Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Advantage Energy Ltd. (AAV-T) subsidiary Entropy Inc. announced a strategic $300-million investment agreement with Brookfield Renewable to scale up the deployment of its carbon capture and storage technology globally.
“We are excited to be receiving substantial backing from Brookfield Renewable, who share our strategic approach to carbon abatement,” said Michael Belenkie, CEO of Advantage.
The company said Brookfield Renewable will invest in hybrid security that implies a pre-money valuation of approximately $300-million, “recognizing the significant value created to date for existing shareholders.”
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Converge Technology Solutions Corp. (CTS-T) announced it’s acquiring Interdynamix (IDX), an Alberta-based next-generation systems integrator focused on business, engineering, and innovation.
“The organization is known in the IT industry as a world leader in solving business problems with innovative solutions and services, ranging from cloud computing and infrastructure to open-source consulting,” the company stated.
Interdynamix is Converge’s 29th acquisition since October 2017, the company stated.
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Bitfarms Ltd. (BITF-X) reported fourth-quarter revenue of US$59.6-million, up from US$11.3-million a year earlier.
Net income of US$17.9-million compared to a loss of US$5.1-million a year earlier.
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MAG Silver Corp. (MAG-T) announced the appointment of Fausto Di Trapani as chief financial officer effective May 20. He replaces Larry Taddei who will step down from the CFO role to pursue other opportunities, the company stated.
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Gensource Potash Corp. (GSP-X) reported a fourth-quarter loss of $867,347 or a penny per share versus a loss of $167,638 or nil per share a year earlier, according to documents filed on Sedar.com. It said the loss in the latest quarter “principally relates to general and administrative expenses of $822,489 and depreciation of $13,023. All other expenses related to general working capital purposes.”
The company had no revenues.
Gensource also said in a release that its representatives are in London, U.K. this week as part of the previously announced financing effort for the company’s potash development project located near Tugaske, Sask.
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Almonty Industries Inc. (AII-T) announced that it has signed a memorandum of understanding with Korean Mine Rehabilitation and Resource Corp. and Hannae For T, Ltd to strengthen the South Korean domestic supply chain through the joint promotion of recycling of rare metals using scrap resources and tungsten concentrates for Korean domestic consumption in the semiconductor and battery sectors.
“Security of supply by global leading economies of strategic and rare metals such as tungsten has been a theme that has grown in importance over recent years,” stated Almonty CEO Lewis Black, adding that more then 83 per cent of the supply of tungsten is produced by China.
The company said its Sangdong Tungsten Mine, set for production from later this year or early in 2023, will be the largest tungsten mine outside of China.
“Given South Korea is the largest per capita user of tungsten globally, it is no surprise that KOMIR, the Korean Government Agency responsible for national resource security, and other global leading companies, such as Hannae are keen to work with Almonty,” he stated, adding that the agreement is “an important further collaboration with the South Korean government who are already providing significant economic and tax incentives for Almonty Korea Tungsten in its construction of the Sangdong Mine.”
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Anaergia Inc. (ANRG-T), which turns organic waste into renewable natural gas, fertilizer, and water, reported fourth-quarter revenue of $50.2-million from $39.9-million during the same period of the previous year. The revenues were ahead of expectations of $42.3-million.
Its net loss increased to $7.8-million when compared to $1.6-million for the same period the previous year.
Osisko Metals Inc. (OM-X) announced that it has signed an option agreement with Glencore Canada Corp. to buy the Gaspé Copper Mine in Quebec.
The agreement includes an upfront payment of US$25-million by Osisko Metals by way of a convertible note issued to Glencore upon the successful closing of the transaction, and a cash payment of US$20-million, payable upon the start of commercial production.
The company said it must also incur drilling costs of $5-million before June 30, to test oxidation levels within the mineralization that surrounds the historical Mount Copper open-pit deposit.
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Liberty Gold Corp (LGD-T) reported a loss of US$10.7-million or 4 US cents per share in the fourth quarter versus a loss of US$3.2-million or a penny per share a year earlier.
“Exploration expenditures of US$7.51-million, stock-based compensation expense of US$0.98-million, and wages and benefits of US$0.55-million were the largest contributors to the loss during the three months ended December 31, 2021,” the company stated in documents filed on Sedar.com.
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Farmers Edge Inc. (FDGE-T) announced Friday that its chief executive officer, Wade Barnes, had resigned and that it had tapped its majority owner, Fairfax Financial Holdings Ltd., for a $75-million loan, adding to a string of disappointments for one of the first Canadian companies to lead an unprecedented surge of technology IPOs last year.
The late Friday announcements accompanied yet another underwhelming quarterly financial report from the Winnipeg agriculture technology vendor since it went public just over one year ago.
Farmers Edge said it booked $13.3-million of revenue in the fourth quarter ended Dec. 31, down from $19.1-million in the same period a year earlier as the total number of acres covered monitored by its technology fell by 15 per cent, to 18.9 million, from a year earlier. Analysts on balance had expected revenue to hit $17-million in the quarter.
Farmers Edge booked a net loss of $19.7-million in the quarter, or 47 cents a share, while its adjusted operating loss more than tripled year over year, to $16.2-million.
- Sean Silcoff.
Read the full story here
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Mind Medicine (MindMed) Inc. (MMED-NEO) announced late Friday that its chief financial officer David Guebert will be retiring from his position on March 31.
MindMed said it has retained an executive search firm to assist help the board find a new CFO “with expertise and experience in the U.S. biotech market.”
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