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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.

InterRent Real Estate Investment Trust (IIP.UN-T) announced a $200-million equity offering. The REIT said it has entered into an agreement with a syndicate of underwriters to purchase 13.7 million trust units at a price of $14.65 per unit.

The REIT said the net proceeds will be used to repay debt and for "working capital purposes, creating additional liquidity to fund future potential acquisitions."

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Cascades Inc. (CAS-T) announced the closure of the Brown Containerboard Packaging facility in Burlington, Ont. as part of the "continuing optimization initiatives for its containerboard packaging business."

The company said it will be "gradually redeploying production from the Brown facility to our other units in Ontario."

**

Fortuna Silver Mines, Inc. (FSM-N; FVI-T) announced that production activities have resumed at it San Jose Mine in Oaxaca, Mexico.

The Mexican government suspended all non-essential activities, including mining, on March 31. On May 25, the government granted approval to re-start operations at the San Jose Mine and the company said production has officially resumed.

**

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The publisher of the Toronto Star, Canada’s largest-circulation newspaper, has agreed to be taken private by two prominent businessmen for just over $51-million, a small fraction of what the company was worth a decade ago.

NordStar Capital, owned by Jordan Bitove and Paul Rivett, is offering to buy the shares of Torstar Corp. (TS.B-T), which has struggled to cope with a dramatic drop in advertising revenue with a series of asset sales, newspaper closures and staff cuts.

The move comes as the country’s top media executives meet with the federal government in Ottawa to discuss the industry’s plight, which has worsened during the COVID-19 crisis despite massive demand for news and information related to the pandemic.

Torstar’s suitors said they believe the company will be able to withstand the industry’s pressures better as a private corporation. Ten years ago, Torstar class B non-voting stock was worth more than $10. It closed on Tuesday at 40 cents, though it had climbed sharply in recent sessions.

"While we have loved the company and are immensely proud of it, the time has come to pass the torch,” Torstar chairman and former publisher John Honderich said in a statement. “We hope the sale will benefit Torstar in the years ahead and believe that this is the beginning of an exciting new chapter for the company.”

- Jeffrey Jones

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ATS Automation Tooling Systems Inc. (ATA-T) reported revenues of $382.1-million in its fourth-quarter ended March 31, up from $348.6-million a year earlier. Analysts were expecting revenue of $331-million.

Net income was $13.1-million or 14 cents per share down from $18.2-million or 20 cents a year earlier. Analysts were expected EPS of 12 cents in the quarter.

**

Ascot Resources Ltd. (AOT-T) announced a $25-million bought-deal financing. It has an agreement with a syndicate of underwriters that has agreed to purchase 29.4 million shares at 85 cents each. The stock closed at 90 cents on Tuesday.

The company said the net proceeds will be used for the continued development of its Premier Gold Project.

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Sienna Senior Living Inc. (SIA-T) issued a statement regarding a report by the Canadian Forces released Tuesday that included observations from its Altamont Care Community. The company said the military has been working alongside its team since April 27.

"We continue to be deeply saddened by the impact the pandemic is having on long-term care homes. Our commitment to our residents, their families and our team members is to work with government to make sure the concerns identified by the Canadian Forces are addressed," the company stated.

The company said that, with the support of the Canadian Forces, "Altamont has continuously evaluated and implemented additional measures, processes, and protocols in line with provincial and public health directives and requirements, to care for and protect our residents and staff during this crisis. As the report notes, we are already working to increase staffing levels and bend the infection curve."

The company said COVID-19 has had a "severe impact on staffing at Altamont. To deliver the level of care that our seniors deserve, the staffing challenges we face in the long-term care sector must be addressed. We are committed to working with the government, and our health system partners, to solve this urgent issue."

**

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Well Health Technologies Corp. (WELL-T) announced a strategic investment in Phelix AI Inc., a technology service provider that has developed artificial intelligence-powered automation software for health care clinics.

Well said it has invested $250,000 in exchange for a secured, convertible promissory note. Well also said it has entered into a strategic alliance agreement with Phelix.ai where Well is granted rights to use and sublicense Phelix.ai's clinical assistant automation software to the community of OSCAR users.

The convertible note has a 3-year maturity date and automatically converts into common shares of Phelix.ai in the event of a qualified equity financing or a liquidation of Phelix.ai, the company said. It said the convertible note may be repaid by Phelix.ai at any time with Well’s consent. In connection with the convertible note, Well has also received share purchase warrants to purchase common shares of Phelix.ai.

**

The Green Organic Dutchman Holdings Ltd. (TGOD-T) reported first-quarter revenue of $3.1-million, up from $2.4-million a year ago. Analysts were expecting revenue of $4.4-million according to S&P Capital IQ.

The company reported a loss from operations of $15.3-million, with a foreign exchange loss and other non-operating losses of $2.3-million and non-cash impairment charges of $55.8-million, resulting in a net loss of $73.4-million.

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The company said the loss from operations "reflects investments in cultivation and processing infrastructure, sales, and product development costs," as it expands its product portfolio. It compares to a loss from operations of $14.7-million and net loss of $14.1-million a year ago.

The EPS loss was 23 cents versus a loss of 5 cents a year earlier.

The company said that, due to the ongoing COVID-19 pandemic, it was required under IFRS to reduce the book value of its global assets by $55.8-million for impairment as of Mar. 31.

**

Tilray, Inc. (TLRY-Q) announced it will close High Park Gardens, a licensed cannabis greenhouse in Leamington, Ont., in the next six weeks. The company expects to realize annualized net savings of approximately $7.5-million "and avoid significant ongoing capital expenditures."

CEO Brendan Kennedy said the company is "continuously evaluating the evolving needs of our business, against a challenging industry backdrop, to ensure we’re in the best position to produce world-class products and deliver positive results for our stakeholders."

Tilray acquired Natura Naturals Inc, which has since operated as High Park Gardens, in 2019.

**

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