Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Northview Apartment Real Estate Investment Trust (NVU.UN-T) said it has agreed to acquire a portfolio of six apartment properties in Ontario for $131.9-million, excluding closing costs. “These transactions provide Northview with opportunities to generate significant income and net asset value growth driven by our high-end renovation program at five of the properties,” said Todd Cook, CEO of Northview. “These acquisitions are consistent with Northview’s strategy of expanding its high-quality portfolio in strong and growing markets, further expands our presence in Ontario and increases future potential units eligible for our successful high-end renovation program.”
Knight Therapeutics Inc. (GUD-T) said Health Canada has approved ILUVIEN for the treatment of diabetic macular edema (DME). Knight entered into an exclusive Canadian agreement for ILUVIEN with Alimera Sciences, Inc. in July 2015. “The approval of ILUVIEN is great news for Canadian DME patients, payors and healthcare providers,” said Jonathan Ross Goodman, CEO of Knight, in a release.
Canopy Rivers Inc. (RIV-X) today reported net income of $11-million or 7 cents in its second quarter ended Sept. 30 versus a loss of $$2.1-million or 2 cents for the same time last year. Analysts were expecting earnings of $1.6-million or nil per share.
Alignvest Acquisition II Corp. (AQY.A-T) a special purpose acquisition corporation, and Sagicor Financial Corp. Ltd plan to combine as part of an agreement intended to constitute AQY’s qualifying acquisition.
"After raising $515.5-million in May 2017, Alignvest began a focused effort to identify suitable qualifying acquisition candidates," the company stated, adding that it targeted insurance companies. Sagicor provides insurance products and related financial services in the Caribbean region.
"AQY believes that our qualifying acquisition with Sagicor represents an opportunity to invest in a best-in-class business at an extremely attractive valuation, and that this investment is entirely consistent with the approach and the objectives outlined at the time of AQY’s initial public offering," it stated.
Sunniva Inc. (SNN-CN) announced the acquisition of LTYR Logistics, LLC, a California-based cannabis distribution company headquartered in San Diego. The company said the deal includes 1,861,971 shares of Sunniva a price of $4.26 each and 620,657 of the shares are subject to achieving operational milestones.
Imperial Metals Corp. (III-T) said it has settled legal action for damages related to the August 2014 failure of the perimeter embankment at the Mount Polley mine which includes payments to the company totalling $108-million. “Upon receipt of the payments, a consent dismissal order will be filed,” the company stated. " This settlement represents compromises of disputed claims and does not constitute an admission of liability on the part of any party to the action."
The company said the settlement provides liquidity for the company to allow the special committee additional time to complete its process of reviewing strategic alternatives "including the sale of some of the company’s assets, joint ventures, a recapitalization, and a sale or merger of the company."
Patriot One Technologies Inc. (PAT-X) said it’s buying EhEye Inc. of New Brunswick, which makes video-threat recognition software. Patriot One will pay 1,636,363 of its common shares to the existing shareholders of EhEye and also proposes to grant up to 277,775 replacement incentive stock options to employee, director and officer option holders of EhEye in consideration of the cancellation of those outstanding EhEye options.
"We are very pleased to welcome the EhEye team into the Patriot One family. Their award-winning threat recognition software will integrate into our client’s existing video camera networks offering a first line of defense to detect active shooters or terrorists approaching a venue with weapons drawn,” stated Martin Cronin, CEO of Patriot One in a release. “It will also offer an additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations between individuals.”