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Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news

Calfrac Well Services Ltd. (CFW-T) announced that it has experienced improved utilization throughout all service lines in North America and Argentina and that, coupled with net price increases, it expects third-quarter revenue and adjusted EBITDA to “deliver significant year-over-year growth.”

The company said it expects third-quarter revenue from continuing operations in the United States, Canada, and Argentina to range between $400-million and $430-million. The expectation is for revenue of $402.5-million, according to S&P Capital IQ.

Adjusted EBITDA is expected to range between $75-million and $85-million in the third quarter.

By comparison, Calfrac said it generated revenue of $318.5-million and adjusted EBITDA of $39.3-million in the second quarter and revenue of $262.9-million and Adjusted EBITDA of $29.8-million in the third quarter of 2021.


Roots Corp. (ROOT-T) reported sales increased 23 per cent to $47.8-million in its second quarter ended July 30 versus the year-ago period. The expectation was for revenue to come in at $44-million.

Its net loss totaled $3.2-million or 8 cents per share versus a net loss of $1.2-million or 3 cents per share a year ago.


Tamarack Valley Energy Ltd. (TVE-T) announced an upsizing of its previously announced $75-million notes offering to $100-million.

The company said it has an underwriting agreement to sell, on a private placement basis, $100-million aggregate principal amount of 7.25 per cent senior unsecured sustainability-linked notes due May 10, 2027.


Medical Facilities Corp. (DR-Tannounced a shift in its focus away from deploying a growth strategy through acquisitions.

MFC said it plans to suspend acquisitions, divest its non-core assets, pursue overhead cost reductions, and evaluate and implement strategies to return capital to its shareholders, including the commencement of a substantial issuer bid.

The company said it plans to buy back common shares valued at up to $34.5-million through a modified Dutch auction.


Bird Construction Inc. (BDT-T) announced it has been awarded engineering, procurement and construction contracts for two wind farms in development by Capstone Infrastructure Corp.


Fire & Flower Holdings Corp. (FAF-T) reported revenue of $40.7-million for its second quarter ended June 30, a decrease of 6 per cent from $43.3-million in the prior year’s comparative period. It said the drop was primarily due to increasing competition from new licences issued and pricing pressures in the cannabis retail market. The expectation was for revenue to come in at $42.6-million.

Its net loss of $21.6-million or 48 cents per share compared to a net profit of $19.5-million or 58 cents a year ago.


Marathon Gold Corp. (MOZ-T) announced a $150-million bought-deal financing. The company said it has an agreement with Canaccord Genuity Corp., on behalf of a syndicate of underwriters, to buy about 136.4 million units at $1.10 each.

Each unit includes one share and one-half of one common share purchase warrant exercisable for $1.35 for 24 months based on certain conditions.

The net proceeds will be used to partially fund the construction of its Valentine Gold Project, as well as for working capital and general corporate purposes.


Cardinal Energy Ltd. (CJ-T) announced plans to increase its monthly dividend to 6 cents per share from 5 cents, starting in October.


Sierra Metals Inc. (SMT-T) announced a mudslide incident at its underground Yauricocha Mine in Peru on Sunday, in which three contractor employees lost their lives and one was injured.

“Mining operations have been temporarily suspended as a result and will resume once conditions are considered safe and appropriate,” the company stated.


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