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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.

New Gold Inc. (NGD-T; NGD-N) says it plans to sell its Mesquite Mine in California to Equinox Gold Corp. (EQX-T) for $158-million in cash.

"Mesquite has generated significant value for New Gold, averaging more than 135,000 ounces of gold per year over the last 10 years since Western Goldfields, a predecessor to New Gold, brought the mine back into production," stated Renaud Adams, CEO of New Gold.

The company said the proceeds will be used to "strengthen the balance sheet and enhance the overall financial flexibility of the company."

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RNC Minerals (RNX-T) announced an updated estimate of gold production from the “Father’s Day Vein” discovery at its Beta Hunt Mine.

"It is now estimated that 24,000 ounces of high-grade gold has been produced from development on the 15 level at the Beta Hunt Mine," the company said. It said the 24,000 ounces are worth $38-million.

"The updated estimate includes additional in-process material from the initial discovery area, specimen stones and coarse gold recovered from the expanded development area... and an increase in production over original estimates based on final out-turns received from the Perth Mint. Estimated production from the Father's Day Vein is expected to increase as the remaining material from the expanded development area is processed and development continues to be extended."

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Organigram Inc. (OGI-X) said it received approval as a cannabis supplier in Newfoundland and Labrador and has signed a two-year supply and distribution agreement with and Canopy Growth Corp. (WEED-T; CGC-N).

“Organigram will become a key supplier of branded, finished cannabis products to Canopy Growth’s Tweed-branded retail operations in Newfoundland and Labrador once adult recreational cannabis is legalized in Canada on October 17,” the company said.

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Echelon Financial Holdings Inc. (EFH-T) says it will “vigorously defend legal proceedings” commenced against the company in Denmark.

It said New Nordic Advisors Limited (NNAL) submitted a statement of claim to the Danish Institute of Arbitration naming the company as a defendant in a proceeding related to the sale of the company's European Operations to New Nordic Odin Guernsey Limited (NNGL).

"The company continues to deny all allegations made against it by NNAL and states that there is no merit to NNAL's claim for €45.8 million in damages," it stated. "The company believes that the litigation is an attempt by NNAL to access funds from the company by means of a settlement to inject into NNAL's financially distressed insurance operations."

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Mediagrif Interactive Technologies Inc. (MDF-T) says its president and CEO Claude Roy has advised the board he plans to “pass the torch in the context of a smooth transition process.”

The company said "various options could be considered as part of such initiative, taking into consideration the interests of the shareholders, clients and employees of the corporation, while ensuring its sustainability. The board of Directors has formed a special committee to assist management with this undertaking."

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TMAC Resources Inc. (TMR-T) says it plans to raise $90-million through a $66.5-million private placement that its largest shareholders have committed to and a further $23.5-million through a concurrent marketed overnight public offering.

The company said certain members of the board and management of TMAC have also committed to approximately $4.7-million of the public offering “and their commitment, together with the private placement is expected to represent approximately 80 per cent of the shares issued under the financing tranches.”

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Savaria Corp. (SIS-T) says it’s increasing its monthly dividend by 17 per cent to 3.5 cents per month from 3 cents, starting next month.

After closing the acquisition of Garaventa Lift, Savaria is now forecasting revenue of $285-million and adjusted EBITDA in a range of $44-million to $45-million for 2018. It also forecasts revenue of $400-million and adjusted EBITDA in a range of $60-million to $62-million in 2019, excluding any new acquisitions.

“Our financial position following the acquisition of Garaventa Lift remains strong, and we are optimistic about the growth of our industry supported by the aging of the population and the need of our products to improve mobility,” said Marcel Bourassa, chairman and CEO of Savaria.

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FSD Pharma Inc. (HUGE-CN) says Auxly Cannabis Group Inc. (XLY-T) has made an equity investment into the company at $1 per Class B subordinate voting share for total proceeds of $7.5 million. “Proceeds of the financing will be deployed toward construction of the 220,000 square foot cultivation footprint that FSD and Auxly are jointly developing pursuant to their strategic alliance and streaming agreement previously announced on March 5,” the company stated.

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Tamarack Valley Energy Ltd. (TVE-T) increased production guidance for 2018 annual, 2018 exit and preliminary 2019 budget by 500 boe/d for each period “with no corresponding change to the capital expenditure forecasts.” Tamarack said its 2018 capital budget remains unchanged from previous guidance at $223-million to $233-million.

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Covalon Technologies Ltd. (COV-X) plans to acquire AquaGuard, the Seattle, Washington-based division of medical technologies company Cenorin, LLC. for $16.1-million. AquaGuard’s specialized products provide patients with crucial moisture protection for wound, surgical, and vascular access sites throughout the body while showering, the company said.

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SDX Energy Inc. (SDX-X), a North Africa-focused oil and gas company, confirmed press speculation that it’s in discussions for the acquisition of a significant package of assets in Egypt from BP.

"The acquisition would constitute a reverse take-over under Rule 14 of the AIM Rules for Companies and would be subject to Shareholder approval," the company stated.

It said its shares have been suspended from trading on AIM will remain suspended until an AIM admission document has been published or until the company confirms that the acquisition is not proceeding.

Trading in the shares of the company on the TSX Venture Exchange.

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Bruce Linton couldn’t have dreamt of a better time to take another cannabis company public. On Thursday, the co-chief executive of industry giant Canopy Growth Corp. (WEED-T) is listing shares of its sister firm Canopy Rivers Inc. on the TSX Venture Exchange amid a trading frenzy in pot stocks that has lifted valuations across the space for weeks. Mr. Linton, who’s also the acting CEO of Rivers, is hoping fans of Growth, whose Canadian shares are up 110 per cent since mid-August, will flood into Rivers.

- Christina Pellegrini

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