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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Osisko Gold Royalties Ltd (OR-T; OR-N) says it has agreed to acquire a silver stream from production at the Gibraltar copper mine in B.C. from Gibraltar Mines Ltd., a subsidiary of Taseko Mines Ltd. (TKO-T).
Osisko will pay Taseko $33-million (U.S.) in cash for the silver stream.
In addition, Osisko said it will make ongoing payments of $2.75 per ounce of silver delivered.
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Primero Mining Corp. (P-T; PPP-N) has entered into a binding term sheet with Sprott Resource Lending Partnership $75-million, three-year term loan.
"The debt facility is intended to refinance the company's existing $75-million revolving credit facility, of which $50-million is currently drawn, and partly for general corporate purposes," the company said.
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MCAN Mortgage Corp. (MKP-T) announced net income of $9-million or 39 cents per share in the fourth quarter compared to $9.5-million or 42 cents per share a year earlier.
"Corporate mortgage interest and income from financial investments and other loans were higher in [the fourth quarter of 2015], while equity income from MCAP Commercial LP and recoveries of credit losses were higher in [the fourth quarter of 2016]," the company said.
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Lundin Gold Inc. (LUG-T) reported a fourth-quarter net loss of $23.9-million (U.S.) or 20 cents per share.
That compared to a loss of $12.8-million or 13 cents a year ago.
"The current quarter's net loss is higher compared to losses in prior quarters, including the fourth quarter of 2015, primarily because of an increase in general and administrative expenditures," the company said. "This increase was mainly due to the one-time mandatory contribution to the Government of Ecuador for earthquake relief efforts, a settlement of proceeding legal dispute, an increase in project evaluation and exploration expenditures, and higher employee compensation due to incentive bonuses."
Analysts were expecting a loss of 14 cents per share in the most recent quarter.
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The Second Cup Ltd. (SCU-T) reported fourth-quarter net income of $147,000 or a penny per share compared with net Income of $94,000 or a penny per share a year earlier.
Revenue was $7.5-million for the 14 weeks ended Dec. 31, 2016 versus $9.5-million for the 13 weeks ended Dec. 26, 2015.
Same store sales fell by one per cent.
The company said it continues to reduce the number of corporate stores through franchising to strong operators and ended the quarter at 22 down from a high of 47.
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Aurora Cannabis Inc. (ACB-X) recorded a net loss of $2.7-million for the second quarter ended Dec. 31, as compared to a $600,000 net profit for the same period in the prior year.
The net loss includes non-cash share-based payments totaling $2.5-million.
The net profit for the prior year's second quarter was attributable mainly to a $2.2-million unrealized gain on changes in fair value of biological assets, the company said.
"As compared to the prior year, the net loss recorded for the period under review was due predominantly to a $5.2-million (including share-based payments) increase in operational expenses, including aforementioned share-based payments," the company said.
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MDC Partners Inc (MDCA-N) said revenue for the fourth quarter of 2016 was $390.4-million (U.S.), up from $359-million in the fourth quarter of 2015.
Net income attributable to MDC Partners in the fourth quarter of 2016 was $7.7-million compared to a loss of $26.2-million in the fourth quarter of 2015, "partially attributable to a non-cash charge on impairment of $18.9-million related to one of the strategic communications businesses," the company said.
Earnings per share from continuing operations attributable to MDC Partners was 15 cents compared to a loss of 52 cents in the fourth quarter of 2015.
Analysts were expecting earnings of 6 cents in the most recent quarter and revenue of $372.3-million.
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Photon Control Inc. (PHO-X) reported preliminary unaudited financial results for the fourth quarter including revenue of $8.5-million, an increase of 47 per cent from $5.8-million a year earlier.
"Net income before taxes continued to be impacted partially by unique expenses, including legal and consulting expenses," the company said.
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Organigram Holdings Inc. (OGI-X) says it has completed the investigation related to "a recent contamination issue" that led to a voluntary recall of some of its medical cannabis products.
The company said CEO Denis Arsenault oversaw "an extensive investigation that ultimately resulted in inconclusive findings with no hard evidence leading to the source of the contamination discovered."
The company said it has put in place a series of new protocols to prevent it from happening again.
The company also announced changes to its compensation plan for uninsured clients impacted by the recall. It will now provide all clients without insurance coverage a full credit for their affected purchases.
It said the total value of these credits is about $2.26-million and will be reflected in the company's second-quarter results.
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ICC International Cannabis Corp. (ICC-X) says it has entered into a memorandum of understanding and presale agreement with Emblem Corp. (EMC-X) to "provide Canadians with a broader supply of cannabidiol (CBD) and at competitive price points."
The companies say they expect a potential shortage in the supply of CBD and associated products in the Canadian market.
"This MOU and Presale Agreement is the first step in bringing foreign CBD from a lower cost jurisdiction into Canada," said ICC CEO Guillermo Delmonte.
The agreement sees ICC sell 10 per cent of its 2018 CBD production to Emblem "at prices to be determined under a definitive agreement, subject to applicable regulatory approvals, including those from the TSX Venture Exchange, the Instituto de Regulación y Control del Cannabis, the Uruguayan Ministry of Livestock, Agriculture and Fishery and Health Canada."