Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Energy Fuels Inc. (EFR-T; UUUU-N) said it has resumed vanadium production at its White Mesa Mill, “making the company the newest producer in the world able to respond to today’s vanadium market strength,” it stated.
The company also said it has launched a "number of key initiatives" it says will allow it to "quickly and effectively increase uranium production in response to improved uranium market conditions that may result from the ongoing Section 232 uranium investigation in the United States or improvement in global market fundamentals."
It also provided uranium and vanadium production and sales guidance for 2019. Citing current uranium market conditions, it said uranium recovery will continue at reduced levels "until such time as market conditions improve sufficiently, either as a result of potential relief under the ongoing Section 232 investigation or through improved market fundamentals."
Quarterhill Inc. (QTRH-T; QTRH-Q) says a U.S. court upheld an August decision in favour of its Wilan subsidiary against Apple Inc. In a release, the company said the U.S. District Court for the Southern District of California a jury awarded Wilan US $145.1 million in damages against Apple Inc. in August for infringement of patents. In a Jan . 4, ruling, the company said Judge Dana Sabraw upheld the jury verdict that Apple infringed the two of the disputed Wilan patents. " The court did not lower the damages award but did grant Wilan the option to accept either reduced damages in the amount of US$10 -million or a new trial limited to determining the amount of damages only. This ruling confirms infringement and the only issue between the parties remains damages," the company stated. "The judge also mandated more non-binding settlement discussions between the parties. "
The Health Canada license enables the company to handle dried cannabis, to manufacture and purify cannabis extracts and cannabis oil, and to sell its services to other license holders, the company stated. " With production activities anticipated to commence shortly at Neptune’s 50,000 -square - foot good manufacturing practice (GMP)-certified facility in Sherbrooke, Que. the company expects to be able to generate revenues from existing supply agreements and conclude additional agreements shortly."
Newstrike Brands Ltd. (HIP-X) says its wholly-owned subsidiary, Up Cannabis Inc. has undertaken a voluntary product recall “as a precautionary measure regarding a portion of a single, specific lot of its cannabis sold only in Alberta.” The company said in a release that retesting of the product “detected levels of mould/microbial contaminants which exceeded acceptable limits.”
It said the recall involves 1,428 units of one lot of Up Cannabis Inc. 7g dried cannabis jars sold to the Alberta Gaming Liquor & Cannabis. "The affected product is isolated to the November 28, 2018 packaging date and was sold only in Alberta," the company stated. "No other Up Cannabis product is affected by this notice."
NFI Group Inc. (NFI-T) announced that the Massachusetts Bay Transportation Authority (MBTA), the public agency responsible for operating most public transportation services in Greater Boston, has executed options for 194 heavy-duty, forty-foot Xcelsior®diesel-electric transit buses.
“The hybrid buses, supported by Federal Transit Administration grants, will replace end-of-life vehicles,” the company stated. It said MBTA ordered its first New Flyer hybrid bus in 2010 “and now has more than 200 forty-foot and 70 sixty-foot diesel-hybrid buses currently in operation, as it continues to focus on clean transportation initiatives for the greater Boston area.”
Green Thumb Industries Inc. (GTII-CN) said it signed a definitive agreement to acquire Advanced Grow Labs LLC (AGL) and enter the Connecticut market. The company said AGL is one of only four companies in Connecticut licensed to grow and process cannabis. “The Connecticut-based cannabis company operates a 41,000 square foot manufacturing facility in West Haven with the potential to expand,” it stated. AGL has a 46-per-cent ownership of a recently awarded dispensary to be located in Westport.
Upon the close of AGL and the other recently announced acquisition, GTI said it will have 12 manufacturing facilities and licenses for 85 retail locations across 11 states.
The company valued the transaction is valued at approximately $80-million which includes $15-million to be paid in cash and 7 million subordinate voting shares of GTI. "The purchase agreement also includes additional consideration based on performance targets and up to an additional one million subordinate voting shares of GTI subject to pricing conditions prior to closing," the company stated.
Maxar Technologies Inc. (MAXR-N; MAXR-T) reported Monday that its WorldView-4 satellite experienced a failure in its control moment gyros, which is said prevents the satellite from collecting imagery “due to the loss of an axis of stability.” It said efforts to restore satellite functionality have so far been unsuccessful. “At this time, Maxar believes that WorldView-4 will likely not be recoverable and will no longer produce usable imagery,” it stated.
The company said that if the satellite is not recoverable, the net book value will be written off in the fourth quarter of 2018. "Contingency planning and mitigation efforts are underway to assess the use of the company's other satellites and outside resources to replace imagery collected by WorldView-4 and meet as much of the existing customer commitments and obligations as possible," it stated. The company said it currently believes it will be able to offset $10-million to $15-million of the annual revenue from WorldView-4 "and will work to minimize the potential impact on Maxar's financial results in future years."
It also said the WorldView-4 satellite is insured for $183-million, and that it intends to seek full recovery for the loss of WorldView-4 under its insurance policies.