Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hudson’s Bay Co. (HBC-T) announced that Le Tote Inc., a fashion rental subscription service, will acquire HBC’s Lord + Taylor business.
"Le Tote’s proprietary technology, data and innovation combined with Lord + Taylor’s traditional store footprint, e-commerce presence and merchandise selection will offer customers a new experience in the mid-market segment," the company stated.
Under the terms of the agreement, Le Tote will acquire the Lord + Taylor brand and related intellectual property while assuming operations of 38 stores, Lord + Taylor’s digital channels and the associated inventory, the company added.
HBC will receive $99.5-million in cash upon the transaction’s closing and a secured promissory note for $33.2-million payable in cash after two years. HBC will also receive an equity stake in Le Tote, two seats on the company’s board and certain rights as a minority shareholder.
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BSR Real Estate Investment Trust (HOM-UN-T) announced the purchase of two apartment communities in Austin, Texas, totalling 554 apartment units, for a total of US$104.4-million.
The REIT also announced a US$35-million bought-deal financing and a US$15-million private placement and said it has increased its senior secured revolving credit facility from US$110-million to US$175-million.
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Abacus Health Products, Inc. (ABCS-CN) says second-quarter revenue increased 55.2 per cent year-over-year to US$3.2-million. The company lost US$3.5-million before expenses and taxes versus a profit of US$634,828 a year ago.
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Canfor Corp. (CFP-T) announced additional operating curtailments in B.C. that will reduce production capacity by 75 million board feet. Its Houston, Polar, Prince George and Fort St. John sawmills will be curtailed the week of Sept. 3. In addition, Canfor's Plateau and Houston mills will transition to a four-day workweek in September, "which will remain in effect until market and economic conditions support a return to the full operating schedule of five days per week." the company stated. It said the curtailments are "due to the ongoing low price of lumber and the high cost of fibre, which are making the operating conditions in BC uneconomic."
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Slang Worldwide Inc. (SLNG-CN) announced its second-quarter net operating revenue came in at $7.2-million versus $440,000 a year ago. Net income of $17.5-million or 8 cents per share compared with a loss of $13.2-million or 18 cents a year ago.
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Emerald Health Therapeutics, Inc. (EMH-X) announced a $25-million convertible debenture unit financing. It said a single Canadian institution investor has agreed to purchase 2,500 secured convertible debenture units at a price of $10,000 each.
Each convertible debenture unit includes one 5 per cent secured convertible debenture of the company in the principal amount of $10,000 and 5,000 common share purchases warrants. The company said it intends to use the net proceeds "to repay the outstanding loan to Emerald Health Sciences Inc. and the remainder for working capital."
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CannaRoyalty Corp., doing business as Origin House (OH-C) reported second-quarter revenue was $21.4 million as compared to $3.5 million for the same period a year ago. Its net loss, which it said was driven by non-operating charges, was $34.9-million as compared to net income of $9.3-million a year ago. Its adjusted EBITDA loss was $21-million as compared to Adjusted EBITDA income of $11.1 million a year ago.