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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.

Acadian Timber Corp. (ADN-T) announced it will terminate its asset management agreement with Brookfield Timberlands Management LP, a subsidiary of Brookfield Asset Management. Acadian said it will internalize its asset management and administrative services functions.

"As a result of the Internalization, the annual base management fee, the annual performance fee and any other fees payable by the company to Brookfield LP will be eliminated effective immediately," the company stated. "The aggregate consideration payable to Brookfield LP in connection with the internalization is $18 million, which will be satisfied in cash."

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Acadian said the Internalization is immediately accretive to its free cash flow per common share by approximately 5 per cent.

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Summit Industrial Income REIT (SMU.UN-T) announced it will acquire a new Class A light industrial property in the YYC Logistics Centre, an industrial park under development adjacent to the Calgary International Airport on land leased from the Calgary Airport Authority, for $15.9-million in cash. The deal will be funded by its recently completed bought-deal equity offering.

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Stuart Olson Inc. (SOX-T) announced the departure of chief financial officer Daryl Sands and appointed Dean Beacon as interim CFO. The company said it has started a search for a new CFO.

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Obsidian Energy Ltd. (OBE-T; OBE-N) announced that it has initiated a formal process to explore strategic alternatives.

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"This process is intended to evaluate the company's strategic options and alternatives to maximize shareholder value," the company stated. "Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a disposition of all or a portion of the company's assets, a recapitalization, refinancing of its capital structure, or any combination of the foregoing."

Obsidian Energy said it believes the review process "will allow for consideration of consolidation within the Cardium play in Alberta."

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Drone Delivery Canada Corp. (FLT-X) announced that, with the assistance of its sales agent Air Canada Cargo, it has a commercial agreement with Vision Profile Extrusions Ltd. to deploy a drone delivery platform for the use of Vision between its properties in Vaughan, Ont.

As part of the agreement, DDC will deploy its DroneSpot takeoff and landing zones as well as additional drone flight infrastructure on the Vision sites. The routes have already been approved by Transport Canada, the company stated. Vision will pay DDC a monthly fee for each drone route.

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Valens GroWorks Corp. (VGW-X) announced revenue guidance for the recently completed third quarter in the range of $16-million to $17-million, which it said is a significant increase over its second-quarter revenue of $8.8-million.

The company also said it expects to report that it has extracted over 26,000 kilograms of cannabis and hemp biomass in the third quarter. “This represents a significant ramp in extraction volumes compared with the 8,547 kilograms of dried cannabis and hemp biomass it processed in the second quarter of 2019, driven by the build-out of the company’s ethanol extraction capabilities and increasing volumes from our new and existing customers.”

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