Corus Entertainment's headquarters in Toronto.Cole Buston/The Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Corus Entertainment Inc. (CJR.B-T) is selling its French-language specialty channels Historia and Séries+ to Bell Media for $200-million, pending approval by the Canadian Radio-television and Telecommunications Commission and the Competition Bureau.
"In the 18 months since Corus acquired Shaw Media, we have demonstrated a resolute commitment to de-lever our balance sheet to 3.5 times net debt to segment profit by the end of fiscal 2017 and 3.0 times by the end of fiscal 2018," said CEO Doug Murphy in a release. "As we reviewed our portfolio of assets this year, we determined that while Historia and Séries+ are excellent channels, they are not core to advancing Corus' strategic priorities at this time."
Corus also reported fourth-quarter revenue of $381.2-million, a decrease of 1 per cent from $384.5 million for the same quarter last year.
Net income attributable to shareholders for the quarter ended Aug. 31, was $28.9-million or 14 cents per share as compared to $25,000 or zero cents per share last year.
Adjusted earnings were 22 cents per share versus 7 cents a year earlier.
Analysts were expecting revenue of $389.9-million and adjusted earnings of 16 cents.
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The Hydropothecary Corp. (THCX-X) says Health Canada has granted a licence amendment more than doubling its current licensed storage capacity to 9,380 kg.
The company said it's also planning to construct additional vault space to meet storage requirements anticipated as part of its greenhouse expansion.
"This increase in our licensed storage capacity, when accompanied by our unlimited licence to produce and sell medical marijuana, puts us in a position to provide a consistent supply of high-quality cannabis for both the medical and anticipated legal adult use markets," said Sebastien St-Louis, CEO and co-founder.
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CES Energy Solutions Corp. (CEU-T) says it has agreed to issue and sell $300-million aggregate principal amount of 6.375 per cent senior unsecured notes due Oct. 21, 2024 on a private placement basis.
The net proceeds will be used to redeem the $300-million aggregate principal amount of outstanding 7.375 per cent senior unsecured notes due 2020.
"These transactions will decrease CES' annual interest costs, extend its debt maturity profile and provide additional financing flexibility," the company stated.
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Pivot Technology Solutions, Inc. (PTG-T) says its TeraMach division will provide managed cloud exchange services to the Government of Ontario.
"We believe this award demonstrates the value of our comprehensive offering and ability to successfully serve sophisticated, large-scale organizations that require deeply integrated, always-on connectivity to a myriad of internal and external users," said Hunter Li, CEO of TeraMach, a Pivot company.
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Diversified Royalty Corp. (DIV-T) announced a $50-million bought-deal offering of convertible unsecured subordinated debentures.
The company said it intends to use the net proceeds for general corporate purposes "including to fund potential future acquisitions and working capital."
"Access to capital and financial flexibility are critical to DIV's ability to grow and diversify its top-line royalty portfolio. These $50-million unsecured subordinated debentures will provide DIV with the capital and flexibility it needs to execute its business plan,"CEO Sean Morrison said.