Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Organigram Holdings Inc. (OGI-X) reported net revenue of $26.9-million up from $3.4-million a year ago and ahead of expectations of $23.6-million. Its net loss from continuing operations was $6.4-million or 5 cents per share compared to net income of $1.2-million or a penny per share for the same quarter a year earlier.
ICC International Cannabis Corp. (WRLD.U-C) David Shpilt will join the company as CEO, effective immediately. “Mr. Shpilt, an early-mover in the cannabis space, has pioneered novel and first-of-their-kind solutions across various strata - from seed to sale to patient care,” the company stated. Outgoing CEO Eugene Beukman will remain a director of ICC.
WestJet Airlines Ltd. (WJA-T) CEO Ed Sims issued a statement late Friday regarding the application for certification of its WestJet Encore flight attendants by the Canadian Union of Public Employees (CUPE). “We respect the individual rights of our employees to choose their representation,” he stated. “The caring and passionate nature of all employee groups will ensure we collectively deliver on our strategy of becoming a global network airline while keeping safety at the forefront.”
Sierra Metals Inc. (SMT-T) announced on Friday the resolution of the strike action at the company’s Yauricocha Mine in Peru that had been running since March 19. The company said the strike was initiated by the Union of the Mine and Metallurgical Workers of Minera Corona.
“During the strike there were no material situations that took place and an agreement has been reached whereby no contractors dismissed as part of the contractor change will be reinstated, which was the initial reason for the strike,” the company stated.
Under the terms of the agreement, each common share of Mogo will be exchanged for one Difference common share, the companies stated. Former Mogo shareholders will own approximately 80 per cent of the combined entity on a fully diluted basis.
The transaction is subject to Mogo shareholder approval, regulatory approval and satisfaction of other customary conditions. The transaction has received the "unanimous recommendation" of both Mogo's and Difference's special committees and respective boards of directors, with voting and support agreements representing approximately 21.8 per cent of outstanding Mogo shares and approximately 49.8 per cent of outstanding Difference Sshares executed in support of the transaction, the companies stated.
“This transaction enables Mogo to continue to invest in new products and innovation, building on our leadership position in the Canadian fintech space,” said David Feller, Mogo’sfounder and CEO.
Akumin Inc. (AKU-T) announced purchase agreements to acquire 27 imaging centers operated under Advanced Diagnostics Group, The Imaging Centers of West Palm and Elite Radiology of Georgia for a total price of US$214-million, of which US$25-million would be satisfied by the issuance of Akumin shares at a price of US$4 per share, the company stated.
"A portion of the purchase price payable in respect of the acquisition of SFL Radiology Holdings, LLC is subject to an earnout based on annualized revenues earned in the first two quarters of 2020 less certain costs and expenses," the company stated. It said the companies produced an adjusted EBITDA of approximately US$30.30million in the 12 months ended Dec. 31.
“This acquisition will diversify our business offering by adding an established personal injury business to our network,” said Riadh Zine, Akumin’s CEO.