Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Liberty Health Sciences Inc. (LHS-C) said late Friday that its CEO George Scorsis has resigned and will also be stepping down from his board position. He will be replaced in the interim by Victor Mancebo, the company’s current president who is a Florida resident "and has in-depth knowledge of the company’s day-to-day operations.
"Victor's appointment ensures that there will be no need for a ramping up period to become familiar with the company's operations," the company stated.
The company also announced the resignation of its chief financial officer Rene Gulliver, effective April 14. He will be replaced by Scott Meyers, currently the director of finance,
The company said the moves are part of a previously announced move to "work towards enhancing its directors and senior executives based in the United States, to more closely align with the US geographical focus of the business."
MCAN Mortgage Corp. (MKP-T) announced net income of $3.5-million or 15 cents per share) for the fourth quarter, down 67 per cent from $10.8-million or 47 cents per share) in the fourth quarter of 2017. The company said its net income for the fourth quarter of 2018 included a $4.2-million unrealized loss on marketable securities, which negatively impacted earnings per share by 17 cents per share.
Copper Mountain Mining Corp. (CMMC-T) announced a new integrated life of mine production plan for its namesake mine in B.C. including a “modest expansion” of its existing mill to 45,000 tonnes per day.
It said the results include a 102-per-cent increase in mineral reserves, a 27-per-cent increase in average annual copper equivalent production to 116 million pounds over the first 10 years and a 12-year extension in mine life to 26 years.
Aimia Inc. (AIM-T) provided an update on the Canada Revenue Agency 2013 audit of Aimia Canada Inc., saying it has received a “Final letter for the 2012 and 2013 taxation years” concluding on their audit and that it expects a notice of re-assessment is expected to follow.
"The assessed amount is expected to be approximately $30-million in income taxes payable in addition to interest payable of up to $5-million," the company stated, adding it plans to use "available tax attributes to mitigate the potential interest cost that may be incurred."
It will fund the amounts due from the $100-million restricted cash account set up as part of the sale of Aimia Canada Inc.
“Aimia continues to hold to its position that, once it receives the notice of re-assessment, it would vigorously contest the matter. The company believes that it is more likely than not that it would prevail in such recourse procedures, based on the external advice it has received.”
“First and foremost, this transaction gives us a pipeline which holds great potential at a reasonable cost. Moreover, minimal investments will be required to complete the proof of concept for the first two products based on the technology,” said Philippe Dubuc, the chief financial officer.
Hydrogenics Corp. (HYGS-Q; HYG-T) announced that it has received an award by Air Liquide Canada to design, build and install a 20-megawatt electrolyzer system for a hydrogen production facility in Canada.
“We are very pleased to have been selected by Air Liquide for this large-scale deployment of our world-leading PEM electrolysis technology,” said CEO Daryl Wilson.
"Our specialty and organic soy and corn business has a long history of supplying high-quality specialty, non-GMO and organic ingredients to the food industry,” said John Ruelle, Senior Vice President of Raw Material Sourcing and Supply at SunOpta. “We believe Pipeline Foods is well positioned in this space, which should serve the industry well and be positive for our transitioning employees.”