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New Gold’s New Afton mine, west of Kamloops, B.C., produces twice as much copper than gold, in dollar terms. That allows New Gold, quite legitimately, to report extraordinarily low company-wide mining costs, much lower than at its properties where gold dominates.

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Canopy Growth Corp. (WEED-T) CEO Bruce Linton wrote an open letter to shareholders saying the company's management team has taken steps to "enhance quality assurance practices and operational controls" since its acquisition of Mettrum Health Corp. "in order to bring operations up to our world-class standard."

"Customer safety and trust are always our top priorities, and they are particularly important following the Mettrum product recall," stated Mr. Linton in the letter.

He said Mettrum products available today have been tested at third-party labs "over and above Health Canada's requirements, including rigorous testing for pesticides."

He said the testing will continue, "along with Canopy's high standards for operational controls to assure Mettrum customers that a recall like this will never happen again."

He added: "Restoring confidence in Mettrum requires more than just changes going forward. It requires openness and transparency starting today, to ensure patients understand the recent Mettrum recall. Canopy Growth did not own Mettrum when this happened, but we will provide all the answers and information available to us."

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Redknee Solutions Inc. (RKN-T) says the board has approved a new strategic plan for the company "intended to create a strong platform for long-term growth, simplified operations, and sustained profitability."

Under the leadership of newly appointed interim CEO Danielle Royston, the company said intends to create two major operating units: Strategic Global Accounts and Packaged and Cloud Solutions and will wind down non-telecom operations that don't fall into those units.

"Our immediate priority for the business is to deliver consistent customer and financial success," said Ms. Royston in a statement. "I am confident this new strategic plan will provide our customers with greater focus, talent, and innovation, all while enabling us to optimize profitability."

The strategic plan includes a corporate restructuring based on a go-forward revenue base of $120 million (U.S.) " a level at which there is realistic mid-term visibility once the impact of completing service engagements and known future customer churn are factored."

The restructuring will require about $60 million in capital that Redknee said is expected to be financed through an equity raise in the form of a public issue or rights offering.

It said the restructuring is expected to be completed in 2018.

**

Calfrac Well Services Ltd. (CFW-T) said revenue in the fourth quarter of 2016 was $192.8-million, a decrease of 33 per cent from the same period in 2015. Its net loss attributable to shareholders was $61.5-million or 51 cents per share compared to a net loss of $141-million or $1.45 per share diluted in the same period last year.

Analysts were expecting revenue of $195.1-million and a loss of 32 cents per share.

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Halogen Software Inc. (HGN-T) has an agreement to be acquired by Saba Software, Inc., a  talent management software company headquartered in California.

"The agreement contemplates that Saba and Vector Capital, together with their affiliates, will acquire all of the issued and outstanding shares of Halogen, other than shares re-invested by Halogen's Executive Chairman Michael Slaunwhite and parties related to him, for $12.50 in cash per share," the company said.

That values the company at $293-million.

Halogen also reported fourth-quarter revenue of $18.7-million (U.S) up from $17.2-million a year earlier.

Net income was $146,000 or a penny per share as compared to a loss of $2.6-million or 12 cents per share a year ago.

Analysts were expecting revenue of $18.3-million and earnings of 3 cents per share.

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New Gold Inc. (NGD-T; NGD-N) is raising $150-million (U.S.) in a bought-deal financing.

It has an agreement with a syndicate of underwriters to buy 53.6 million common shares at $2.80 each.

New Gold said it intends to use the net proceeds to finance the completion of the construction of the Rainy River gold project in Ontario.

**

CRH Medical Corp.  reported fourth-quarter revenue of  $25.8-million (U.S.) compared to $13.9-million for the comparable period in 2015.

It said the increase is mainly attributable to revenue contributions from the anesthesia service businesses it acquired. Analysts were expecting revenue of $29.3-million.

Total adjusted EBITDA was $14.5-million up from $7.3-million a year earlier.

**

Exchange Income Corp. (EIF-T) reported fourth-quarter revenue was $221.7-million, down one per cent from a year earlier.

Consolidated EBITDA was $51.3-million, up 11 per cent form a year earlier.

Net earnings were $13.9-million or 48 cents per share versus $9.9-million or 36 cents a year earlier.

Analysts were expecting earnings of 51 cents per share and revenue of $234.5-million.

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Pason Systems Inc. (PSI-T) reported revenue of $48.8-million in the fourth quarter of 2016, down 18 per cent from $59.8-million in the same period of 2015.

The company said U.S. drilling activity fell 23 per cent while Canadian activity was relatively flat.

Its net loss of $11.3-million or 13 cents per share compared tofrom the net loss of $800,000 or a penny per share a year earlier.

Analysts were expecting a loss of 4 cents and revenue of $46.8-million.

**

Pure Industrial Real Estate Trust (AAR.UN-T) says it's buying a "core asset" in Houston, Texas and has a commitment with two Canadian chartered banks for a $150 million unsecured credit facility.

The Houston acquisition is the Cedar Port Distribution Centre, which includes two newly constructed buildings for $83.2 million.

**

Sierra Metals Inc. (SMT-T) says shareholders have voted to spin-out to existing shareholders its 100-per-cent owned Las Lomas Project into a new public entity called Cautivo Mining Inc.

"Sierra Metals is committed to an ongoing program of maximizing value for Sierra shareholders," stated CEO Mark Brennan in a release. "The Las Lomas Project is not considered to be part of the company's core focus and management, as well as the board of directors, believe the value of the Las Lomas Project is not being fully reflected in the current share price of Sierra Metals."

**

North American Energy Partners Inc. (NOA-T: NOA-N) is raising $40-million in a bought-deal offfering of convertible unsecured subordinated debentures.

It has an agreement with a syndicate of underwriters to buy the debentures due March 31, 2024 at a price of $1,000 each.

Proceeds will be used "for future growth opportunities and for general corporate purposes," the company said.

**

Crombie Real Estate Investment Trust (CRR.UN-T)  reported fourth-quarter funds from operations (FFO) of $45.5-million or 30 cents per unit, an increase from $38.3-million or 29 cents a year earlier.

Property revenue was $105.3-million up from $92.8-million a year earlier.

**

Algoma Central Corp. (ALC-T) reported fourth-quarter revenue of $127.4-million up from $199.2-million a year earlier.

Its net loss from continuing operations was $20.2-million or 52 cents per share versus a profit of $9-million or 23 cents a year earlier.

**

Superior Plus Corp. (SPB-T) says subsidiary Superior Plus LP is issuing $250-million senior unsecured notes.

Superior LP said it intends to use the net proceeds to repay drawn amounts under its syndicated bank credit facility and to partially finance the $412-million purchase price of the option to acquire the Industrial Propane business of Gibson Energy Inc.

**

Guardian Capital Group Limited (GCG-T; GCG.A-T) reported fourth-quarter revenue of $38.2-million compared to $34.4-million a year earlier.

Net earnings attributable to shareholders were $19.4-million or 65 cents per share compared to $17.1-million or 56 cents per share.

**

Cott Corp. (COT-N; BCB-T) reported fourth-quarter revenue of  $887-million (U.S.) up from $698.8-million a year earlier.

Its net loss was $76.1-million or 56 cents per share, compared to a loss of $2.9-million or 4 cents a year earlier.

Adjusted net income, including adjustments for acquisition, integration and other costs as well as a tax valuation allowance, were $31-million and 24 cents per share, compared to adjusted net income and adjusted net income per diluted share of $23 million and 22 cents, respectively.

Analysts were expecting revenue of $891-3-million and a loss of 4 cents per share.

**

Slate Retail REIT (SRT.UN-T) reported rental revenue of $25-million (U.S.)  in the fourth quarter  compared to $23.1-million a year earlier.

Its net loss was $12.4-million, compared to a loss of $1.1-million a year earlier.

FFO was $8.7-million, compared to $10.5-million a year earlier, due primarily to a $2.8-million charge to income from the mortgage defeasance, the company said.

**

Trican Well Service Ltd. (TCW-T) reported fourth-quarter revenue of $114.8-million compared to $157.8-million a year earlier.

Its operating loss from continuing operations was $7.4-million compared to income of $14.7-million a year earlier.

Net income was $56.9-million or 29 cents per share versus a loss of $16.5-million or 11 cents a year earlier.

Analysts were expecting revenue of $103.4-million.

**

Western Energy Services Corp. (WRG-T) reported fourth-quarter revenue of $45.1-million up from $42.7-million a year earlier.

Its net loss was $14.5-million or 20 cents per share compared to a loss of $55-million or 75 cents a year earlier.

Analysts were expecting a loss of 17 cents per share and revenue of $40.7-mllion.

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