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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.

Granite Real Estate Investment Trust (GRT.UN-T) says it has sold two of its U.S. special-purpose properties in the U.S. to Magna International Inc. for US$207 million. The properties are located in Piedmont, S.C. and Clinton, Tenn.

"The sale to Magna of these special purpose properties is another significant strategic step forward for Granite," stated CEO Michael Forsayeth. "The transactions will further reduce Granite's exposure to Magna and the special purpose properties which are key strategic objectives for Granite.:


Ur-Energy Inc. (URG-N; URE-T) reported second-quarter sales of US$3.8-million versus sales of US$11.8-million for the same quarter a year earlier.

Net income was $2.6-million or 2 cents per share versus net income of $1.3-million or a penny per share.


Excellon Resources Inc. (EXN-T) says its second-quarter revenue increased by 177 per cent to US$9.9-million versus US$3.6-million last year. Net income of US$1.3 million or a penny per share compared to a net loss of US$500,000 or a penny per share last year.

"We saw strong improvements in all areas of operational and financial performance during the second quarter," stated Brendan Cahill, the CEO.


Photon Control Inc. (PHO-T) says it has entered into an exclusive distribution agreementwith Crowntech Photonics, a manufacturer and distributor of integrated fiber optic modules for the datacom and telecom industries in China.

"Working with a world-class company like Crowntech Photonics provides us with access to the high-growth Chinese domestic semiconductor equipment market, and allows us to be closer to our existing Chinese customers," said Scott Edmonds, Photon Control CEO.


Organigram Holdings Inc. (OGI-X) reported sales of $3.7-million for its third quarter ended May 31, compared to $1.9 million for the same time last year and ahead of expectations of $3.6-million.

Net income was $2.8-million or 2 cents per share versus a loss of $2.3 million or 2 cents a year earlier.


Emerald Health Therapeutics, Inc. (EMH-X) and Village Farms International, Inc. (VFF-X) announced that their Pure Sunfarms joint venture has received its cannabis sales license from Health Canada.

“Pure Sunfarms is now permitted to immediately begin selling product from its expanding inventory of high-quality dried cannabis, including to Emerald Health Therapeutics, under their previously announced supply agreement, as well as to address significant demand from other licensed producers,” the companies stated. “This sales license also positions Pure Sunfarms to secure supply agreements with provincial government distributors for the imminent legal adult-use marketplace.”


Maricann Group Inc. (MARI-CN) says it has amended the terms of its previously disclosed private placement to $30-million of special warrants at a price of $1.60 each. Each unit will consist of one common share and one common share purchase warrant exercisable to acquire one common share of the company for a period of two years at an exercise price of $1.75 per share.

On July 18, the company announced a marketed, "best efforts" private placement basis of up to $40-million of units at $1.60 each. Then, it said each unit will consist of one common share and one common share purchase warrant exercisable to acquire one common share of the company for a period of two years at an exercise price of $2.50 per share.

Net proceeds will be used for working capital and general corporate purposes, the company stated.


Scythian Biosciences Corp. (SCYB-X) said it plans to acquire CannCure Investments Inc., an Ontario corporation that’s in the process of acquiring an interest in Florida-based 3 Boys Farms, LLC., which has a license to operate as a Medical Marijuana Treatment Center in Florida.

"With the exploding patient population and an estimated $2.5-billion in total annual market revenue in 2025, Florida is emerging as one of the largest and fastest growing medical cannabis markets in the U.S. with one of the highest patients/license ratios in America," said Scythian’s CEO Rob Reid. “Our strategic acquisition will position us for more rapid expansion using 3 Boys Farms’ dispensary sites and fully-operational, award-winning, sustainable cultivation facilities.”

Scythian will initially purchase 70 per cent of CannCure and have an option to acquire the remaining 30 per cent, "all at the same valuation." The first 70 per cent will be acquired in exchange for $93.3-million in equity and $43.2-million in cash to be invested into CannCure by way of debt or equity, the company stated. The option for the remaining 30 per cent of CannCure, $58.5-million, will be payable in cash or shares, at the discretion of Scythian.

Scythian also announced that is has received conditional approval to list its common shares on the Canadian Securities Exchange and intends to voluntarily delist its common shares from trading on the TSX Venture Exchange.


Trilogy International Partners Inc. (TRL-T) said its 2degrees New Zealand subsidiary has secured a $250-million (in New Zealand dollars, about $222-million Canadian) senior debt facility maturing in July 2021.

“The completion of this refinancing, which is an upsize of our existing debt facility, is another vote of confidence in our company,” said 2degrees CEO Stewart Sherriff. “Third-party lenders are effectively validating our business case.”


EnWave Corp. (ENW-X) said it has signed a purchase requisition with the U.S. Army Natick Soldier Research, Development and Engineering Center (NSRDEC) to supply a 10kW Radiant Energy Vacuum machine for research and development purposes.

“The acquisition of the 10kW REV™ machine by NSRDEC aims to facilitate an accelerated path to improved Close Combat Assault Ration deployment,” the company stated.

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