Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The U.S. Department of Commerce has imposed preliminary anti-dumping duties averaging 22.16 per cent against most Canadian newsprint producers that ship into the U.S. The latest tariff is in addition to the average of 6.53 per cent in preliminary countervailing duties levied in January, raising the combined rate to 28.69 per cent against most Canadian producers of uncoated groundwood paper such as newsprint.
Montreal-based Resolute Forest Products Inc. (RPF-N, RPF-T) and now privately held Catalyst Paper Corp. of Richmond, B.C., are the two mandatory respondents in the anti-dumping case. Connecticut-based White Birch Paper Co., which has three Quebec paper mills through its Canadian unit, is the voluntary respondent in both the countervailing and anti-dumping cases.
Canadian firms sent an estimated US$1.27-billion worth of uncoated groundwood paper to the U.S. in 2016.
Invictus MD Strategies Corp. (IMH-X) says rock star and "marketing and branding innovator" Gene Simmons, co-founder of the band KISS, has joined the company as chief evangelist officer.
"The partnership involves Simmons' leadership in a variety of capacities focused on assisting the company with its public awareness strategy and eventual branding strategy for the recreational market that is anticipated to be legal in Canada in 2018," the company said in a release. "His responsibilities will include providing marketing counsel, serving as a spokesperson in the media, public appearances and participation in the company's annual general meeting and investor meetings, among others."
Dan Kriznic, chairman and CEO of Invictus called Mr. Simmons a "branding and merchandising genius, who not only created one of the most iconic bands of all time, but has spent decades building successful brands internationally in various industries."
In the release, Mr. Simmons said, "Values and family are very important to me, and when I first connected with Dan at Invictus, I understood immediately that we enjoyed a shared passion for these key life foundations ... Instead of launching straight into business, we talked about the things that matter the most."
The agreement sees Invictus acquire Gene-Etics Strains Co. from Mr. Simmons. He will provide the marketing and branding efforts for US$2.5-million payable in cash and shares. Invictus and Mr. Simmons will also enter into a management services agreement and international licensing agreement, for additional shares.
Atrium Mortgage Investment Corp. (AI-T) says it's raising $30-million in a public share offering. It has entered into an agreement with a syndicate of underwriters that will purchase 2.4 million common shares at $12.50 each.
Atrium said it will use the net proceeds of the offering to "fund current mortgage loan opportunities and/or to repay existing indebtedness under its revolving operating credit facility, which will then be available to be drawn, as required, for general corporate purposes, particularly funding future mortgage loan opportunities."
Sienna Senior Living Inc. (SIA-T) says it will be added to the S&P/TSX Composite Index effective March 19. "Inclusion in the S&P/TSX Composite Index is a reflection of our team's success in executing the company's strategic growth strategy and shareholder value creation," stated CEO Lois Cormack in a release.
Bonterra Energy Corp. (BNE-T) reported fourth-quarter sales of $54.2-million up from $49-million a year earlier. Analysts were expecting sales of $53.2-million. Net income was $2.1-million or 6 cents per share versus a loss of $1.2-million or 3 cents a year earlier.
Trevali Mining Corp. (TV-T) reported fourth-quarter net income of US$25.2-million or 3 per share compared to compared to net income of US$7-million or 2 cents per share, in the same period of 2016. The company said the higher net income was "primarily due to increased sales from the Rosh Pinah and Perkoa Mines."
Quarterly concentrate sales revenue was US$188.8 million in the fourth quarter, an increase of 348 per cent from IS$42.1-million a year earlier, the company said.
Brio Gold Inc. (BRIO-T) reported fourth-quarter revenues of US$51.4-million down from US$59.5-million a year earlier. Its net loss was US$8.6-million versus a loss of US$22.1-million a year earlier. Adjusted EBITDA came in at $3.7-million versus $8.6-million a year earlier.
BTB Real Estate Investment Trust (BTB.UN-T) reported fourth-quarter rental incomes of $19.7-million up from $18.3-million a year earlier. Net operating income was $10.5-million versus $10.1-million a year earlier. Its net income was $15.5-million or 33 cents per unit up from $9.1-million or 21.6 cents a year earlier.
Corsa Coal Corp. (CSO-X) reported net income of $62.2-million or 56 cents per share for the fourth quarter compared to a net loss of $10.7-million or 13 cents per share for the fourth quarter of 2016. Total revenue was $58.3-million, an increase of 54 per cent as compared to the fourth quarter 2016.
Information Services Corp. (ISV-T) reported fourth-quarter revenue of $23.6-million compared to $21.2-million a year earlier. Analysts were expecting revenue of $22.2-million. Net income of $18.8-million or $1.07 per share compared to $2.9-million or 17 cents a year earlier.
"This increase is a result of our recent strong financial results, while we continue to maintain sufficient financial resources and meeting shareholder expectations", said COE Ajay Virmani. The dividends will be paid to all shareholders of record as at the close of business on March 21 and payable around April 5.
CannaRoyalty Corp. (CRZ-T) says its Trichome Yield Corp. subsidiary has signed its first binding term sheet to provide up to $2.5-million to 180 Smoke, to fund an expansion of its retail footprint,
"The financing will support 180 Smoke's retail and cannabis product offering expansion and prepare the company for entry into Canada's legal cannabis space, including the opening of 11 new stores and an expansion of the company's cannabis hardware offering, as well as an increase in related inventory," the company stated.
Horizon North Logistics Inc. (HNL-T) reported fourth-quarter revenue of $82.7-million up from $60.4-million for the same quarter a year earlier. Analysts were expecting revenue of $78.6-million in the most recent quarter. Its loss was $3.9-million or 3 cents per share, which was in line with expectations and compared to a loss of $7.2-million or 5 cents a year earlier.
Horizon North also plans to buy Shelter Modular Inc., a full-service modular construction provider based in Aldergrove, B.C. for $4.75-million, payable in a mix of common shares of Horizon North and assumption of existing debt.
Net earnings were $8.2-million or 42 cents per share as compared to $4.7-million or 24 cents for the same period a year earlier.
Analysts were expecting sales to be $300.5-million in the most recent quarter and earnings of 40 cents per share.
EnWave Corp. (ENW-X) says its NutraDried Food subsidiary has received a "large repeat order" of its Moon Cheese snack product from Costco Wholesale Corp.'s Midwest division.
"Current Moon Cheese sales success in Costco represents a significant positive revenue opportunity for NutraDried, but does not guarantee long-term Costco distribution," the company stated. "This expanded trial launch is NutraDried's first attempt at selling club format branded Moon Cheese product. NutraDried is vigorously pursuing additional club format distribution opportunities to build momentum from the current aforementioned success. "