Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Aritzia Inc. (ATZ-T) reported first-quarter revenue of $145-million up from $126.4-million in the second quarter last year.
"The increase was primarily driven by comparable sales growth of 9.3 per cent, supported by both positive in-store performance and continued momentum in the company's e-commerce business, as well as the revenue from seven new store openings and four expanded or repositioned stores since the first quarter of fiscal 2017," the company said.
Net income for the quarter increased 4.9 per cent to $8.1-million, compared to $7.7-million in the first quarter last year.
Analysts were expecting revenue of $150.3-million and net income of $11.4-million, according to S&P Capital IQ.
WestJet Airlines (WJA-T) reported a record load factor of 82.9 per cent in June, an increase of 2.5 percentage points year over year.
It said revenue passenger miles (RPMs), or traffic, increased 8.9 per cent year over year, and capacity, measured in available seat miles (ASMs), grew 5.7 per cent over the same period.
Westjet reported a record load factor of 82.8 per cent in the second quarter, an increase of 2 percentage points year over year, and said it flew a record 5.9 million guests, a year over year increase of 11.5 per cent or approximately 608,000 additional guests.
MacDonald, Dettwiler and Associates Ltd. (MDA-T) says it has withdrawn and re-filed its joint voluntary notice of a merger with DigitalGlobe Inc. (DGI-T) to the Committee on Foreign Investment in the United States (CFIUS).
It said the refiling will give the committee more time to complete its consideration of the proposed merger.
"Upon acceptance of the re-filing, CFIUS will initiate a new 30-day review period," the companies said in a release. "MDA and DigitalGlobe believe that CFIUS will conclude its consideration of the transaction with no unresolved issues of national security."
The two companies said they're "working diligently" to satisfy all of the remaining closing conditions under the merger agreement.
Meetings of shareholders to approve the transaction are scheduled for July 27.
"The companies now expect to close the merger during the current calendar quarter or shortly thereafter, subject to the aforementioned regulatory approval and customary closing conditions."
Newstrike Resources Ltd. (HIP-X), the cannabis company backed by Canadian band The Tragically Hip, says its Up Cannabis Inc. subsidiary is buying a greenhouse facility along with related equipment, chattels and approximately 16.6 acres of land in Ontario's Niagara region from Westbrook Greenhouses Ltd., for approximately $7.3-million.
"This acquisition marks the attainment of another strategic milestone by providing a potential five-fold increase over existing cannabis production capacity to an estimated annual total of almost 15,000 kg, along with the attendant economies of scale, all in a modern, automated facility that will allow us to reduce production costs while preserving and ensuring the character and quality of our product," noted Jay Wilgar, CEO of Newstrike, Up's parent company.
The purchase price will be financed in part through a new $4-million secured acquisition facility by a syndicate of Newstrike officers, directors and shareholders led by Beechhill Capital Corp. The remaining $3.3-million of the purchase price to be funded from existing capital resources, the company said.
Executives of insolvent Sears Canada Inc. (SCC-T) plan to make a bid for some or all of the troubled retailer, according to court documents.
In all, more than 20 parties have signed non-disclosure agreements tied to a possible takeover of the Toronto-based Sears Canada, which got court protection from its creditors on June 22, the documents say. And Sears Canada's majority U.S. shareholders, ESL Partners LP, which is run by Edward Lampert – chief executive of U.S.-based Sears Holdings Corp. from which Sears Canada was spun off in 2012 – and Fairholme Capital Management LLC are also negotiating to sign non-disclosure agreements in the sale process.
The monitor in the Sears Canada insolvency disclosed in a report filed with Ontario Superior Court on Wednesday that Sears management involved in a planned bid will not have access to confidential information related to the bidding, including other would-be buyers.
-- Marina Strauss
Crombie Real Estate Investment Trust (CRR.UN-T) says it bought a property on McCowan Road in Toronto, Ont. from a third party vendor for $42-million, excluding closing adjustments and transaction costs.
The site includes 4.5 acres of land located next to the McCowan TTC Station and includes a FreshCo anchored strip retail plaza. "Our initial assessment is that there is opportunity to add significant residential density to this site over time as the property is currently not utilized at its highest and best use," said CEO Donald Clow.
Taseko Mines Ltd (TKO-T; TGB-N) says it has scaled back operations at its Gibraltar Mine in light of the severe wildfire conditions in the Cariboo region of British Columbia.
"While there are no fires in the immediate vicinity of Gibraltar and receiving supplies is not an issue at this time, the severity of the situation has impacted our employees' ability to travel to the mine," the company stated. "Mining and milling operations are continuing but have been scaled back due to the reduced workforce availability."
CEO Russell Hallbauer said the company is adjusting schedules for employees who are unavailable to work because of fire threat to their homes and property. "These are difficult circumstances with many employees already evacuated from their homes," he said. "We will balance Gibraltar operations with employee requirements as this dynamic situation develops."
Pure Industrial Real Estate Trust (AAR.UN-T) announced on Wednesday a $16.1-million acquisition of a property targeted for redevelopment in Scarborough, Ont.
It also announced a lease agreement with IKEA Distribution Services CA Inc. for 100-per-cent of the trust's Richmond, B.C. development site.
Leagold Mining Corp. (LMC-X) says it has received Mexican anti-trust commission approval with respect to its $29-million subscription receipt financing provided by a fund managed by Orion Resource Partners.
The financing is in connection with the company's acquisition of the Los Filos Mine from Goldcorp Inc. (G-T).
Northern Blizzard Resources Inc. (NBZ-T) has changed its name to Cona Resources Ltd. effective immediately.
The change is following approval of the name change at the special meeting of the company's shareholders held on Wednesday. The new stock symbol will be "CONA."
Alterra Power Corp. (AXY-T) says its Magma Energy Sweden subsidiary is in the process of negotiating a final settlement of its $71.3-million (U.S.) non-recourse bond (valued as at June 30), which matures on July 16.
"The collateral under the bond will be delivered to the bondholder (formerly the municipality of Reykjanesbær), a consortium of Icelandic pension funds (Fagfjárfestasjóðurinn ORK) and consists solely of shares of Alterra's Icelandic subsidiary, HS Orka hf comprising a 12.7 per cent ownership stake," the company stated in a release.
Alterra's ownership stake in HS Orka hf will reduce to 53.9 per cent, the company said. Alterra, through Magma Energy Sweden, will continue managing HS Orka hf and consolidating its financial results.