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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.

Namaste Technologies Inc. (N-X) announced an “in-depth strategic review of its current and future operations globally in an effort to streamline the business and ensure compliance throughout the organization.” The company added that, as part of the process, “management has been reviewing the entire business in an effort to focus the organization on the highest value opportunities to maximize future growth.”

The company also said it has been advised that the National Health Surveillance Agency (Anvisa) in Brazil has identified "irregular online advertising of certain tobacco products" on a website operated by Namaste and are "proposing to commence administrative proceedings." Namaste has temporarily suspended the sale of all of its products in Brazil "pending a full compliance review with external counsel and other advisors." Sales of such products in Brazil are expected to represent approximately 8 per cent of the company's estimated global revenue globally for the 15 months ended Nov. 30, the company stated.

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Separately, Namaste announced on Wednesday a share purchase agreement to acquire 49-per-cent of Calgary, AB based Choklat Inc., a premium chocolate manufacturer, for $1.5-million in cash. As part of the acquisition, Namaste said it will be appointing a member to the board of Choklat

“Choklat is a great acquisition for us with a vast offering of existing products that can be easily infused with THC or CBD and sold as edibles,” said Meni Morim, interim CEO of Namaste.

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Baytex Energy Corp. (BTE-N; BTE-T) reported sales of $358.4-million in the fourth quarter up from $303.2-million a year earlier and ahead of expectations of $318.1-million. Its net loss was $231.3-million or 42 cents per share versus net income of $76-million or 32 cents per share a year ago.

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Stuart Olson Inc. (SOX-T) reported consolidated contract revenue of $227.6-million in the fourth quarter as compared to $282.6-million a year ago and below expectations of $244.6-million. Adjusted EBITDA of $7.2-million compared to $11.5-million a year earlier. Its consolidated net loss of $1.3-million or 5 cents per share in the fourth quarter compares to net earnings of $5.7-million or 18 cents per share in the same period last year.

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Drone Delivery Canada Corp. (FLT-X) announced a $7-million bought-deal financing. The company said it has an agreement with GMP Securities L.P., which has agreed to purchase 6 million units at $1.20 each. Each unit consists of one common share and one half common share purchase warrant. The warrants entitle the holder to purchase one common share at a price of $1.50 until 24 months after the closing date.

The company said it intends to use the net proceeds to further build out its international drone delivery logistics platform, increase the management and sales team and to provide additional resources for the commercialization rollout and for new projects.

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Patriot One Technologies Inc. (PAT-X) announced it has received conditional approval to graduate its listing from the TSX Venture Exchange to the TSX, subject to certain customary conditions which the company said it intends to fulfill in the coming weeks.

“The entire team at Patriot One is thrilled to have qualified to uplist to the prestigious TSX main board,” stated CEO Martin Cronin.

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Pengrowth Energy Corp. (PGF-T) said its board commenced a formal process “to explore and develop strategic alternatives with a view to strengthening the company’s balance sheet and maximizing enterprise value.”

The company also reported a net loss of $503-million or 91 cents per share in the fourth quarter versus a loss of $210.4-million or 38 cents a year ago. Oil and gas sales came in at $111.2-million compared to $130.5-million a year earlier.

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Black Diamond Group Ltd. (BDI-T) reported consolidated revenue in the fourth quarter was $45.4-million, up 9 per cent from the same time last year and ahead of expectations of $36.3-million. Funds from operations came in at $10-million or 18 cents per share versus $13.9-million or 25 cents a year earlier. The company reported a loss of $3.8-million or 7 cents per share versus a loss of $78.8-milion or $1.43 per share a year earlier.

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Timbercreek Financial (TF-T) reported net investment income of $25.2-million, up from $23.2-million a year ago. Analysts were expecting revenue of $26.5-million. Net income and comprehensive income was $15.3-million or 18 cents per share, which was in line with expectations and compared to $12.9-million or 17 cents a year ago.

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Aecon Group Inc. (ARE-T) increased its dividend and reported fourth-quarter revenue that beat analysts’ estimates. The company said fourth-quarter revenue came in at $948.5-million up from $685-million a year earlier and ahead of expectations of $775.1-million. Profit was $27.9-million up from $21.1-million a year earlier.

Aecon also said its board approved an increase to the quarterly dividend to 14.5 cents per share from 12.5 cents per share previously. The first increased dividend will be paid on April 1 to shareholders of record on March 22, the company stated.

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CanWel Building Materials Group Ltd. (CWX-T) reported fourth-quarter revenues decreased by 4.4 per cent to $264-million when compared to $276.2-million in the same period in 2017. Analysts were expecting revenue to come in at $268.1-million. Adjusted EBITDA amounted to $8.9-million, compared to $13.4-million in 2017 and was ahead of expectations of $7.3-million.

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Alaris Royalty Corp. (AD-T) reported revenue was $25.3-million in the fourth quarter, an increase of 16.9 per cent over the comparable 2017 period. Earnings came in at $18-million or 49 cents per share versus $11.4-million or 31 cents a year earlier. Analysts were expecting revenue of $24.8-million and earnings of 38 cents per share.

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Clairvest Group Inc. (CVG-T) announced that it and Clairvest Equity Partners IV have completed a transaction to sell their interest in the Rivers Casino to Churchill Downs Inc. for an enterprise value of US$1.45-billion.

“Upon completion of the transaction, Clairvest realized cash proceeds of approximately US$135-million, which when combined with cash proceeds received to date, represents 8.4 times invested capital over the 9-year investment period,” the company stated. The company said the completion of the transaction is expected to increase its book value per share by approximately 58 cents per share from the reported December 31, 2018 book value per share of $49.65 per share.

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