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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.

Akita Drilling Ltd. (AKT.A-T) reported a net loss of $1.9-million or 11 cents per share in the first quarter compared to a net loss of $4.9-million or 28 cents for the same period a year earlier. Revenue was $27.1-million versus revenue of $19.2-million for the same period in 2017. Funds flow from operations for the quarter ended March 31 was $4.5-million compared to $1.8-million a year ago.

“Akita had improved results in the first quarter of 2018, with drilling activity across the Western Canadian Sedimentary Basin continuing to increase when compared to the same period in 2017, resulting in improved results for the company,” the company state.

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Maricann Group (MARI-CN) reported fourth-quarter revenue of $696,942 versus $1.3-million for the same quarter last year. Its net loss was $9.4-million or 10 cents per share versus a loss of $5.5-million or 15 cents per share.

The company’s full-year revenue was $3.2-million, down from $4-million a year earlier. Net loss for the year was $67-million compared with a loss of $8.3-million in fiscal 2016.

“The decrease in revenue, year over year, was primarily due to a shortage of finished products available for sale,” the company said.

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Nautilus Minerals Inc. (NUS-T) says delays in securing the remaining project financing for its Solwara 1 Project, and delays in resolving the default situation with the purchaser of the vessel, MAC Goliath Pte. Ltd., means its initial production is expected to be delayed past the third quarter of 2019.

It previously announced the shipyard where the production support vessel is being built notified the company that MAC “had failed to pay the third installment of the contract price,” of about US$18-million plus interest.

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The company said it “continues discussions with the Shipyard, MAC and third parties with respect to the default and potential remedies, including in regards to one or more third parties assuming responsibility for the completion of the vessel and subsequent charter to the company.” It said work on the vessel has halted “pending the resolution of the default situation.”

It also said it continues to arrange bridge loans from Deep Sea Mining Finance Ltd.

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Crius Energy Trust (KWH.UN-T) and JCP Investment Management, LLC announced that they have entered into a settlement agreement regarding makeup of the board. Also, as part of the agreement, Crius said it intends to form a strategic operating committee to “evaluate and recommend opportunities to enhance unitholder value.”

“We are confident the newly constructed board will enhance unitholder value over the long-term,” said James Pappas, managing member of JCP.

“This agreement allows Crius to stay focused on creating sustainable unitholder value,” said David Kerr, chairman of the board.

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Village Farms International Inc. (VFF-T) says its 50/50 joint venture with Emerald Health Therapeutics Inc., (EMH-X) Pure Sunfarms Corp., has entered into a supply agreement with Emerald.

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.

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Capital Power Corp. (CPX-T) reported net cash flows from operating activities of $143-million in the first quarter compared with $99-million in the first quarter of 2017.

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.

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Magellan Aerospace (MAL-T) says it has received a “number of major contract extensions and new awards” from The Boeing Co. (BA-N).

It said multi-year contract renewals were agreed to for the manufacture of titanium wing fittings for the Boeing 787 Dreamliner and the detail manufacture and assembly of the tanker door for the Boeing 767-2C aircraft.

Magellan also said it was awarded a new multi-year contract to manufacture winglet components for the Boeing 737 MAX.

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EnWave Corp. (ENW-X) says it has signed an equipment purchase agreement with Tilray to deliver a 60kW commercial-scale Radiant Energy Vacuum machine to be installed in Portugal.

It also said Tilray has exercised its option to expand the territory of its commercial license for the processing of medical cannabis to include Portugal.

“The purchase agreement and expanded license extends the company’s proprietary REV dehydration technology for drying and decontaminating cannabis beyond Canada for the first time,” the company said. “EnWave is pursuing additional global opportunities to serve the rapidly growing medical and recreational cannabis market.”

Under the terms of the expanded license, Tilray will pay royalties based on the amount of cannabis processed using the REV equipment.

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Cronos Group Inc. (CRON-X) reported fourth-quarter sales of $1.6-million up from $431,000 a year earlier. Net income was $2-million or a penny per share versus $2.7-million or a penny per share a year earlier.

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