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Canadian private airline company Transat's plane is pictured after arriving at Toussaint Louverture airport in Port-au-Prince January 23, 2013.

Swoan Parker/Reuters

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Transat A.T. Inc. (TRZ-T) says it has revised its outlook and is preparing to announce results for the third quarter "that are substantially better than those factored in its most recent outlook."

The company said results for the quarter ended July 31 on both the transatlantic market and the sun destinations market "were superior to those posted last year, especially since mid-June."

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It said the airline's costs were also lower than expected due to "positive fluctuations in fuel prices and currency exchange rates."

It expects adjusted third-quarter adjusted net income to be "significantly higher than that recorded last year" and similar to 2015 when it posted adjusted net income from continuing operations for the period of $26.9-million.


Pure Gold Mining Inc. (PGM-X) reported a net loss of $7.6-million in its first quarter, compared to a net loss of $2.8-million for the same period in the prior year.  The loss was 4 cents per share, versus a loss of 2 cents a year ago. Analysts were expecting a loss of 3 cents in the most recent quarter.

Exploration and evaluation expenditures increased to $6.8-million for the three months ended June 30, compared to $3-million for the same period a year ago, the company said.


Aphria Inc. (APH-T) and Liberty Health Sciences Inc. (LHS-C) jointly responded to the TMX Group statement regarding "regulatory engagement."

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The TSX, which is owned by the TMX Group, and its Canadian Depository for Securities Ltd. (CDS) platform are reviewing the legal risks of handling trades in Canadian-based marijuana stocks that have U.S. assets.

"We are pleased to receive confirmation from the TMX Group that there is no CDS ban on the clearing of securities of issuers with marijuana-related activities in the U.S. and we look forward to continuing our ongoing dialogue with the TSX and CDS in respect of this matter," said Aphria chair Vic Neufeld in a release on Monday.

"We are also pleased to receive further confirmation from the TMX Group that they are working with regulators to arrive at a solution that will clarify this matter for issuers, investors, participants and the public."

The company said it has been trading for about three years and raised more than $216 million from investors by way of five offerings by short form prospectus, all of which have been settled by CDS.

Liberty CEO George Scorsis also stated that "working with regulators on a solution that will clarify this matter for all Canadian capital market participants is desired and required and we are prepared to work collaboratively with regulators to achieve this end result on a timely basis."

Aphria says it has had marijuana-related activities in the U.S. since 2015. Liberty's principal asset in the U.S. is the recently acquired Florida license and operations.

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"Aphria and Liberty will both continue to focus on their existing strategies for the medical cannabis industry in Canada and the United States, respectively," the companies said.


Cardiome Pharma Corp. (CRME-Q; COM-T) says the U.S. Food and Drug Administration (FDA) has told the company a data package it proposed would not be sufficient to support a resubmission of its Brinavess new drug application (NDA).

The company says it proposed resubmission of the NDA based on the original file and six years of accumulated safety data from sales of the drug in 33 countries, among other factors

"We are disappointed that the agency did not find these data compelling enough to recommend a resubmission," stated CEO William Hunter in a release on Monday. "We will continue to have a dialogue with the FDA as we review our regulatory options."


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Pure Industrial Real Estate Trust (AAR.UN-T) announced investment activities on Monday including acquiring a core asset in Pickering, Ont. for $24-million and the purchase of 84 acres of land in Wilmer, Texas for $8.2-million. It also sold a non-core asset in Alberta for $5.2-million.

It also announced the closing of a previously announced $101-million acquisition in Brampton, Ont. and a $75.8-million acquisition in Vaughan, Ont.

When all the transactions are closed, the trust says it will have completed $682-million in acquisitions year-to-date and dispositions of approximately $156-million.


Continental Gold Inc. (CNL-T) says it's not aware of any specific reason contributing to the recent decline in its share price. The shares have fallen by about 10 per cent in the past five trading days.

"Excellent progress is being made at the company's flagship Buriticá gold project with early construction, engineering and procurement activities remaining on or ahead of schedule," it stated in a release.

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