Our roundup of Canadian small-caps in the news today.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Copper Mountain Mining Corp. (CMMC-T) says it's buying Australian-listed Altona Mining Ltd. for about $90-million ($93-million Australian).
Altona will become a wholly owned subsidiary of CMMC. Altona's key asset is the undeveloped open-pit Cloncurry Copper Project in Queensland.
Directors and senior management of Altona have agreed to vote in favour of the Scheme in the absence of a Superior Proposal3 and subject to the Independent Expert concluding the Scheme is in the best interest of shareholders. Directors and senior management of Altona have provided voting intention statements in favour of the Scheme.
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CanniMed Therapeutics Inc. (CMED-X) said after markets closed on Friday that it has reached a "definitive agreement" to buy Newstrike Resources Ltd. (HIP-T).
According to the proposed terms, each Newstrike shareholder will receive 0.033 CanniMed shares in exchange for each Newstrike share held.
CanniMed shareholders will own 65 per cent of the combined company and Newstrike shareholders will have the remaining 35 per cent.
The companies said Canadian rock band The Tragically Hip, which backed Newstrike, the parent Up Cannabis, will "remain intimately involved as shareholders and active participants in the creation and support of the Up Cannabis brand."
The deal is subject to the agreement of shareholders of both companies.
Last week, CanniMed said it needed time to review a surprise takeover offer for the company from Aurora Cannabis Inc. (ACB-T)
In the release issued on Friday, CanniMed said no offer has been made and that it "continues to advise shareholders to take no action with respect to the unsolicited proposal."
CanniMed said it will respond to the Aurora proposal "if a formal offer is made."
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New Pacific Metals Corp. (NUAG-X) reported a net loss of $1.6-million or a penny per share in the quarter ended Sept. 30. That compared to net income of $3.5-million or 5 cents for the same period a year ago.
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Katanga Mining Ltd. (KAT-T) says it's restating some of its past earnings following a review. It also made changes to its board and management, and says it has been co-operating with the Ontario Securities Commission as part of an on-going enforcement staff investigation.
The company detailed the results of the review in a release on Monday. It also said it replaced three board members and its chief financial officer. It said the CFO had already planned to resign and stayed on during the review.
Katanga also said OSC enforcement staff are investigating, among other matters whether its previous regulatory filings, including annual and interim financial statements, MD&A and/or annual information form contain statements "that are misleading in a material respect."
OSC enforcement staff are also investigating how adequate its corporate governance practices and compliance with those practices are, and the related conduct of certain directors and officers of Katanga.
Katanga has also been advised that OSC enforcement staff are reviewing Katanga's risk disclosure in connection with applicable requirements under certain international bribery, government payment, and anti-corruption laws," the company said.
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Aurora Cannabis Inc. (ACB-T) said in a release before markets opened on Monday that it plans to go ahead with its previously announced unsolicited takeover offer for CanniMed Therapeutics Inc. (CMED-T) for $24 per share.
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Kuuhubb Inc. (KUU-X) says it has signed a term sheet to acquire Neybers, an interior design game.
"The Neybers acquisition is an example of Kuuhubb executing our roadmap of creating a portfolio of female-focused lifestyle communities, which will benefit from the global distribution and unique Asia market entry channels. Kuuhubb intends to continue to identify, acquire and grow under-valued assets with global potential," said Kuuhubb's CEO Jouni Keränen.
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Liquor Stores N.A. Ltd. (LIQ-T) says it's selling its 15 Liquor Barn retail stores in the state of Kentucky and entering into negotiations for the sale of its 51-per-cent interest in Birchfield Ventures LLC, which owns two stores in New Jersey.
The company said the transactions reduced its long-term debt levels by up to $47-million, "along with extinguishing its obligation to purchase the remaining 49-per-cent interest in Birchfield as early as Jan. 1, 2019, currently valued at $12.4-million. As a result of these transactions, the company will also not need to fund the significant renovation costs that these stores would have required."
The company also says it's discussions with a third party about the sale of its store in Norwalk, Conn.
Liquor Stores will also close its U.S. head office and will no longer have any U.S.-based executives or senior management, the company said.
It's refocussing on its core markets of Alberta, B.C. and Alaska.
"These transactions are strong indicators of the board and management's determination to implement the strategic plan which our shareholders endorsed in June by electing six new directors," said board chair Derek Burney.
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