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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.

Corus Entertainment Inc. (CJR.B-T) had a $66.4-million net profit attributable to shareholders in its latest quarter, as an increase in television advertising helped to boost revenue. The owner of the Global television network, specialty TV channels and radio stations said the profit amounted to 31 cents per diluted share for the quarter ended May 31.

The profit compared with a net loss attributable to shareholders of $935.9 million or $4.49 per diluted share in the same quarter last year when the company took a $1.01 billion one-time charge. On an adjusted basis, Corus said it earned $66.1 million or 31 cents per share for the quarter, down from an adjusted profit of $78.1 million or 37 cents per share a year ago.

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Revenue in what was the company's third quarter totalled $458.4 million, up from $441.4 million. Television revenue grew to $421.5 million, up from $403 million a year ago. Radio revenue fell to $36.9 million from $38.4 million. Analysts on average had expected a profit of 33 cents per share and revenue of $452.4 million, according to Thomson Reuters Eikon.

-The Canadian Press

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Opposition is building to a $1-billion offer to take Hudson’s Bay Co. (HBC-T) private.

U.S. hedge-fund firm Land & Buildings Investment Management LLC, an investor in HBC that has attacked the $9.45-a-share go-private bid as being too low, has bought up more shares of the retailer, said a source familiar with the situation.

Land & Buildings acquired some of the HBC shares that Ontario Teachers’ Pension Plan sold at $9.45-a-share last week, said the source, who was granted anonymity by The Globe and Mail because the person was not authorized to speak publicly.

Toronto-based fund manager Catalyst Capital Group Inc. acquired another portion of Teachers’ 10-per-cent stake in HBC, The Globe reported this week. Between Catalyst and Land & Buildings, the two bought much of the stake that Teachers’ sold, the source said. Land & Buildings previously was believed to own about 3 per cent of HBC’s shares.

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The $9.45-a-share go-private offer was made on June 10 by a group led by Richard Baker, executive chairman of HBC, representing 57 per cent of the retailer’s shares. For Mr. Baker’s group to be successful, it would need a majority of the minority of shareholders – or another 21.5 per cent – to back the offer.

- Marina Strauss

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A Calgary-based company seeking to build a $10-billion liquefied natural gas plant in Nova Scotia is close to a deal to buy natural gas assets to help fill the first phase of its project, according to people familiar with the situation.

Pieridae Energy Ltd., (PEA-X) led by Canadian LNG investor Alfred Sorensen, has said it requires more production to anchor the massive export-focused development before making a final investment decision.

Pieridae’s shares were halted on the TSX Venture exchange on Tuesday pending a news release from the company. An announcement on a deal could be announced as early as Wednesday, said the people, who spoke on condition of anonymity because they were not authorized to speak publicly.

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The seller of the assets and size of deal were not immediately known.

Pieridae spokesman James Millar declined to comment, other than to say the shares were halted for a material announcement.

-Jeffrey Jones

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Knight Therapeutics Inc. (GUD-T) announced that its new drug submission (NDS) for Ibsrela (tenapanor) has been accepted for review by Health Canada for the treatment of irritable bowel syndrome with constipation (IBS-C)."

Knight stated that it and Ardelyx Inc. (ARDX-Q) entered into a license agreement in March 2018 granting Knight the exclusive right to commercialize tenapanor in Canada.

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“We look forward to bringing Ibsrela, a product with established efficacy and safety, to Canadian patients” said Jonathan Ross Goodman, CEO of Knight. “Ibsrela, with its unique mechanism of action, will provide a new treatment option for IBS-C and will further strengthen Knight’s presence in gastroenterology.”

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Fire & Flower Holdings Corp. (FAF-X) reported revenue of $9.5-million for its first quarter ended May 4, compared to zero revenue for the same quarter a year earlier. Its net loss was $17.1-million or 17 cents per share versus a loss of $2.4-million or 5 cents a year earlier.

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Mandalay Resources Corp. (MND-T) announced a non-binding “heads of agreement” with Equus Mining that gives Equus a three-year period to explore at the 29,495 hectare Cerro Bayo mine in Chile.

The agreement “contemplates an option period in which Equus can exercise its option to acquire all the issued share capital of Compania Minera Cerro Bayo Ldta., including its mining properties, resources and mine infrastructure at Cerro Bayo, as well as the 1,500 [tonne per day] processing plant, which is currently on care and maintenance,” the company stated. It said the agreement has a condition that at 18 months both parties have the right to terminate the agreement.

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