Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Eldorado Gold Corp. (ELD-T) announced an at-the-market equity program that will allow it to issue up to US$125-million worth of common shares from treasury to the public “from time to time at prevailing market prices.” It also said the volume and timing of distributions “will be determined at the company’s sole discretion, subject to applicable regulatory limitations.”
If it proceeds, Eldorado intends to use the net proceeds for various capital investments at its projects and to repay debt.
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Cresco Labs Inc. (CL-C) announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties, Inc. for about $46.3-million. The amount includes funding for additional tenant improvements at the Kankakee property.
Concurrent with the closing of the sale, Cresco Labs said it will enter into a long-term, triple-net lease agreement with IIP and will continue to operate each property as a licensed cannabis cultivation and processing facility.
“This sale-and-leaseback agreement with IIP represents a non-dilutive capital solution for Cresco Labs that will support the expansion of our Illinois operations in preparation for the legalization of adult-use cannabis on January 1, 2020,” said Cresco Labs CEO and co-founder Charlie Bachtell.