Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Invictus MD Strategies Corp. (GENE-X) has entered into a binding letter of intent to provide GTEC Holdings Ltd. (GTEC-X) with a non-revolving unsecured convertible loan of up to $2-million with an interest rate of prime plus 5 per cent.
Subject to regulatory approvals, interest on the loan facility may be convertible into common shares of GTEC.
The proceeds will be used by GTEC for working capital and for its cannabis retail expansion strategy in Western Canada and Ontario, the companies said.
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Resolute Forest Products Inc. (RFP-N; RFP-T) is selling its Fairmont, West Virginia, recycled bleached kraft pulp mill to ND Paper LLC, a subsidiary of Nine Dragons Paper (Holdings) Limited, for $55-million plus certain elements of working capital, payable in cash.
"We are proud of the progress we have made together with the mill employees over the years to improve the Fairmontoperation," said Yves Laflamme, CEO of Resolute. "Proceeds from this asset sale will enable us to further increase liquidity, and continue to improve our balance sheet and financial flexibility.
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ICC Labs (ICC-X) reported revenue of $151,500 for the quarter ended June 30 versus nil a year earlier. Its loss was $898,500 versus a loss of $930,200 a year ago.
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Resverlogix Corp. (RVX-T) says it has closed a private placement of approximately 10.4 million equity units at a price of $2.50 per unit for gross proceeds of approximately $26-million.
Each unit includes one common share and one-half of a common share purchase warrant. Each full warrant will be exercisable at a price of $3 per share for three years. The net proceeds will be used to fund research and development activities.
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Detour Gold Corp. (DGC-T) issued a release after markets closed on Wednesday that is said “corrects false assertions” made by Paulson & Co. regarding the company’s director and officer shareholdings.
"Paulson & Co., through its principal spokesperson Marcelo Kim, has established a record of being impulsive and inexperienced," the company stated. It said that on Aug. 28 "Paulson, we believe knowingly, defamed the company by providing false information to the market on director and officer share ownership and ignoring the cost of exercising the options." The release went on to say that "Marcelo Kim and Paulson are willing to say and do anything to prop up their failing activist campaign. A retraction of their false statements is in order."
In another release, Detour Gold also announced some board changes: Alan Edwards, James Gowans and Judy Kirk have joined the board and Ingrid Hibbard and Robert Doyle have stepped down.
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Tahoe Resources Inc. (THO-T; TAHO-N) reported a discharge of “pregnant solution” at its La Arena mine in Peru. “Based on a preliminary internal investigation, the company believes that in an apparent theft attempt, holes were cut into the top of the pipeline in order to place bags of carbon inside of the pipeline to absorb gold from the solution,” the company stated in a release after markets closed on Wednesday. “One of the bags of carbon blocked the pipeline and the solution sprayed from the hole onto the top of the raincoat sitting above the pipeline.”
The company said the solution flowed across the raincoat into a stormwater collection pond designed to discharge clean water into a nearby creek that runs through part of its property. An initial investigation estimates around 600 cubic meters of the solution may have flowed into the creek. The company initiated its emergency response protocols and reported the incident to authorities. Tahoe said it doesn't anticipate a material impact to production "at this time."
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Sunniva Inc. (SNN-CN) reported second-quarter revenue of $4.5-million up from $3.3-million a year ago but below an expectation of $5.3-million. Its net loss was $4.9-million or 16 cents per share versus a loss of $10.8-million or 42 cents a year earlier.
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MPX Bioceutical Corporation (MPX-CN) reported revenues of $14.5-million for the fiscal first quarter versus $4.5- million for the same period last year. There was an expectation for revenue of $12.5-million. The company recorded a net loss of $11-million for the period as compared to a loss of $2.3-million a year earlier.
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Golden Leaf Holdings Ltd. (GLH-T) reported second-quarter revenues of US$3.7-million compared to US$2.1-million for the same period last year. Net income was US$3.2-million or a penny per share versus a loss of $1.7-million or a penny per share last year.
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HIVE Blockchain Technologies Ltd. (HIVE-X) said it generated income of US$10.7-million in its first quarter ended June 30 and a net loss of US$2.7-million. That compared to no income and a loss of US$28.6-million last year, according to documents filed on Sedar.com.
The company also announced that president and CEO Harry Pokrandt is retiring effective Aug. 31. Frank Holmes, the chairman, will act as interim executive chairman and Olivier Roussy Newton, a director, will act as interim president “to ensure a smooth transition of management duties.” The board of has begun a search for a new CEO and “will take due care and appropriate time in finding the right candidate,” the company stated.