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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.
CanniMed Therapeutics Inc. (CMED-T) is postponing a key shareholder meeting to give it time to hold talks with Aurora Cannabis Inc. (ACB-T) which has made a hostile takeover offer for the company.
Trading in CanniMed shares was halted earlier Thursday pending announcement of the news.
The meeting had been set for Jan. 23 for CanniMed shareholders to vote on its plan to issue shares in its acquisition of Newstrike Resources Ltd. (HIP-X). The meeting will now be held on Jan. 25.
CanniMed cautioned "there is no certainty that any such discussion will result in an agreement among the parties in respect of a transaction or in any change to the terms of Aurora's offer."
Aurora has made an all-stock offer for the company worth up to $24 per share. However, the offer requires CanniMed to drop its plans to acquire Newstrike.
CanniMed has urged its shareholders to vote in favour of the Newstrike deal, but three of the Saskatoon-based company's biggest shareholders representing 38 per cent of outstanding shares have signed lock-up agreements backing Aurora's bid.
Newstrike shareholders voted overwhelmingly Wednesday in favour of the acquisition of the company by CanniMed.
--The Canadian Press
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Granite Real Estate Investment Trust (GRT.UN-T; GRP.U-N) says it has agreements to sell 10 properties for about $400-million.
"The sale of these properties is another major value creation milestone for Granite. It significantly reduces Granite's exposure to Magna and the special purpose properties which are key strategic objectives of Granite," stated Michael Forsayeth, Granite's CEO.
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Slate Office REIT (SOT.UN-T) says it has agreed to acquire seven office properties in the Greater Toronto Area and Atlantic Canada for a total of $191.4-million.
Alongside the acquisitions, the REIT says it has an agreement with a syndicate of underwriters co-led by BMO Capital Markets and National Bank Financial to issue $90-million of subscription receipts and $25-million aggregate principal amount of convertible unsecured subordinated debentures.
"The acquisitions are part of a portfolio of real estate assets to be sold by Cominar Real Estate Investment Trust," the company stated.
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Ag Growth International Inc. (AFN-T) says it recently acquired CMC Industrial Electronics and Junge Control Inc.
CMC is a leading supplier of hazard monitoring sensors and systems used in agricultural material handling applications. JCI is a manufacturer of automation, measurement and blending systems for the agriculture and fuel industries, the companies said.
"The acquisitions of CMC and JCI add significant strength to our applied technology platform, and continue to evolve our product and solution portfolio enabling us to serve current and future customers with broader solutions," the company said.
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Obsidian Energy Ltd. (OBE-T; OBE-N) issued a release late Wednesday saying it's aware of a statement by long-term shareholder FrontFour Capital Group LLC "regarding their views on the direction of the company."
Obsidian says its corporate strategy is "well defined and has the unanimous support of the board of directors." The company said it appreciates "constructive shareholder input and take all views seriously."
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Rye Patch Gold Corp. (RPM-X) says it's raising $15-million in a bought-deal private placement.
It has entered into an agreement with PI Financial Corp., as lead underwriter on behalf of a syndicate of underwriters, to purchase 11.5 million units at a price of $1.30 per unit.
The net proceeds will be used for "debt servicing, working capital and the continued ramp-up of the Florida Canyon Mine," the company said.
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DHX Media (DHX.A-T; DHX.B-T; DHXM-Q) says it and Mattel Creations, a division of Mattel Inc. (MAT-Q), have reached "numerous international deals" for the latest seasons of hit preschool series Fireman Sam and Bob the Builder, spanning linear broadcast, video-on-demand, home entertainment and theatrical.
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Nuuvera Inc. (NUU-X) is raising $35-million in a bought-deal offering. It has an agreement with Clarus Securities Inc. and Canaccord Genuity Corp. as co-lead underwriters, to purchase 6.3 million units at $5.50 each.
The company said it intends to use the net proceeds for working capital and general corporate purposes.
It also announced it has acquired one of only seven licensees to import medical cannabis to Italy, and sell medical cannabis wholesale to pharmacies in Italy.
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Namaste Technologies Inc. (N-CN) has signed a non-binding letter of intent to purchase 5 per cent of Israeli medical cannabis producer Cannbit Ltd.
Cannbit will also offer Namaste a first right of refusal to purchase an additional 5-per-cent equity in shares at the same valuation, the company stated.
"Namaste's strategic investment in Cannbit, as well as other domestic and international licensed producers of medical cannabis, will bring value to the company in securing strong partnerships with leading cannabis cultivators to ensure ample supply of the largest variety of high-quality medical cannabis in the Canadian market," it stated.
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Hydrogenics Corp. (HYGS-Q; HYG-T) says it has received an order valued at $7.8-million to supply fuel cell power systems for zero-emission vehicles in China.
"For competitive reasons, the customer has chosen to remain confidential at this time," the company stated. "Shipments are expected to be made over the next 12 months."
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