Skip to main content
// //

$ key

John Foxx/Getty Images

Inside the Market's roundup of some of the Canadian small caps making news and on the move today

Reitmans (Canada) Ltd. announced it will close its 107 Smart Set stores over the next 12 to 18 months.

"Despite some improvements in the performance of the Smart Set banner, management has determined that its optimum strategy to improve its operating results is to refocus its sales and merchandising efforts by converting approximately 76 Smart Set stores to other company banners and 31 store closures," the company said in a statement.

Story continues below advertisement

The Smart Set banner represents approximately 10 per cent of total annual sales of the company, amounting to approximately $96-million for the 12 months ended Feb. 1, 2014. Costs associated with the Smart Set banner closure comprise non-cash asset write-offs of approximately $2.2-million after tax to be reflected in the company's third-quarter results. The company does not anticipate inventory write-downs or material employee severance costs.

-

DragonWave Inc., a global supplier of packet microwave radio systems for mobile and access networks, announced orders in excess of $10-million (U.S.) for the month of November from a "Tier One North American mobile operator."

"These contracts represent a significant increase in our services business and we are proud to have DragonWave products deployed by a leading Tier 1 partner committed to delivering a top-quality network experience to its customers," said Peter Allen, President and CEO of DragonWave.

Shares in DragonWave were up nearly 20 per cent in early TSX trading.

-

Trinidad Drilling Ltd. announced that it has received approval from the Toronto Stock Exchange to buy back up to 12.2 million of its common shares, which represents about 10 per cent of its public float.

Story continues below advertisement

"The board of directors of Trinidad believes the underlying value of the Corporation's common shares may not be reflected in the current or future market price of the common shares and has therefore decided to undertake the bid," Trinidad said in a statement.

-

Algonquin Power & Utilities Corp. announced that it plans to participate in the development of Kinder Morgan's proposed Northeast Energy Direct natural gas pipeline project.

-

Marathon Gold Corp. announced positive results from continued drilling at the newly discovered gold-rich Marathon Zone, located near the Leprechaun and Victory gold deposits. "The gold mineralization is hosted within multiple stacked, quartz-tourmaline-pyrite (QTP) veining, identical in appearance to the gold-bearing veining found throughout the rest of the Valentine Gold Camp," Marathon said in a statement.

-

Story continues below advertisement

Kinaxis Inc. announced a $46-million bought deal secondary offering of its common shares.

-

Zargon Oil & Gas Ltd. announced it has agreed to sell its petroleum and natural gas assets in Hamilton Lake for a total consideration of $25-million. The name of the buyer was not disclosed.

-

Toro Oil & Gas Ltd. announced that it has agreed to acquire light crude oil producing assets in east central Alberta from an oil and gas producer. The current production of the assets is approximately 400 barrels of oil equivalent per day, all from the Viking formation with potential for considerable light oil growth. Total consideration paid for the Assets is approximately $25-million, of which $22.5-million will be paid in cash and the rest by issuing common shares.

-

Story continues below advertisement

Bri-Chem Corp., a North American wholesale distributor and blender of oil and gas oilfield chemicals, announced that it has acquired a liquid invert blending facility in Clinton, Oklahoma, for undisclosed terms. "The acquisition of the liquid mud plant assets will enable Bri-Chem to enter the market swiftly as the facility is turn-key and the vendor provides hauling and transportation of the invert fluids to our customers' drilling locations," the company said.

-

Timberline Resources Corp. announced that it has received a letter from the NYSE MKT advising the company that Timberline has regained compliance with the NYSE MKT continued listing standards.

-

In analyst actions today involving Canadian small caps:

Barclays initiated coverage on Freehold Royalties with an "equal-weight" rating and $22 (Canadian) price target.

Story continues below advertisement

Paradigm Capital initiated coverage on Terra Firma Capital with a "buy" rating and $1.30 (Canadian) price target.

-

Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies