Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
TransAlta Corp. (TA-T; TAC-N) announced a 6.25-per-cent increase to its quarterly dividend to 4.25 cents per share quarter, payable on April 1 to shareholders of record at the close of business on March 2.
The company also announced that, following the retirement of board chair Gordon Giffin at the upcoming annual shareholder meeting, John Dielwart will be appointed board chair pending his re-election to the board.
TransAlta also announced its financial outlook and environmental, social and governance targets for 2020, which it stated are "highlighted by the addition of recently commissioned projects and productivity improvements, which are expected to drive strong comparable EBITDA and free cash flow performance in 2020."
“Executing on our milestone of obtaining DTC eligibility demonstrates Valens’ commitment to increased visibility and accessibility for shareholders moving into fiscal 2020,” stated Valens CEO Tyler Robson. “Access to DTC’s platform not only brings us closer to increasing trading volume and liquidity in the United States, but also allows us to reach new investors in larger markets who now can invest in our evolving business.”
Village Farms International, Inc. (VFF-T; VFF-Q) announced that it has “opted to receive” a $5.94-million cash refund from Pure Sunfarms Corp. (PSF) that it says relates to an additional equity contribution that Village Farms made to Pure Sunfarms on Nov. 19.
Village Farms noted in its release that Emerald Health Therapeutics, Inc. (EMH-X) has been disputing Village Farms’ ability to make the additional equity contribution, as well as the cancellation of 5,940,000 common shares of Pure Sunfarms placed in escrow.
"In an effort to narrow the issues in dispute and accelerate the resolution of this shareholder dispute, Village Farms decided to unwind the VF additional equity contribution, which has now been completed, with Pure Sunfarms providing Village Farms with the $5.94-million cash refund," the company stated. It said the refund to Village Farms also eliminates the costs and delays involved in obtaining an independent appraisal of Pure Sunfarms.
In a separate release, Emerald Health said Village Farms withdrew its "attempt to make an unsupported additional equity contribution" in their PSF joint venture.
“The previously announced arbitration proceedings between the parties remain in process with respect to Emerald’s right to set-off a $5.94-million payment owed by Emerald to PSF against a portion of the more than $13-million currently owed by PSF to Emerald under its shareholder loan,” the company stated in the release.
Hexo Corp (HEXO-T; HEXO-N) announced a US$20-million offering. The company said has an agreement with institutional investors for the purchase and sale of 11,976,048 common shares at an offering price of US$1.67 per share for gross proceeds of US$20-million. The company said it has also agreed to issue common share purchase warrants to purchase 5,988,024 common shares of the company. The warrants will have a five year-term and an exercise price of US$2.45 per share.
Hexo said it expects to use the net proceeds for working capital and other general corporate purposes, including funding research and development. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering, the company stated.