Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Horizon North Logistics Inc. (HNL-T) announced the planned acquisition of NRB Inc., a full-service modular construction provider based in Grimsby, Ont., for $16.5-million in cash and Horizon shares.
"The integration of these two companies means the unification of products and expertise that lead the way in Canada's modular construction industry," says Rod Graham, CEO of Horizon North. "With this new base in Southern Ontario, Horizon North is leveraging the stability of our balance sheet to take the next step in our pan-Canadian growth strategy."
The company also reported fourth-quarter revenue of $118-million up from $82.7-million a year earlier. Net income was $1.4-million or a penny per share versus a loss of $3.9-million or 3 cents a year earlier. Analysts were expecting revenue of $106.8-milion and earnings of a penny per share.
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Badger Daylighting Ltd. (BAD-T) reported a fourth-quarter profit of $23.5-million or 63 cents per share compared to $31.2-million or 84 cents in the prior year comparative quarter. Total revenue in the quarter was $178.6-million up from $132.8-million a year ago. Analysts were expecting revenue to come in at $156-million and earnings of 54 cents.
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Bird Construction Inc. (BDT-T) reported net income of $6.4-million in the fourth quarter on construction revenue of $385.9-million, compared with net income of $2-million on $365.6-million of construction revenue respectively in 2017.
“The year-over-year increase in fourth-quarter net income is reflective of the increase in revenue and earnings attributable to higher margin self-perform industrial work programs in the fourth quarter of 2018 as well as a reduction in pursuit costs and a foreign exchange translation gain on U.S. cash and equivalents held,” the company stated.
Analysts were expecting the company to generate revenue of $373.6-million in the fourth quarter.
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SSR Mining Inc. (SSRM-Q; SSRM-T) announced a US$200-million offering of unsecured convertible senior notes. SSR Mining said it intends to use the net proceeds “to repurchase, in separate privately negotiated transactions, a portion of its outstanding 2.875-per-cent convertible senior notes and for general corporate purposes.”
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Northern Dynasty Minerals Ltd. (NDM-T; NAK-N) announced plans to raise US$10-million in a bought-deal financing. The deal is for 15,625,000 common shares of the company at the price of 64 cents U.S. each. Proceeds of the offering are expected to be used for operational expenditures and expenses associated with its Pebble Project in Alaska, the companys stated.
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Victoria Gold Corp. (VIT-X) announced a $30-million bought deal financing that includes a combination of common shares and flow-through common shares. Its common shares will be offered at a price of 44 cents each and the flow-through common shares will be offered at a price of 53 cents each. “In the event that no flow-through common shares are subscribed for, the underwriters have agreed to buy the number of common shares to provide the company with gross proceeds of approximately $30-million,” it stated. “The net proceeds from the sale of the common shares will be used for construction and operations of the Eagle Gold Mine and general corporate purposes.”
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Gran Tierra Energy Inc. (GTE-T) announced that, “based on preliminary results,” it has made a new-country entry into Ecuador through the submission of winning bids for a total of three blocks offered by the Ministerio de Energia y Recursos Naturales No Renovables. “The three blocks are located in the Oriente Basin and are approximately 140,000 acres in total area, creating a contiguous acreage position extending from Gran Tierra’s existing assets in the Putumayo Basin in Colombia,” the company stated.
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Aeterna Zentaris Inc. (AEZS-Q; AEZS-T) announced its board has formed a special committee of independent directors “to review strategic options” available to the company. “There is no defined timeline for the strategic review,” the company stated. “The review of strategic alternatives may result in a variety of outcomes or no outcome and there can be no assurance that Aeterna Zentaris will pursue or execute any specific action or transaction.”
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BTB Real Estate Investment Trust (BTB.UN-T) reported an 8-per-cent increase in rental income to $22.1-million in the fourth quarter compared to a year earlier. Net income was $24.4-million or 44 cents per unit versus income of $15.5-million or 33 cents a year earlier. Funds from operations came in at 9 cents per unit, slightly below expectations of 10 cents and compared to 10 cents a year earlier.
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Sleep Country Canada Holdings Inc. (ZZZ-T) announced a partnership with Walmart to offer Canadians the popular Bloom mattress-in-a-box collection on Walmart.ca, effective March 14. “This unique partnership brings two retail powerhouses together with an increased focus on providing more Canadians with convenient access to a great night’s sleep,” the company stated.
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Hudbay Minerals Inc. (HBM-T; HBM-N) announced an agreement to purchase United Copper & Moly LLC’s 7.95-per-cent interest in the Rosemont project, and to terminate all of UCM’s remaining earn-in and off-take rights, for upfront cash consideration of US$45-million, plus three annual installments of US$10-million per year starting July 1, 2022.
"In connection with the transaction, Hudbay has agreed to release UCM from any and all obligations in relation to the Rosemont project, including project loans representing its proportionate share of joint venture expenditures incurred beyond its initial earn-in investment. UCM is jointly owned by Korea Resources Corporation and LG International Corp.," the company stated.
“This transaction simplifies the ownership structure and improves our financial flexibility for the development of Rosemont,” said Alan Hair, Hudbay’s CEO.
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Rocky Mountain Dealerships Inc. (RME-T) reported sales of $295.4-million in the fourth quarter up from $273.7-million a year earlier. Net earnings were $6.6-million or 34 cents per share versus net earnings of $8.3-million or 42 cents a year earlier. Analysts were expecting earnings to come in at 30 cents and revenue to come in at $280.7-million.
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Intertape Polymer Group Inc. (ITP-T) reported a fourth-quarter revenue increase of 21.2 per cent to US$287.7-million year-over-year, primarily due to additional revenue from acquisitions and an increase in average selling price. Net earnings attributable to shareholders decreased to US$10.6-million or 18 cents per share from US$21.2-million or 36 cents a year earlier, primarily due to foreign exchange losses, an increase in interest and income tax expense. Analysts were looking for earnings of 26 cents and revenue of US$282.3-million.
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HEXO Corp (HEXO-T; HEXO-N) announced a deal to buy Newstrike Brands Ltd. (HIP-X) in an all-share transaction valued at approximately $263-million.
Under the terms of the agreement, Newstrike shareholders will receive 0.06332 of a HEXO common share in exchange for each Newstrike common share held.
“The transaction has been unanimously approved by the board of directors of each of HEXO and Newstrike, and Newstrike’s board of directors recommends that its shareholders vote in favour of the transaction,” the companies stated.