Canadian snowboarder Max Parrot lands in the terrain park on Whistler/Blackcomb mountain in Whistler, British Columbia on July 5, 2013.Ben Nelms/The Globe and Mail
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated throughout the morning
Shares in Tekmira Pharmaceuticals Corp. spiked nearly 10 per cent in morning trade. There are reports suggesting the move is tied to U.S. President Barack Obama planning to press Congress to approve $6.18-billion in emergency funding to help fight the outbreak of Ebola in Africa and prepare U.S. hospitals to handle future cases.
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Clifton Star Resources Inc. sent a letter to shareholders regarding former company president Harry Miller's call for the Board of Directors to resign and his list of recommended replacements. "Harry Miller is attempting to execute a 'cashless takeover' to gain full control of your company without any plans or paying a control premium," reads the press release. "Mr. Miller's demands hinge on some questionable assertions about the Duparquet Option, a misinterpretation of its feasibility, and some personal opinions about management."
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Whistler Blackcomb Holdings Inc. said its fourth-quarter revenues rose to $31.358-million from $28.560-million a year ago. Adjusted EBITDA rose to a record $2.2-million. The results appeared close to Street expectations, as revenues were projected to come in at $31.14-million.
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Platinum Group Metals Ltd. announced late Tuesday that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and GMP Securities L.P. under which they have agreed to buy on a bought deal basis 207.6 million common shares. Shares will be bought at a price of 53 cents per share, for gross proceeds of $110.028-million (U.S.).
Matthew O'Keefe of Dundee Securities lowered his price target on the stock to $1.15 (Canadian) from $1.80 following this move. "As a result of dilution, our net asset value per share decreases from C$1.79 to C$1.46," he said. He still has a "buy" rating on the stock.
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Enhanced Oil Resources Inc. announced the resignation of Barry Lasker as president and CEO.
"Mr. Lasker's resignation was a condition of a mutually agreeable termination of his employment by the company," a statement from Enhanced Oil said.
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Darcy Keith