The Laurentian Bank logo is pictured in Montreal, on June 21, 2016.Paul Chiasso/The Globe and Mail
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Laurentian Bank of Canada (LB-T) says it's raising $125-million in a bought-deal financing. It has entered into an agreement with a syndicate of underwriters to buy about 2.3 million shares at $54.80 each.
The company said the net proceeds will be added to its general funds and will be used for general corporate purposes and will qualify as common equity tier 1 capital for the bank.
"We just completed year two of our seven-year transformation and we are making good progress towards our objectives," stated CEO Francois Desjardins. "As we move through an evolving economic environment, we made the prudent decision to replace the preferred share issue that we recently redeemed with common equity. This further strengthens the bank's capital base and provides us with greater flexibility as we pursue organic growth and evolve our loan portfolio mix by increasing the proportion of commercial loans."
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Pure Industrial Real Estate Trust (AAR.UN-T) says it has an agreement to be taken over by an affiliate of Blackstone Property Partners for $8.10 per unit. The stock closed Friday at $6.72 per unit.
The all-cash transaction is valued at $3.8-billion, including debt.
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Horizon North Logistics Inc. (HNL-T) says it has completed the acquisition of Moose Haven Lodge in Janvier, Alta. for $14-million and has formed two new Aboriginal partnerships in the Fort McMurray area.
"The acquisition and new partnerships are key components of the corporation's strategy with respect to opportunities in the Fort McMurray region," it stated.
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Namaste Technologies Inc. (N-CN) reported fourth-quarter sales of $3.8-million up from $877,031 a year earlier. Its net loss was 6 cents per share versus a loss of 2 cents a year ago.
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CannTrust Holding Inc. (TRST-CN) reported preliminary revenue for the fourth quarter of $7-million, which it says is a 233-per-cent increase from revenue of $2.1-million for the same period a year earlier.
It said sales of cannabis extracts increased to more than 64 per cent of total cannabis sales in the quarter.
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MedReleaf Corp. (LEAF-T) says it's raising $100.7-million in a bought-deal financing. It has entered into an agreement with Canaccord Genuity Corp. and GMP Securities L.P. to buy about 3.8 million units at $26.50 each.
"The company intends to use the net proceeds from the offering to finance the acquisition and/or construction of additional cannabis production and manufacturing facilities in Canada as well as in other jurisdictions with federal legal cannabis markets, where warranted by the opportunities available to MedReleaf, and the expansion of the company's marketing and sales initiatives," it said in a statement.
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Cipher Pharmaceuticals Inc. (CPH-T) says it has entered into an exclusive distribution and supply agreement with Italmex Pharma S.A., which will receive exclusive rights to market, sell and distribute Cipher's Isotretinoin product in Mexico.
"Our isotretinoin product has been a highly successful franchise for Cipher in the U.S. and Canada, and we look forward to bringing it to Mexico through our partnership with Italmex, which is a well-established specialty pharma company with a strong presence and track record in dermatology," said Robert Tessarolo, President and CEO of Cipher. "This agreement is consistent with our strategy to monetize our existing licensing portfolio in other regions."
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Harvest One Cannabis Inc. (HVST-X) says it's raising $25-million in a bought short form prospectus offering of units. It has entered into an agreement with Mackie Research Capital Corp. complete the offering for $1.82 per unit.
The company says it intends to use the net proceeds to expand indoor growing facilities, further development of its Satipharm GelPel products, and for working capital and general corporate purposes.
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Radient Technologies Inc. (RTI-X) says it will be increasing its real estate footprint through a series of transactions. Radient says it has entered into a binding letter of intent to acquire 1631807 Alberta Ltd., a joint venture company that owns the land and building that contains the 20,000-square foot manufacturing facility in Edmonton.
The company says it will be issuing 1.2 million common shares, at a price of $1.40 each to 1396730 Alberta Ltd. as consideration for a 100-per-cent ownership in the JV.
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Newstrike Resources Ltd. (HIP-X) says its wholly-owned subsidiary and licensed producer, Up Cannabis Inc., has received site plan approval from the town of Lincoln, Ont. for its automated greenhouse facility in the Niagara region. "This key approval permits Up Cannabis to double the footprint of the Niagara Facility to approximately 320,000 square feet of dedicated cannabis production space, complemented by a further 80,000 sq. ft. of cannabis processing space," the company stated.
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Ero Copper Corp. (ERO-T) announced 2018 production guidance of 25,500 to 27,500 tonnes of contained copper, which is called "a meaningful improvement as compared to the 2018 forecast" outlined in a Sept. 7, 2017 technical report.
It also announced capital expenditure guidance of approximately $96-million (U.S.), including bringing forward development capital to support "the accelerated Vermelhos Mine start up and a significantly expanded exploration program."
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