Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Laurion Mineral Exploration Inc. (LME-X) announced that it has increased the maximum size of its previously announced non-brokered private placement from $550,000 to approximately $2.05-million in aggregate gross proceeds, citing strong investor demand. The private placement includes approximately 1,952,381 flow-through units at a price of $1.05 each.
Each unit will consist of one common share and one-half of one common share purchase warrant that entitles the holder to acquire one non-flow-through common share at a price of $1.15 per share for 12 months. The gross proceeds will be used for Canadian exploration expenses within the meaning of the Income Tax Act, the company stated.
Cascades Inc. (CAS-T) announced the temporary shutdown of one of its two tissue paper machines at its St. Helens, Ore. facility. The company said the machine has an annual production capacity of 50,000 tons of tissue made from virgin fibre, and supplies its converting plants, primarily the Scappoose, Ore. facility.
“Following inspections carried out as part of its annual maintenance shutdown which began on September 11, it was determined that additional verification of the structural condition of the building is required,” the company stated, adding the length of the shutdown is still being determined.
Trulieve Cannabis Corp. (TRUL-CN) announced that the Georgia Access to Medical Cannabis Commission awarded its Trulieve GA, Inc. subsidiary with a Class 1 production license. “Trulieve patients in Georgia will be able to choose from a variety of low-THC oil products in both oral and topical forms in the near future,” the company stated.
Trulieve said it will have an initial allocation of five medical cannabis dispensaries in Georgia and “will seek to open additional dispensaries in the state as the patient population grows.”
Clairvest Group Inc. (CVG-T) announced that it, along with Clairvest Equity Partners VI, made a $100-million minority equity investment to support the merger and recapitalization of Alberta-based Rogers Insurance and B.C.-based CapriCMW Insurance Services Ltd. The combined entity operates as Acera Insurance Services Ltd.
Stelco Holdings Inc. (STLC-T) announced plans to buy back up to 30 million of its outstanding common shares for $35 each for a maximum purchase amount of $1.05-billion. The company said the terms of the offer are identical to its previous substantial issuer bid that started on July 27 and expired on Sept. 12. The purchase price is a premium of about 9 per cent to the closing price on Wednesday.
“The company has determined to commence the offer, in part, because North American peer companies have made public announcements since the expiration of the July 2022 SIB regarding expectations of poor results for the remainder of fiscal 2022, which have collectively driven down share prices in the sector,” the company stated, saying it “considered it appropriate” to give shareholders a chance to participate in the offer.
The number of shares subject to the offer represents approximately 47 per cent of the company’s outstanding shares.
Stelco said it believes the offer is “a prudent use of the company’s financial resources given the company’s business profile and assets, including its substantial level of cash-on-hand in excess of operating and capital requirements, and the current market price of the shares.”
VM Hotel Acquisition Corp. (VMH-U-T) announced a business combination agreement to acquire, through a series of transactions, The Pyure Company Inc. The acquisition would be VMH’s qualifying acquisition to introduce Pyure as a publicly-listed company.
Converge Technology Solutions Corp. (CTS-T) announced plans to acquire U.K.-based Stone Technologies Group Limited, a provider of circular IT solutions for education institutions, public and private sector organizations in the U.K.
The acquisition is subject to conditions, including regulatory approval under the United Kingdom National Security and Investments Act 2021, and is expected to close in the fourth quarter. It’s the 35th acquisition announced by Converge or its affiliates since October 2017, the company stated.
Waterloo Brewing Ltd. (WBR-T) announced two new three-year agreements with separate co-manufacturing partners to produce “ready-to-drink” beverages in North American markets. Service revenue from these agreements will be a minimum of $3.5-million per year, with expected revenue of $5.5-million per year, the company stated.
Tilray Brands, Inc. (TLRY-T) announced that FL Group S.R.L., a division of Tilray Medical in Italy, has received approval from the Italian Ministry of Health to import and distribute Tilray’s medical cannabis oral solution THC25 across the country.
Tilray Medical has an established national pharmaceutical distribution network with FL Group to distribute Tilray’s THC25 medical cannabis oral solution in Italy, where medical cannabis authorization is limited.