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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.

CannTrust Holdings Inc. (TRST-T; CTST-N) announced it’s reducing its workforce by about 180 people, or 20 per cent. The company said the move is part of its efforts to bring its operations and procedures into full regulatory compliance.

CannTrust said the action will save the company about $9-million annually. The company will also record approximately $2-million in severance costs. The majority of the affected employees were in cultivation and customer service support roles, the company said.

Interim CEO Robert Marcovitch said the decision to restructure the workforce reflects the current requirements of the business and "position[s] the company to better serve our patients and customers with high quality, innovative products in the future."

Mr. Marcovitch said the company has "moved swiftly to assess and address the Health Canada report indicating areas of non-compliance in our operations, as well as the findings of the special committee's independent investigation."

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Innergex Renewable Energy Inc. (INE-T) announced a $125-million convertible debenture offering. It has an agreement with a syndicate of underwriters which have agreed to purchase the convertible unsecured subordinated debentures.

The debentures will bear interest at a rate of 4.65 per cent per year, payable semi-annually on October 31 and April 30 each year, starting on April 30, 2020.

Innergex also announced that it has issued a notice of redemption to the holders of its currently outstanding 4.25 per cent convertible unsecured subordinated debentures maturing on August 31, 2020.

The company said the net proceeds of the offering will be used "to initially prepay indebtedness under the corporation’s revolving term credit facility, which will then be available to be drawn, as required, to finance the redemption of all outstanding 4.25 per cent convertible debentures, and to fund development projects and other growth opportunities or for general corporate purposes."

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Slate Office REIT (SOT.UN-T) announced an agreement to sell 5500 North Service Road in Burlington, Ont. for $52.2-million.

The REIT expects to use the net proceeds to reduce outstanding debt and to fund future investment opportunities.

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Marathon Gold Corp. (MOZ-T) announced a $20-million bought deal private placement. It has an agreement with a syndicate of underwriters that have agreed to purchase 2.7 million flow-through units that will consist of one flow-through share of the company and one-half of one common share purchase warrant. The agreement is for $1.85 per flow-through unit and 11.4 million common share units that consist of one common share of the company and one-half of one common share purchase warrant.

Franco-Nevada Corp., which acquired a 2.0% net smelter return royalty in February, intends to participate in the offering, the company said.

Marathon said it intends to use the net proceeds to continue exploration and development of the Valentine Lake gold project and for general corporate

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 26/01/24 11:59pm EST.

SymbolName% changeLast
SOT-UN-T
Slate Office REIT
+5.63%0.75
INE-T
Innergex Renewable Energy Inc
-1.11%7.99
MOZ-T
Marathon Gold Corp
+5.19%0.81

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