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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.

Clairvest Group Inc. (CVG-T) announced it has filed a complaint in the Circuit Court of Cook County, Illinois (Chancery Division) to block the proposed merger between Accel Entertainment, Inc., a Clairvest portfolio company, and TPG Pace Holdings Corp. Clairvest said it filed the complaint while it pursues its claims against Accel and others before the American Arbitration Association.

It says the proposed merger announced on June 13 "is an improper action by Accel that also violates a number of Clairvest’s shareholder approval rights and does not constitute a valid drag-along sale in accordance with Accel’s charter."

Accel Entertainment, Inc. issued a response to the Clairvest lawsuit early Monday stating that it was "disappointed that Clairvest has announced that it has chosen to sue one of its portfolio companies to block a transaction we believe it is contractually bound to support."

According to Accel, "When Clairvest invested in Accel, it agreed that if shareholders owning a majority of the company’s outstanding shares elected to sell their stock, it would take all actions reasonably necessary to consummate the transaction. Instead, it apparently has chosen for its own purposes to attempt to obstruct a sale that is strongly supported by a majority of shareholders and that provides shareholders with significant value and liquidity."

Accel stated that it will “vigorously defend” against Clairvest’s claims and "will seek to enforce Clairvest’s contractual obligations.”

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Knight Therapeutics Inc. (GUD-T) announced that Health Canada has approved Nerlynx for early-stage breast cancer. Knight said that it has the exclusive right to commercialize Nerlynx in Canada under a license agreement with Puma Biotechnology, Inc. (PBYI-Q).

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Adventus Mining Corp. (ADZN-X) announced a $10-million bought-deal private placement. It said the underwriters agreed to purchase 10 million common shares for $1 each. The shares closed at $1.12 on Tuesday.

The net proceeds will be used "to fund exploration and development activities at the Curipamba project, exploration and development activities within the Ecuador Exploration Alliance, including the Pijili and Santiago projects, and general administration and corporate purposes," the company stated.

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Ag Growth International Inc. (AFN-T) announced it has agreed to make a minority equity investment of US$15-million in Farmobile, Inc., an independent agriculture technology company. Ag Growth and Farmobile have also entered into a strategic commercial agreement to expand the existing collaboration between the two companies, according to the release. Ag Growth says it has the right to appoint two directors to the Farmobile board of directors as a result of this investment.

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Drone Delivery Canada Corp. (FLT-X) announced that the United States Patent Office awarded the company its first U.S. patent for its proprietary drone delivery technology. "This is our first United States Patent Office grant, which provides strong protection for our flight management system and our 'Railway in the Sky' concept. This patent win again demonstrates our industry lead in this very disruptive industry," stated chief technology officer Paul Di Benedetto.

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Martello Technologies Group Inc. (MTLO-X) reported sales of $3.4-million for its fourth quarter ended March 31 up from $1.7-million a year earlier. Its net loss was $1.5-million versus a loss of $480,000 a year ago.

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Altius Minerals Corp. (ALS-T) announced that it expects to report attributable royalty revenue of approximately $19.5-million or 46 cents per share for the quarter ended June 30. This compares to revenues of $16.5-million or 38 cents per share generated in the comparable quarter last year. The company said it will release its full results on Aug. 8.

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The Supreme Cannabis Company, Inc. (FIRE-T) announced it will acquire privately-held, Toronto-based Truverra Inc. in an all-share transaction valued at $20-million. “The recent introduction of Health Canada’s amended cannabis regulations creates a distinct opportunity for Supreme Cannabis to establish a leading position in the cannabis extracts markets. With the acquisition of Truverra, we secure a Toronto-based facility equipped to extract our high-quality inputs for concentrates and vaping liquids in the near-term,” stated Navdeep Dhaliwal, CEO of Supreme Cannabis.

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McEwen Mining Inc. (MUX-N) cut its production guidance for gold by 6 per cent. The company said production results in the quarter "were mixed."

“San José and El Gallo, which accounted for 62 per cent of our [second quarter] production, performed well this quarter. At Gold Bar and Black Fox, we have had our head down and were pushing hard all quarter long,” stated chairman Rob McEwen "While both mines delivered better production in [the second quarter] than in [teh first quarter], we didn’t achieve our forecast numbers. As a result, we have reduced our 2019 production guidance for gold by 6 per cent.”

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