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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Pure Gold Mining Inc. (PGM-X) issued a statement, at the request of IIROC, “to confirm that the company’s management is unaware of any material change in the company’s operations that would account for the recent increase in market activity.” The stock surged 10 per cent to 74 cents on Monday.

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Osisko Gold Royalties Ltd (OR-T; OR-N) announced late Monday that it has taken a 15.2-per-cent stake in Barksdale Capital Corp. (BRO-X). Osisko said it bought about 5.8 million common shares at a price of 60 cents each, or about $3.5-million, as part of a non-brokered private placement purchase agreement. Osisko said it acquired the shares for investment purposes.

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Exco Technologies Limited (XTC-T) announced its subsidiary, ALC Bulgaria EOOD, “has voluntarily filed a liquidation petition in Bulgaria” and that “all seat cover production at ALC has now ceased and a trustee is expected to be appointed within the next 14 days to liquidate the company.”

Exco said the liquidation filing was prompted by "ongoing operating losses at ALC driven by its failure to reach an agreement with its primary customer for continued price support." Exco added that an increase in local operating costs and change in labour conditions over the last several years had made the operations "unviable without improved pricing."

“The liquidity filing of ALC is disappointing, however it was the only alternative given the company’s weak liquidity and poor financial prospects,” said Brian Robbins, Exco’s CEO. “On the positive side, the elimination of ALC’s loss-making operations will immediately improve our go forward results and free up management time for more productive activities."

The company said it expects to take a non-cash charge of approximately $6.1-million or 15 cents per share in the first quarter related to the write-off of ALC’s remaining equity. It also expects operating losses during the quarter of approximately $2.2-million or 5 cents per share.

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Hexo Corp. (HEXO-T) announced it will be filing a “preliminary prospectus supplement to its amended and restated short form base shelf prospectus” dated Dec. 14, relating to a proposed $50-million financing. “The offering will be priced in the context of the market with the price and total size of the offering to be determined at the time of entering into an underwriting agreement for the offering,” the company stated.

Hexo said it will use the net proceeds from the offering for general corporate purposes, “including funding the company’s global growth initiatives and research and development to further advance the company’s innovation strategies.”

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MEG Energy Corp. (MEG-T) is looking to make changes to its board of directors and restart a strategic review of its partial upgrading technology following Husky Energy Inc.'s decision to drop its hostile takeover offer for the company. The company said the board is evaluating its composition and has started a review process.

MEG also says that it has hired a financial adviser to help review alternatives for its HI-Q partial upgrading technology. The changes came as MEG announced a base capital budget of $200 million for this year plus an additional $75 million that may be spent later this year, depending on market conditions. MEG says it has the ability to average 100,000 barrels per day of production this year, but due to the Alberta government's mandated production curtailments it expects 2019 production to average 90,000 to 92,000 bpd.

-The Canadian Press

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Canopy Rivers Inc. (RIV-X) says it has completed an equity investment in 10663522 Canada Inc., or “Herbert,” a brand platform that focuses on the adult-use cannabis beverage and edibles market. Canopy Rivers said it subscribed for $1.5-million of preferred shares in Herbert, and received incremental warrants entitling the company to increase its economic interest in Herbert " under certain circumstances, as well as other governance-related rights. "

“Herbert represents an opportunity for Canopy Rivers to be invested at a very early stage in a company focused on the adult-use cannabis beverage and edible product segment,” s tated Narbe Alexandrian, presidentof Canopy Rivers.

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Superior Plus Corp. (SPB-T) announced it expects adjusted operating cash flow {before transaction and other costs per share) and adjusted EBITDA results for 2018 to be “towards the high-end” of its guidance of $1.75-to-$1.95 per share and $345 million-to-$375 million, respectively.

"In regards to [adjusted operating cash flow] per share guidance, the company previously indicated it anticipated being in the lower part of the guidance range," it stated. "The expected 2018 full year results are higher than anticipated due to stronger than expected preliminary energy distribution results, primarily fourth quarter results for U.S. propane distribution, and lower than anticipated cash taxes."

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The company said the preliminary results are unaudited and that final results will be released Feb. 14.

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