Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
CWB Financial Group (CWB-T) reported revenue of $279.8-million in its fourth quarter ended Oct. 31 compared to $260.6-million a year ago. The expectation was for revenue of $282.5-million in the latest quarter, according to S&P Capital IQ.
Earnings came in at 72 cents per share down from $1.01 a year ago. Adjusted earnings were 88 cents per share, which was in line with expectations and compared to $1.03 per share a year ago.
The company declared a cash dividend of 32 cents per common share, up 1 cent, or 3 per cent, from the dividend declared last quarter and 2 cents, or 7 per cent from one year ago.
CWB said its total annual provision for credit losses of 14 basis points as a percentage of average loans increased 5 basis points and compared to a 9 basis point charge last year, “primarily due to an increase in the performing loan provision for credit losses driven by a deterioration in macroeconomic forecasts.”
In its outlook, the company said it expects that “the combined impacts of the conclusion of COVID-19 government support programs, rapidly rising interest rates and a deteriorating economic outlook will drive an increase in the provision for credit losses next year.”
Galaxy Digital Holdings Ltd. (GLXY-T) announced it intends to acquire GK8, a secure institutional digital asset self-custody platform. The company said the acquisition will be the result of a sale process executed in connection with Celsius Network LLC’s Chapter 11 bankruptcy and is subject to court approvals and other closing conditions.
“The acquisition of GK8 is a crucial cornerstone in our effort to create a truly full-service financial platform for digital assets, ensuring our clients will have the option to store their digital assets at or separate from Galaxy without compromising versatility and functionality,” said Mike Novogratz, founder
Theratechnologies Inc. (TH-T) announced that it has decided to pause the enrollment of patients in its Phase 1 clinical trial of TH1902, its lead investigational peptide drug conjugate for the treatment of sortilin-expressing cancers.
Theratechnologies said it voluntarily made the decision to pause enrollment and revisit the study design after consulting with its investigators.
“Efficacy results observed thus far were not convincing enough to pursue enrolling patients and did not outweigh the adverse events seen in some patients. As previously reported, these adverse events consist mainly of neuropathy and eye toxicity,” it stated.
Gold Royalty Corp. (GROY-A) announced an agreement with Val-d’Or Mining Corp. (VZZ-X) to sell and generate royalties on 12 prospective properties in Québec and Ontario. The company will also retain a right of first refusal (ROFR) on any royalty or similar interest sold by Val-d’Or Mining.
Gold Royalty has also entered into a strategic alliance with International Prospect Ventures Ltd. (IZZ-X) for a ROFR on any royalty or similar interest sold by International Prospect Ventures in Australia. Gold Royalty said the alliance also includes a royalty referral arrangement providing it with the opportunity to acquire certain royalties identified by International Prospect Ventures in Australia.
International Battery Metals Ltd. (IBAT-CN) announced the appointment of Garry Flowers as CEO, succeeding John Burba, who remains executive chairman. Mr. Flowers has served as IBAT’s president since June, 2022 and as a member of the company’s advisory board since April, 2021.
Power Metals Corp. (PWM-X) announced that Winsome Resource Limited, which trades in Australia, has agreed to acquire shares in the company currently owned by Hong Kong-based Sinomine Rare Metals Resources Co Ltd. Winsome has also agreed to acquire Sinomine’s offtake rights for the lithium, cesium and tantalum from the Case Lake Project in Ontario.
The company said the decision will advance its objective to “rationalize run-rate G&A and streamline the corporate cost structure going forward.”
The company said the initial drawdown will be used to repay an existing syndicated facility with HSBC Bank Canada and Macquarie Bank Limited, which had US$32.6-million outstanding before repayment.
Altius Renewable Royalties Corp. (ARR-T) announced that its Great Bay Renewables II subsidiary, jointly controlled with funds managed by affiliates of Apollo Global Management, has entered into a US$46-million royalty investment agreement with Longroad Energy to support Longroad’s acquisition of the 70 MWac Titan Solar project in California.
The company also announced a $35-million bought-deal offering. It has an agreement with a syndicate of underwriters to buy 3.9 million shares for $9 each.
Altius Minerals Corp. (ALS-T) is participating in the offering and has committed to purchase approximately $21-million in shares at the issue price to maintain its approximate 59-per-cent ownership of the company.
Each unit will consist of one common share and one common share purchase warrant exercisable for $2 for 36 months.
The net proceeds will be used for the exploration and development of the company’s Los Reyes Gold-Silver Project and for general corporate purposes.
Prime also said that has also been informed that Pierre Lassonde intends to participate in the offering.
The REIT said it intends to use the net proceeds in part to fund the acquisition of two new-build single-tenant industrial distribution properties. It also announced the acquisition of a newly expanded industrial distribution property located in southwestern Ontario.
It said the acquisitions are being completed for a combined purchase price of approximately $173.3-million.