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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.

Transat A.T. Inc. (TRZ-T) announced its intention to make use of the Canada Emergency Wage Subsidy and to propose that its 4,000 employees who are currently temporarily laid off return to employment.

On March 23, Transat announced the temporary layoff of 70 per cent of its staff "when it was forced by the COVID-19 pandemic to temporarily suspend its flights," it stated. Then other layoffs followed that totalled 80 per cent of its workforce.

The company said employees who are recalled will receive 75 per cent of their baseline pay as defined in Bill 14: A Second Act Respecting Certain Measures in Response to COVID-19, to a maximum of $847 per week. "They will not be required to work as part of their recall," the company stated, adding that the measure "will both improve Transat employees' compensation conditions and better position the company to more easily resume its regular operations following the crisis."


Gran Tierra Energy Inc. (GTE-T) announced that it has adjusted its production volumes, capital investments and operating and general and administrative costs to protect its balance sheet and to preserve long-term value amid the drop in world oil prices and the impacts of COVID-19.

Gran Tierra said it has temporarily suspended fields with zero or negative netbacks at current oil prices. In addition, approximately 4,800 barrels of oil per day of production awaiting routine mechanical workovers will remain offline during the low-price environment, the company said. "The Colombian government has deemed the oil and gas industry to be a strategic sector and the continuity of the oil and gas value chain is not restricted by government actions in response to the COVID-19 pandemic," the company said. "However, some mobility and logistics issues may result in delays to the restarting of certain oil fields and mechanical workover services."

The company also withdrew its previously announced full-year 2020 guidance.


Knight Therapeutics Inc. (GUD-T) announced that Health Canada has approved IBSRELA (tenapanor) for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults. Knight said it signed an agreement with Ardelyx, Inc. (ARDX-Q) in March 2018 granting Knight the exclusive right to distribute IBSRELA in Canada for IBS-C and hyperphosphatemia.

“We are excited to receive approval for this promising new treatment option for patients suffering from IBS-C,” said Jonathan Ross Goodman, chief executive officer of Knight.


Tidewater Midstream and Infrastructure Ltd. (TWM-T) said it expects first- and second-quarter earnings to be impacted by 10-to-20 per cent as a result of reduced refined product demand caused by the COVID-19 pandemic. The company also said it expects “minimal impact to second half 2020 guidance should demand return to moderate levels post the COVID-19 pandemic and continues to monitor market conditions closely.”


Sierra Wireless (SWIR-Q; SW-T) announced an agreement with Lion Point Capital, LP, an investment firm that holds approximately 9.4 per cent of the company, regarding the membership and composition of the Sierra Wireless board and its committees, as well as certain customary standstill restrictions.

Under the terms of the agreement, the company said two directors, Paul Cataford and Joy Chik, will step down from the board and two new independent directors, Jim Anderson and Karima Bawa, will be appointed, effective immediately.

Also, subject to shareholder approval, the board will appoint two additional independent directors recommended by Lion Point and one independent director selected by the board.

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