Aurora Cannabis, near Cremona, Alta., is pictured on Nov. 12, 2015.Jeff McIntosh/The Globe and Mail
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hudson's Bay Co. (HBC-T) says it has received notice of an appeal filed with the Ontario Securities Commission by Land & Buildings regarding the previously announced TSX decision to conditionally approve Rhône Capital's equity investment of $500-million (U.S.).
"HBC believes that there is no merit to this appeal, particularly in light of the fact that written consent in support of the equity investment, from sophisticated long-term shareholders representing well over 50 per cent of HBC's outstanding common shares, has been provided to HBC and the TSX," the company stated. "These shareholders will benefit from, and be affected by, Rhône Capital's investment in the same manner as all other shareholders of HBC."
HBC said it will seek to have the TSX decision confirmed and the appeal dismissed "on an expedited basis, and will continue to proceed with fulfilling all regulatory requirements to close the equity investment."
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Aurora Cannabis Inc. (ACB-T), which this week made an unsolicited offer to buy CanniMed Therapeutics (CMED-T), says it's raising $100-million in a financing of special warrants.
Aurora says it has an agreement with Canaccord Genuity Corp. to arrange for purchasers up to 100,000 special warrants at a price of $1,000 each.
"The size and favourable terms of this offering are a recognition of our powerful growth and industry-leading execution, and reflect Aurora's maturity, discipline and dominant position within the global cannabis sector," said Terry Booth, CEO, in a release. "Upon closing of this offering, and with the anticipated gross proceeds on conversion of our recently accelerated warrants, Aurora's pro-forma cash position will exceed an unprecedented $340-million. We will deploy that capital carefully but strategically to further accelerate our domestic and international expansion plans, and to seize additional opportunities to differentiate Aurora from other producers."
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Pure Multi-Family REIT LP (RUF.UN-X) reported same-property revenue of $15.6-million in the third quarter versus $15.3-million a year earlier.
Total net rental income was $12.4-million versus $10.7-million last year. Funds from operations came in at 6 cents, below expectations of 8 cents and compared to 8 cent last year.
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Northview Apartment Real Estate Investment Trust (NVU.UN-T) says it has bought a 1,250-unit portfolio from independent third-party vendors and affiliates of Starlight Group Property Holdings Inc. for $196.8-million.
Northview has also agreed to a sale, to an independent third-party vendor, of a 216-unit non-core asset located in Kitchener, Ont. for $37.7-million.
"These transactions represent continued progress to our 2017 strategic priorities supporting the strategic capital redeployment and non-core asset sales," stated CEO Todd Cook in a release.
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PRO Real Estate Investment Trust (PRV.UN-T) reported revenue of $7-million in the third quarter, which was in line with expectations and up from $6-million a year earlier. Net operating income was $4.3-million up from $3.5-million a year ago.
Funds from operations were $2.2-million or 3.5 cents per unit versus $569,000 or 1.6 cents a year ago.
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Newstrike Resources Ltd. (HIP-T) issued a statement before markets opened acknowledging that it's in discussions with CanniMed Therapeutics Inc. (CMED-T) "regarding a potential business combination transaction."
Newstrike said it "intends to continue negotiating a definitive agreement with CanniMed, which reflects the proposed exchange ratio of 33 common shares in CMED for every 1,000 common shares of HIP."
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