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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.

Neighbourly Pharmacy Inc. (NBLY-T) announced an agreement to buy Rubicon Pharmacies for $435-million.

Neighbourly said the acquisition will add 100 pharmacies to its roster and is expected to increase its revenues by 62 per cent and EBITDA by about 70 per cent.

“This acquisition represents a combination of Canada’s community pharmacy leaders,” stated CEO Chris Gardner.

Neighbourly said the acquisition will be partially financed through a $130-million public equity offering of subscription receipts and an additional $120-million investment by PCP, Neighbourly’s largest shareholder.


Frontera Energy Corp. (FEC-T) and CGX Energy Inc. (OLY-X), joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced a financing agreement for a US$35-million loan.

The companies said the loan will enable CGX to continue to finance part of its share of costs related to the Corentyne Block, the Berbice Deepwater Port, and other budgeted costs as agreed to with Frontera.


Intertape Polymer Group Inc. (ITP-T), which recently announced an agreement to be bought by private equity firm Clearlake Capital Group LP, reported fourth-quarter revenues ahead of expectations.

Revenue for the quarter ended Dec. 31 increased by 20 per cent to US$413.7-million from US$344.1-million a year earlier. “primarily due to the impact of higher selling prices and an increase in volume/mix primarily driven by certain tapes and dispensing machines,” the company stated.

The expectation was for revenue of US$400.4-million, according to S&P Capital IQ.

Its net earnings were US$9.1-million or 15 cents per share down from net earnings of $17.4-million or 28 cents a year earlier.


MAG Silver Corp. (MAG-T) announced an agreement to buy Gatling Exploration Inc. (GTR-X) in an all-share transaction.

Each Gatling shareholder will be entitled to receive 0.01702627 of a common share of MAG for each share of Gatling held, the company stated. The deal values Gatling at approximately 40 cents per share, a premium of approximately 47 per cent based on the 5-day volume weighted average price as of market close on Thursday.

If the deal is completed, Gatling shareholders will hold approximately 0.79 per cent of MAG shares on an outstanding basis.


Dorel Industries Inc. (DII.B-T; DII.A-T) announced fourth-quarter revenue from continuing operations of US$435.3-million, down from US$439-million a year earlier. The expectation was for revenue of US$439.5-million in the latest quarter.

Its net loss from continuing operations was US$29.6-million or 91 US cents per share compared to US$13.3-million or 41 US cents per share a year earlier. Its adjusted net loss was US$12-million or 37 US cents per share compared to US$9.8 million or 30 US cents per share a year earlier.


IBI Group Inc. (IBI-T) reported net revenue of $112.8-million up from $98.6-million a year earlier and ahead of expectations of $105.4-million.

Net income of $4.5-million or 12 cents per share compared to a loss of $929,000 or 2 cents per share a year earlier.


Total Energy Services Inc. (TOT-T) reported revenue of $134.6-million up from $83.5-million a year earlier and in line with expectations.

Net income of $1.04-million or 2 cents per share compared to a loss of $1.7-million or 4 cents a year earlier.


Diversified Royalty Corp. (DIV-T) reported adjusted revenue of $11.9-million for its fourth quarter up from adjusted revenue of $10.1-million a year earlier.

Net income was $8.2-million for the quarter, compared to net income of $800,000 a year ago. “The increase in net income was primarily due to higher adjusted revenues, a net impairment reversal, and a higher fair value gain on financial instruments partially offset by an increase in tax expense and salaries and benefits,” the company stated.


CES Energy Solutions Corp. (CEU-T) reported record quarterly revenue of $367.8-million in the fourth quarter up from $212.8-million a year earlier and ahead of expectations of $327.3-million. Funds flow from operations of $33.5-million compared to $17.2-million a year ago.

Net income of $24.7-million or 9 cents per share compared to net income of $40.5-million or 15 cents a year earlier.


Greenlane Renewables Inc. (GRN-T) reported fourth-quarter record revenue of $17.1-million, an increase of 94 per cent over the $8.8-million reported in the fourth quarter of 2020.

Its net loss of $1.2-million or a penny per share compared to a loss of $1.2-million or 2 cents a year earlier.


TerraVest Industries Inc. (TVK-T) announced the acquisition of privately owned Mississippi Tank and Manufacturing Company, which has operations in Hattiesburg and Southaven Mississippi, and in Vincennes Indiana.

The company produces and distributes storage and distribution equipment for the propane and compressed gas markets in North America, including transport trailers, bobtail delivery trucks, and various bulk storage tanks.

TerraVest said it will acquire MS Tank using existing cash and credit facilities.


Bird Construction Inc. (BDT-T) announced it has been selected by the City of Barrie in Ontario to take the role of general contractor for the City’s wastewater treatment facility upgrade program.

Together with Maple Reinders in a joint-venture, Bird said it will assume primary responsibility for construction services for the duration of the project which will be delivered through an integrated project delivery model. The construction cost estimate for the project is valued at approximately $125-million.


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