The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015.CHRISTINNE MUSCHI/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.
Laurentian Bank of Canada (LB-T) reported net income of $54.8-million or $1.48 per share for the third quarter compared with net income of $45.1-million or $1.34 per share for the same period last year.
On an adjusted basis, net income totaled $59.9-million or $1.63 per share compared with $46.1-million or $1.37 per share for the same period in 2016.
Total revenue increased by $18.9 million or 8 per cent to $248- million for the third quarter of 2017 from $229.1 million for the third quarter of 2016, "mainly driven by the additional contribution from CIT Canada," the company said.
Analysts were expecting revenue of $247.1-million and earnings of $1.49 per share in the most recent quarter.
The provision for credit losses amounted to $6.4-million for the third quarter compared with $8.2-million for the third quarter of 2016.
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Pure Multi-Family REIT LP (RUF.UN-T) provided a preliminary property assessment of the impact of tropical storm Harvey on its properties in and around Houston.
"Based on recent reports, Boulevard at Deer Park, a multifamily apartment community comprising 216 residential units located in Deer Park, a suburb southeast of Houston, Texas, has been placed under an evacuation order, as there is flooding in the immediate area surrounding the property," the company said. "We do not have a preliminary property assessment at this time."
Its second Houston property, the 352-unit Broadstone Walker Commons in League City, a southern suburb of Houston "has not been materially impacted by the storm," the company said.
It said its 10 properties in Dallas Fort Worth, four properties in San Antonio, and one property in Austin "have not sustained any material property damage related to the storm, other than some minor flooding and wind damage, which are currently under repair."
CEO Steve Evans said it could take weeks to "adequately assess the damage, if any, at our two properties in the Houston area." It has insurance on the properties.
"It is going to take some time for the extent of the damage in the greater Houston area to be fully understood," he said.
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Osisko Mining Inc. (OSK-T) says it's raising $50-million in a bought deal private placement of flow-through shares.
It has an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. to complete a two-tranche private placement financing.
The first tranche will consist of 5.8 million flow-through shares at an issue price of $6.93 each for $40-million. The second tranche will consist of 1.6 million flow-through shares at $6.14 each for $10-million.
The gross proceeds will be used to fund Canadian exploration expenses related to Osisko's projects in Quebec.
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Home Capital Group Inc. (HCG-T) named Brad Kotush as executive vice president and chief financial officer, effective Sept. 1.
Mr. Kotush was most recently executive vice president and chief financial and risk officer at Canaccord Genuity Group Inc.
"This is an important time for Home Capital and its depositors, borrowers and brokers, as the company forges and executes a plan to enhance and grow the business," Mr. Kotush said in a release.
With the appointment of Mr. Kotush, the company said Robert Blowes will step down from the role of interim CFO.
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Atlantic Power Corp. (AT-N; ATP-N) says its Naval Station and North Island projects were not selected in the U.S. Navy's final round of a search for energy security and resiliency at two naval bases in San Diego.
Atlantic Power says its projects — Naval Station, North Island and Naval Training Center — sell power to San Diego Gas & Electric under Power Purchase Agreements (PPAs) set to expire in December 2019.
"In addition, the three projects supply steam to the Navy under agreements that provide the company with the right to use the property at the respective sites," the company said, adding those agreements are scheduled to expire in February 2018.
The company said it has since done an assessment and has determined that "it is likely that the PPAs for all three projects will terminate ahead of their scheduled December 2019 expiration dates, potentially as early as February 2018, coincident with the expiration of the Navy agreements."
As a result, it expects to record a "long-lived asset impairment" of approximately $50-million in the third quarter of 2017.
The company said it will continue to amortize the approximate remaining $16-million of carrying value of the three projects through February 2018.
"Both the accelerated amortization and the impairment are non-cash expenses that do not affect cash flow, nor are they included in project Adjusted EBITDA," it stated.
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Baytex Energy Corp. (BTE-T; BTE-N) says its Eagle Ford operations were shut-in and drilling and completion operations were suspended on Aug. 25 due to Hurricane Harvey.
"This decision was driven by a number of factors including the safety of operating personnel and the availability of downstream markets," the company said. "Our Houston office was also evacuated."
The company also said its field operations are being inspected and drilling and completion operations are expected to resume this week.
"There is currently a limited ability to produce as downstream markets are closed or significantly curtailed," the company stated in a release late Monday. "The safe start-up of field operations has begun and will be balanced with market access. We expect to increase production throughout the week."
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Slate Retail REIT (SRT.UN-T) says it has an agreement to acquire Good Homes Plaza in the Orlando area for $23.8-million (U.S.)
It says the price amounts to about $144 per square foot. The property is 88-per-cent occupied and anchored by a Publix.
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Cronos Group Inc. (MJN-X) reported second-quarter sales of $643,000 in the second quarter compared to zero sales a year earlier.
Total net income was $186,7000 versus a loss of $1.8-million a year earlier.
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McEwen Mining Inc. (MUX-N: MUX-T) says it has signed the binding definitive agreement with Primero Mining Corp. for the purchase of its Black Fox Complex in Timmins, Ont. for $35-million.
McEwen Mining says the deal "strategically increases our gold production by 50,000 ounces in 2018 and significantly increases our gold resources in the Timmins region. Furthermore, excess mill and tailings capacity provide the capability to increase future production."