Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Stingray Group Inc. (RAY-A-T; RAY-B-T) announced it has terminated its plans to acquire Music Choice.
“While we continue to see benefits in a combination of Music Choice with Stingray, we are extremely confident in our strategic direction and are excited by the significant opportunities before us,” said Eric Boyko, CEO of Stingray, in a release.
The company cited its recently announced distribution agreement with Altice USA (ATUS-N), one of the largest broadband communications and video services providers in the U.S., which will bring 50 Stingray Music audio channels and hundreds of music videos from Stingray’s On-Demand catalog to Altice USA’s Optimum and Suddenlink subscribers, as a signal of its commitment to “winning the U.S. market.”
“We believe Stingray is well-positioned to continue as the supplier of choice in the United States for curated B2B and direct-to-consumer services,” stated Mr. Boyko.
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Aphria Inc. (APHA-T; APHA-N) said its Colombian subsidiary Colcanna SAS has signed an exclusive agreement with the Federación Médica Colombiana, a national guild that oversees the ethical exercise of the medical profession in Colombia, to jointly develop an academic curriculum on the medicinal use of cannabis.
“Education in the medical community is critical for sustaining the advancement of medical cannabis in Colombia,” said Gabriel Meneses, a vice president for the region at Aphria. “Colcanna is proud to make this exclusive arrangement with Federación Médica Colombiana, which will offer doctors and medical professionals across the country a credible and trusted source of information and training on medical cannabis.”
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Cobalt 27 Capital Corp. (KBLT-X) said it plans to acquire mining and exploration company Highlands Pacific Ltd., which is listed on the Australian Stock Exchange and the Port Moresby Stock Exchange in Papua New Guinea.
Under the terms of the proposed agreement, Cobalt 27 will acquire all of the issued ordinary shares of Highlands that it does not already own for an all-cash offer price of 10.5 cents per share (Australian). The value of the deal is about $96-million (Canadian).
"The acquisition of Highlands will allow Cobalt 27 to gain a direct interest in the Ramu nickel-cobalt mine and materially increase its attributable exposure to the mine's nickel production ... ," stated Anthony Milewski, CEO of Cobalt 27.
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CRH Medical Corp. (CRH-T; CRHM-A) announced it has acquired Anesthesia Care Associates, LLC, a gastroenterology anesthesia practice in Indiana. It’s the company’s first acquisition in the state of Indiana. CRH said the transaction was financed through a combination of its credit facility and cash on hand. The price wasn’t disclosed in the release.
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