Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canfor Corp . (CFP-T) announced late Friday that it will be extending its temporary curtailment at sawmills in B.C. and will be reducing operating hours at some sawmills throughout the first quarter. “This decision is due to a continuing decline in lumber prices, in addition to high log costs and log supply constraints,” the company stated in a release.
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National Access Cannabis Corp. (META-X) announced late Friday that it closed a $9-million debt financing from Opaskwayak Cree Nation. In connection with the advance of the loan, the company said 900,000 warrants will be issued to Opaskwayak Cree Nation.
The company said it will use the loan proceeds to continue building out Western Canada and Ontario retail cannabis stores, pending licensing and regulatory approvals.
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Calfrac Well Services Ltd. (CFW-T) chairman Ronald Mathison issued a statement on the controversy that led to the cancellation of the energy portion of the CIBC investor conference in Whistler in January which he said, “carries several important implications."
"Canadian energy companies and members of the public have reacted strongly to recent communications from politicians like the one from the Mayor of the Town of Whistler," he stated. "The Whistler Mayor's letters, addressed to energy industry companies, effectively seek to assign specific blame, and sought corporate financial contributions to address the costs of climate change on the community of Whistler."
The statement said the conference organizers have "prudently canceled the energy portion of the investor event, as Calfrac and numerous other energy-related companies were in the process of declining to attend, as a result of the Whistler Mayor's conduct."
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Largo Resources Ltd. (LGO-T) announced that it has repurchased and retired an additional US$26-million in aggregate principal amount plus premium and accrued and unpaid interest in consideration for the payment of US$27.4 million in cash.
"Following this repurchase for cancellation the remaining aggregate principal amount outstanding on the company's 9.25 per cent senior secured notes due 2021 is US$92.8 million, representing a significant decrease of approximately 22 per cent," the company stated.
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Yorbeau Resources Inc. (YRB-T) announced it has signed a definitive option agreement giving Iamgold Corp. (IMG-T) an option to acquire a 100-per-cent interest in Yorbeau’s Rouyn property in Quebec.
In order to earn the purchase option, Iamgold must: make an initial cash payment of $1-million to Yorbeau on the date of the effective agreement, fund and incur $9-million of exploration expenditures for two years and make interim cash payments to Yorbeau during the expenditure period of $3-million, among other conditions.
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RNC Minerals (RNX-T) said it plans to raise $9-million in a bought-deal financing. It has entered into an agreement with Haywood Securities Inc. as sole bookrunner and lead underwriter, on its own behalf and on behalf of a syndicate of underwriters to purchase about 13 million shares at 46 cents each. The company also said it has an agreement for Eric Sprott to buy 6.5 million shares in a private placement at 46 cents each. The stock closed at 52 cents on Friday.
The company said it intends to use the net proceeds to fund exploration and development expenditures at its Beta Hunt mine and for general corporate purposes.
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Namaste Technologies Inc. (N-X) said it plans to buy an additional 34 per cent in Pineapple Express Delivery Inc. for about $3-million. Namaste would then own 49% of the outstanding common shares of Pineapple Express.
"Namaste's agreement with Pineapple Express supports the company's strategy to invest in innovative companies which bring value to the company and to the broader market," it stated. "Namaste believes that same-day delivery for medical and recreational cannabis through Pineapple Express' platform will provide patients and consumers with added-value and the Company looks forward to the expansion of the platform across Canada."
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Intertape Polymer Group Inc. (ITP-T) says it has acquired Maiweave LLC, a private U.S.-based manufacturer of engineered coated polyolefin fabrics, for about US$21 million.
“This acquisition is expected to provide us with an opportunity to consolidate a U.S.-based engineered coated products manufacturer and expand the scale of our woven products offering," stated IPG CEO Greg Yull. “We believe this acquisition will enhance our ability to service our U.S. markets such as the strengthening building and construction, oil and gas, and outdoor media industries."
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EnWave Corp. (ENW-T) reported fourth-quarter revenues doubled to $7.4-million versus the same period last year, which was in line with expectations of $7.2-million. Net income came in at $75-million or zero cents per share versus a loss of $1.1-million or a penny per share a year ago.
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Katanga Mining Limited (KAT-T) announced an Ontario Securities Commission hearing will be held on Dec. 18 regarding a settlement agreement with the company related to its business activities in the Democratic Republic of Congo. “The parties are required to keep the terms of the settlement agreement confidential until the hearing,” the company stated.