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A look at Canadian issues moving on early news

Orbite Aluminae Inc. (ORT-T), which closed at $1.70 yesterday, announced today that it began the construction of its high-purity alumina production plant in Cap-Chat, Quebec, on May 29, 2012.

Transat A.T. Inc. (TRZ.B-T), which almost hit year lows yesterday, announced today that second-quarter revenues increased by $111.3-million. It recorded an operating loss of $26.2-million, compared to a margin of $9.3-million in 2011. The corporation's free cash totalled $264.1-million as of April 30, 2012, compared with $278.2-million as of April 30, 2011.

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Canacol Energy Ltd. (CNE-T), which has moved closer to year lows on Wednesday, announced today the start of its heavy oil exploration drilling program on its Portofino and Cedrela Exploration and Production contracts.

Torex Gold Resources Inc. (TXG-T) announced today its financial results for the three and six months ended April 30, 2012. The net loss increased to $15.5-million, compared with a net loss of $9.7-million for the three months ended April 30, 2011. The company's cash position increased by $43.3-million during the first half of fiscal 2012 compared with an increase of $15.6-million for the same period in 2011.

AlarmForce Industries Inc (AF-T), which is trading near year lows, said second quarter net income decreased by $2-million and net income per share decreased from $0.20 to $0.04 for the six months. The company announced that the board of directors has adopted a cash dividend policy and declared an initial quarterly cash dividend of $0.025 per share to be paid on Aug. 21, 2012 to all shareholders on record as of July 31, 2012.

Bauer Performance Sports Ltd (BAU-T) said on Wednesday it will buy Cascade Helmets Holdings, a privately-held U.S. maker of lacrosse helmets, for $64-million cash. The deal is expected to close later this month.

Discovery Air Inc. (DA.A-T) said net profit attributable to the shareholders for the first quarter was $1.4-million or $0.09 per share compared to net loss of $2.6-million or $0.19 per share for the same period last year.

Argex Mining Inc. (RGX-X), which rose 4.5 per cent yesterday, announced a milestone breakthrough in the iron recovery circuit at its pilot plant in Mississauga, Ontario where the CTL process is running continuously.

Wexford Capital LP announces its intention to launch a takeover bid for Oro Mining Ltd. (OGR-X), which fell 6.5 per cent and closer to year lows yesterday, at $0.11 per common share.

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Arrowstar Resources Ltd. (AWS-X) said its Port Snettisham iron ore property exploration program located pyroxenite with "strong magnetite presence."

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