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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.

BSR Real Estate Investment Trust (HOM.UN-T) announced it has sold three non-core properties totalling 632 apartment units in Longview, Texas for gross proceeds of US$52.5-million. “The sale of the Longview properties is consistent with our stated strategy to capitalize on the historically low cap rate spread between primary and secondary markets in U.S. sunbelt states,” said CEO John Bailey.

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Fire & Flower Holdings Corp. (FAF-T) announced two proposed private placements for total gross proceeds of up to $25-million. The offerings include a non-brokered private placement of up to 19,800 8-per-cent secured $1,000 principal amount convertible debentures at a price of $1,000 each for $19.8-million and a non-brokered private placement of up to 5,200 subscription receipts at a price of $1,000 each for $5.2-million.

Green Acre Capital has committed to act as lead investor in the offerings, the company stated. AltaCorp Capital Inc. is acting as exclusive financial advisor to Fire & Flower in connection with the offerings.

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NioCorp Developments Ltd. (NB-T) announced that it has signed a non-binding letter of intent with a large, unnamed U.S.-based steel producer outlining an interest in purchasing up to 25-per-cent of NioCorp’s production of ferroniobium over the first 10 years of production from the company’s Elk Creek Superalloy Materials Project in southeast Nebraska.

"The non-binding letter of intent does not obligate either NioCorp or the steel producer until a binding commercial sales offtake agreement is finalized," the company stated. "However, if such a binding sales offtake agreement is reached, it would effectively sell out NioCorp's Elk Creek Project for its ferroniobium production over the first decade of its estimated 36-year mine life."

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Aurora Cannabis Inc. (ACB-T; ACB-N) announced plans to renew its at-the-market offering program to raise additional equity capital and said it intends to use a portion “to provide further balance sheet strength and preserve flexibility given macroeconomic uncertainty caused by COVID-19.”

The company also reaffirmed previous comments that its third-quarter cannabis net revenue is expected to show modest growth relative to the second quarter. It also announced plans to consolidate its shares on a 1-for-12 basis effective May 11. It expects the consolidation "to restore compliance with the NYSE's continued listing standards, and to provide access to a broad universe of investors, access to equity capital and trading liquidity."

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West Fraser Timber Co. Ltd. (WFT-T) announced late Thursday that it has obtained an additional $150-million committed revolving credit facility from a syndicate of lenders and that it has adopted a shareholder rights plan, effective April 9.

It said the rights plan has been adopted “to ensure, to the extent possible, that all shareholders of the company are treated fairly in connection with any take‑over bid for the company and to protect against ‘creeping bids,’ which involve the accumulation of more than 20 per cent of the company’s common shares through purchases exempt from applicable take‑over bid rules.”

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The Keg Royalties Income Fund (KEG.UN-T) announced it would be reducing its monthly distributions from $0.0946 per unit to $0.035 per unit.

Keg Restaurants Ltd. and the fund announced the temporary closure of all 107 Keg locations across Canada and in select U.S. states in mid-March amid the COVID-19 outbreak.

It said that it’s “nearly certain that no re-openings will be possible for The Keg or our fellow restaurant companies before June in a best-case scenario.”

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