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Home Capital Group has terminated its CEO and named an interim replacement.


Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Home Capital Group Inc. (HCG-T) named director Bonita Then as its interim president and CEO, replacing Martin Reid, who was terminated "effectively immediately."

Mr. Reid was also removed from the board.

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The company said it's searching for a full-time replacement.

"Home Capital requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance," said chair Kevin Smith in a release. "Our solid balance sheet, excellent market position and innovative products provide a strong foundation. Under the right leadership, the company can build on that to create more value for our customers, shareholders, employees and other stakeholders. Our goal is to identify the right leader for the company as soon as possible."


Canacol Energy Ltd. (CNE-T) reported adjusted funds from operations of $42-million in the fourth quarter compared to $8.5-million for the same period in 2015.

Petroleum and natural gas revenues increased 141 per cent to $42-million compared to $17.4-million for the same period in 2015.

Analysts were expecting revenue of $44.3-million.

Its income was $20.3-million or 12 cents per share compared to a loss of $84.5-million or 54 cents a year earlier.

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 Westport Fuel Systems Inc. (WPRT-T; WPRT-Q) reported fourth-quarter revenue of $80.4-million compared with $25.1-million for the same period last year, "mainly due to the acquisition of Fuel Systems on June 1," the company said.

Its net loss was $43.2-million or 43 cents per share, compared with a loss of $24.5-million or 38 per share in the same period a year earlier.

Analysts were expecting revenue of $74.6-million.


Pure Industrial Real Estate Trust (AAR.UN-T) is raising $125-million in a bought deal financing.

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It has an agreement syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets to buy 20.9 million units at $6 each.

The proceeds will be used to "selectively" repay debt, fund new acquisitions and for general trust purposes, the company said.


Exeter Resource Corp. (XRC-T; XRA-N) is being bought by Goldcorp Inc.  (G-T; GG-N) for $247-million.

Under the arrangement, each common share of Exeter will be exchanged for 0.12 of a common share of Goldcorp. The deal values each Exeter share at $2.58 -- a 67-per-cent premium based on Goldcorp's and Exeter's closing prices on the Toronto Stock Exchange on March 27.

The arrangement has been unanimously approved by the boards of directors of Goldcorp and Exeter. Two-thirds of Exeter shareholders will need to vote in favour of the deal at a meeting on May 31.


Aurora Cannabis Inc. (ACB-X) says it's a "cornerstone investor" in the initial public offering of Cann Group Ltd. on the Australian Stock Exchange, with a 19.9-per-cent stake.

It said Cann Group is the first company in Australia to be licenced for research and cultivation of medical cannabis for human use.

"We believe that there is potential for Australia to become a leading market for medical cannabis research, innovation, investment and commercialization, given the country's regulatory framework, its entrepreneurial business environment, and the high quality of local talent," said Terry Booth, CEO of Aurora in a release. "The team behind Cann has a wealth of experience, and we are committed to supporting them fully, as Australia's cannabis industry develops."


CanWel Building Materials Group Ltd. (CWX-T) is raising $35-million in a bought-deal agreement with a syndicate of underwriters led by GMP Securities L.P.

The syndicate is buying 5.7 million shares at $6.10 each.

The net proceeds are expected to reduce debt and help fund future acquisitions.


Tio Networks Corp.  (TNC-X) says proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have each recommended that its shareholders approve the takeover by PayPal, Inc. (PYPL-Q).

Shareholders will vote on the deal on April 10, the company said.


Grande West Transportation Group Inc. (BUS-X) says it has a manufacturing agreement to produce Vicinity buses in Atlanta.

The company said its U.S. distributor Alliance Bus Group will produce "Buy America compliant" Vicinity buses for sale to U.S. transit authorities.

"The ability to leverage ABG existing facilities, staff, and deep knowledge of bus technology provides Grande West with a solid foundation upon which it can quickly ramp to production," the company said.

ABG will invest in excess of $1-million (U.S.) to transform their existing 70,000 square foot manufacturing and service facility with tooling and test equipment necessary for production. Improvements will also include a customer inspection and delivery acceptance area. The project is slated for completion by the third quarter, the company said.


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About the Author

Brenda Bouw is a freelance writer and editor based in Vancouver. She has more than 20 years of experience as a business reporter, including at The Globe and Mail, The Canadian Press, the Financial Post and was executive producer at BNN (formerly ROBTv). Brenda was also part of the Globe and Mail reporting team that won the 2010 National Newspaper Award for business journalism. More


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