Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Crescent Point Energy Corp. (CPG-T; CPG-N) announced additional cost reductions and a revised 2020 outlook. The company said it’s lowering 2020 capital expenditures guidance by $75-million, or 10 per cent, to approximately $650-million to $700-million with no associated impact to production.
Operating expenses for the current fiscal year will be approximately $140 million, or approximately 20 per cent below its initial 2020 expectations. The company is also lowering annual production guidance by 15 per cent to between 110,000 to 114,000 barrels of oil equivalent per day.
The president and CEO's current base salary will be reduced by 15 per cent with the remaining members of the executive team taking a 10-per-cent reduction to current base salaries. The cash component of the board of directors retainer will also be reduced by 15 per cent.
"We have taken, and continue to take, meaningful action to enhance our long-term sustainability during this period of low commodity prices," said CEO Craig Bryksa. "We have further lowered our cost structure and also elected to shut-in production that is currently uneconomic to further enhance our cash flow. We are continuously monitoring the commodity price environment and will make further adjustments throughout the year, if necessary."
Trilogy Metals Inc. (TMQ-T; TMQ-N) announced the appointment of Tony Giardini as president and CEO effective June 1. Mr. Giardini has been a director of the company since 2012, when it was spun-out as a public company, and will continue to be an executive director, the company stated.
Mr. Giardini’s previous roles include president of Ivanhoe Mines Ltd. and chief financial officer at Kinross Gold Corp.
Spectral Medical Inc. (EDT-T) announced that Health Canada has issued an interim order expanding the already approved indications for use of Spectral’s Toraymyxi (PMX) hemoperfusion cartridge specifically for patients with COVID-19.
"As part of the interim order process, the health minister determined that there is an urgent public health need for the importation or sale of PMX," the company stated.
The company said the interim order allows for the use of PMX to treat COVID-19 patients, "particularly those with acute respiratory failure, diffuse alveolar damage or difficulty with maintaining oxygenation, in the presence of hypotensive shock."
It said there's "a very strong scientific case for the use of PMX in COVID-19 patients," and that PMX has been used to treat patients during other viral pandemics including the avian flu (H5N1) and swine flu (H1N1) pandemics. "In previous publications, the use of PMX during these similar viral pandemics showed improvement in chest x-ray results and lung function, and successful wean from mechanical ventilation," the company stated.
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