Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Mainstreet Health Investments Inc. (HLP.UN-T) ) is buying a portfolio of three memory care communities for $44.3-million (U.S.).
In connection with the acquisition, Mainstreet entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc., BMO Capital Markets, and CIBC Capital Markets to sell, on a bought deal basis, $45-million of convertible unsecured subordinated debentures.
The company said it intends to use the net proceeds from the offering to finance a portion of the purchase price and for general corporate purposes.
Park Lawn Corp. (PLC-T) said its third-quarter earnings per share fell to 9.4 cents compared to 15.7 cents a year earlier. Analysts were expecting earnings of 13 cents per share.
"Net earnings were impacted by certain one-time, non-recurring or non-cash revenue and expense items," the company said in a release.
Adjusted net earnings increased by 33.7 per cent year-over-year to $1.2-million.
"It should be noted that the third quarter of 2015 was particularly strong, due to the conversion of our crypt reservation program. When you adjust for this one-time event, the third quarter revenue shortfall is modest compared to the same quarter last year," stated CEO Andrew Clark in a release.
Raging River Exploration Inc. (RRX-T) said it closed a deal to buy about 620 barrels of oil equivalent per day of production and 24 net sections of land prospective for Viking light oil, for about $58-million. It said the acquisition is from "an arm's length energy producer."
"The acquisition is consistent with Raging River's continuing strategy to consolidate the Viking light oil fairway," the company said in a release.
Included with the acquisition is a natural gas processing facility and associated pipeline network. The company has attributed a value of $5-million to the infrastructure.
Pivot Technology Solutions, Inc. (PTG-X) reported third-quarter revenue of $365.5-million (U.S.), down 12 per cent from a year ago.
Its net loss was $3.2-million or 2 cents per share, compared to a net loss of $2.6-million or 2 cents per share a year ago.
Analysts were expecting revenue of $300-million.
Advantage Oil & Gas Ltd. (AAV-T; AAV-N) says its 2017 budget includes an investment of $205-million targeted to increase annual production by 17 per cent.
The company also said annual 2017 funds from operations is estimated to grow 27 per cent on a per share basis to $210-million "based on an average daily natural gas price of AECO Cdn $2.95/mcf ($2.80/GJ) and the corporation's current hedging positions."
The company said its 2017 through 2019 development plan is targeted to increase 2016 annual production by 56 per cent, or 52 per cent on a per share basis.
Savanna Energy Services Corp. (SVY-T) says Alberta Investment Management Corp. (AIMCo) "does not intend to consent to a change of control of Savanna," which might result from Total Energy Services Inc.'s (TOT-T) announced its intention to make an offer to buy Savanna.
"In the event of a change of control within six months of the closing date of the previously announced $200-million second lien senior secured term loan facility all amounts outstanding under the term loan would become immediately due and payable plus an amount of 3 per cent of the $200 million commitment amount," Savanna said in a statement.
Savanna said it and AIMCo have also agreed to fix the exercise price of the seven million common share purchase warrants to be issued to AIMCo on the initial draw under the term loan at $2.50.
"AIMCo has advised Savanna that it remains supportive of Savanna and is fully committed to completing the previously announced financings," the company said.
Automotive Properties Real Estate Investment Trust (APR.UN-T) is buying an automotive dealership property in St. Bruno, Que. for about $14.3-million.
"This property represents our second acquisition in Montreal and further diversifies our automotive brand representation in Canada's second largest urban market," stated CEO Milton Lamb in a release.
The REIT said it will pay for the acquisition through its existing credit facilities and cash.
Emerald Health Therapeutics Inc. (EMH-X) says it will lease up to 32 acres of agricultural land reserve (ALR) in Metro Vancouver as part of its expansion plans.
"Emerald intends to significantly increase its production of cannabis and cannabis oils through a multi-phase expansion plan that leverages its experience in building, growing, and selling cannabis under Health Canada regulation for licensed producers," the company said.
"Having the experience and capability to scale up operations combined with the opportunity to lease up to 32 acres of ALR lands is a game changer for Emerald," stated lead director Jim Heppell in a release.
Nemaska Lithium Inc. (NMX-T) says it has obtained its first U.S. patent that describes its proprietary process of preparing lithium hydroxide and lithium carbonate using membrane electrolysis.
The company also said it has obtained its second Canadian patent which protects improvements of the electrolysis membrane process for preparing lithium hydroxide.
Carmanah Technologies Corp. (CMH-T) says it's buying EKTA branded products and contracts from Cybernetica AS of Estonia for 1.35 million euros ($1.92-million Canadian).
Cybernetica develops and manufactures software solutions, light signaling and telematics products, maritime surveillance, and radio communications systems, Carmanah said.
"The acquisition accomplishes two important steps in our growth strategy," stated CEO John Simmons in a release. "The ETKA products will strengthen our worldwide product portfolio and allow us to provide more comprehensive single-source solutions for our marine customers. At the same time, the assignment of Cybernetica's sales contracts adds to our overall market share and our position as the dominant provider in Europe."