Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Superior Plus Corp. (SPB-T) says it’s buying all of the outstanding equity interest in NGL Propane, LLC from NGL Energy Partners LP (NGL-N) for US$900-million.
“The acquisition of NGL Propane is a highly strategic and transformative transaction for Superior and represents an exciting opportunity to leverage our current core competencies and integrated supply capacities with NGL Propane’s strong Eastern U.S. retail platform,” stated Luc Desjardins, CEO of Superior, in a release. “The acquisition of NGL Propane significantly expands our U.S. propane distribution business and solidifies Superior as a leading North American propane distributor.”
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Theratechnologies Inc. (TH-T) says it’s raising US$50-million in a bought-deal offering of convertible unsecured notes. It has a syndicate of underwriters to purchase and sell the notes for US$1,000 each.
Theratechnologies said it intends to use the net proceeds to fund payments totaling US$23.9-million and for other general corporate purposes, “including potential acquisitions in the execution of its business plan.”
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BTB Real Estate Investment Trust (BTB.UN-T) says it’s raising $25-million in a bought-deal financing. It says it has reached an agreement with a syndicate of underwriters and will issue 5.4 million trust units at a price of $4.60 each. The units closed at $4.78 on Wednesday.
The net proceeds will be used to finance the acquisition of two properties, the company stated.
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PHX Energy Services Corp. (PHX-T) says its board has approved an increase to the corporation’s 2018 capital expenditure program by $8-million to $18.5-million.
“The increase to the 2018 program is expected to be principally directed to the expansion of PHX Energy’s fleet of performance drilling motors,” the company stated.
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Golden Leaf Holdings Ltd. (GLH-CN) reported revenue was US$3.2-million in the first quarter compared to US$2.3-million for the same period last year. “The 42 per cent year-over-year increase largely reflects the contribution from product sales as a result of the acquisition of Chalice Farms in July 2017, more than offsetting supply constraints of key products across the portfolio and a challenging wholesale market in Oregon,” the company stated.
Net income was US$8.1-million or 2 cents per share compared with a net loss of US$2.3-million or 2 cents a year ago, the company said. “Results for the 2018 period benefited from non-operating income of US$12.4 million related to favorable changes in the fair value of warrant and debt liabilities,” the company stated.
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Largo Resources Ltd. (LGO-T) says operations at its Maracás Menchen Mine have been ”minimally impacted” by the national truckers’ strike in Brazil, which was settled as of May 30. The company said production is scheduled to restart as early as Thursday, after a four-day suspension. “To date, there has been no material financial impact as a result of the strike,” the company said.
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WeedMD Inc. (WMD-X) reported revenues of $1.1-million for the first quarter, compared to no revenues for the same period a year earlier. “Revenues consisted of the sale of dried medical cannabis, live cannabis plants and cannabis oils, to both patients and through wholesale B2B channels,” the company stated. Its net loss was $1.4-million or a penny per share versus a loss of $1.2-million or 3 cents a year earlier.
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InPlay Oil Corp. (IPO-T) says its credit facility has been increased 25 per cent to $75-million following the completion of its annual borrowing base review. “This increase reflects the company’s expanding reserve base and increasing underlying reserve value,” the company stated. “It also complements the company’s already solid financial position providing additional financial flexibility to expand capital programs and continue with additional tuck-in acquisitions in our core areas if commodity prices remain strong.”
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Delphi Energy Corp. (DEE-T) says it has extended its senior secured credit facility with a syndicate of lenders and the borrowing base has been increased to $105-million from $95-million.
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Brick Brewing Co. Ltd. (BRB-T) reported a loss of $1.9-million or 5 cents per share for its first quarter ended April 29 compared to a profit of $787,000 or 2 cents for the same quarter last year. Revenue came in at $7-million versus $11.5-million a year earlier.
The company said EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.1-million, excluding one-time adjustments, on net revenue of $10.6-million (excluding one-time revenue adjustments of $3.6-million) in the quarter. That compared to EBITDA of $2.4-million prior year. “Our EBITDA results in the first quarter fell short of our expectations,” stated CEO George Croft. “The overall beer category experienced softness driven by an unseasonably cold and wet spring which drove the industry volume lower by 6 per cent.”
Analysts were expecting net revenue of $11.9-million, EBITDA of $1.8-million and earnings of a penny per share.
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Sunniva Inc. (SNN-CN) reported revenue of $5.2-million in the first quarter ended March 31 up from $2.4-million a year ago, driven by acquisitions. Its net loss was $6.3-million or 23 cents per share, which was in line with expectations and compared to a loss of $962,000 or 4 cents a year earlier.
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Sierra Wireless (SWIR-Q; SW-T) says president and CEO Jason Cohenour will retire and step down as a director of the company, effective May 31. Board chairman Kent Thexton has been named interim CEO and a search is underway for a new CEO, the company said. Mr. Cohenour will continue to serve as an adviser to the company until June 30.