Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The Green Organic Dutchman Holdings Ltd. (TGOD-T) announced that it has received its medical sales licence from Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations for its Ancaster, Ont. facility.
"As we prepare for our Founders Club product launch in January 2019, this is a critical step in our path to becoming the global leading organic cannabis brand," said Brian Athaide, CEO of TGOD.
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Sierra Wireless Inc. (SWIR-Q; SW-T) chairman Kent Thexton will become the Vancouver firm’s full-time CEO, taking the helm of a global supplier of technology for the burgeoning internet-of-things market at a pivotal time for the 25-year-old company.
It’s a move with broader repercussions for Canada’s teeming tech sector. Mr. Thexton, who stepped into the role on an interim basis in May after the ouster of Jason Cohenour, is leaving his position as a general partner at ScaleUP Ventures, a Toronto-based venture capital firm co-founded by former Rogers Communications chief executive Nadir Mohamed. ScaleUP closed its first, $100-million fund last year backed by some of Canada’s largest corporations and the Ontario government.
“It was an incredibly difficult decision,” said Mr. Thexton, a veteran telecom executive and entrepreneur. He will remain on the board of ScaleUP and join its “leadership council” alongside numerous corporate heavyweights, including the CEOs of three big banks, BCE and Rogers and Magna International, which have helped many of the 22 companies ScaleUP has backed to build their fledgling businesses.
-Sean Silcoff
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Cott Corp. (COT-N; BCB-T) says its DS Services subsidiary has acquired The Mountain Valley Spring Company for $78.5-million in cash from Great Range Capital.
"The Mountain Valley acquisition is another positive step in building out our water solutions portfolio and meeting our stated desire to continue to pursue acquisitions in the growing water and coffee segments, where we believe our platform, operating strength and synergies can be leveraged," stated Tom Harrington, Cott's head of route-based services and incoming CEO.
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Emblem Corp. (EMC-X) said it will set aside $5-million of its current cash holdings to establish the Patient Access Investment Fund, the interest from which the company said will be used to help offset some of the cost of the excise tax that will be applied to medical cannabis products.
The fund will be a professionally-managed investment account. The remaining portion of the new excise tax will be covered by Emblem, including any amounts required to be paid over and above the interest generated by the fund.
"Emblem is hopeful that the government will remove the excise tax on products sold to registered patients in the near future, at which time the company will redirect the money in the fund back into its working dollars, where it can be redeployed towards its primary intended purpose of supporting medical product development and innovation," the company stated.
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Bonterra Resources Inc. (BTR-T) says it’s raising $20-million in a private placement. It has an agreement with Sprott Capital Partners to act as lead agent. Prior to the closing of the offering, the company said it will consolidate its outstanding common shares on a 10:1 basis.
The offering will consist of a combination of up to about 2 million shares issued on a flow-through basis at a price of $3.80 each and up to about 3.8 million shares on a non-flow-through basis at a price of $3.30 per share. The gross proceeds of the flow-through portion will be used for exploration expenses, while the rest will be used for “on-going exploration and development work,” the company stated.
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Alio Gold Inc. (ALT-T; ALO-N) said it has an agreement to sell non-core asset near its Florida Canyon Mine in Nevada to a subsidiary of Coeur Mining, Inc. (CDE-N) for $19-million in Coeur stock.
The assets include those comprising the Lincoln Hill Project, Wilco Project, Gold Ridge Property and other nearby claims," the company said.
The company also said it has "substantially reduced" its outstanding debt with Macquarie Bank Limited from $15-million as of June 30, to $5-million today. The debt was reduced by making a scheduled quarterly payment of $1.25-million on Sept. 30 -y monetizing the gold hedge book for proceeds of $2.5 million and using $6.25-million in previously restricted cash. The company said it expects to "fully extinguish" the MBL debt during the fourth quarter.
In addition, the Company has also settled a $5-million contingent liability that its acquired with its acquisition of Rye Patch Gold Corp.
“These transactions are consistent with our strategy to focus on optimizing our operating mines to generate cash flow,” said Greg McCunn, CEO.
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Trisura Group Ltd. (TSU-T) appointed David Clare as president and CEO, effective immediately. Mr. Clare succeeds Greg Morrison, who will continue as a board member.
“David has been an integral member of our senior management team since prior to the spin-off of Trisura from Brookfield Asset Management. He is well-known to many of our investors and we look forward to benefiting from David’s leadership in executing the company’s growth strategy,” said George Myhal, chair of the board said in a release.
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Emerald Health Therapeutics, Inc. (EMH-X) says it has filed 17 provisional U.S. patent applications covering its unique Defined Dose cannabis dosage forms and formulations.
“Based on proprietary Emerald research, these patent applications are contributing to Emerald’s intellectual property portfolio and its intent to develop distinctive cannabis products for medical-use and improved adult-use,” the company stated. “The products provide more precise and consistent delivery, dosage, and formulations. Defined Dose cannabis products will, when made available to the public, provide consumers with products currently not available.”