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 been notified that the Toronto Stock Exchange will defer consideration of a shareholder rights plan adopted by the company in a bid to defend itself against a hostile takeover offer by Aurora Cannabis Inc.
The Saskatoon-based company says the TSX normally defers acceptance of shareholder rights plans adopted in response to a specific take-over bid.
It says the TSX will defer the rights plans until the TSX is satisfied that the Ontario Securities Commission will not intervene and until the rights plan has been ratified by shareholders by May 28, 2018.
CanniMed has said the rights plan will ensure its shareholders have a chance to vote on its own acquisition of Newstrike Resources Ltd. (HIP-X).
The rights plan prevents Vancouver-headquartered 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 has said.
-The Canadian Press
The firm said it intends to use the net proceeds to fund recently announced acquisitions, future acquisitions and to repay debt.
Choice Properties Real Estate Investment Trust (CHP.UN-T) says it has acquired a portfolio of five properties from certain subsidiaries of Loblaw Companies Ltd. for about $61.7-million, excluding acquisition costs.
These elements include: a letter of intent with Tidewater Midstream and Infrastructure Ltd. to build a 120-km natural gas pipeline from Tidewater's Brazeau River Complex to TransAlta's generating units at Sundance and Keephills to eventually supply the company with up to 340 million cubic feet of gas per day; speeding up the conversion of Sundance Units 3 to 6 and Keephills Units 1 and 2 from coal-fired generation to gas-fired generation in the 2021 to 2022 timeframe, a year earlier than originally planned; and mothballing temporarily a combination of Sundance units in 2018 and 2019 "to ensure that two Sundance coal units can operate at high capacity utilizations with lower costs through the period to 2020 when additional power will be needed in the Alberta market."
The company also provided its 2018 annual guidance and it expects annual free cash flow to be in-line with 2017.
The owner of the Saks Fifth Avenue luxury retailer reported net loss that widened to $243-million, or $1.33, in the quarter ended Oct. 28, from $125-million, or 69 cents, a year earlier.
Analysts had expected a net loss of $138.2-million, according to Thomson Reuters I/B/E/S.
Third-quarter retail sales fell 4.2 per cent to $3.2-billion, which was below expectations of $3.4-million. The company said comparable sales on a constant currency basis dropped by 3.2 per cent year-over-year.
--Reuters and Globe and Mail
As part of the investment, the company said "customers and capabilities" from its Wahpeton, North Dakota roasting facility will be consolidated into the Crookston location. Operations at the Wahpeton location are expected to stop in the second quarter of 2018. The closure is expected to incur expenses of $2-million to $2.5-million and will be recognized in the fourth quarter of 2017.
"These investments further the company's ongoing commitment to produce food products of the highest quality and safety for its customers and are expected to provide significant operational efficiencies as part of the company's ongoing portfolio optimization strategy and value creation plan," it stated in a release.
Belo Sun Mining Corp. (BSX-T) says a federal court in Brazil has upheld the suspension of the construction licence related to its Volta Grande Project in that country.
"The Court has verbally advised the company of its decision, however it has yet to publish the written details of the ruling," the company stated.
"We are disappointed with the ruling, however we are confident that a resolution can be reached," stated CEO Peter Tagliamonte.