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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Jamieson Wellness Inc. (JWEL-T) announced a $150-million secondary bought-deal financing. The selling shareholders are CCMP Capital Advisors, LP and Louis Aronne.
The underwriters, led by BMO Capital Markets and RBC Capital Markets, have agreed to sell 8,120,000 common shares at $18.50 each. CCMP will be selling 8,100,000 common shares, while Mr. Aronne will be selling 20,000 common shares.
The proceeds from the offering will be paid to the selling shareholders. The company said it will not receive any proceeds from the offering.
The offering will reduce CCMP's interest in Jamieson Wellness to about 17.7 per cent down from 39.2 per cent. If the over-allotment option is exercised in full, CCMP will own about 14.4 per cent of the company.
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Candelaria Mining Corp. (CAND-T) says it has decided to retract the environmental permit for the Caballo Blanco project in Mexico, "due to the current political climate and upcoming state and federal elections."
The permit was submitted to the Mexican Environmental Authority on July 14.
"The company will use this time to further optimize the project and continue ongoing dialogue with the local communities and state and federal officials," it stated in a release.
CEO Curtis Turner said the company remains optimistic about the Caballo Blanco project going forward.
"The postponing of the permit will allow Candelaria to optimize certain aspects of the project and improve upon existing and establish new relationships with our stakeholders," he said.
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Xtreme Drilling Corp. (XDC-T) says it sold four XDR 200 drilling rigs to a private party in Canada for $9.1-million.
"With the sale of these rigs the company no longer has any rigs or operations in Canada," it stated in a release.
"This sale fits with Xtreme's announced strategy of focusing on major U.S. resource plays along with enhancing liquidity through certain non-core asset sales."
The company also said it continues to "actively market the four XDR 300 drilling rigs for sale."
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Largo Resources Ltd. (LGO-T) says it achieved a new quarterly production record at its Maracás Menchen Mine during the third quarter.
It said the production comes alongside at nearly 250-per-cent increase in vanadium pentoxide to $8.74 (U.S.) per pound from the same quarter a year ago.
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Medicure Inc. (MPH-X) says it has sold its interests in Apicore — a private, New Jersey-based developer and manufacturer of specialty active pharmaceutical ingredients — to an arm's length, pharmaceutical company for about $105-million (U.S.).
"These funds to be received by the company are after payment of all transaction costs, the cashing in of Apicore employee stock options, the redemption of the remaining shares of Apicore not owned by Medicure and other adjustments," Medicure said in a release.
It said additional payments may be payable under the agreement.
Medicure said it acquired Apicore in a series of transactions occurring between July 3, 2014 and July 12, 2017 and had obtained a $60-million (Canadian) loan towards these purchases.
"We are very pleased with our return on investment in Apicore," said CEO Albert Friesen.
The company said intends to use the proceeds from the sale "to retire its approximately $61-million long-term debt, pay the required debt pre-payment fees, pursue the acquisition of additional commercial cardiovascular products and further advance its product development pipeline."
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