Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Slang Worldwide Inc. (SLNG-C) announced plans to acquire Arbor Pacific, Inc., a leading producer of branded cannabis products."The proposed transaction will further bolster Slang’s brand portfolio through the acquisition of both the Avitas and Hellavated brands, as well as expand Slang’s distribution footprint into the Washington market," the company stated.
Arbor products are currently available in more than 200 dispensaries in its home state of Washington, which is estimated to be the third largest cannabis market in the U.S., the company stated.
Hudbay Minerals Inc. (HBM-T; HBM-N) announced that Waterton Global Resource Management, Inc., “which is currently waging a proxy contest against the company,” has started a legal proceeding in the Ontario Superior Court against Hudbay.
“Waterton alleges that the company’s management information circular in respect of its annual and special meeting of shareholders to be held on May 7, 2019 contains misrepresentations and seeks to constrain the company’s ability to solicit proxies,” Hudbay stated in a release. “Hudbay believes that the litigation is frivolous and will vigorously defend itself. The company will seek to recover its legal costs from Waterton and will provide further updates on this matter as developments warrant.”
Secure Energy Services Inc. (SES-T) announced it has acquired a 27-per-cent interest in a crude oil storage facility in Cushing, Oklahoma and a 51-per-cent interest in an 80-acre parcel of undeveloped land adjacent to the facility for a total of US$10.4-million.
It said the acquisitions will provide it with "a strategic midstream footprint in one of the largest crude oil storage and trading hubs in North America."
Cervus Equipment Corp. (CERV-T) announced that Angela Lekatsas will succeed Graham Drake as president and CEO upon his planned retirement on May 15. “In addition to significant leadership experience, Ms. Lekatsas has invaluable knowledge gained during her tenure on the board of directors of Cervus since 2013,” said Cervus chair Peter Lacey.
Dream Industrial REIT (DIR.UN-T) announced a $125-million bought-deal financing. It has an agreement to sell 10.85 million units at a price of $11.55 each to a syndicate of underwriters led by TD Securities Inc. The trust said it intends to use the net proceeds “to fund four acquisitions in its target markets, to partially repay the outstanding balance on its revolving credit facility and for general trust purposes.”
National Access Cannabis Corp. (META-X) reported second-quarter revenue of $16.2-million, up from $475,412 a year earlier. Its net loss was $5.6-million or 3 cents per share for the three months ended Feb. 28 compared to a loss of $1.3-million or a penny per share a year earlier, according to its financial statements filed on Sedar.com.
Bonterra Resources Inc. (BTR-X) announced it has received notice of a civil claim, filed by its former CEO and director, Navjit Dhaliwal, and its former vice president of exploration and director, Richard Dale Ginn, seeking payment in the amount of $1,092,000 for each plaintiff.
“This lawsuit is strictly an attempt to bully Bonterra,” stated chairman Greg Gibson “Guided by our duty to act in the best interest of the company and all shareholders, we will vigorously contest this claim and seek appropriate remedy for any damages caused to Bonterra by the plaintiffs’ actions. Our response will be forthcoming.”