its board has appointed Ronald Boire as president and chief executive officer. He had served in these positions on an interim basis since October 15, 2014. "I am aware of the challenges facing the evolving Canadian retail marketplace, and Sears Canada in particular," said Mr. Boire. "I understand what needs to be done and I am confident that our associates are engaged and focused on the drivers of our future success."
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Prometic Life Sciences Inc. said its treatment for patients suffering from metabolic syndrome and associated Type 2 diabetes has been approved to start its clinical trial. "Our scientists and Dr. Raymond Harris' team at Vanderbilt University have clearly demonstrated that PBI-4050 has a direct effect on the pancreas itself, and by reducing inflammation and macrophage infiltration, preserves insulin production in the islets," said president and chief executive officer Pierre Laurin. "This trial will therefore monitor several biomarkers of diabetes and of inflammation in patients, which should enable us to quickly evaluate the ability of PBI-4050 to reproduce the same benefits in humans."
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Trimel Pharmaceuticals Corp. said it has filed a new drug submission with Health Canada for its NATESTO nasal gel, which is used to treat men with a lack or absence of endogenous testosterone. "The filing of NATESTO with Health Canada represents another significant milestone for Trimel and the many patients this therapy aims to address," said president and chief executive officer Tom Rossi.
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Crocodile Gold Corp. said it achieved record production and operating cash flow in fiscal 2014. "Our team's focused efforts to reduce unit costs also resulted in significant cash flow generation in the fourth quarter," said president and chief executive officer Rodney Lamond. "Furthermore, Crocodile Gold will now fully benefit from the strong cash flows generated from the Fosterville and Stawell Gold Mines; a vital part of the strategy to support our Company's balance sheet and future growth."
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More to come.