Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Mullen Group Ltd. (MTL-T) says it’s buying Canadian Hydrovac Ltd., a private company based in Sherwood Park, Alta.
In a release, the Mullen Group said it will operate CHL as a standalone business unit within its oilfield services segment. The acquisition is expected to add approximately $25-million in annual revenue to Mullen Group, the company said.
Evertz Technologies Limited (ET-T) reported fourth-quarter revenue of $93-million, down from $106.7-million a year earlier. Net earnings of $8.3-million or 11 cents for the quarter compared to $20.7-million or 27 cents a year earlier. Analysts were expecting revenue of $102.5-million and earnings of 22 cents.
Lucara Diamond Corp. (LUC-T) announced results from a recent stone tender, consisting of 10 single stone lots, which brought in gross revenues of US$32.5-million. It said the 327.48-carat diamond sold for US$10.1-million.
In a release, Lucara said it has now sold 168 diamonds for in excess of US$1-million and 10 single diamonds have been sold for greater than US$10-million.
Summit Industrial Income REIT (SMU.UN-T) says the tenant at its Data Centre One has exercised its option to expand into the remaining 60,000 square feet of the 120,000-square-foot building on the same terms and conditions under its existing lease.
“This new lease expansion and extension bring significant benefits to Summit,” stated CEO Paul Dykeman in a release. “Once DC1 is fully occupied, the new lease will make a significant and growing contribution to our funds from operations and increase our net asset value.”
CannaRoyalty Corp. (CRZ-CN) says it has retained Canaccord Genuity Corp. as lead agent for a private placement of unsecured convertible debentures on a “commercially reasonable efforts basis” to raise up to $30-million. The company said the proceeds from the offering will be primarily used by the company to expand its footprint across California.
WeedMD Inc. (WMD-X) says it has an agreement to become a medical cannabis supplier to Shoppers Drug Mart. It is expected the products will be sold online, since Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies, the company said.
“As one of the most trusted names in pharmacy retailing and patient support services, we are pleased to be partnering with Shoppers Drug Mart as it looks to WeedMD for the supply of premium medical cannabis,” stated WeedMD chairman Michael Kraft.
Emblem Corp. (EMC-X) says it has formed a joint venture under the name “Emblem Germany” with German pharmaceutical wholesaler Acnos Pharma GmbH. The JV will export Emblem-branded cannabis products from Canada and import them into Germany. The JV will be 60-per-cent owned by Emblem and 40-per-cent owned by Acnos.
“Forming Emblem Germany with Acnos supports our market development efforts to establish world-class distribution channels in the regions where cannabis use is federally legal,” said Emblem CEO Nick Dean.