Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Excellon Resources Inc. (EXN-T) announced that it has applied to list its issued and outstanding common shares on the NYSE American LLC.
“A trading date will be announced once all regulatory requirements are satisfied,” the company stated. It said trading on the OTC under the ticker symbol EXLLF will cease concurrent with the NYSE American listing.
“Listing on the NYSE American provides enhanced access to the world’s largest and most liquid equity markets, which we believe will deliver exceptional value for our shareholders,” stated Brendan Cahill, CEO.
Artis Real Estate Investment Trust (AX.UN-T) announced that its board has approved “a comprehensive plan to unlock unitholder value,” including the spin-off of its Canadian retail properties into a newly formed retail real estate investment trust.
“We believe our high-quality, diversified commercial portfolio is being significantly undervalued by the market and that the proposed strategies will serve to unlock value for our unitholders”, stated Armin Martens, CEO of Artis REIT.
Along with the retail spin-off, Artis REIT said it plans to increase it non-core asset sale program.
In addition to the $800-million of asset sales completed, Artis REIT said it plans to sell a further $550-million of non-core assets “with the net proceeds used for debt reduction at Artis REIT.”
It said about $200-million of non-core assets are currently under conditional sale agreements, expected to be completed by the end of 2020. Artis REIT said it expects to have sold a total of approximately $1.35-billion of assets between the fourth quarter of 2018 and the second quarter of 2021.
Fission Uranium Corp. (FCU-T) announced the appointment of Ross McElroy as the CEO, replacing Devinder Randhawa, whom has elected to retire from management and the board and has moved to its advisory board.
Mr. McElroy is a professional geologist with over 30 years of experience in the mining industry, the company stated.
Fission also appointed Darian Yip as its independent board chair. Mr. Yip has over 18 years of experience in the financial services industry and has been focused on the metals and mining sector for the past 13 years, the company stated.
American Hotel Income Properties REIT LP (HOT.UN-T) announced that Jonathan Korol has been appointed its chief executive officer effective Oct. 7. " Mr. Korol is a proven leader who brings a deep understanding of the North American hotel industry gathered over decades as an owner, operator and asset manager, making him the ideal candidate to assume the role of CEO,” the company stated.
Mr. Korol comes to his new role from SilverBirch Hotels & Resorts, where he has been President since February 2017.
Drone Delivery Canada Corp. (FLT-X) announced the appointment of Manish Arora as chief financial officer, effective Sept. 8. Mr. Arora joined DDC in August 2019 as corporate controller. He previously served as corporate controller for Cardinal Health Canada and has had prior experience in the aerospace industry with Vector Aerospace and in the automotive industry with Martinrea International and Magna Powertrain.
Park Lawn Corp. (PLC-T) announced the appointment of Daniel Millett as its chief financial officer. Mr. Millett will fill the position of Joseph Leeder, who is retiring after serving as PLC’s CFO since 2013, the company stated. Mr. Millett formerly served as CFO of Agellan Commercial REIT and, prior to that, a senior manager at KPMG LLP in their building, construction and real estate audit practice.
Marijuana producer Aurora Cannabis Inc (ACB-T) on Tuesday appointed insider Miguel Martin as its chief executive officer and said it would record up to $1.8 billion in impairment charges in the fourth quarter.
Martin will replace interim CEO Michael Singer, who will remain executive chairman, the company said in a statement.
Aurora in February announced the exit of founder and chief executive officer Terry Booth, along with 500 job cuts and impairment charges, as it came under fire for its aggressive global expansion amid uncertain demand.
Aurora said it expects fourth-quarter net revenue to be between $70-million and $72-million, including $66-million to $68-million in cannabis net revenue.
The Toronto-based company says 11 Ontario casinos will adhere to provincial guidelines, which include indoor limits of 50 people and no operation of table games or other amenities.
Its casino in New Brunswick will also open that day, with guests limited to 25 per cent of capacity, availability of a bit more than half its slot machines and the suspension of most amenities.
The company says it continues to work with the Nova Scotia Gaming Corp. to reopen its two properties in the province.
British Columbia casinos remain closed as mandated by the province.
Chief executive Rod Baker says gaming revenues will be significantly reduced due to operating restrictions in about half of the 25 casinos that will reopen.
“The reductions will be especially significant for our Ontario properties where, due to the 50-guest maximum restriction, we expect no material financial benefit to the company from our 11 Ontario locations,” he said in a news release.
The Canadian Press
GMP Capital Inc. (GMP-T) issued a release after markets closed Friday to acknowledge that it has received notice that a dissident shareholder intends to propose an alternative slate of nominees for election to the company’s board.
“GMP advises shareholders not to take any action at this time,” the company stated, while asking shareholders to “carefully read” its management information circular scheduled to be filed this week.
It said the circular will provide shareholders with more information about the board election and about a proposed transaction involving Richardson GMP Limited announced on Aug. 13.
“The circular will explain why the board supports the transaction and why the board disagrees with the dissident, who has expressed opposition to the transaction,” it stated.
Bombardier Inc. (BBD.B-T) said its Chinese joint venture, Changchun Bombardier Railway Vehicles Company Ltd. (CBRC), has signed a contract with CRRC Changchun Railway Vehicle Co., Ltd. (CRRC Changchun) to manufacture 390 metro cars for Harbin Metro Line 2 Phase 1 and Line 3 Phase 2.
The contract is valued at approximately US$181-million. Bombardier Transportation owns 50 per cent of the shares in CBRC.
“We appreciate the trust from both Harbin Metro Corporation and CRRC Changchun, and we will deliver the cutting edge metro cars on time at quality and within budget despite the challenges of COVID-19,” stated Jianwei Zhang, chairman of Bombardier China and president of Bombardier Transportation China stated in a release.
WPT Industrial Real Estate Investment Trust (WIR.UN-T) announced an at-the-market equity program allowing it to issue, at its discretion, up to US$150-million of trust units at the prevailing market price when issued.
The ATM program will be effective until Jan. 6, 2022 “unless terminated prior to such date by the REIT or otherwise in accordance with the terms of an equity distribution agreement dated Sept. 4, among the REIT and Desjardins Capital Markets, BMO Capital Markets and RBC Capital Markets.”
The REIT said it intends to use the net proceeds from the ATM program, to fund acquisitions, repay debt and to fund future investments.
“Following the recent changes to the rules applicable to at-the-market offerings in Canada which took effect on August 31, 2020, we believe the addition of the ATM program will add further flexibility and efficiency to the REIT’s future equity financing strategies,” stated CEO Scott Frederiksen in a release.
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