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Canopy Growth Corp. (TSX:WEED) continues its expansion with another acquisition.

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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.

Canopy Growth Corp. (WEED-T) is proposing to buy rTrees Producers Ltd., a late-stage Access to Cannabis for Medical Purposes Regulations (ACMPR) applicant based in Yorkton, Sask.

The company said rTrees will operate as Tweed Grasslands.

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"Finding the right opportunity to expand our footprint to Western Canada has been an important priority for our team," said CEO Bruce Linton. "We are proud to bring the Tweed reputation for high-quality cannabis and engaging customer care to Western Canada, partnering with some of the early pioneers in Canada's legal medical cannabis system."

Tweed Grasslands includes a 90,000 square-foot indoor growing facility that is currently 20-per-cent built-out and serviced by low-cost energy and water infrastructure.

The acquisition is subject to approval by the Toronto Stock Exchange and by rTrees shareholders at an upcoming special shareholder meeting. Shareholders representing ownership of 82 per cent of the shares are in favour, the company said.

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NYX Gaming Group (NYX-X) said it has been selected as the new platform provider to Nederlandse Loterij, the recently-formed Dutch national lottery.

"The NYX OPS platform will act as the player management system for Nederlandse Loterij and manage all lottery and sports betting products distributed through all retail and digital channels," the company said.  NYX will also provide Nederlandse Loterij with its Open Gaming System, as well as full support and maintenance including hosting via its data centre in Paris.

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Cipher Pharmaceuticals Inc. (CPH-T) has completed an amendment to the securities purchase agreement with investment funds managed by Athyrium Capital Management.

The amendment allows Cipher to prepay $20-million of the $40- million senior secured notes that are currently outstanding with Athyrium.

It also further reduces the minimum quarterly sales covenant to $4.5-million for each remaining quarter over the term of the loan.

The current minimum sales covenant for the first quarter of 2017 was $12-million.

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Pengrowth Energy Corp. (PGF-T; PGH-N) has reduced its debt by $530-million or 31 per cent from Dec. 31.

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Pengrowth's debt as at March 31 fell to $1.2-billion.

"The recently announced Swan Hills and Bernadet dispositions are expected to generate approximately $272-million of additional cash proceeds in the second quarter, which the company expects to use for further debt reductions," it said in a release.

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Paladin Energy Ltd. (PDN-T) says the minority sale of 30-per-cent in Manyingee Project has not completed ahead of the mutually agreed "drop dead date" of March 31 to satisfy all the conditions to closing.

It has a proposed agreement for MGT Resources Ltd., now Avira Energy Ltd., to buy the interest for $10-million (U.S.), with an option to acquire an additional 45 per cent for $20-million.

"Whilst Avira satisfied a number of conditions, including a positive vote of its shareholders and approval of the Australian Foreign Investment Review Board, it did not close a requisite capital raising within the pre-agreed timeframe to complete the transaction," the company said.

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Sierra Wireless (SWIR-T; SW-T) is buying GlobalTop Technology's Global Navigation Satellite System (GNSS) for $3.2-million.

It said the GNSS embedded module portfolio will become part of the Sierra Wireless OEM Solutions product line.

Sierra Wireless said GlobalTop's GNSS products generated approximately $5-million (U.S.) in revenue during the last 12 months and noted that the business is approximately breakeven.

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Newalta Corp. (NAL-T) amended and extended its $150-million revolving credit facility.

"The renewal and renegotiation of our credit facility is an example of how we are actively managing our business to provide additional financial flexibility in a recovering market," said chief financial officer Linda Dietsche said in a release. "With the continued support of our lending syndicate we have worked to maintain liquidity, improve flexibility and better position Newalta to capitalize on opportunities as the economy recovers."

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Pretium Resources Inc. (PVG-T; PVG-N) says its Brucejack Mine transmission line was energized on March 31 and dry commissioning has started.

"Wet commissioning remains on schedule to begin in early April with the first ore expected to be introduced to the mill in mid-April," the company said.

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Marathon Gold Corp. (MOZ-T) reported fourth-quarter profit of $1.2-million compared to a loss of $667,800 a year earlier.

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Orbite Technologies Inc. (ORT-T) has filed a notice of intention (NOI) to make a proposal under Canada's Bankruptcy and Insolvency Act.

The filing follows the announcement of "material issues with the electrical heating system of the Outotec supplied calcination equipment" at its High Purity Alumina plant, "including additional external capital costs and time required to remedy the issues, the anticipated default under the company's credit facilities, and the ensuing existence of material uncertainty about the company's ability to continue as a going concern."

The company said it "regrets having to take this measure, but after carefully reviewing all relevant circumstances with the help of its advisors, the company believes this measure is the best way to protect all stakeholders and will best facilitate its efforts to renegotiate its debt, work through the potential insurance coverage and raise the funds needed to remedy the supplied equipment issues."

It said the NOI filing will impose an automatic 30-day stay of proceedings that will protect the company and its assets from the claims of creditors while it pursues a restructuring plan.

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Contributor

Brenda Bouw is a freelance writer and editor based in Vancouver. She has more than 20 years of experience as a business reporter, including at The Globe and Mail, The Canadian Press, the Financial Post and was executive producer at BNN (formerly ROBTv). Brenda was also part of the Globe and Mail reporting team that won the 2010 National Newspaper Award for business journalism. More

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