The 1109 carat "Lesedi La Rona" is the largest gem quality rough diamond discovered in over 100 years.Dylan Martinez/Reuters
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Freshii Inc. (FRII-T) says it plans to open 60 fewer stores in fiscal 2017 as part of a revised outlook.
The company said it plans to open 90 to 95 stores, down from 150 to 160, citing "slower-than-expected net store growth in fiscal 2017 to date."
The company said it will close 18 non-traditional Freshii Target stores (17 in the 13-week period ended Sept. 24 and one in the 13-week period ended Dec. 31). It also cited delays in multi-unit franchisee store openings in the U.S. and UK, as well as development delays that have led to some operational changes.
"Going forward, the company will continue to assess its capacity to facilitate store openings and continue to make the investments necessary to streamline timelines appropriately and reach store openings outlook," it stated.
Freshii also revised its outlook for the period through to the end of fiscal 2019, including a reduction in system-wide store count of between 730 and 760, from between 810 and 840 stores.
It reiterated its prior annual same-store sales growth outlook of between 3 per cent and 4 per cent for the period fiscal 2017 through fiscal 2019. It also said it expects system-wide sales to grow by between $275-million (U.S.) and $285-million by the end of fiscal 2019, down from between $355-million and $365-million.
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Quarterhill Inc. (QTRH-T; QTRH-Q) says its International Road Dynamics Inc. subsidiary has been awarded a new five-year contract valued at $4.23-million (U.S.) with the Oklahoma Department of Transportation.
IRD will provide installation, repair, service, and calibration at 95 Traffic Monitoring Systems locations across the state.
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Aurora Cannabis Inc. (ACB-T) reported fourth-quarter revenues of $5.9-million compared to $1.2-million a year earlier, "attributable primarily to patient growth, as well as an increase in the average selling price per gram of medical cannabis."
Total product sold for the period was 755,059 grams of dried cannabis and cannabis oils at an average net selling price of $7.45 per gram, as compared to 200,310 grams of dried cannabis in the fourth quarter of 2016 at an average selling price of $6.09 per gram.
Gross profit for the quarter came in at $5.8-million, compared to a $4.2 million loss for the three months ended June 30, 2016
Its net loss was $4.8-million for the quarter ended June 30, compared to a loss of $7.5-million a year earlier.
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Lucara Diamond Corp. (LUC-T) says the "historic" 1,109-carat Lesedi La Rona recovered from its Karowe mine in Botswana in November 2015 has been sold for $53-million (U.S.) to Graff Diamonds.
"The discovery of the Lesedi La Rona was a company-defining event for Lucara," stated CEO William Lamb. "We took our time to find a buyer who would take the diamond through its next stage of evolution."
Mr. Lamb said the price paid is also "an improvement on the highest bid received at the Sotheby's auction in June 2016."
Graff Diamonds is now the owner of the Lesedi La Rona as well as the 373-carat diamond, purchased earlier this year, which formed part of the original stone.
"We are excited to follow these diamonds through the next stage of their journey," said Mr. Lamb.
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Cineplex Inc. (CGX-T) announced an increase of $75-million in its revolving credit facility entered into during the second quarter of 2016.
It said the existing credit facilities allowed for an increase in the revolving facility by an additional $150-million with the consent of the lenders.
Cineplex said its credit facilities now include a $475-million, senior, secured, revolving facility and a $150-million, senior, secured, non-revolving, credit facility.
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Storm Resources Ltd. (SRX-X) says it has received final approval to list the company's common shares on the Toronto Stock Exchange, effective at market open on Sept. 27.
"The TSX is the premier stock exchange for resource companies, offering enhanced visibility, liquidity and access to capital," the company stated."Storm believes that a TSX listing is a logical next step in the company's progression which should facilitate access to a broader range of investors as well as provide exposure to larger pools of capital."
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Uranium Participation Corp. (U-T) reported a net loss for three months ended Aug. 31 of $18.6-million.
That compared to net loss of $37.2-million for the same period a year earlier. The company also said it has increased its previously announced financing to $37.6-million, from $20-million.
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Columbus Gold Corp. (CGT-T) says it signed a shareholder agreement with Nord Gold SE and entered into a formal joint venture with the company to manage and develop the Montagne d'Or gold deposit, located in French Guiana.
Columbus Gold retains a 45-per-cent interest and Nordgold a 55-per-cent interest in Compagnie Minière Montagne d'Or, which is the French subsidiary JV company holding the Montagne d'Or gold deposit.
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Nautilus Minerals Inc. (NUS-T) says it continues to explore financing opportunities to maintain development of its Solwara 1 Project and the company's operations.
The company said it needs to obtain new funding of approximately $41-million (U.S.) by the end of 2017 and at least approximately $15-million before Oct. 31 to meet its contractual commitments related to some of the equipment forming part of the seafloor production system.
The company says it's in "active discussions with various parties, including existing shareholders, regarding potential financing transactions and alternatives."
Still, it said there are no assurances it will secure the necessary additional financing transactions in time.
"Failure to secure the necessary financing may result in the company engaging specialist advisers and taking various steps aimed at maximizing shareholder value such as undertaking various transactions including, without limitation, asset sales, joint ventures and capital restructurings," the company said.
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Supreme Pharmaceuticals Inc. (FIRE-X) announced some leadership changes, including the appointment of Navdeep Dhaliwal as president, after serving as the chief financial officer.
Dimitre Naoumov was appointed CFO, after spending nine years at KPMG.
CEO John Fowler says the changes prepare the company for its next growth stage.
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