Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Black Diamond Group Ltd. (BDI-T) is buying the modular workspace rental fleet and related assets from Britco LP, a wholly-owned subsidiary of WesternOne Inc. (WEQ-T) for $41-million.
"The transaction is expected to give Black Diamond a leading position in the British Columbia workspace solutions market, and provide additional size and scale to the company's existing BOXX Modular operations," it said in a release.
The company said it funded the acquisition by drawing down on its current lending facilities.
Alongside the transaction, Black Diamond said it plans to raise $29-million in a bought-deal financing.
It has an agreement to sell 7.7 million shares for $3.75 each.
Proceeds are expected to be used to repay the debt drawn to fund the purchase price of the transaction, the company said.
Osisko Mining Inc. (OSK-T) says it has acquired a significant land position in the Lebel-sur Quévillon area of the Abibiti Greenstone Belt of Quebec, located approximately 110 kilometers west of the Windfall Lake project.
"The acquisition of the Quévillon land package to the west of Windfall strengthens our position in this region and is consistent with our strategy of controlling significant land positions in the Abitibi where we believe Osisko will unlock the exploration potential and develop the next generation of Canadian gold mines," said CEO John Burzynski.
Savaria Corp. (SIS-T) reported fourth-quarter revenue of $31-million, up $4.4-million or 16.5 per cent from a year earlier.
Net income was $3.7-million or 10 cents per share up from net income of $2.9-million or 9 cents a year earlier.
Analysts were expecting revenue of $32.2-million and earnings of 10 cents.
Raging River Exploration Inc. (RRX-T) reported funds flow from operations of $64.6-million or 28 cents per share in the fourth quarter, an increase from $40.7-million or 20 cents in the fourth quarter of 2015.
Net earnings were $19-million or 8 cents per share up from $5.1-million or 3 cents in the fourth quarter of 2015.
Oil and gas revenue was $98.5-million up from $62.9-million a year earlier.
Analysts were expecting revenue of $92.8-million and earnings of 5 cents per share.
UrtheCast Corp. (UR-T) is raising $17-million in a bought deal financing.
It has an agreement with a syndicate of underwriters to buy 11.3 million shares for $1.50 each.
Proceeds will be used for the development of infrastructure and general working capital purposes, the company said.
Dream Hard Asset Alternative Trust (DRA.UN-T) says it has entered into agreements to sell its ownership interests in West Metro Corporate Centre in Etobicoke, Ont. and 460 Two Nations Crossing in Fredericton, N.B. for about $78.6-million.
It co-owns the assets with Dream Office REIT (D.UN-T) and considers them to be "non-core" to its strategy.
Dream Office also sold an asset in Toronto and, including that property, will receive about $86.4-million from the sale.
The buyer(s) weren't disclosed.
Wajax Corp. (WJX-T) reported consolidated fourth-quarter revenue of $313.7-million, down 3 per cent from $324.4-million a year earlier.
Net earnings for the quarter of $8.9-million, or 45 cents per share, increased compared to a net loss of $33.3-million, or $1.66 per share a year earlier, which included a $41.2-million impairment of goodwill and intangible assets. Excluding the asset impairment expense, adjusted net earnings in the fourth quarter of 2015 were $4-million, or 20 cents per share.
Analysts were expecting revenue of $310.2-million and earnings of 36 cents per share.
Imvescor Restaurant Group Inc. (IRG-T) says it has an agreement to sell Groupe Commensal Inc. to an affiliate of Pasta Romana Foods Inc. for $4.2-million.
"With the recent announcements of the acquisition of Ben & Florentine and the divesture of Commensal, we are well prepared to grow our asset-light business model, with a renewed focus on our core business," said CEO Frank Hennessey in a release.
The company also reported fourth-quarter revenue of $10.5-million for the 13 weeks ended Jan. 29 compared to $12.1-million for the 14 weeks ended Jan. 31, 2016.
Net earnings of $2.5-million or 4 cents per share compared to $2.6-million or 5 cents a year ago.
Analysts were expecting revenue of $12.6-million and earnings of 6 cents per share.
Helix BioPharma Corp. (HBP-T) said CEO and chairman Sven Rohmann will drop the CEO title at the end of the month to focus on chairing the board. He will also be an adviser, the company said.
Heman Chao, the company's chief scientific officer, will be adding the role of CEO.
Steve Demas, the chief medical officer, will become chief operating officer, replacing Patrick Frankham who left on March 3.
Baytex Energy Corp. (BTE-T; BTE-N) reported funds flow from operations of $77.2-million or 36 cents per share in the fourth quarter compared to $93.1-million or 44 cents a year earlier.
Its net loss was $359.4-million or $1.66 per share compared to a loss of $419.2-million or $1.99 per share a year earlier.
Enercare Inc. (ECI-T) reported fourth-quarter revenue of $293.1-million, more than double from $141.6-million for the same quarter a year earlier, due largely to the acquisition of Service Experts.
Net earnings were $17.6-million or 17 cents per share as compared to $13.7-million or 15 cents a year earlier.
Analysts were expecting revenue of $287-million and earnings of 13 cents.
Valener Inc. (VNR-T) says its that Gaz Métro Limited Partnership is buying Maryland-based Standard Solar Inc.
"This strategic deal not only expands Gaz Métro's presence and expertise in the rapidly growing U.S. solar energy industry, but also opens the door to a promising approach of combining solar energy with other energy sources such as natural gas in the U.S.," the company said.
Terms of the deal weren't disclosed.
Organigram Holdings Inc. (OGI-X) says it will "launch a strong defense" against a proposed class-action suit related to recent voluntary product recalls.
The company said it was served with notice of the proceeding yesterday, filed with the Supreme Court of Nova Scotia by a Halifax-based law firm.
"The filing seeks to represent Organigram clients who purchased and consumed medical marijuana that was later found to contain trace elements of the pesticides myclobutanil and bifenazate which are not approved for use by licensed growers," the company said
CEO Denis Arsenault said the company offered all non-insured clients impacted by the voluntary recall an account credit equal to the full purchase price of the recalled product.
He said the class action lawyer was wrong saying Organigram had offered refunds to its clients instead of providing account credits and newly harvested marijuana.
"From a financial perspective, we believe there is very little exposure for Organigram going forward," said Mr. Arsenault in a release.
He said the company allocated $2.26-million this quarter to cover losses associated with the recalls.
"We are also talking with our insurer about the company's coverage related to the proposed class-action suit should the court allow it to proceed."
Canopy Growth Corp. (WEED-T) reacted to a "possible class action suit" naming Mettrum Health Corp., saying it was "aware of the extent and scope of the recall Mettrum was conducting," when it recently bought the company.
"Canopy Growth was, and continues to be satisfied with Health Canada's independent decision to classify the Mettrum recall as a Type III recall, defined as 'a situation in which the use of, or exposure to, a product is not likely to cause any adverse health consequences,' " it said in a release.
The company said it will "defend itself vigorously against all suits relating to Mettrum recalls."