Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Sunniva Inc. (SNN-CN) announced its president and co-founder Leith Pedersen has resigned as an officer and a director, effective immediately, for personal reasons. The company said his responsibilities will be absorbed by the senior leadership team.
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Canopy Rivers Inc. (RIV-X) announced the promotion of president Narbé Alexandrian to the role of CEO, effective immediately. The company said Bruce Linton “has transitioned from his role as acting CEO and will continue to provide oversight, deal flow, strategic insight, and opportunities for collaboration and further strategic alignment with Canopy Growth,” alongside his ongoing role as chairman of the Canopy Rivers board.
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Alaris Royalty Corp. (AD-T) announced a $100-million bought-deal offering of convertible unsecured subordinated debentures with a syndicate of underwriters. Alaris said it has an agreement with a syndicate of underwriters to issue the debentures at a price of $1,000 each with an interest rate of 5.50 per cent per year, payable semi-annually. The corporation said it will use net proceeds “to repay existing indebtedness and for general corporate purposes.”
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Héroux-Devtek Inc. (HRX-T) announced fourth-quarter results that beat expectations. Its sales in the fourth quarter ended March 31 rose 39.7 per cent to $157.9-million compared to the same quarter a year ago. Net income was $12-million or 34 cents per share versus net income of $5.9-million or 16 cents a year earlier. Adjusted EPS came in at 36 cents versus 29 cents a year earlier. Analysts were expecting adjusted EPS of 26 cents and revenue of $145.3-million in the latest quarter.
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Innergex Renewable Energy Inc. (INE-T) announced that Jarðvarmi slhf exercised its right of first refusal regarding the sale of Innergex’s wholly owned subsidiary Magma Energy Sweden A.B., which owns an equity interest of approximately 53.9 per cent in HS Orka hf. Jarðvarmi is an existing shareholder in HS Orka and is owned by a group of Icelandic pension funds, the company stated.
Innergex said the sale of Magma Sweden to Jarðvarmi was completed for a sale price of US$299.9-million. "As a result of the exercise of the [right of first refusal] by Jarðvarmi, Innergex's subsidiary Alterra Power Corp. terminated the share purchase agreement previously entered into with Macquarie Infrastructure and Real Assets," the company stated.
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Computer Modelling Group Ltd. (CMG-T) reported fourth-quarter revenue of $21.1-million up from $19.4-million a year earlier. Net income came in at $6-million or 7 cents per share versus net income of $6.1-million or 8 cents per share a year earlier. Analysts were expecting earnings to come in at 6 cents per share in the latest quarter.
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TerrAscend Corp. (TER-CN) reported revenue of $14.6-million in the first quarter, up from $5-million in the fourth quarter and zero revenue during the first quarter last year. Its net loss was $11-million or 26 cents per share versus a loss of $2.3-million or 2 cents a year earlier.
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AgraFlora Organics International Inc. (AGRA-CN) announced it’s buying Organic Flower Investments Group Inc. (SOW-CN). “It is anticipated that the sale price for the assets will be comprised of 1.15 shares of Agraflora for each one issued and outstanding share of Organic Flower,” the companies stated in a release.