Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cronos Group Inc. (CRON-Q; CRON-T) confirmed that it is engaged in discussions “concerning a potential investment” by Altria Group Inc. (MO-N) in the company.
"No agreement has been reached with respect to any such transaction and there can be no assurance such discussions will lead to an investment or other transaction involving the companies," the company stated after markets closed Monday.
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Aphria Inc. (APHA-T) issued a statement before markets opened on Tuesday saying it “unequivocally stands behind” its Latin American and Carribean operations after short seller allegations about a recent deal in the region which caused its stock to plunge nearly 28 per cent to $7.60 on Monday.
"Since closing this important strategic acquisition in September, we have made considerable progress supporting and building out our operations on the ground in Latin America and the Caribbean," stated CEO Vic Neufeld. "We have nearly 100 employees across the region dedicated to advancing the company's business interests, including cultivation, processing, research and development, partnerships and continued expansion. International operations are a core component to our proven growth strategy and we are working to integrate and enhance operations and product channels throughout Latin America to position them for sustainable, long-term shareholder value creation."
Mr. Neufeld also stated that he and other members of our executive management team “stepped up to demonstrate our confidence in the company’s business plan, growth strategy, integrity and value of the assets by personally investing more than $3.1-million in Aphria’s common shares,” on Monday.
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Callidus Capital Corp. (CBL-T) said it has an agreement to sell the commodity division of C&C Resources Inc. for about $100-million in cash. “Callidus will realize the vast majority of the current carrying value for all of the assets of C&C, which it acquired in 2017, while retaining ownership of C&C’s remaining assets,” the company stated in a release.
“This transaction affirms our investment strategy and internal valuations,” stated president David Reese.
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Taseko Mines Limited (TKO-T; TGB-N) is buying the remainder of Yellowhead Mining Inc.'s (YMI-T) shares that it does not already own. Taseko’s acquisition cost, after taking into account the existing 21-per-cent ownership, is $15.1-million, payable in 17.3 million Taseko common shares, the company said.
Under the terms of the transaction, each Yellowhead shareholder other than Taseko will receive 1.1484 Taseko common shares for each Yellowhead common share held, which is $1 per share based on Taseko's 5-day volume weighted average price.
"Our management and technical teams are pleased with this transaction and both Taseko and Yellowhead shareholders should be as well," stated Russell Hallbauer, CEO of Taseko.
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