The stock market appears to be ripe for a correctionGetty Images/iStockphoto
Our roundup of Canadian small-caps making news and on the move today.
NYX Gaming Group Ltd. (NYX-X) reported $27.3-million in revenue for 2014, up 46 per cent from a year ago. Gross profit totalled $24.1-million, an increase of 49 per cent, compared with $16.2-million in 2013. The net loss for the year was $7-million, or 25 cents per share, compared to $1.9-million, or seven cents a share, a year ago " largely as a result of $6.6-million in acquisition, restructuring and public listing expenses," the company said.
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Pan American Silver Corp. (PAAS-Q;PAA-T) said it has entered into a new $300-million (U.S.) senior secured revolving credit facility with a syndicate of eight lenders including Scotiabank, CIBC, HSBC Bank of Canada, Royal Bank of Canada, TD Bank, Société Générale, Bank of Montreal and Credit Suisse, AG. The credit facility matures on April 15, 2019. "The ability to borrow $300-million (U.S.) adds further to our already healthy liquidity position and bolsters our financial strength and flexibility, which will allow us to quickly respond to our future funding needs, whether it be for organic growth projects or for future business development opportunities that may arise," said chief financial officer Rob Doyle.
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Corus Entertainment Inc. (CJR.B-T) said it has signed a long-term licensing agreement with the Disney/ABC Television Group in which it will debut the Disney Channel in Canada on Sept. 1, 2015. This will give Canadian viewers access to "Disney Channel's slate of high profile and popular shows such as K.C. Undercover, Girl Meets World, Austin & Ally, Liv and Maddie and many others," the company said.
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Titanium Transportation Group Inc. (TTR-X) said its common shares are expected to start trading on the TSX Venture Exchange Thursday under the trading symbol "TTR".
"The TSXV listing is a significant milestone for Titanium as the company embarks on a new phase of growth and consolidation. As a private company, Titanium completed seven asset-based acquisitions over the last four years including the highly accretive acquisition of Muskoka Transport Ltd. in March, 2105. Titanium has a pipeline of future acquisition targets in place and as a public company can now offer a further enhanced opportunity for vendors in the rapidly consolidating Canadian trucking industry," said Ted Daniel, CEO of Titanium.
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Nuvo Research Inc. (NRI-T), a pharmaceutical company with a portfolio of topical and immunology products, said it has completed a strategic review of the company and plans to spin off the assets related to WF10, a treatment for allergic rhinitis into a separate research and development company and "transition Nuvo from a biotech company concentrated mainly on drug development into a more diversified, profitable, cash flow positive business," the company said.
"We believe that execution of our strategy to spinout a new company focused on WF10 development, coupled with the pursuit of strategic transactions that build on Nuvo's base of revenue generating products will build shareholder value," said Dan Chicoine, Nuvo's chairman and co-CEO. "While we will consider all transaction opportunities, we are giving priority to those that can add to existing revenue streams and move Nuvo toward profitability."
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Minfocus Exploration Corp. (MFX-X) has completed a private placement of $500,000 which it will used to for its "exploration programmes, trade payable, debt and general working capital."
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NXT Energy Solutions Inc. (SFD-X) said it has received a contract worth more than $13-million (U.S.) to conduct an aerial Stress Field Detection survey project. "This contract award with another new client validates NXT's strategy of focusing on clients that seek to use SFD(R) to identify long term strategic reserves efficiently at low relative cost," said George Liszicasz, president and CEO of NXT Energy.
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Ikkuma Resources Corp. (IKM-T) said average production in the fourth quarter hit a record of 7,008 barrels of oil equivalent per day, up 85 per cent from the previous quarter. Average daily production was 2,766 boe/d for the year. Sales for the year totalled $24.2-million. Funds flow from operation were $4.4-million for the year, and the loss for the year was $8.9-million. Capital spending was $22.7-million for the year.
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Synodon Inc. (SYD-T) said it has reached an agreement with AVAC Ltd., a private investment firm that invests in early stage companies, to exit from its investment agreement and settle its repayment obligation of a royalty on revenue "for an amount that management believes approximates the estimated net present value of the outstanding commitment to AVAC," the company said. "The agreement provides that the first priority security on Synodon's assets will be released."
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San Gold Corp. (SGR-X) said it has expanded the scope of operational changes at its Rice Lake mine near Bissett, Man. and as a result has suspended temporarily all mining operations at the mine. "The changes are being implemented to conserve cash and reduce the potential for additional short-term financing as the company completes its sales and investor solicitation process (SISP). These changes are being made as a result of continued weakness in gold prices and the lack of availability of new financing," the company said.
The company said it will continue to mill previously mined ore and "will subsequently begin the process of recovering available in-process gold inventory. Gold obtained from this process will be used to finance the costs related to maintaining the company's Rice Lake assets as it completes the ongoing SISP."
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UGE International Ltd. (UG-X) said it has been selected to supply a solar energy system at the Beijing facility of The Redwood Group, a specialized logistics investment firm. "UGE will supply the full end-to-end solution, including system design, procurement, and installation, and financing. The project is fully financed through the recently announced partnership between UGE and Blue Sky Energy Efficiency," the company said. The value of the contract was not disclosed.
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Atico Mining Corp. (ATY-X) income from mining operations for the year ended Dec. 31 totalled $9.4-million and it had a net loss of $3.2-million for the year. "The net loss includes a non-cash income tax provision of $2-million resulting from the initial recognition of the Colombian mining tax reform," the company said.
Adjusted net loss before the non-cash income tax provision was $1.2-million. Production for the year at its El Roble mine totalled 9.08 million pounds of copper and 9,538 ounces of gold in concentrates at a cash cost of 82 cents per payable pound of copper produced, the company said. "For 2015, we expect another year of growth as we have reached a nominal capacity at the mill of 650 tonnes per day, representing a 40% increase over the 2014 average daily throughput," said CEO Fernando Ganoza.
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Lupaka Gold Corp. (LPK-X) said a fatal accident occurred involving a Peru employee at its Invicta mine site on April 14. "The employee's family and all relevant authorities have been contacted and an investigation into the accident has commenced with the company's full co-operation and support. Normal operations continue at the mine site," the company said.
"We are deeply saddened by the loss of a Lupaka Peru employee and our thoughts are with his family," said Eric Edwards, Lupaka's president and CEO.
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Tricon Capital Group Inc. (TCN-T) announced the completion of its previously announced acquisition of about $150-million (U.S.) worth of rental homes located in Texas, North Carolina, and South Carolina from a U.S.-based private equity fund manager.
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Parex Resources Inc. (PXT-T) said it has entered into a bought deal financing agreement to raise $119-million, with an over-allotment option for an additional $18-million. The proceeds will be used to pay down bank debt, increase working capital and fund growth opportunities.
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Bonterra Energy Corp. (BNE-T) said it has completed its acquisition of Cardium-focused assets in the Pembina area of Alberta for $172-million. The deal adds about 1,800 barrels of oil equivalent per day of conventional oil and natural gas liquids production.
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Scorpio Mining Corp. (SPM-T) said its board of directors has adopted a shareholder rights plan. "The rights plan is intended to ensure that, to the extent possible, the company's board and shareholders have adequate time to consider and evaluate any unsolicited takeover bid and to identify, solicit, develop and negotiate any value-enhancing alternatives that would be considered appropriate."