Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Village Farms International, Inc. (VFF-T; VFF-Q) announced that it has exercised its rights to increase its ownership position in Pure Sunfarms and advanced an equity payment to Pure Sunfarms of $5.94-million.
In accordance with agreements, Village Farms says Emerald was obligated to pay that sum to Pure Sunfarms on November 1, "Following Emerald's failure to make this equity payment, Pure Sunfarms issued a default notice to Emerald. Emerald nonetheless remained in default following the expiration of the contractual cure period earlier today," the company stated.
Village Farms said if the equity contribution is accepted by Pure Sunfarms, it will receive an increased equity interest in Pure Sunfarms effective Nov. 19. "The calculation of the precise increased equity interest requires a determination of the fair market value of Pure Sunfarms pursuant to an appraisal process," the company stated, adding that, "In light of Emerald's recent pattern of initiating disputes relating to Pure Sunfarms, no assurance can be given that Emerald will not similarly initiate a dispute in respect of the VF Additional Equity Contribution."
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Endo International plc (ENDP-Q) announced that the U.S. Food and Drug Administration has accepted for review the original Biologics License Application (BLA) for collagenase clostridium histolyticum (CCH) for the treatment of cellulite. The target action date for the BLA has been set for July 6, 2020, the company stated.
"We have confidence in and are excited by the promising results of our CCH for cellulite program, which encompasses the largest U.S. clinical trials for the treatment of cellulite in history," said Paul Campanelli, Endo's chairman and CEO "Acceptance of our BLA is a significant milestone and we look forward to advancing the next steps to bring this treatment to aesthetic physicians and their patients."
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McEwen Mining Inc. (MUX-T; MUX-N) announced a plan to offer shares of its common stock and warrants “to purchase its common stock in a registered underwritten public offering, subject to market and other conditions.” The company said it intends to use the net proceeds to advance its current mining and exploration prospects, for additional operating capital and for general working capital purposes.
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Nexus Real Estate Investment Trust (NXR.UN-X) said its property revenues increased 10.6 per cent to about $14.9-million in the third quarter as compared to $13.5-million a year ago. Net operating income increased by 11.6 per cent to $9.6-million.
Net income of $6.4-million up 54.3 per cent compared to $4.2-million a year ago. Adjusted funds from operations came in at 5.1 cents, in line with expectations and compared to 4.8 cents a year ago.
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TerrAscend Corp. (TER-C) reported third-quarter revenue of $26.8-million up from $1.8-million in the third quarter of 2018. The expectation was for revenue of $29.2-million. “Revenue growth was driven by higher overall sales in Canada as well as strong sales in the U.S.,” the company stated.
The company's net loss for the quarter was $17-million or 33 cents per share versus a loss of $21.1-million or 37 cents a year ago.
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Harvest Health & Recreation Inc. (HARV-C) reported revenue was $33.2-million in the third quarter up from $11.2-million in the third quarter of 2018. Analysts were expecting revenue to come in at $32.7-million.
Its net loss was $39.1-million or 14 cents per share for the third quarter, "which is reflective of investments to support the Company's growth initiatives, disclosed acquisitions and planned expansion." The result compared to a loss of $453,000 a year ago.
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