Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Exco Technologies Ltd (XTC-T) announced a dividend increase and reported consolidated sales for its first quarter ended Dec. 31 were $142.1-million, compared to $134.9-million in the same quarter last year. Net income was $3.8-million or 9 cents per share, compared to $8.9-million or 21 cents per share in the same quarter last year.
Analysts were expecting revenue of $141.4-million and earnings of 18 cents per share. The company also said it would raise its quarterly cash dividend by 6 per cent to 9 cnets per common share.
“I am pleased to announce this dividend increase, which reflects our confidence in Exco’s ability to continue generating significant free cash flow in the years ahead," stated executive chair Brian Robbins.
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Tetra Bio-Pharma Inc. (TBP-X) announced it has entered into a definitive agreement to buy Panag Pharma Inc., a Canadian-based bio-tech company focused on the development of cannabinoid-based formulations for the treatment of pain and inflammation, for $12-million in cash and shares.
"In completing this acquisition of Panag Pharma we have not only acquired a large portfolio of cannabinoid derived pharmaceutical and natural health products but also a team of scientists that have a substantial amount of expertise in the field," stated Dr. Guy Chamberland, CEO of Tetra.
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Valens GroWorks Corp. (VGW-CN) announced a secondary purchase and sale transaction that includes 3.5 million shares at a price of $2.05 each. “The buyers are independent in nature as they are not directly associated with a third party licensed producer,” the company stated.
"We are excited to announce the strategic secondary purchase and sale transaction with key institutions and shareholders," says Tyler Robson, CEO of Valens GroWorks Corp.
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Resolute Forest Products Inc. (RFP-N; RFP-T) today reported net income for the fourth quarter of $36 million or 38 cents per share, compared to $13-million or 14 cents per share in the same period in 2017. Sales were $932-million in the quarter, an increase of $34 million from the year-ago period and below expectations of $942-million. Excluding special items, the company reported net income of $4 -million or 4 cents per share, compared to $14-million or 15 per share in the fourth quarter of 2017.
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Real Matters Inc. (REAL-T) reported first quarter net income of US$4.5-million or 5 cents per share compared to a net loss of US$5.4-million or 6 cents a year earlier. Consolidated revenue of US$60.5-million compared with US$73.9-million a year earlier.
“Consolidated revenues declined in the first quarter on a year-over-year basis as the U.S. mortgage market continued to underperform due to a variety of headwinds,” said Real Matters CEO Jason Smith.
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Eldorado Gold Corp. (ELD-T) said it will resume mining, crushing, stacking and heap leaching at its Kisladag gold mine in Turkey. “Advancement of the previously announced mill project has been suspended,” the company said, while providing three-year consolidated production guidance and detailed cost guidance for 2019.
“The company remains focused on shareholder value in its capital allocation decisions taking into account the interests and expectations of all stakeholders," stated Eldorado’s CEO, George Burns. "The decision to restart mining and heap leaching at Kisladag is supported by improved heap leach recoveries and confirmed by a revised heap leaching plan developed in early 2019. The revised heap leaching plan results in favourable economics when compared to milling, without the risks associated with the construction and financing of a $500 million project.”