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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.

CanniMed Therapeutics Inc. (CMED-T) says it has adopted a shareholder rights plan in a bid to defend itself against a hostile takeover offer by Aurora Cannabis Inc.

The company says the move will ensure its shareholders have a chance to vote on its own acquisition of Newstrike Resources Ltd.

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The rights plan prevents Aurora from acquiring any CanniMed shares other than those tendered to its hostile bid or from entering into any lock-up agreements other than those it has already signed and filed, CanniMed says.

Aurora has made an all-stock offer for CanniMed worth up to $24 per share, with one of its conditions being that CanniMed abandon its own proposed acquisition of Newstrike.

Aurora has also said that it has signed lock-up agreements with four CanniMed shareholders – which comprise 38 per cent of outstanding shares – to support its unsolicited takeover bid.

CanniMed has said the Aurora acquisition does not make sense for its shareholders, but the combination with Newstrike will deliver significant shareholder value.

-The Canadian Press


Nexus Real Estate Investment Trust (NXR.UN-X) reported net income of $3.4-million in the third quarter, up from $1.9-million a year earlier.

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Property revenue was $13-million up from $3.9-million, driven primarily by acquisitions, the company said. Net operating income was $8.4-million, an increase from $3.2-million a year ago.

Funds from operations (FFO) per unit came in at 6 cents versus 4.8 cents a year earlier. Analysts were expecting FFO per unit of 5 cents.


True North Commercial Real Estate Investment Trust (TNT.UN-T) is buying a 297,850-square-foot office property in Halifax for $53-million.

"We are pleased to have successfully deployed the remaining proceeds from our most recent equity raise into the acquisition of the Bluefrog Business Campus," said REIT CEO Daniel Drimmer in a release. "This acquisition complements the REIT's property portfolio, and increases our presence in Halifax, one of our target markets."


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Cascades Inc. (CAS-T) says it started cash tender offers to purchase up to $200-million (U.S.) of its senior notes due in 2022 and 2023.

"The tender offers are intended to lower the company's current overall interest expense and decrease current debt levels and will be funded by the company from available cash on hand together with, if required, borrowings under the company's credit facility," it stated in a release.


Radient Technologies Inc. (RTI-X) reported revenue of $103,702 in the second quarter up from $31,250 a year ago.

Its net loss was $2.1-million or a penny per share compared to a loss of $1.1-million or a penny per share a year ago.


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Filo Mining Corp. (FIL-X) reported a net loss of $2.5-million or 4 cents per share during the third quarter compared to a net loss of $900,000  or 2 cents for the third quarter of 2016.


Namaste Technologies Inc. (N-CN) says it has signed a stock purchase agreement with ESC Hughes Holdings Limited to sell its wholly owned U.S. subsidiary, Dollinger Enterprises US Inc. for $400,000.

The company said the agreement includes the sale of the domain names that represent less than 7 per cent of its current gross revenue and are currently operating at a net loss.

"Due to the political uncertainty surrounding the legalization of cannabis in the U.S., Namaste's management has deemed it appropriate to shift its focus to legal cannabis markets and management believes that the company will be better aligned with its long-term interests by divesting its U.S. operations," it stated. "Management also feels it is prudent to divest these assets in preparation for the legalization of both medical and recreational marijuana in Canada. This decision better aligns Namaste with many of its Canadian counterparts and will enable the company to capitalize on more accretive opportunities moving forward."


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Blackbird Energy Inc. (BBI-X) reported fourth-quarter revenue of $2.8-milion up from $8,000 a year ago.

Its net loss was $3.2-million or nil per share versus a loss of $1.3-mllion or a penny per share a year earlier.


Emblem Corp. (EMC-X) says third-quarter revenue came in at $592,943 compared to $29,250 in the third quarter of 2016.

Its net loss was $2.8-million or 3 cents per share, which is an improvement from a loss of $5.5-million or 14 cents a year ago.


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Chorus Aviation Inc. (CHR-T) says it has agreements to purchase two new Bombardier Q400 aircraft and lease them to Ethiopian Airlines Group.

"The aircraft will be purchased new from Bombardier by a subsidiary of Chorus Aviation Capital and are expected to be delivered and placed on lease to Ethiopian Airlines in December 2017," the company stated.


Cronos Group Inc. (MJN-X) reported a profit of $1.1-million or a penny per share in the third quarter versus a loss of $227,607 or nil per share a year ago.

Product sales came in at $1.3-million up, in line with expectations and up from $123,647 a year earlier.

"The increase in product sales resulted from increased patient enrollment, commencement of bulk product sales to other Canadian licensed producers, and an increase in export sales to Germany," the company stated.


Pollard Equities Ltd., which hold a 73.5-per-cent ownership interest in Pollard Banknote Ltd. (PBL-T), says it has increased its stake in NYX Gaming Group Ltd. (NYX-X) by 3.2 per cent.  It now owns about 11.2 per cent of the shares, including warrants.

Pollard Equities says it "intends to monitor the proposed arrangement launched by Scientific Games and review its investment in NYX on a continuing basis."


Goodfood Market Corp. (FOOD-T) reported revenue for the fourth quarter of $7.5-million, slightly below expectations of $7.9-million and compared to $1-million for the corresponding period of 2016.

Its net loss was $3.8-million versus a loss of $366,520 a year earlier.


Newstrike Resources Ltd (HIP-X), which is a target of a takeover by CanniMed Therapeutics Inc. (CMED-T) reported a loss of $4.4-million or a penny per share in the third quarter.

It did not provide comparative amounts for 2016 in its MD&A documents.


Emerald Health Therapeutics, Inc. (EMH-X)  says it bought about 1.7 million units of Vanc Pharmaceuticals Inc. for 15 cents per unit as part of a private placement offering.

It now owns 6.5 per cent of the company, up from nil before.

Emerald said it acquired the units for investment purposes.


VersaBank (VB-T) reported net income of $2.8-million in the fourth quarter, in line with expectations and up 49 per cent over the same period last year.

"The increase from a year ago resulted primarily from an increase in net interest income that was partially offset by an increase in non-interest expenses that resulted primarily from the bank expensing $447,000 associated with the preparation of a public offering of preferred shares," it stated in a release. "Due to market conditions, the preliminary prospectus associated with this offering was withdrawn and management has decided not to revive the offering in the immediate future."

Revenue in the quarter was $11.5-million versus $10.4-million a year ago.


LGC Capital Ltd. (LG-X) says it has signed a letter of intent with Creso Pharma Limited (Australia and Switzerland) and Baltic Beer Company Ltd (UK), to develop and market a "bespoke portfolio of cannabis- and hemp-derived alcoholic and non-alcoholic beverages containing various ingredients, seeds, extracts and terpenes from hemp and cannabis plants."

The company said research and development work has already started in Switzerland, Estonia and the UK on a premium craft beer range "containing unique terpenes mixes mimicking the terpenes of the cannabis plant. Terpenes are essential oils (organic compounds) found in plants that carry flavour and aroma."

The joint venture partners have already identified potential distribution partners around the world, the company said in a release.

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