Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Velan Inc. (VLN-T) reported sales of US$85.5-million for the second quarter, a decrease of $5.9-million or 6.5 per cent from the prior year. Net earnings of US$1.4-million or 6 cents per share compared to a loss of US$2.4-million or 11 cents a year earlier.
Melcor Real Estate Investment Trust (MR.UN-T) announced it has acquired a commercial property in Grande Prairie, Alta. for $54.8-million. The REIT said it intends to pay for the acquisition using net proceeds from a $40-million offering of convertible debentures and a concurrent private placement of up to $15-million. Following the closing of the acquisition, the REIT also said it intends to obtain approximately $35.6-million of new mortgage financing.
MTY Food Group Inc. (MTY-T) reported third-quarter revenue increased 44 per cent from $113-million to $163.1-million, mainly due to the contribution from acquisitions. Net income attributable to shareholders increased to $22.9-million, or 91 cents per share, compared to $22.1-million, or 88 cents per share for the same period last year. Analysts were expecting revenue of $168.1-million.
Trulieve Cannabis Corp. (TRUL-C) announced a “realignment and expansion process of its leadership team in preparation for national expansion.” The company said it accepted the resignation of its chief operating officer Kevin Darmody, effective Oct. 10. Tim Morey, currently director of retail, has been appointed to chief sales officer. Previously, he led the dispensary roll out in Florida. Kyle Landrum has been appointed chief production officer after serving as the company’s director of cultivation since 2017.
Pattern Energy Group Inc. (PEGI-Q; PEGI-T) announced agreements to acquire ownership interests in two operating wind power facilities, the Henvey Inlet Wind facility in Ontario and the Grady Wind facility in New Mexico. The Company has also entered into an agreement for a $260-million private placement of perpetual preferred stock with “certain institutional investors” and intends to use a portion of the net proceeds to finance the two acquisitions.