Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Organigram Holdings Inc. (OGI-T) says its net revenues more than doubled to $25.2-million in the first quarter. The company based in Moncton says revenues were up from $12.4-million a year earlier.
Revenues included $16.7-million of sales to the adult-use recreational market and about $9.5-million to medical markets, partly offset by a $1.1-million provision for product returns and price adjustments.
Organigram’s loss from continuing operations was $863,000 or less than a cent per share, compared with a loss of $29.5-million or 19.5 cents per share in the prior year. That large loss was largely due to non-cash fair value changes to biological assets and inventories.
The cannabis producer was expected to lose $3.9-million or three cents per share on $19.6 million in revenues, according to financial markets data firm Refinitiv.
Organigram said last November that its net revenue in the quarter would be higher than the $16.3 million in the fourth quarter due to increased sales to provinces and higher wholesale revenue.
-The Canadian Press
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Eldorado Gold Corp. (ELD-T) announced its fourth-quarter and full-year 2019 preliminary production results after markets closed on Tuesday. The company said preliminary production of 395,331 ounces of gold met the company’s annual consolidated production guidance. Preliminary production for the fourth quarter 2019 was 118,955 ounces of gold.
"Gold recovery at Kisladag met the company’s expectations in 2019. However, production at Kisladag was slightly less than guidance as crushing and stacking were slower to ramp up and solution flows through the leach pad took longer than expected. Solution flows picked up significantly in the month of December," the company stated.
The company said it will provide its full-year 2020 guidance in conjunction and full-year 2019 results at the end of February.
Eldorado also announces that executive vice-president and chief operating officer Paul Skayman is retiring. Mr. Skayman will stay on with Eldorado as special advisor to the COO to assist with the transition, the company stated.
Joe Dick has been hired as the company’s new EVP and COO. He joined the company in late 2019. Prior to joining Eldorado, Mr. Dick was the senior vice president of Latin America for Goldcorp, the company stated.
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Novo Resources Corp. (NVO-X) announced it has acquired a stake in Kalamazoo Resources Ltd. (KZR-A). Novo said it has subscribed for 10 million units of Kalamzoo at 40 cents (Australian) each.
Each unit is comprised of one Kalamazoo ordinary share and one whole unlisted option, the latter of which entitles the company to purchase one additional ordinary share of Kalamazoo at a price of 80 cents per share for 18 months. Upon closing, Novo will hold approximately 8.17 per cent of Kalamazoo’s issued and outstanding shares.
Eric Sprott, a director of Novo, has also subscribed for an identical amount, the company stated.
In a separate release, Kalamazoo stated: "Eric Sprott’s participation in the Placement is also a wonderful validation and endorsement of the Bendigo Zone and its potential to host the next major gold discovery in Victoria. As we advance our exploration programs with further geophysical/geochemical surveys and drilling programs, we look forward to receiving his commercial input and support."
It also quoted Mr. Sprott as saying: “The Victorian goldfields appear ripe for more high-grade discoveries. We are excited to have found an opportunity with Kalamazoo to pursue what may be yet another significant new discovery.”