Growing flowers of cannabis.The Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canopy Growth Corp. (CGC-T) is buying Mettrum Health Corp. (MT-X), creating what the companies call "a world-leading diversified cannabis company."
The deal is valued at about $430-million.
The combined company will have six licensed facilities and a licensed production footprint of approximately 665,000 square feet. "with significant acreage for expansion."
Under the terms of the agreement, Mettrum shareholders will receive 0.7132 common shares of Canopy Growth for each common share of Mettrum, representing consideration of $8.42 per Mettrum common share based on the closing price of Canopy Growth common shares on the Toronto Stock Exchange on Nov. 30.
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Premium Brands Holdings Corp. (PBH-T) has acquired Island City Baking and its affiliate Conte Foods for $20.3-million in cash and shares.
The deal includes $13.3-million in cash, $3-million in Premium Brands common shares and a minority equity stake in the Premium Brands' bakery group.
In a separate transaction, Premium Brands also announced the acquisition of Larosa Fine Foods, a manufacturer and wholesaler of a variety of specialty Italian products, for $700,000.
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Canadian Western Bank (CWB-T) reported fourth-quarter net income attributable to shareholders of $47.8-million, or 54 cents per share, down from $53-million, or 66 cents per share, a year earlier.
Analysts were expecting earnings of 45 cents per share in the most recent quarter.
"Net interest income and non-interest income both increased 7 per cent," the company said. "However, the combined impact of moderate growth of non-interest expenses, increased provisions for credit losses, acquisition-related fair value changes and higher preferred share dividends resulted in lower earnings."
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Exco Technologies Ltd. (XTC-T) reported fourth-quarter sales of $163-million, up 24 per cent from a year ago.
Net income increased to $10.5-million or 25 cents per share compared to $10.3-million or 24 cents per share a year ago.
Analysts were expecting revenue of $122.1-million and earnings of 24 cents per share.
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Corsa Coal Corp. (CSO-X) says it's taking steps to increase sales volumes of metallurgical coal in response to the current strength in prices.
The company also says it will proceed with the consolidation of its common shares, which is expected to happen as of Dec. 7.
"The board has determined that a consolidation at this time is in the best interests of the company and believes that the consolidation will provide the company with a share capital structure that will better attract investors and enhance future growth opportunities," it said in a release.
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Sirius XM Canada Holdings Inc. (XSR-T) says its recapitalization go-private transaction has been extended to Feb. 28, 2017 "or such later date as may be agreed to by the parties in writing."
The company's board also said it intends to declare and pay a regular dividend for the current quarter ended Nov. 30, by no later than Feb. 28.
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Uni-Select Inc. (UNS-T) says its FinishMaster subsidiary has completed the acquisition of Autobody Supply Co. Inc., increasing its footprint with the addition of nine locations in central and southwestern Ohio.
"In addition to bringing further expertise and knowledge to our growing team, this acquisition expands our coverage in order to better serve customers in a key Ohio market," stated Uni-Select CEO Henry Buckley.
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Just Energy Group Inc. (JE-N; JE-T) announced a partnership with technology company Sungevity Inc. aimed at accelerating solar adoption in U.S. markets.
Just Energy said it will "leverage Sungevity's platform to sell Sungevity Energy Systems to customers in California, Massachusetts, New Jersey and New York."
"As a proven leader in energy management solutions, we were looking for the best partner to scale our solar offering," said Just Energy co-CEO Deb Merril in a release.
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Chesswood Group Ltd. (CHW-T) has expanded and renewed its corporate revolving credit facility for a term of three years, expiring in December, 2019.
The company said the existing $150-million (U.S.) credit facility was due to mature in December, 2017.
The credit facility has been increased to $170-million and now includes a $80-million accordion feature (up from $50-million), which would expand the facility to $250-million, if exercised.
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Alterra Power Corp. (AXY-T) says its HS Orka subsidiary has received positive results from an arbitration on the validity of a power purchase agreement.
"The arbitration panel determined that the power purchase agreement has lapsed due to certain circumstances, and therefore is at an end," the company said. "The panel further determined that the ending of the contract was not due to any fault on the part of HS Orka, and that all counterclaims advanced by Norðurál in the arbitration have been denied."