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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.

Precision Drilling Corp. (PD-T; PDS-N) announced the completion of a one-year maturity extension of its senior credit facility to November 2022. Precision said it has also completed an additional $34-million in open market purchases of its 5.25 per cent senior notes due 2024, “which will bring total debt repayments for year-end 2018 to approximately $150-million, exceeding the high end of our 2018 targeted debt reduction range of $75-million to $125-million.”

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Valens GroWorks Corp. (VGW-CN) said it has entered into a multi-year extraction services agreement with Canopy Growth Corp. (WEED-T; CGC-N).

"Under the terms of the multi-year agreement, Valens is partnering with Canopy Growth to provide extraction services, utilizing the company's proprietary technology and methodologies to process Canopy Growth's whole flower and trim into high-grade cannabis resin," the company stated.

“We are pleased to provide specialized extraction services to support Canopy Growth’s innovative product offerings, while also capitalizing on our CraftGrow partnership to bring Valens branded products to market in the new year,” says Tyler Robson, CEO of Valens GroWorks Corp.

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Granite Real Estate Investment Trust (GRT.UN-T; GRP.U-N) said it has entered into a $300-million seven-year senior unsecured non-revolving term facility.

"Through a cross-currency interest rate swap, Granite has exchanged the principal and interest payments from the term loan for euro-denominated payments at an all-in 2.2-per-cent fixed interest rate," the company stated.

It said it intends to use the net proceeds from the term Llan for general corporate purposes, including to fund development and property acquisitions.

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Carmanah Technologies Corp. (CMH-T) says it has an agreement to sell “a significant portion of the assets of the company” to SPX Corp for US$77-million.

The company said the assets being sold include is equity interests in Sabik Oy, Sabik Oü, Sabik PTE Ltd., and Sabik Ltd., and their respective assets, the business and assets the company’s airfield ground lighting business, its aviation obstruction lighting business "as well as some miscellaneous business assets that support the businesses to be sold."

“We are very pleased with this transaction”, said CEO John Simmons. “Not only is it fairly valued but also creates numerous opportunities for employees and customers alike.

The company said the net cash proceeds is estimated at about US$73.5-million. It said together with its projected cash balances of about US$15-million, will result in total cash reserves of approximately US$88.5-million. “Company management and the board have yet to fully consider how the company will use the proceeds from the transaction,” it stated. “Alternatives under consideration will include investments to grow the residual businesses of the company by way of acquisitions or research and development spending, acquisitions of other businesses in new market spaces or returning cash to the shareholders by way of dividends or share buy-backs.”

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Village Farms International, Inc. (VFF-T) announced it will “aggressively pursue opportunities to become a vertically integrated leader in the legal hemp industry, including significant opportunities in the cannabidiol (CBD) market,” following yesterday’s passage by U.S. Congress of the 2018 Farm Bill.

The bill is still to be signed into law, which the company said is expected to occur next week.

"The full and unambiguous legalization of hemp, and especially hemp-derived CBD products, creates a tremendous global opportunity and Village Farms intends to be a leader in this nascent industry," said Michael DeGiglio, CEO of Village Farms in a release.

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Transat A.T. Inc. (TRZ-T) reported revenues of $668.3-million for the fourth quarter up from $698.6-million a year ago and below expectations of $675.3-million.

Net income attributable to shareholders amounted to $7.8-million or 21 cents per share compared with $148.1-million or $3.97 per share in 2017. Net income for 2017 included $97.6-million from the sale of the corporation's interest in Ocean Hotels. Excluding non-operating items, Transat reported adjusted net income of $16.9-million or 45 cents per share for the fourth quarter of 2018, compared with $46.4-million or $1.24 per share) in 2017. Analysts were expecting adjusted earnings of 51 cents.

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Ballard Power Systems (BLDP-Q) announced that it has received a purchase order from Porterbrook Leasing Company Limited, a participant in the rail leasing market, for an FCveloCity®-HD fuel cell module and related support to power a HydroFLEX train in the U.K.

“Porterbrook will provide a Class 319 electric train for conversion by [Birmingham Centre for Railway Research and Education]'s technical and research experts into a HydroFLEX hydrogen-powered train. The train will utilize Ballard’s power module and Ballard will also provide system controls development, mechanical integration of sub-systems and other components.,” the company stated.

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