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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.
American Hotel Income Properties REIT LP (HOT.UN-T) says it has completed inspections of three Oak Tree Inn hotels located in Hearne, Texas and Livonia, Louisiana and "all are operating as usual and serving existing customers as well as relief agencies as they are able to accommodate them."
It also said the nearby Embassy Suites Dallas DFW Airport South in Texas has "not yet been affected by the influx of evacuees but One Lodging Management is working closely with national and local relief agencies to provide hotel rooms as needed."
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Mountain Province Diamonds Inc. (MPVD-T) says it has made "good progress" with the participants in its loan facility and has received an extension of the waiver for the funding of the remaining reserve accounts until Nov. 30.
"We are encouraged by the positive progress made to date with our lending group, who have been supportive of the company and the Gahcho Kué Mine throughout this process," stated interim president and CEO David Whittle. "Mine operations are performing well and are delivering solid positive cash flows, factors which are obviously helpful in the efforts to modify the loan facility. Working with our joint venture partner, we are advancing well on the finalization and approval of the life of mine plan optimization, which is a key factor in the loan facility modification process."
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Cronos Group Inc. (MJN-X) says its licensed producer, Peace Naturals Project Inc., has completed the company's first shipment of medical cannabis oil to the Cayman Islands.
"This marks the first time Cronos has exported an extract based product," the company said. The purchaser is Caribbean Medical Distributors Ltd. who are working with Professional Pharmacy Services Ltd.
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Chesswood Group Ltd (CHW-T) says it has exercised the remaining $50-million (U.S.) accordion feature in its existing corporate revolving credit facility, increasing the facility to $250-million.
The facility matures in December 2019 and Chesswood says it has drawn $188-million as of August 29.
"Our lenders have continued to provide strong support for our growth efforts in both the U.S. and Canada. We're grateful for that partnership and the vote of confidence it represents," said CEO Barry Shafran.
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Chorus Aviation Inc. (CHR-T) says it has entered into a three-year committed operating credit facility of up to $50-million, with the opportunity to borrow up to a further $25-million on a demand basis.
The facility replaces $40-milion in demand operating credit facilities previously held by Chorus and certain of its subsidiaries.
"This facility provides Chorus with additional working capital financing in support of our existing lines of business while we continue to execute against our growth and diversification strategy," said CEO Joe Randell.
CIBC is the lead arranger and administrative agent under the facility.
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Osisko Metals Inc. (OM-X) is raising $8-million in a bought deal private placement of flow-through shares.
The offering will be used to fund Canadian exploration expenses.
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VBI Vaccines Inc. (VBIV-Q; VBV-T) says the U.S. Food and Drug Administration (FDA) has accepted the company's Investigational New Drug Application (IND) for a Phase 3 clinical program evaluating Sci-B-Vac, VBI's third-generation hepatitis B vaccine.
The company had previously received a No Objection Letter (NOL) from Health Canada in response to its Clinical Trial Application (CTA) as well.
"Acceptance of the IND and CTA enable the company to initiate the Phase 3 clinical study in both the U.S. and Canada," the company said.
"The receipt of formal acceptance of our clinical program from both the FDA and Health Canada marks a significant milestone as we move forward to initiating enrollment later this year in this Phase 3 pivotal program," said Jeff Baxter, CEO of VBI.
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Westport Fuel Systems Inc. (WPRT-T; WPRT-Q) says it has terminated the previously announced tender offer for 9-per-cent unsecured subordinated non-convertible debentures, effective immediately.
Before the cancellation, $4.8-million was tendered to the offer and will be acquired by Westport Fuel Systems.
The company said it expects to repay the remainder of the debentures on their original maturity date of Sept. 15.
Westport also cancelled the meeting of holders of debentures previously scheduled for Sept. 14.
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ABcann Global Corp. (ABCN-X) reported second-quarter revenue of $264,300 up from $188,910 a year earlier.
Its net loss was $11.4-million or 12 cents per share compared to a loss of $2-million or 2 cents a year ago.
The company said the loss in the most recent quarter was higher due in part to the cost of listing its stock on the TSX Venture Exchange.
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