Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Dye & Durham Limited (DND-T) reported revenue of $109.6-million for its second quarter ended Dec. 31, an increase of $75.9-million, or 225 per cent from the same period in the prior year.
The company said the increase was primarily due to increased revenue from the recent acquisitions. The average analyst expectation for sales was $113.3-million, according to Refinitiv. It also reported a net loss of $3.98-million, narrowed significantly from a loss of $21.52-million in the prior-year quarter.
- with files from David Milstead
Western Forest Products Inc. (WEF-T) announced that its president and CEO Don Demens has announced his intention to retire by March 31, 2023. The board has started a search for a replacement, the company said.
CEO Darren Kirk said the dividend increase “reflects our confidence in Exco’s ability to grow its earnings per share and continue generating significant free cash flow in the years ahead.” The company said it’s the 14th time it has increased its dividend in 13 consecutive years.
Canadian Net Real Estate Investment Trust (NET.UN-X) announced the acquisition of a 29,904 square-foot retail property in Verchères, Que. for $6.5-million. The company said the property is leased to a Metro grocery store, a Brunet pharmacy, and to a National Bank of Canada branch.
The Valens Company Inc. (VLNS-T) announced “integration initiatives” it says will drive revenue growth and market share gains for each of its portfolio brands as well as increase margins and reduce costs.
The company said it has identified $10-million in annual cost efficiencies and expects to identify an additional $10-million in the coming quarters through additional planned initiatives.
“It’s a pivotal time for Valens after a very acquisitive 2021 that saw us accelerate our business plan from three years to one and create a leading cannabis consumer products company with an exciting portfolio of brands,” said CEO Tyler Robson.
Each subscription receipt will entitle the holder to one unit of the comapny, which includes one common share and one common share purchase warrant. The warrant entitles the holder to buy one share at US$6 for up to five years following the date of issue.
The gross proceeds will be held in escrow pending, among other things, the completion of the listing of the common shares on the New York Stock Exchange. Osisko Development said it anticipates that the proceeds will then be used to advance the development of its mineral assets and for general corporate purposes.
Bragg Gaming Group Inc. (BRAG-T) announced it has appointed Lara Falzon to the new position of president and chief operating officer. Ms. Falzon is an iGaming executive and member of the company’s board since March 1, 2021. She has a “significant track record of managing and structuring several multi-billion-dollar gaming transactions,” the company stated.
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