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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.

Killam Apartment REIT (KMP.UN-T) increased its bought-deal offering announced overnight to $60-million from $50-million.

The REIT said Tuesday that it has reached an agreement with a syndicate of underwriters that will buy 3.5 million unit for $17.10 each, up from about 2.9 million units at the same price.

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Killam said it intends to use the net proceeds “to repay amounts outstanding on its credit facility (current outstanding balance of approximately $40-million), to fund future acquisitions and developments and for general trust purposes.”

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PrairieSky Royalty Ltd. (PSK-T) reported second-quarter revenue of $28.2-million or $69.3-million a year earlier. Analysts were expecting revenue of $26.4-million in the most recent quarter ended June 30.

Its net loss was $400,000 or zero cents per share versus a profit of $44-million or 19 cents a year earlier. Funds flow from operations came in at $21.3-million or 9 cents per share versus $58-million or 24 cents a year ago.

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A rival investor group made an 11th-hour attempt to outbid NordStar Capital LP for the company that publishes the Toronto Star newspaper on Monday, but the target’s board spurned the unsolicited offer as unworkable.

Canadian Modern Media Holdings Inc. submitted a cash bid of 80 cents a share for Torstar Corp. (TS.B-T) early Monday, a day before its shareholders were due to vote on a friendly, $60-million deal with NordStar

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Nordstar raised its offer to 74 cents from 63 cents nine days earlier in response to an unsolicited offer from Canadian Modern Media.

Torstar disclosed the late offer after TSX trading closed. It said the proposal could not be deemed superior, partly because the five families that control the company’s voting trust and major shareholder Fairfax Financial Holdings Ltd. had already committed to supporting NordStar’s offer.

NordStar is controlled by Toronto investors Jordan Bitove and Paul Rivett. They announced their initial offer for the struggling newspaper publisher in late May following months of negotiations with Fairfax, which controls 40 per cent of the B shares, and the controlling families that comprise the trust.

At the end of last month, Canadian Modern Media, set up by technology entrepreneurs Matthew and Tyler Proud along with Bay Street deal maker Neil Selfe, floated an offer of 72 cents plus a contingent payment that would stem from future asset sales.

That prompted Nordstar to up the ante on July 11 and extract hard lockup agreements from Torstar’s major owners. Following the announcement, Canadian Modern Media said it would have been prepared to extend the bidding war by raising its offer to 80 cents.

The lockup agreements obligate the major shareholders to vote against any resolution that would prevent or delay NordStar’s offer, Torstar said in a statement.

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Shareholders are due to vote on that agreement on Tuesday at 10 a.m. ET. The company said it had determined that, based on votes already cast, the NordStar deal had the support of 98 per cent of its shareholders, and 80 per cent of minority holders.

-Jeffrey Jones and Sean Silcoff

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Organigram Holdings Inc. (OGI-Q; OGI-T) reported revenue of $18-million for its third quarter ended May 31 compared to $24.8-million for the same quarter last year. Analysts were expecting revenue of $20.8-million in the most recent quarter.

Its net loss came in at $89.9-million or 51 cents per share for the quarter, compared to a loss of $10.2-million or 7 cents a year ago. The company said the wider loss was largely due to greater negative gross margin and $37.7-million in impairment charges for property, plant and equipment the third quarter of 2020.

In its outlook, the comapny said the cannabis industry in Canada "remains highly competitive and oversupplied amongst both licensed producers and the still dominant illicit market." The company also said it believes it has "right-sized the business to better match the current demand and competitive dynamics, but retains significant flexibility to increase production as the necessary company infrastructure is already in place to do so."

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HLS Therapeutics Inc. (HLS-T), a specialty pharmaceutical company focusing on central nervous system and cardiovascular markets, issued a release saying it welcomes the recent recommendation by the Canadian Agency for Drugs and Technologies in Health (CADTH) that its Vascepa product be reimbursed by participating public drug plans for "statin-treated patients with established cardiovascular diseases and elevated triglycerides."

“Having worked diligently to ensure an appropriate introductory price, HLS also received notification by the PMPRB [Patented Medicine Prices Review Board is a Canadian] that, further to its review, Vascepa’s price did not trigger the investigation criteria for excessive pricing,” the company stated.

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