A general view of the construction site of a mine of Hellas Gold, a subsidiary of Canadian mining company Eldorado Gold, in Skouries, in the Halkidiki region, northern Greece February 15, 2015.ALEXANDROS AVRAMIDIS/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.
Tahoe Resources Inc.(THO-T; TAHO-N) says the Guatemalan Supreme Court issued a decision that reinstates the Escobal mining license at its Guatemalan subsidiary, Minera San Rafael (MSR).
"This decision reverses the Supreme Court's preliminary decision to suspend MSR's license in connection with an action brought by the anti-mining organization, CALAS, against Guatemala's Ministry of Energy and Mines," the company said in a release late Sunday.
As part of its decision, the Supreme Court ordered the ministry to conduct a consultation under International Labour Organiation Convention 169.
Tahoe said it expects the ruling to be appealed.
"While the Supreme Court ruling allows Escobal operations to commence immediately, the illegal roadblock at Casillas is ongoing, preventing an immediate restart of operations at this time," it said.
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Wesdome Gold Mines Ltd. (WDO-T) says an employee of a mining contractor was fatally injured underground at the Kiena Complex in Val d'Or, Que. on Saturday.
"Personnel responded urgently, however, efforts to revive the individual were unsuccessful," the company stated.
It said activities underground at the mine are suspended while the company works with authorities to determine the cause of death.
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Agellan Commercial Real Estate Investment Trust (ACR.UN-T) says its properties in the Houston, Texas area — including three office buildings and nine industrial buildings — have not sustained material damage from Tropical Storm Harvey.
The REIT also announced the extension of a lease agreement with Health Care Service Corporation, a large tenant in Naperville, Ill., by an additional two years until November 2025.
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Eldorado Gold Corp. (EGO-T) says it plans to suspend investment at its operating mines, development projects and exploration assets in Greece.
"Despite repeated attempts by Eldorado and its Greek subsidiary, Hellas Gold, to engage constructively with the Greek government, the Ministry of Energy and Environment and other government agencies, delays continue in issuing routine permits and licences for the construction and development of the Skouries and Olympias projects in Halkidiki, northern Greece," the company stated. "These permitting delays have negatively impacted Eldorado's project schedules and costs, ultimately hindering the company's ability to effectively advance development and operation of these assets."
CEO George Burns said it is "extremely unfortunate to find ourselves at this impasse when we should be advancing an important commercial project in partnership with Greece and adding another 1,200 jobs to our current workforce of approximately 2,400 people in Greece."
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AcuityAds Holdings Inc. (AT-X) announced an adjustment in its revenue expectations and at the current pace says it is still anticipating 2017 full year growth of approximately 50 per cent.
It cites three factors:
1. Removal of partners in Europe, Middle East & Africa (EMEA) that were not meeting its quality standards for the use of its self-serve platform. "The expected impact of this decision will result in an adjustment in revenue expectations from this region of approximately $10-million over the balance of fiscal 2017," it stated, but that the impact to net revenue will be "somewhat mitigated as this business had been transacted at significantly lower margins."
2. A change in relationship with partner 140 Proof, which purchased its proprietary social data rather than making the associated media. "As a result, the company believes this will have a potential $6-million impact on the company's 2017 revenue," it stated. "Despite this change, the 140 Proof acquisition is expected to deliver approximately $5-million of revenue this fiscal year."
3. The stronger Canadian dollar will have an adverse effect on the company's revenue expectations for the second half of 2017 of approximately $2-million.
The company said it has already taken actions to reduce its selling, general and administration expenses.
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Alamos Gold Inc. (AGI-T) has signed a friendly deal to acquire Richmont Mines Inc. (RCI-T) in an all-stock offer valued at about $933-million.
Under the agreement, Richmont shareholders will receive 1.385 Alamos shares for each Richmont share they hold.
The offer implies a value of $14.20 per Richmont share based on the closing price for Alamos shares on Sept. 8 when Richmont shares closed at $11.62.
Once the deal is completed, Richmont shareholders will own approximately 23 per cent of the combined company.
Richmont produces gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec.
Concurrent with the deal, Richmont will sell its Quebec assets including the Beaufor Mine, Camflo Mill, Wasamac development project as well as all other mineral claims, mining leases and mining concessions to Monarques Gold Corp.
Under that agreement, Richmont has agreed to subscribe for approximately $2-million in subscription receipts from Monarques at a price of 35 cents per receipt which will be automatically exchanged for shares upon the closing of the transaction.
In addition, Monarques will issue Richmont additional shares so that it will hold an approximately 19.9 per cent stake in the company.
Monarques will also grant Richmont net smelter return royalties on the Beaufor mine, Richmont's interest in the Camflo mineral claims and the Wasamac property.
--The Canadian Press
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NexGen Energy Ltd. (NXE-T; NXE-N) is buying the remaining 40-per-cent interest the Dufferin Lake property in Saskatchewan that it doesn't already own.
The company said it will issue 83,333 common shares to Eagle Trail Properties Inc. and 27,777 common shares to Rainmaker Resources Ltd. at $2.88 each for a total of $320,000.
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Centerra Gold Inc. (CG-T) says it has a "comprehensive settlement agreement" with the Government of the Kyrgyz Republic. The agreement its Kyrgyz subsidiaries; Kumtor Gold Company (KGC) and Kumtor Operating Company (KOC).
"This agreement is a comprehensive resolution to all of the outstanding matters affecting the Kumtor Project," stated CEO Scott Perry in a release. "The agreement also provides business certainty for future mining operations at the Kumtor Project, as it preserves all rights of the company, KGC and KOC under the Kumtor Project agreements and, in order to receive full payment, requires continued compliance by the Government with a number of conditions precedent that are designed to protect Centerra, KGC and KOC
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Pro Real Estate Investment Trust (PRV.UN-T) says it's buying a commercial property in Halifax, N.S. for $8.2-million.
It said the property is 100-per-cent leased to a single national retail tenant on a long-term lease.
The REIT said it has received new 10-year, $5.3-million committed financing from a "major national financial institution" in anticipation of mortgage financing. The balance of the purchase price will be paid from cash-on-hand from the REIT's recent bought-deal financing.
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Probe Metals Inc. (PRB-X) plans to buy a 100-per-cent interest in the Courvan property in Quebec from Monarques Gold Corp., in exchange for an aggregate cash payment of $400,000.
Courvan has 30 mining claims and two mining concessions totaling approximately 11 square kilometres and hosts the past-producing Bussiere Gold Mine, the company said.
"The property acquisition extends the company's land package immediately to the west of the company's Val-d'Or East Project and increases Probe's landholdings in Val-d'Or to 327 square km.
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CanniMed Therapeutics Inc. (CMED-T) reported third-quarter revenue of $4.8-million up from $2.7-million a year ago, driven by higher sales.
Analysts were expecting revenue of $4.3-million.
Its loss was $1.4-million versus a loss of $446,000 a year ago.
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Coeur Mining Inc. (CDE-N) says it's buying privately owned JDS Silver Holdings, Ltd. and its wholly-owned subsidiary, JDS Silver Inc., which owns the Silvertip mine in northern B.C.
It will pay an initial consideration of $200-million (U.S.) in cash and shares and will assume $15-million in existing debt.
Additional potential payments of up to $50-million (U.S.) are contingent upon achieving specific future permitting and exploration milestones at Silvertip, the company said.
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CRH Medical Corp. (CRH-T; CRHM-N) has acquired a 51-per-cent interest in a gastroenterology anesthesia practice in central Colorado.
It said the deal was financed through a combination of its credit facility and cash on hand.
"This is further evidence of our ability to leverage our strong relationships to grow our anesthesia business," stated CEO Edward Wright. "As we have stated before, our acquisition pace during the remainder of the year is increasing and I look forward to updating you on our progress as we grow further."
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