Lightstream Resources (TSX: LTS, Forum) reported a quarter of decreased revenue, reduced capital expenditures and lower production. The company’s efforts to tighten its belt has left it in the position to decreased capacity, but increased ability to knock down debt and concentrate on the long-term valuation of assets.
According to the
news release, total debt has been reduced by $125 million for the year so far with the expectation that the company could generate surplus operating cash of approximately $75 million. Some traders speculated that despite the current market conditions, Lightstream had set itself up as a potential undervalued take out target.
Shares were up 21.13% on high volume to $0.43 per share.
Rubicon Minerals (TSX: RMX, Forum) got kicked in the teeth today after the company announced that it was moving to suspend underground activities at the Phoenix Gold Project while it worked on building its geological model of the F2 Gold Deposit and puts together a new project implementation plan.
According to the
news release, the gold mineralization at the Phoenix is more complex than historical data had led the company to believe. As a result, Rubicon has initiated a cost-cutting plan along with the temporary layoff of 200 employees and 110 contractors, representing 87% of the company’s workforce. The Stockhouse Bullboards were lit up with predictions that the company was destined to shutter and had been in a predicament which would lead to its eventual demise for a long time.
Shares were down 55.17% to $0.26 per share.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Lightstream Resources Ltd. (T.LTS, Stock Forum) |
21.13% |
| Nobilis Health Corp. (T.NHC, Stock Forum) |
20.20% |
| OrganiGram Holdings Inc. (V.OGI, Stock Forum) |
19.05% |
| Savanna Energy Services Corp. (T.SVY, Stock Forum) |
18.85% |
| Edgewater Wireless Systems Inc. (V.YFI, Stock Forum) |
15.15% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Rubicon Minerals Corporation (T.RMX, Stock Forum) |
-55.17% |
| Zaio Corporation (V.ZAO, Stock Forum) |
-26.32% |
| Wajax Corporation (T.WJX, Stock Forum) |
-12.58% |
| Timmins Gold Corp. (T.TMM, Stock Forum) |
-10.71% |
| Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (T.HOD, Stock Forum) |
-7.52% |