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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.
A leading investor in British betting company William Hill, Parvus Asset Management, said it would oppose any reverse takeover of Canadian firm Amaya Inc (AYA-T), given its "limited strategic logic".
Parvus said a deal would also "destroy shareholder value" in an open letter to the board on Thursday, and it wanted the firm to consider all alternative options for maximising shareholder value, including a sale of the company.
The firms had announced talks on a tie-up on Oct. 7, just two months after William Hill rejected a revised takeover approach from online rival 888 and casinos and bingo halls operator Rank Group.
William Hill said it was still assessing a tie-up.
Parvus said it was the largest investor in William Hill, with a 370 million pound ($460.10-million) economic interest covering 14.3 per cent of its outstanding shares using a derivatives called contracts-for-difference, which it would convert to shares if an Amaya deal was put to a vote.
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Magellan Aerospace (MAL-T) says it has signed new long-term contracts with The Boeing Co. (BA-N) for the supply of complex titanium machined components for the 777X program.
"In addition to the new contract awards, Magellan and Boeing agreed to a long term contract extension on Magellan's existing 787 Dreamliner program statement of work, produced at its New York facilities," the company said in a release.
It said the work will start next year.
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Jaguar Mining Inc. (JAG-T) says a majority of holders of senior secured convertible debentures, representing approximately 80 per cent of the principal amount of total outstanding debentures, have elected to convert them into common shares.
The conversions will increase its shares outstanding to 257 million and boost its market capitalization to $193-million, the company said.
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Stingray Digital Group Inc. (RAY.A-T, RAY.B-T) says it bought hundreds of exclusive pre-2013 concerts and documentaries from Berlin-based EuroArts, an international producer and distributor of classical music film productions.
Stingray said it has secured worldwide rights to EuroArts' back catalogue as well as an option to purchase all future content. The companies also established a long-term partnership that sees EuroArts become Stingray's exclusive distributor of the acquired programs.
"To compete in today's media landscape, working with the best content producers and distributors is paramount," stated Stingray CEO Eric Boyko in a release.
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Cardiome Pharma Corp. (CRME-Q, COM-T) has initiated commercial sales operations in Canada.
"Over the past few years we have seen several specialty pharmaceutical companies achieve significant success by focusing only upon the Canadian market. Canada represents an attractive pharmaceutical market, but it is just one of many major markets that Cardiome now maintains commercial operations within," stated CEO William Hunter in a release with the headline "Cardiome Announces Initiation of Commercial Operations in Canada, Eh."
It said the Canadian sales force's immediate focus is to re-launch its Aggrastat product, for use in patients with acute coronary syndrome, under the current label.
Cardiome also said it was recently notified by Health Canada that it was unsuccessful at expanding the indication to include heart attack patients undergoing angioplasty and the option to administer Aggrastat as a "high-dose bolus regimen."
It said the patient population currently approved for the drug in the Canadian market is similar to the patient population approved by the FDA for the U.S. market.
The company said it does not believe that "the commercial opportunity in Canada will be negatively impacted as a result and expects to continue to work with Health Canada on the matter."
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With files from Reuters