Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
True North Commercial Real Estate Investment Trust (TNT.UN-T) says it’s buying an office building at 5775 Yonge Street, Toronto for about $85.2-million. It said it plans to pay for the purchase with $55-million in first-mortgage financing and cash on hand.
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Pure Industrial Real Estate Trust (AAR.UN-T) reported first-quarter revenue of $62.8-million up from $53.6-million a year earlier. Net operating income was $44.3-million versus $38.3-million a year earlier. Funds from operations came in at 10 cents per unit, which was in line with expectations and similar to last year.
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Seabridge Gold (SEA-T; SA-N) posted a net loss of $10.7-million or 18 cents per share in the first quarter compared to a loss of $1.8-million or 3 cents per share for the same period in 2017. “The higher first-quarter loss this year compared to the same period of 2017 was due largely to a $7.4-million charge against earnings to reflect the revised estimated cost of rehabilitating the old Johnny Mountain Mine located on the Iskut Project, acquired by Seabridge in 2016,” the company said.
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Altius Minerals Corp. (ALS-T) reported attributable royalty revenue of $15.8-million or 37 cents per share for the first quarter ended March 31 compared to $13.4-million or 31 cents per share for the three month period ended April 30, 2017. “The strong revenue growth of 18 per cent over the prior year period is mainly attributable to improved prices for most base metal and bulk mined commodities as well as significant growth in production from Chapada and the potash royalty portfolio,” the company said. Net earnings were $2.5 million or 6 cents per share in the latest quarter compared to a net loss of $960,000 or 2 cents in the three months ended April 30, 2017.
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Village Farms International, Inc. (VFF-T) reported sales of US$29.5-million in the first quarter, down from US$31.3-million in the same period a year ago. Its net loss was US$1.1-million or 3 cents per share, compared with a net loss of US$200,000 or nil per share last year.
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Innergex Renewable Energy Inc. (INE-T) says it has acquired Ledcor Power Group Ltd.’s 33.3-per-cent interest in Creek Power Inc., which owns hydro facilities in B.C. Innergex already owned the other 67.7-per-cent interest in Creek Power and all the preferred equity for an amount of $98.4-million bearing an annualized after-tax return of 12.9 per cent, the company said.
“This transaction gives Innergex a 100-per-cent stake in three hydro facilities that it already operates and for which long-term electricity purchase agreement are in place with BC Hydro for remaining periods of 32 to 39 years,” said Michel Letellier, CEO of Innergex. “By seizing opportunities such as this, we increase our ownership interest in facilities, improve tax planning and further fuel our growth strategy.”
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Boston Pizza Royalties Income Fund (BPF.UN-T) reported net income of $2.4-million or 11 cents per unit for the first quarter ended March 31 compared to net income of $6.6-million or 32 cents for first quarter of 2017. The company said the decrease was primarily due to a $5.5-million change in fair value adjustments and lower interest income.
System-wide gross sales came in at $265.5-million, an increase of 1.7 per cent versus the same period one year ago. Same-store sales growth of 0.2 per cent for the quarter compared to zero per cent for the same period one year ago. Total revenue was $10.9-million, which was in line with expectations and compared to $11.1-million a year ago.
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Cronos Group Inc. (CRON-X; CRON-Q) reported sales of $2.9-million for the first quarter as compared to $500,000 for the same period last year. Its comprehensive loss was $1.1-million in the quarter versus a loss of $161,000 a year earlier, according to documents filed on Sedar.
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Organigram Holdings Inc. (OGI-X) says Health Canada has issued the company a license for controlled drugs and substances.
“The Dealer’s License will allow us to put our plans into action,” stated Greg Engel, Organigram CEO. “Now that we have our Dealer’s License in hand, we’ll be aggressively moving forward on plans for alternative forms and partnerships to fully maximize the value of our planned production of over 113,000 kg of cannabis through 2020.”
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Boyd Group Income Fund (BYD.UN-T) says first-quarter sales increased by 19.6 per cent to $453.3-million from $378.9-million a year earlier. Net earnings were $18.3-million or 93 cents per share up from $15-million or 83 cents a year ago. Adjusted net earnings increased to $20.9-million compared with $13.9-million a year earlier. Analysts were expecting revenue of $448.5-million and net earnings of $17-million.
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Mountain Province Diamonds Inc. (MPVD-T; MPVD-Q) appointed Stuart Brown as its new president and CEO effective July 1. Since September 2013, Mr. Brown has been the CEO of publicly-listed Firestone Diamonds Plc, a diamond producer in Lesotho.
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Emerald Health Therapeutics, Inc. (EMH-X) says it has entered into a binding term sheet with a single Canadian institutional accredited investor that will purchase 4 million units of the company at $4.20 per unit for total proceeds of $16.8-million. The company said it intends to use the net proceeds to fund the completion of its recently acquired Agro-Biotech facility in Quebec, working capital, and general corporate purposes.
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The Green Organic Dutchman Holdings Ltd. (TGOD-T) says it has been granted a supplemental license from Health Canada for the production of cannabis oils.
“The extraction process allows TGOD to transform our premium quality organic raw material into a variety of premium higher-margin cannabis products,” the company state. “This is an important milestone in our path and commitment to providing users with alternative, more convenient and dose-controlled consumption methods.”
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Element Fleet Management Corp. (EFN-T) reported first-quarter net revenue of $208.4-million versus $212-million for the same quarter last year. Adjusted EPS was 16 cents versus 17 cents a year earlier. Analysts were expecting adjusted earnings of 17 cents per share in the latest quarter and revenue of $219.2-million.
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Endeavour Mining Corp. (EDV-T) reported first-quarter net earnings of US$28-million or 26 cents per share versus US$10-million or 11 cents a year ago. Revenue was US$240-million versus US$158-million a year earlier.