Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Knight Therapeutics Inc. (GUD-T) said Health Canada has approved its Probuphine (buprenorphine subdermal implant) product for the management of opioid dependence in certain patients.
“The approval of Probuphine offers new hope in the fight against opioid dependence, a devastating public health crisis in Canada,” said Jonathan Ross Goodman, CEO of Knight, in a release.
Tahoe Resources Inc. (THO-T; THAO-N) announced a labour strike at its La Arena mine in Peru that start on Friday afternoon. The company said it’s in “an active collective” bargaining period with the La Arena union, which takes place annually.
The union represents about 65 per cent of the total workforce at La Arena. The company also said it recently paid the workers an annual profit sharing as defined by Peruvian labor law. “However, the La Arena union has indicated that they want to be compensated a higher amount of profit sharing than has been established in the labor law,” the company said.
Tahoe said it is “looking forward to achieving a mutually agreeable solution in the near-term.” Meantime, it said production is “not currently expected to be materially and adversely impacted.”
Its net loss was $1.5-million or 4 cents per share versus income of $17,734 or nil per share.
Harvey Doerr, a member of MEG’s board of directors, will act as interim CEO during the search process for a permanent replacement. Mr. McCaffrey, who co-founded the company, will act as an advisor to the corporation.
Cipher Pharmaceuticals Inc. (CPH-T) says it expects to report first-quarter revenue of approximately $4.2-million to $4.8-million, compared with $8.1-million for the same period a year earlier. It said revenue in the most recent quarter was impacted by a decrease in licencing revenue from Absorica, which represents the largest portion of the its total revenue.
Licensing revenue is expected to be $2.6-million to $2.9-million, compared with $6.9-million a year earlier. Product revenue is expected to be $1.6-million to $1.9-million, compared with $1.3-million a year ago. The company says it will report its official results on May 10.
Maricann Group Inc. (MARI-CN) says it has received all of the necessary approvals from Health Canada to start cultivation in phase one of its facility in Langton, Ont. The company said this is its third licence issued by Health Canada.
“The licensing of phase one of our Canadian expansion is a major milestone for both our employees and shareholders,” stated CEO Ben Ward in a release.
The company said it has engaged Clarksons Platou Securities and Pareto Securities as managers, “on a best-efforts basis,” for the bond offering. It said “the proceeds will be kept in a trust account pledged in favour of the bondholders” and intends to apply to list the bonds on the Nordic Alternative Bond Market after the closing, expected on or around May 18.
In this agreement, Emerald will purchase 40 per cent of Pure Sunfarms’ production in 2018 and 2019.
“Pure Sunfarms’ agreement to supply Emerald with a portion of Pure Sunfarms’ projected production provides a strong initial revenue stream for our shared joint venture, while allowing flexibility to capitalize on other sales opportunities as we continue discussions with multiple parties including provincial governments and other licensed producers,” said Michael DeGiglio, CEO, Village Farms.
Revenue was $307-million, which was below expectations of $321-million and compared to $338-million a year earlier.
Net income attributable to shareholders was $43-million or 32 cents per share, compared with net income attributable to shareholders of $50-million and 44 cents a year ago.
Normalized earnings, after adjusting for one-time items and fair value adjustments, were $31-million or 30 cents per share compared with $33-million or 34 cents per share in the first quarter of 2017.