Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
"This sale is consistent with GMP's stated strategy of intensifying our focus on our Canadian operations where growth opportunities are greater and better aligned with the firm's strategic objectives of improving earnings quality and returning excess capital to shareholders," stated GMP CEO Harris Fricker.
Aphria Inc. (APHA-T; APHA-N) says it has signed a letter of intent with Insumos Medicos S.A., a Paraguayan pharmaceutical manufacturing, import and distribution company, to enter into an exclusive supply and distribution agreement to provide medical cannabis in Paraguay.
"Latin America continues to represent an important growth opportunity within the global medical cannabis industry, and we are excited to be among the first to enter the rapidly emerging market in Paraguay," said Aphria president Jakob Ripshtein in a release.
Sabina Gold & Silver Corp. (SBB-T) announced a $20-million bought-deal offering. The company said it has entered into an agreement with a syndicate of underwriters that have agreed to buy 16.7 million common shares at $1.20 each. The stock closed at $1.38 on Tuesday on the TSX.
The company also said it has provided a financing notice to Zhaojin International Mining Co., Ltd. about the exercise of Zhaojin’s participation right as part of its shareholder agreement with the company. It also said Dundee Precious Metals Inc., as part of an equity participation agreement, have exercised the participation right and will be purchasing $4-million common shares at the offering price as part of the offering.
The company said the net proceeds will be used to advance the development of the company’s Back River Gold Project and for working capital and general corporate purposes.
Northern Dynasty Minerals Ltd. (NDM-T; NAK-N) said that it intends to privately place “with certain accredited investors” up to about 11.3 million special warrants priced at 83 cents each to raise approximately $8.4-million. The special warrants will convert into common shares on a one-for-one basis.
The company said the proceeds will “largely be used in payment of a success fee” in connection with the 2017 settlement of the company’s legal proceedings against the U.S. Environmental Protection Agency.
MORE TO COME