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

Titan Medical Inc. (TMD-T) announced it will implement “certain cost-cutting measures with a view to preserving capital” to support the strategic review process announced last week. As part of this plan, the company’s U.S. subsidiary will be temporarily furloughing approximately 40 employees at its Chapel Hill, North Carolina facility, effective immediately.

“While the company works through the strategic review process, and in view of the company’s capital position and the challenging market conditions, we have had to make the extremely difficult decision to place some of our employees on furlough,” said CEO Cary Vance.

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Equinox Gold Corp. (EQX-T) announced that it has sold 11 million shares of Solaris Resources Inc. (SLS-T) through block trades for total proceeds of $70.4 million. It said the sale was for investment purposes and that it now owns less than 10 per cent of Solaris.

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Leon’s Furniture Ltd. (LNF-T) announced an exclusive Canadian partnership with Resident, the largest direct-to-consumer mattress company in North America. Resident is the owner of mattress brands such as Nectar and DreamCloud.

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Shawcor Ltd. (SCL-T) announced that it has acquired Kanata Electronic Services Limited, a privately owned manufacturer and supplier of specialty cable assemblies and wire harnesses for the nuclear and aerospace industries.

“While Kanata primarily serves the nuclear and spacecraft industries with highly sophisticated, custom cable assemblies, it is also a recognized leader in the design, manufacture and supply of specialty cable and wire harness solutions for the military, medical and commercial industries,” the company stated. Terms of the transaction will remain private, it noted.

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Sernova Corp. (SVA-T) announced that its president and CEO Philip Toleikis will be appointed chief technology officer. Dr. Toleikis will remain in the CEO role while the company searches for a replacement. It said executive chair Frank Holler will take a leadership role and work closely with Dr. Toleikis during the search period.

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Canfor Corp. (CFP-T) announced a temporary reduction in Canadian production, citing “very weak market conditions.”

The company said production will be reduced through curtailments at all solid wood facilities in B.C. and Alberta, removing about 150 million board feet. The curtailments will start on Dec. 19 and will range from one to four weeks.

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Argonaut Gold Inc. (AR-T) announced an agreement to sell its Ana Paula Project and option the San Antonio Project to Heliostar Metals Ltd.

“Argonaut’s focus at this time is our cornerstone asset, the Magino mine in Ontario ... that will transform the company to a low-cost, intermediate producer,” stated Argonaut CEO Larry Radford. “This agreement allows Argonaut to potentially unlock value in two non-core Mexican assets and provides Argonaut with a very attractive upside for its shareholders.

Heliostar has agreed to acquire Aurea Mining, which through its wholly-owned subsidiary Minera Aurea, indirectly holds the title and permit to mine the Ana Paula Gold Project. There are various conditions to the deal, including a $10-million cash payment on closing.

Argonaut also entered into the option agreement with Heliostar and Compañía Minera Pitalla, an Argonaut subsidiary, which holds the title to the San Antonio Gold Project. The option agreement is subject to concurrent completion of the transactions under the purchase agreement.

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Touchstone Exploration Inc. (TXP-T) announced a $7.5-million financing. The company said it’s also contemplating a concurrent private placement in the United Kingdom and the European Economic Area.

It intends to use the net proceeds to start exploration and development drilling operations on the Ortoire block, in which Touchstone has an 80-per-cent interest.

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Exro Technologies Inc. (EXRO-T) announced a $15-million bought-deal offering. It has an agreement with a syndicate of underwriters that will buy 15,000 units for $1,000 each. Each unit includes $1,000 principal amount senior secured convertible debenture and 416 common share purchase warrants.

The company intends to use the net proceeds to fund the commercialization of its power electronic technology, and for working capital and general corporate purposes.

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InterCure Ltd. (INCR-T; INCR-U-T) announced the withdrawal of a class action lawsuit against it, known as the Regenera Lawsuit.

“It was primarily concerning a motion to certify, as a class action, a claim filed against the company, its directors and its executive officers, alleging that the company violated its obligation to publicly disclose certain events and developments which impacted the valuation of Regenera Pharma Ltd. (in which the Company held an 11.76-per-cent position during the time relevant to the claim).”

The company said the Tel Aviv District Court approved a consent motion on Dec. 2 to withdraw the lawsuit, without any payment to the plaintiff from the company.

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Mandalay Resources Corp. (MND-T) announced that Dominic Duffy will resign as president and CEO for personal reasons in July 2023. He will remain on the board in a non-executive capacity after his departure as CEO. The board of directors has hired a recruiting firm to find a successor.

Also, Ryan Austerberry will be promoted to the role of chief operating officer. Mr. Austerberry is currently general manager of Mandalay’s Costerfield mine.

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Reliq Health Technologies Inc. (RHT-X) announced that a previously disclosed client with a network of Skilled Nursing Facilities in Florida has added an additional 35 facilities to its contract with the company. The addition to the existing contract is expected to add 3,500 new patients per month or 42,000 new patients per year to Reliq’s iUGO Care platform beginning in 2023.