Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 14, 2008
TORONTO (SHfn) - Speculators rewarded a lead miner for a reduced loss and cash conservation Friday, while a trust popped on a special distribution.
Ivernia Inc. (TSX: T.IVW, Stock Forum) shares powered 30% higher to 6.5 cents on Friday after the micro cap miner reported a third-quarter net loss of $3.4 million, or two cent a share, compared with a net loss of $5.8 million, or four cents a share, during the same period last year. The company also said it had a cash balance of $15.8 million as of September 30, 2008.
Shares of Latin American Minerals (TSX: V.LAT, Stock Forum) shot up 60% to eight cents after the junior explorer said it has signed a letter of intent with a private party in Argentina to enter into an option agreement to acquire a 100% interest in 9,033 hectares of the Cauchari Salt Lake Lithium project.
Atna Resources (TSX: T.ATN, Stock Forum) shares climbed 27% to 42 cents after the miner reported an unaudited third-quarter net gain of $19.3 million, or 23 cents a share, on proceeds from the sale of royalties of $21.1 million. This compares to a net loss of $1.0 million, or a basic loss per share of a penny, on nil revenue for the third quarter ended September 30, 2007. At September 30, 2008, cash and short-term investments totaled $24.5 million, which represented a net increase of $17.1 million during the third quarter.
Avenir Diversified Income Trust (TSX: T.AVF.UN, Stock Forum), meanwhile, announced third-quarter net income from continuing operations of $40.9 million, up 10027% from $0.4 million a year ago. The company also declared a special distribution to unit holders of 60 cents per unit, payable on February 16, 2009, to those unit holders of record December 31, 2008. Avenir units popped 23% to $5.50.
Shares of LMS Medical Systems (TSX: T.LMZ, Stock Forum) surged as much as 25% higher before sliding 50% to a penny a share after the healthcare technology firm reported second-quarter revenue of $888,000, an increase of 21% from $735,000 during Q2 2008. Diluted loss per share for the period decreased from eight cents to five cents.
And, Transeuro Energy (TSX: V.TSU, Stock Forum) Friday said it has suspended the interest payments due under the US$15million bond offering that closed in November 2007, and the CDN$4million debenture offering that closed in May 2008. Its shares plunged 47% to 8.5 cents.
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