Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Obsidian Energy Ltd. (OBE-T) says it and investment firm FrontFour Capital Group LLC “have found common ground and entered into a settlement agreement” that sees FrontFour will nominate two directors at Obsidian’s next annual shareholder meeting on May 11.
“This agreement enables Obsidian Energy to continue to direct its full energy towards executing the company’s strategy and creating value for all shareholders,” said chairman Jay Thornton, in a release.
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Cardiome Pharma Corp. (CRME-Q; COM-T) says CRG Servicing LLC has waived its right to receive payment of certain cash compensation of up to $6-million, as part of an amended agreement. According to a release, Cardiome also says CRG has “agreed to permit the divestiture of Cardiome’s Canadian business portfolio under the proposed transaction with Cipher Pharmaceuticals.” As a consideration, CRG received 800,000 common share purchase warrants with an exercise price of US$2.50.
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Isodiol International Inc. (ISOL-CN) says it has signed a letter of intent with Agrima Botanicals Corp. to import cannabidiol isolate into Canada from Isodiol’s production facility in the United Kingdom.
“The team at Agrima Botanicals is known for their focus on R&D and we are looking forward to our work together in additional product development opportunities, as well as potential clinical trials,” stated Marcos Agramont, CEO of Isodiol.
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Tricon Capital Group Inc. (TCN-T) says it has an agreement to sell the portfolio of 14 manufactured housing communities, including its Tricon Lifestyle Communities investment vertical to an institutional investor. “The sale of our TLC manufactured housing communities portfolio represents the next meaningful step along our stated plan to simplify Tricon’s business,” said Gary Berman, CEO of Tricon Capital. “We intend to use the net proceeds largely to pay down our corporate credit facility, reducing our overall debt level and creating additional flexibility for future investments. Going forward, we will focus our growth efforts on our core investment verticals, where we have a clear path to scale, leadership and attractive long-term returns.”
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MTY Food Group Inc. (MTY-T) reported revenue of $63.7-million for the first quarter ended Feb. 28, down slightly from $64-million a year earlier.
Net income was $45.3-million or $2.12 per share versus $2-million or 9 cents per share a year earlier. “A large part of the increase is attributable to a one-time adjustment in the prospective income tax rate for the United States used to calculate the deferred income taxes,” the company said. Excluding the impact of this non-recurring adjustment, net income attributable to owners would have been $9.1-million or 42 cents per share.
Analysts were expecting revenue of $66.3-million and adjusted earnings of 53 cents per share.
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Hiku Brands Co. Ltd. (HIKU-CN) says its wholly owned subsidiary Doja Cannabis Ltd. received an amendment to its license from Health Canada to include the sale of dried cannabis, cannabis plants and seeds. “Receiving our license to sell is the crowning milestone in our licensing journey that started in 2013,” said Alan Gertner, CEO of Hiku.
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Cannex Capital Holdings Inc. (CNNX-CN) says it has signed a binding letter agreement to acquire California-based Ametrine Wellness Inc. dba Jetty Extracts, which has cannabis extraction and processing facility in that state.
“Founded in San Diego prior to moving to Oakland, Jetty has wide distribution and strong brand recognition throughout the Golden State,” the company said.
Jetty also developed, distributes and has a 50-per-cent ownership in MindTricks, an artisan toffee edibles brand, recently featured in Rolling Stone magazine, the company said in a release.
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Cannabis Wheaton Income Corp. (CBW-X) says it has an agreement to buy Robinson’s Cannabis Inc., a Kentville, N.S.-based late-stage licensed producer applicant under the Access to Cannabis for Medical Purposes Regulations. As part of the agreement, Robinson’s shareholders are entitled to receive a total of about 9.4 million shares, the company said in a release.
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Horizon North Logistics Inc. (HNL-T) says its Industrial Services division, through the Halfway River Horizon North Camp Services Limited Partnership, has been granted a conditional award to develeop full turn-key camp facilities and services in the North Montney region of northeast B.C. “The conditional award provides for the construction of two new workforce accommodations facilities of 575 and 610 beds respectively and the utilization of Horizon North’s existing Kobes Creek Lodge open camp,” the company said.
Revenue for the full term of the award is expected to be $63-million over the period of August 2018 to November 2019.