Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Husky Energy Inc. (HSE-T) is walking away from its hostile takeover offer for MEG Energy Corp. (MEG-T) after failing to win enough shareholder support.
Husky says there have also been several negative surprises in the market since it first announced its offer at the end of September last year.
The company cited production cuts for the oil industry mandated by the Alberta government and a lack of progress on Canadian oil export pipeline developments.
The company’s offer for MEG expired Wednesday.
All of the MEG shares that had been tendered to the offer will be returned to shareholders.
Husky launched its stock-and-cash offer in September, but MEG rejected the bid as too low.
-The Canadian Press
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Invictus MD Strategies Corp. (GENE-X) announced it has submitted its application to list its common shares on the Nasdaq Capital Market. The company said its shares will continue to trade on the TSXV under the ticker symbol “GENE” and on the Frankfurt Stock Exchange under the ticker symbol “8IS1”.
The company also announced it will be proceeding with a consolidation of its issued and outstanding common shares on a one-for-seven basis.
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Altius Minerals Corp. (ALS-T) announced it expects to report attributable royalty revenue of approximately $17.5-million or 41 cents per share for the fourth quarter, compared to $17.1-million or 40 cents per share in the third quarter and to $13.7-million or 32 cents per share in the two month period ended Dec. 31, 2017, when Altius was transitioning to a December year-end.
The company said it reports will release audited financial results for its three and 12-month period ended Dec. 31 on March 12.
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MedMen Enterprises Inc. (MMEN-C) reported unaudited systemwide revenue was US$29.9-million in its second quarter which it said was a 40-per-cent quarter-over-quarter increase over its fiscal 2019 first quarter ended Sept. 30, 2018. Systemwide revenue for pending acquisitions that have not yet closed, was US$49.5-million for the quarter, the company said.
For the second quarter, gross margin across its retail operations was 54 per cent, compared to 45 per cent in the previous quarter. The company said it expects to post its fiscal 2019 second-quarter results in February.
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Canopy Rivers Inc. (RIV-X) announced that Narbe Alexandrian has been appointed as president of the Company, effective immediately.
Prior to joining Canopy Rivers, he was a venture capitalist at OMERS Ventures, "where he sourced and lead private debt and equity investments, helped raise over half a billion dollars of capital for deployment in several of the firm’s investment funds, and acted as a board observer for several of the firm’s portfolio companies," the company stated.
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HEXO Corp. (HEXO-T) announced its common shares have been approved for listing on the NYSE American LLC starting on Jan. 23.
HEXO said intends to cease the quotation of its shares on the OTCPK.
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