:format(jpeg)/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/4VGJV3B3PNBYBBU6KEK7GSKFCQ.JPG)
Our roundup of Canadian small-caps in the news today.
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) says it entered into a joint venture agreement to form a new company, BC Tweed Joint Venture Inc.
The joint venture is with a large-scale greenhouse operator to develop 1.3 million square feet of greenhouse growing capacity in B.C. with an exclusive option to develop a further 1.7 million square feet of existing greenhouse infrastructure at a second location in the province.
"Applications have been submitted for both sites and subject to Health Canada and other standard regulatory approvals, as well as a bit of luck, the company is hopeful that it will have product available from the joint venture as soon as July 1, 2018," it stated.
"The joint venture allows us to expand our operational footprint for greenhouse production while increasing our institutional knowledge of operating large-scale greenhouses," said Canopy CEO Bruce Linton.
To fund the development of the joint venture, Canopy Growth will contribute, in multiple tranches, an aggregate of $20-million in cash in exchange for Class A preferred shares.
**
Boston Pizza Royalties Income Fund (BPF.UN-T) and Boston Pizza International Inc. said their president and CEO Mark Pacinda will retire on Oct. 31.
Mr. Pacinda joined BPI in 1997 and has held several senior roles within the organization.
Jordan Holm, currently the executive vice president, marketing and communications of BPI, will succeed Mr. Pacinda as the president of BPI and as a director and the president of Boston Pizza GP Inc.
**
Excelsior Mining Corp. (MIN-T) says the Arizona Department of Environmental Quality has confirmed that the mandated 30-day appeal period has ended without appeal for the company's aquifer protection permit for its Gunnison Copper Project.
"With the issuance of this final state operating permit, Gunnison remains on-track to become the next new copper mine in the United States," said CEO Stephen Twyerould.
**
Lithium X Energy Corp. (LIX-X) says it's raising $13-million in a bought-deal offering.
It has an agreement with a syndicate of underwriters co-led by Cormark Securities, Canaccord Genuity and GMP Securities to buy about 6.9 million units at $1.90 each.
The net proceeds of the offering will be used to advance its Sal de Los Angeles lithium project in Salta, Argentina and for general corporate purposes.
**
5N Plus Inc. (VNP-T) says it has has been awarded a multi-year program by the U.S. government to supply engineered semiconductor materials for space and aeronautical missions.
The company said the award was granted after a multi-party competitive process "with emphasis on total value creation based on products and services rendered." It said the program is expected to start in the second half of 2018.
**
Concordia International Corp. (CXRX-Q; CXR-T) said the UK Competition and Markets Authority (CMA) is investigating "new issues in relation to the UK pharmaceutical sector," and that its International segment and some of its products are part of the inquiry.
It said the investigation is at an early, information-gathering stage "and the CMA has confirmed that, at this time, it has not reached any conclusions on whether competition law has been infringed."
"We are working to better understand the CMA's position and we will continue to work constructively to resolve these matters," the company said in a release.
It said the CMA's investigation includes matters that pre-date Concordia's ownership of the International segment.
**
Knight Therapeutics Inc. (GUD-T) says its chief financial officer Jeffrey Kadanoff is leaving effective Oct. 13 "to pursue other opportunities."
"Mr. Kadanoff served valiantly in this position since Knight became a publicly listed company in February 2014," the company said.
President Samira Sakhia will assume the additional responsibility of CFO, effective immediately.
**
Exfo Inc. (EXFO-N; EXF-T) says it has reached an agreement with Astellia over the filing of a voluntary public tender offer for the company's remaining equity.
The agreement follows Exfo's off-market acquisition of 33.1 per cent of Astellia's equity "and an information and consultation process held with Astellia's workers councils, who were unanimously in favor of the proposed transaction," the company said.
EXFO will offer to pay €10 per share (about $14.75 Canadian) and the transaction values the entirety of Astellia's equity (on a fully diluted basis) at approximately €25.9 million (about $38-million Canadian).
**
Solium Capital Inc. (SUM-T) is buying Capshare, a cloud platform for cap table management, electronic-share tracking, modeling and waterfall analysis, and compliance for private companies.
"Capshare will continue to operate as an independent entity, focused on early-stage private companies, but now with the power of Solium's broader capabilities and technology support," the company said in a release.
It said Capshare will remain independently run with no changes to the management team and will continue to focus exclusively on early-stage private companies.
"The acquisition of Capshare moves us closer to our goal to provide private companies the best equity management and valuation solutions in a way that can support them from startup through to maturity," said Solium CEO Marcos Lopez.
**
Electrovaya Inc. (EFL-T) says it has secured initial purchase orders from two Fortune 500 customers for its forklift battery systems.
The total value is about $275,000.
"These are the third and fourth Fortune 500 companies, respectively, to place orders for Electrovaya's drop-in lithium-ion battery systems for forklifts, which feature its ceramic separator and industry-leading cycle-life," the company said.
**
Cruis Energy Trust (KWH.UN) says it has approved a 2-per-cent increase to distributions paid on units of the trust, which is an increase of 1.6 cents to 82 cents annually.