Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Green Thumb Industries Inc. (GTII-CN) reported second-quarter revenue increased 228 per cent to $44.7-million versus $13.6-million a year ago. Its net loss was $22.2-million or 12 cents per share compared to a profit of $392,888 or nil per share a year earlier. Analysts were expecting revenue of $38.8-million and a loss of 4 cents.
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Harte Gold Corp. (HRT-T) issued a release late Wednesday saying it’s “accelerating its plan to bolster the management and board of directors to oversee a continued ramp-up of the Sugar Zone Mine.”
Stephen Roman has resigned as president and CEO, the company said. He will serve as interim CEO pending the appointment of a replacement, which the company said is expected by Oct. 28. Harte Gold said it is conducting searches for a new chief financial officer and chief operating officer. The company said a board renewal process is also underway.
The release also states that Echelon Wealth Partners Inc. has exercised its right to terminate a previously announced financing "to allow full dissemination of [the] news release to the market."
The company said it will monitor the market’s response to its announcements "and determine the appropriate financing plans going forward."
Appian Natural Resources Fund, L.P. and its affiliates owned by ANR Investments B.V. issued a statement endorsing the moves.
Also, under the terms of an agreement with Appian, related to its participation rights regarding certain prior option issuances, the company said it has agreed to issue to Appian 3,950,000 warrants to purchase common shares of the company at an exercise price 35 cents per common share, expiring on August 28, 2022.
The transaction sees Appian’s interest in Harte increase to 27 per cent from 25.3 per cent, the company stated.
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Norbord Inc. (OSB-T; OSB-N) announced a reduced production schedule for Line 1 of its two-line oriented strand board (OSB) mill in Cordele, Georgia starting Sept. 5 and “until further notice due to continued poor market conditions.”
The company said U.S. homebuilding activity has been pulling back since the fall of last year, "resulting in lower-than-anticipated OSB demand to-date."
Norbord said the reduced production schedule "will ensure Norbord continues to only produce what the company can sell as the market approaches the seasonally slower winter months." The reduced production schedule on Line 1 will impact approximately 12 per cent of the mill's available capacity, the company stated.
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Laurentian Bank of Canada (LB-T) reported a third-quarter profit of $47.8-million, down from $54.9-million in the same quarter last year.
The Montreal-based bank says the profit amounted to $1.05 per diluted share for the quarter ended July 31 compared with a profit of $1.23 per diluted share a year ago. On an adjusted basis, Laurentian says it earned $51.9-million or $1.15 per share for the quarter. That compared with an adjusted profit of $59.4-million or $1.34 per diluted share in the same quarter last year.
Analysts on average had expected a profit of $1.16 per share for the quarter, according to the financial markets data firm Refinitiv.
Laurentian also announced the appointment of two new members to its board of directors, former RBC executive Andrea Bolger and David Mowat, the former chief executive of ATB Financial.
–The Canadian Press
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Emerald Health Therapeutics, Inc. (EMH-X) reported sales of $5.1-million in the second quarter compared to $284,262 a year ago. Its net loss was $452,731, an improvement from $5.6-million a year earlier.
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Bitfarms Ltd. (BITF-X) reported revenue of US$8.5-million in the second quarter ended June 30, which was up from US$6.6-million a year ago. Its net loss of US$1.3-million or a penny US per share compared to a loss of US$1.8-million or 2 cents US a year ago.
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Transat A.T. Inc. (TRZ-T) announced that the Superior Court of Quebec has issued a final order approving the previously announced plan of arrangement with Air Canada (AC-T). The arrangement is still subject to certain closing conditions, including regulatory approvals, the company said. It also said Transport Canada, with input from the Commissioner of Competition, is doing a public interest assessment of the deal. “If the required regulatory approvals are obtained and conditions are met, it is now expected that the transaction will be completed by the second quarter 2020,” Transat stated.
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EnWave Corp. (ENW-X) reported the company’s “highest ever” quarterly revenue in the third quarter of $10.1-million, up from $6.8-million a year ago. “Revenue growth was driven by increased REV equipment orders by cannabis companies and continued growth in Moon Cheese distribution,” the company stated.
Its net loss after taxes was $1.3-million or a penny per share compared to a net loss of $104,000 or nil per share a year ago. Analysts were expecting revenue to come in at $12.4-million.
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