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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.

Morneau Shepell Inc. (MSI-T) says it has an agreement to acquire LifeWorks Corporation Ltd., a global Employee Assistance Program (EAP) and wellness provider, for about $426-million in cash and shares.

“This acquisition is aligned with Morneau Shepell’s global growth strategy as well as our focus on technology innovations to create added value for our clients and their employees,” said CEO Stephen Liptrap in a release.

The company also says it’s raising $210-million in a bought deal of subscription receipts to finance a portion of the acquisition. It will also issue approximately $31-million of shares to Lifeworks executives. “The balance of the acquisition will be financed pursuant to an amended and restated credit facility arranged by National Bank Financial Inc. and underwritten by National Bank of Canada,” the company stated.

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Currency Exchange International, Corp. (CXI-T) says its Exchange Bank of Canada subsidiary has an agreement to acquire the assets of a private business in Quebec that was advised by Laurentian Bank Securities. “These assets include a total of approximately 400 corporate customers that are engaged in international payments,” the company stated. It said net revenues from this client base has been approximately $1.7-million in the last 12 months.

“CXI’s management believes that this transaction will be accretive to its annual earnings results,” the company stated. It also said that “at the request of the seller, further details will remain private.”

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First Cobalt Corp. (FCC-X) issued a release to comment on unusual activity related to its common shares. “First Cobalt reiterates that the fundamentals of its business have not deteriorated but rather, since completing the acquisition of US Cobalt, it believes they have improved,” it said in a release after markets closed on Monday. “The company is aware of no material events that would contribute to the unusual trading activity.”

The company also said certain officers and directors have been buying shares in the market over the past several weeks.

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Atrium Mortgage Investment Corp. (AI-T) says it plans to raise $25-million in a public offering of convertible unsecured subordinated debentures. Atrium said it will use the net proceeds to repay debt under its revolving operating credit facility, “which will then be available to be drawn, as required, for general corporate purposes, particularly funding future mortgage loan opportunities.”

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Organigram Inc. (OGI-X) says a subsidiary has entered into a supplier agreement with Hiku Brands Company Ltd. (HIKU-CN). “As an approved supplier to Manitoba Liquor & Lotteries, Organigram will supply Hiku with up to 1,000 kg of premium cannabis products per year for the term of the three-year agreement,” the company stated in a release. It said the products include both dried cannabis and cannabis oils, which will be sold through designated Tokyo Smoke retail locations in Manitoba.

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Sunniva Inc. (SNN-CN) says it intends to spin out its Canadian assets into a separate Canadian entity and apply to list the shares on the Toronto Stock Exchange and the NASDAQ Stock Market “in an effort to unlock the underlying value of the company’s assets on both sides of the border.”

The transaction will require satisfying a number of conditions including Sunniva shareholder approval, CSE approval and fulfilling the listing requirements of the TSX and NASDAQ exchanges, “none of which can be assured,” the company stated.

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MYM Nutraceuticals Inc. (MYM-CN) says it plans to acquire a 49-per-cent stake in Colombian cannabis company, Colombia Organica, that currently holds a seed to sale license for low THC cannabis. “This license permits Colombia Organica to grow, produce and create cannabis derivatives to be commercialized and/or exported,” the company stated.

It said Colombia Organica is in the licensing process for the cultivation and production of high THC cannabis extracts.

MYM and Colombia Organica have plans to build a production facility near Medellin, Colombia for the cultivation and processing of cannabis and cannabis products, the company stated. It said Colombia Organica is developing and registering seed strains with the Colombian Agricultural Institute.

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Correvio Pharma Corp. (CORV-T; CORV-Q) says it has entered into an at-the-market sales issuance agreement with B. Riley FBR Inc. as the agent in the U.S. It said the aggregate offer price of up to US$30-million is subject to a limit of US$13-million. The company said it plans to use the net proceeds from the offerings “for preparations for future product launches” as well as business development opportunities and general corporate purposes.

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MAV Beauty Brands Inc. (MAV-T) begins trading on the TSX today after the closing of its initial public offering and secondary offering of its common shares.

“This IPO represents a very important milestone for our company and is a testament to the continued dedication of our highly motivated, passionate and entrepreneurial team, as well as the loyalty of our consumers and retailer partners across the world,” said Marc Anthony Venere, founder and CEO of MAV Beauty Brands, in a release.

The offering included a treasury offering by MAV Beauty Brands and a secondary offering of common shares of MAV Beauty Brands by entities owned, controlled or managed by TA Associates Management, L.P., Marc Anthony Venere, and the Redmond Family, the company said. MAV Beauty Brands sold 9 million common shares at $14 each for total gross proceeds of $126-million.

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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 28/03/24 3:59pm EDT.

SymbolName% changeLast
CXI-T
Currency Exchange International Corp
-0.24%24.69
AI-T
Atrium Mortgage Investment Corp
-0.78%11.49

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