Autumn officially starts this weekend and with it comes the annual rush of business activity; you need look no further than our own Bullboards.
Every week we track the most-viewed Bullboards stock forums in each sector and bring you some of the highlights. Some companies caught the eye of investors, while others found themselves catching ire.
This week we look at three companies that have earned spots on the charts. One is a well-known energy business, the other is a technology favourite at Stockhouse, but the first on our list is a busy company in the cannabis Bullboards.
From balance sheet improvements, to a more than 50 per cent stock gain, Canopy Growth Corp. (TSX:WEED, Forum) has been on a roll (for lack of a better word).
The Smiths Falls, Ontario-based cannabis business announced a private placement this week for up to C$67 million.
Management intends to use the funds to strengthen its balance sheet through working capital and general corporate purposes.
The agreement entails the sale of up to 22,929,468 units priced at C$1.47 for proceeds of C$33.6 million.
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Each unit is composed of one WEED common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share for C$1.82 for up to five years from issuance.
The institutional investors hold an over-allotment option to acquire up to an additional 22,929,468 units at the C$1.47 price.
Closing of the agreement (not including the over-allotment option) is expected by Tuesday.
Athabasca Oil Corp. (TSX:ATH, Forum) stock is up 5.4 per cent over the past month, but it took a 2.5 per cent hit this week after announcing the sale of its non-core light oil assets at Placid, Saxon and Simonette to an undisclosed private company for C$160 million in cash before closing adjustments.
The assets collectively averaged around 3,000 barrels of oil equivalent per day (boepd) in the first half of the year. The Calgary-based energy company’s light oil division now consists exclusively of the Duvernay in the Greater Kaybob area with 627 square kilometres.
Source: Athabasca Oil Corp.
Athabasca expects its annual production to be within the previous guidance of 34,500 to 36,000 boepd, adding that the performance of the company’s assets to date, including the recent ramp‐up of the five new sustaining well pairs at the Leismer oil sands field, are expected to offset production associated with the transaction in its original guidance.
PyroGenesis Canada (TSX:PYR, Forum) has secured an order from a global aerospace firm for plasma-atomized titanium metal powder for 3D printing.
The client, an original equipment manufacturer in the United States, will apply the powder to ongoing internal research and development programs as part of an ongoing qualification process with PyroGenesis.
The order is composed of coarse cut metal powder, which is typically considered a by-product from production runs of fine powders ranging from 20-45 μm (microns). PyroGenesis’ NexGen plasma atomization system produces coarse cut powder of higher quality, enabling a higher yield percentage from raw material compared with its competitors.
Source: PyroGenesis Canada.
“The significance of this order is the particle size distribution (PSD) that has been requested,” P. Peter Pascali, CEO and president of PyroGenesis, said in a statement. “The PSD for this order is for our coarse cut titanium powder, in this case for powder between 45-150μm (microns), which we have been producing over the past year as we build our stock inventory. This contract recognizes what we believe is the superior overall quality of our powder and establishes a market for a larger percentage of our powder output, thereby improving our overall returns substantially.”
“[Subsidiary] PyroGenesis Additive has taken a cautious, methodical approach to its new production process. Now, with the full-scale commercialization underway, and a steady influx of initial orders, the long-term conservative strategy that has brought us to this point today is bearing fruit,” he added.
Next week on Buzz on the Bullboards we’ll round out the month of September and see how sectors are shaping up during the autumn season.
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