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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.

Canopy Rivers Inc. (RIV-T) announced that PharmHouse Inc., it’s 49-per-cent-owned joint venture in Leamington, Ont., has obtained an order from the Ontario Superior Court of Justice granting PharmHouse creditor protection under the Companies' Creditors Arrangement Act.

“Canopy Rivers views PharmHouse’s decision to seek creditor protection as an important step forward in addressing its liquidity and capital resource concerns, determining the most effective way to conduct business going forward, and maximizing value for its stakeholders,” the company stated.

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It also said the recent statement of claim initiated by the joint venture partner against PharmHouse and the company, among others, has been stayed.

Canopy Rivers will act as a debtor-in-possession (DIP) lender for PharmHouse and will provide up to $7.2-million in DIP financing to help the company continue its day-to-day operations throughout the anticipated restructuring. A special committee of its board also intends to continue its review of strategic alternatives for its investment in PharmHouse, the company stated.

Canopy Rivers also said it expects to record a full impairment charge on its investment in PharmHouse common shares, which had a carrying value of $32.6 million as of June 30.

See also: Canopy Growth, related companies face $500-million lawsuit from joint-venture partner

**

Wallbridge Mining Company Ltd. (WM-T) announced a $56-million bought-deal offering. It has an agreement with BMO Capital Markets, on behalf of itself and a syndicate of underwriters, that will buy 49 million common shares for $1.15 each.

Kirkland Lake Gold Ltd. (KL-T) has certain participation rights and will participate in the offering, increasing their post-closing ownership to approximately 9.9 per cent, the company stated.

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The net proceeds from the offering will be used to advance the company’s Fenelon Gold Project and for general corporate purposes.

**

IBI Group Inc. (IBG-T) announced an increase to its previously announced offering of 6.5-per-cent senior unsecured debentures to $46-million from $40-million.

**

Cominar Real Estate Investment Trust (CUF.UN-T) announced its board has initiated a formal strategic review process “to identify, review and evaluate a broad range of potential strategic alternatives available to it with a view to continuing to enhance unitholder value.”

It said the strategic review process will be overseen by a special committee of independent trustees of the board. The REIT also said there’s no definitive timeline to complete the strategic review process “and no decisions have been reached at this time.”

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**

Savaria Corp. (SIS-T) announced a 4.3-per-cent increase to its monthly dividend, to 4 cents from 3.8 cents per share

“The global economic uncertainty stemming from COVID-19 forces Savaria to be cautious about increasing its dividends. For the past five years, we have increased our dividend from 20 cents in 2015 to 46 cents in 2019, representing a 26% average annual increase,” stated CEO Marcel Bourassa.

**

Altus Group Limited (AIF-T) announced the upcoming retirement of its CEO Robert Courteau and the appointment of his successor Michael Gordon, effective Sept. 30.

Mr. Gordon most recently served as CEO of Callcredit Information Group, a U.K.-based information solutions company.

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**

Westport Fuel Systems Inc. (WPRT-T; WPRT-N) announced that it has signed definitive agreements with its joint venture partner in India, UNO MINDA Group to sell the assets of its wholly owned subsidiary Rohan BRC Gas Equipment Pvt. Ltd. to Minda Emer Technologies Ltd., a 50-50 joint venture owned by Westport Fuel Systems and UNO MINDA.

Rohan BRC Gas Equipment primarily manufactures and sells compressed natural gas (CNG) pressure reducers to automotive original equipment manufacturers and sells CNG conversion kits to the aftermarket under the “Rohan BRC” brand in India, the company said.

“Additional Westport Fuel Systems products will be consolidated into Minda Emer Technologies and, where possible, manufacturing for the India market will be localized in the joint venture,” the company said.

It said the joint venture will become Westport Fuel Systems' operational hub to serve the Indian market for passenger cars, commercial vehicles and the large three-wheel vehicle segment.

**

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