Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Aurora Cannabis Inc. (ACB-X) says it has entered into a technical services agreement with Melbourne- based Cann Group until the end of 2022 for the "exchange of information and support across areas including the cultivation and processing of medical cannabis; extraction and manufacturing technology and analysis of cannabis extracts."
Cann chairman Allan McCallum said the agreement with Aurora will "provide critical technical support as Cann proceeds with the expansion of its research and development and cultivation facilities in Melbourne."
"This agreement with Cann is a key element in executing on our international expansion strategy," said Aurora CEO Terry Booth., CEO. "By transferring important operational know-how to Cann, our intention is to support not only the development of one of the leading players in this market, but also to accelerate the development of the broader Australian medical cannabis sector."
Leagold Mining Corp. (LMC-X) says it has received final approval for its common shares to be listed and start trading on the Toronto Stock Exchange on July 20. Its stock symbol will remain LMC.
Sabina Gold & Silver Corp (SBB-T) announced on Tuesday that it has received a copy of the second final hearing report from the Nunavut Impact Review Board (NIRB).
It said the report recommends to the Minister of Indigenous and Northern Affairs Canada that its Back River Gold Project in Nunavut "should proceed to the licensing phase."
"This positive recommendation by NIRB concludes a five-year comprehensive NIRB review and public hearing processes," the company stated.
"After a multi-year environmental assessment, we are extremely pleased with the NIRB giving Back River the green light to move ahead to the licensing phase," stated CEO Bruce McLeod.
Sabina said it will now start submitting applications for the various authorizations required for full-scale construction and operation.
Slate Office REIT (SOT.UN-T) announced on Tuesday the completion of a 60,000-square-foot lease at the Maritime Centre in Halifax.
Volta Labs currently occupies approximately 20,000-square feet of the 19-storey building. "The new space, occupying the ground, mezzanine and second floors, will establish Volta Labs in the Maritime Centre as the cornerstone of the 'Innovation District' in downtown Halifax," the company said.
The takeover of Canadian forest products company Tembec Inc. (TBM-T) by Jacksonville, Fla.-based Rayonier Advanced Materials has been thrown into doubt as major shareholders of the Montreal firm voice their opposition to the friendly $807-million (U.S.) deal.
Oaktree Capital Management, a Los Angeles-based investment manager, said in a statement Monday evening that it has won "significant support" from like-minded Tembec shareholders against the transaction. Oaktree, which holds a nearly 20-per-cent stake in Tembec, doesn't like the price and says Rayonier must increase its offer.
Restructuring Capital Associates, another major Tembec shareholder, said Tuesday it is siding with Oaktree. Together, the firms have roughly 37 per cent of Tembec shares. That's enough to scuttle the friendly takeover as it is currently structured.
"It isn't quite Game of Thrones level, but we are seeing some drama with the Rayonier-Tembec deal," said RBC Capital Markets analyst Paul Quinn. "Ultimately, Rayonier may increase the offer given the overall strategic appeal."
Tembec shareholders will vote on the offer at a special meeting scheduled for July 27. The transaction must be approved by two-thirds of the Tembec shares voted.
In another twist, Oaktree said a highly unusual situation has emerged where a major Tembec investor that backed the deal when it was announced on May 25, Toronto's Fairfax Financial Holdings, can vote its shares for the transaction despite the fact it has since sold off its roughly 20-per-cent stake.
--Nicolas Van Praet
Chorus Aviation Inc. (CHR-T) says it has acquired three Bombardier Q400 aircraft currently on long-term operating leases to Falcon Aviation Services of Abu Dhabi, United Arab Emirates.
It said the aircraft are two years old and are incremental additions to its growing regional lease fleet.
"We are continuing to execute on our diversification and growth strategy, significantly broadening our customer base while remaining focused on the regional aviation sector," said CEO Joe Randell.
MacDonald, Dettwiler and Associates Ltd. (MDA-T) says its board has approved minor amendments to its 2017 Long Term Incentive Plan and Omnibus Equity Incentive Plan.
"The amendments have been proposed to address best practices for plan design and to conform to guidelines established by Institutional Shareholder Services," the company stated.
It said the proposals will be voted on at the upcoming annual and special meeting of the shareholders on July 27.
It said the changes "are not expected to substantively impact the company's compensation practices moving forward."