Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Detour Gold Corp. (DGC-T) said it and shareholder Paulson & Co. Inc. “have agreed to a dismissal” of the court action that Detour Gold issued in July 2018. “As part of the agreement, both parties have agreed to provide releases of certain claims in respect of the proxy contest, complaints made by the company to staff of the Ontario Securities Commission, the court action and Paulson’s claim for reimbursement of costs,” the companies stated in a joint release after markets closed on Monday.
The Canadian gold miner was previously involved in a months-long proxy fight with billionaire John Paulson’s hedge fund, which pushed for a complete overhaul of the board.
“We are happy to settle the last remaining item from the proxy contest, which allows Detour Gold’s Board to focus on creating value for shareholders,” stated Mr. Paulson in a Feb. 11 release.
"With this settlement, the board has put the proxy fight behind us and is laser-focused on improving the performance and value of this long-life, valuable asset," stated Detour Gold chair James Gowans.
- with a file from Reuters
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Roxgold Inc. (ROXG-T) said it has an agreement to acquire a portfolio of 11 exploration permits in Côte d’Ivoire, which includes the Séguéla gold project, from Newcrest West Africa Holdings Pty Ltd for US$20-million.
“This acquisition represents a meaningful addition to our growth pipeline, providing a key second asset, immediate additional resource upside and a large prospective land package all in an accretive transaction for Roxgold shareholders,” stated Roxgold CEO John Dorward.
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Pinnacle Renewable Energy (PL-T) announced late Monday that operations at its wood pellet production facility in Entwistle, Alta. have been temporarily suspended.
The company said a fire caused damage at the facility and reported that one employee went to the hospital "and several employees sustained minor injuries as a result of the accident and were treated on site." It said the cause of the fire is unknown.
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DHX Media Ltd. (DHX-T; DHXM-Q) reported a $17.9-million loss attributable to its shareholders for its second quarter, as revenue fell and a change in foreign exchange rates affected the carrying value of its debt.
The loss amounted to 13 cents per share for the three months ended Dec. 31, which compared with a year-earlier profit of $7.4 million or six cents per share.
The loss in the most recent quarter included a $15.5-million non-cash, unrealized foreign exchange loss.
Revenue fell four per cent to $117-million from $121.9-million in last year’s comparable quarter.
The decline was attributed to a drop in a broad range of activities including content production, distribution and service fees.
Analysts expected revenue of $122.35-million, according to Thomson Reuters Eikon.
-- The Canadian Press
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The Supreme Cannabis Company, Inc. (FIRE-T) reported revenue of $7.7-million in its second quarter, which was in line with expectations and up from $1.7-million a year earlier. Its net loss was $1.6-million compared to a net loss of $2-million a year earlier.
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InMed Pharmaceuticals Inc. (IN-T) recorded a comprehensive net loss of $2.7-million or 2 cents per share in its second quarter, compared with a comprehensive net loss of $1.5-million or a penny per share a year earlier. It said the primary reason for the increase in the comprehensive net loss in the most recent quarter, “was an increase in non-cash, share-based payments, in connection with the grant of stock options.”
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Liberty Health Sciences Inc. (LHS-CN) announced Tuesday that it has received the report of its independent directors regarding allegations made by short seller Hindenberg Research, which Liberty stated at that time contained “a number of factual errors and unconfirmed allegations.”
On Jan. 11, the independent directors of the company retained the services of Grassi & Co. to assist them in addressing the "unconfirmed allegations" contained in the short seller report.
Among its findings announced Tuesday, Liberty said its directors' report concluded that the short seller report "was materially inaccurate with respect to key allegations and was presented in a misleading and inaccurate manner and, accordingly, should not be relied upon."
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