Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Its net loss was US$44,000 versus income of US$80,000.
Four executives and three other directors of Aphria Inc. (APH-T) personally owned shares in Nuuvera Inc. (NUU-X) at the time they orchestrated a takeover deal for the cannabis firm, but didn’t disclose their holdings to investors and later voted to approve the transaction at a board meeting.
The executives included Aphria chair and chief executive officer Vic Neufeld, as well as the company’s chief financial officer, Carl Merton, Mr. Neufeld said. The company says the investments were not large enough to require disclosure.
Aphria agreed to buy Nuuvera for $826-million in late January, only three weeks after Nuuvera went public on the TSX Venture Exchange.
The company said it “believes the listing in Germany will give it greater exposure to a European-based investor audience, fuelling interest and liquidity in Pivot.”
Lumina Gold Corp. (LUM-X) says it has entered into a non-binding letter of intent for an earn-in and joint venture agreement with a wholly owned subsidiary of Anglo American plc. The agreement is on Lumina’s Pegasus A and B concessions in Ecuador.
Anglo American, through a joint venture company, would have the right to earn a 60-per-cent ownership interest in the properties if it invests US$50-million and makes US$7.3-million of cash payments to Lumina over a seven-year period
Stornoway Diamond Corp. (SWY-T) reported fourth-quarter revenue of $55.5-million, which was ahead of expectations of $51.7-million and compared to no revenue for the same quarter a year earlier.
Its net loss was $118.6-million or 14 cents per share versus net income of $52-million or six cents for the fourth quarter a year earlier.
Due to a change in its accounting policy, the company said cash operating costs for 2018 are expected to be $48-to-$50 per tonne processed and capital expenditures are expected to be $100-million. This compares to previous guidance of $56-to-$58 per tonne processed and $82-million of capital expenditures. It said other guidance for the year will not be impacted.
Input Capital Corp. (INP-X) says it has had “many discussions with current and prospective clients” about recently announced mortgage stream pilot project that would use canola streaming as a payment vehicle.
“The pilot period would be used to assess market demand for this product and fine-tune product features prior to a more formal launch of mortgage streams as a stand-alone product offering,” the company said.
It said there is a “significant level of enthusiasm for the idea and a willingness of clients to take advantage of this new product.”
Input said it had written one mortgage stream or $400,000 and, seven weeks later, it has approved more than $13-million in new mortgage streams with 20 customers. “These mortgage stream customers are a combination of new and existing clients of the company and, as expected, the mortgage proceeds are being used to purchase additional farmland and/or refinance portions of existing mortgages from other providers.”
Akumin Inc. (AKU-U-T) says its Preferred Medical Imaging subsidiary has entered into agreements to acquire all of the outstanding non-controlling interests in seven of its existing Texas-based diagnostic imaging centers for about US$21.3-million.
“The acquisition of the non-controlling interests in these centers gives us a tremendous opportunity to maximize the value of assets we know well and in which we already have a substantial interest,” said CEO Riadh Zine. “We expect having these centers as wholly-owned subsidiaries will further simplify our corporate structure and be accretive to our EBITDA (earnings before interest, taxes, depreciation and amortization).”
Endeavor will acquire NeuLion for 84 US cents per share, the company said. NeuLion will become a privately held subsidiary of Endeavor. The shares closed at 50 Canadian cents and 39 US cents on Friday.
“We’re excited by the value delivered to our stockholders through this transaction, and we’re looking forward to the dynamic opportunities that being part of the Endeavor family will provide for both our current and new clients,” said NeuLion CEO Roy Reichbach.
Namaste Technologies Inc. (N-CN) says it has signed a medical cannabis product acquisition agreement, under its Cannmart Inc. subsidiary, with Clever Leaves (Ecomedics S.A.S.), a licensed producer of medical cannabis in Colombia.
“This supply agreement represents further progress in Namaste securing medical cannabis supply agreements with global partners,” the company stated. “Namaste, subject to approval by Health Canada, will continue to pursue importation of high-quality medical cannabis, sourced from internationally licensed producers.”
The company said expects that the financing will close in two tranches and it intends to use the proceeds “primarily to support clinical activities for its lead drug candidate and for general corporate purposes.”
Hive Blockchain Technologies Ltd. (HIVE-X) says it’s buying Kolos Norway AS, through the acquisition of another Norwegian entity, for approximately US$9.9-million, 4.75-million common shares and 1.25 million warrants.
“This is another major milestone in our continuing global expansion as a leading blockchain and cryptocurrency infrastructure company,” said Hive CEO Harry Pokrandt.
He said Kolos will be a flagship data centre project for the company “for years to come.”
PolyMet Mining Corp. (POM-T) says it has negotiated a 12-month payment extension and reduction in interest rates on approximately $152-million of debt owed to Glencore plc.
The company said it also secured a commitment for an additional $80-million in debentures from Glencore over the next 12 months “to complete pre- and post-permitting work, including detailed engineering and environmental cleanup, and to purchase wetland credits.”