Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The company said the Cariboo region "has been under mounting wood supply pressure for the past decade as a result of the mountain pine beetle epidemic. This challenge has been more recently exacerbated by the significant wildfires that the province of British Columbia experienced in the summers of both 2017 and 2018. The resulting wood supply shortage and high wood prices do not support the economic operation of the mill at this time."
The 100 Mile House mill has a stated annual production capacity of 440 million square feet. Approximately 160 employees will be impacted by the curtailment, the company stated.
NFI Group Inc. (NFI-T) says the Maryland Department of Transportation has issued a new order of 15, 40-foot and five, 60-foot Xcelsior clean diesel heavy-duty transit buses under the State of Washington, Department of Enterprise Services contract. “The buses, which will be operated by the Maryland Department of Transportation Aviation Administration, will be used at the Baltimore/Washington International Thurgood Marshall Airport to replace older vehicles on continuous shuttle routes between terminals, airport parking facilities, and the BWI Rail Station,” the company stated.
TeraGo Inc. (TGO-T) announced a $7.7-million bought-deal financing. The company said it has an agreement with a syndicate of underwriters, led by TD Securities Inc., under which the underwriters have agreed to buy 700,000 common shares at a price of $11 each. The stock closed at $12.85 on Tuesday, before the announcement. The company said there is an over-allotment option that would take the gross proceeds to about $8.9 million.
The company said it intends to use the net proceeds "to fund technical and customer trials related to 5G technology in support of launching 5G fixed wireless services in Canada and for general corporate purposes."
Roots Corp. (ROOT-T) reported a loss of $9.8-million or 23 cents per share in the first quarter ended May 4, compared with a loss of $5.6-million or 13 cents for the same period last year. Total sales of $54.4-million compared to $51-million in the first quarter of fiscal 2018. Comparable sales growth of 1.5 per cent was on top of comparable sales growth of 6.8 for the same quarter a year earlier. Analysts were expecting a loss of 14 cents and revenue of $53.7-million in the first quarter of 2019.
Sunniva Inc. (SNN-C) is selling Sunniva Medical Inc. to CannaPharmaRx Inc. (CPMD-OTC Pink) in an all-cash transaction for $20-million, less certain outstanding liabilities, including the mortgage on the property. Net proceeds payable to Sunniva are anticipated to be approximately $15.5-million, the company stated.