AuRico GoldGetty Images/iStockphoto
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
AuRico Metals Inc. (AMI-T) is buying Kiska Metals Corp. (KSK-X) in a cash-and-share deal valued at about $9.6-million.
This transaction presents a unique opportunity to expand our royalty portfolio with a focus on Canadian assets," stated AuRico CEO Chris Richter in a release. "We are confident that this transaction represents a significant value creation opportunity and we are very pleased to bring this transaction forward to the benefit of both sets of shareholders."
**
Dundee Precious Metals Inc. (DPM-T) announced a $43.7-million equity investment in the company by the European Bank for Reconstruction and Development (EBRD) through a private placement of 17.8 million common shares.
The shares will be issued to the EBRD at a price of $2.45 per share. EBRD will hold approximately 9.99 per cent of the company's shares on a non-diluted basis, the company said.
Proceeds will be used for the construction of the Krumovgrad project in Bulgaria and "will serve to further strengthen the company's financial position and flexibility during the construction phase of this project."
**
Clairvest Group Inc. (CVG-T) has bought nearly 4.2 million shares of Discovery Air Inc. (DA.A-T), representing approximately 5 per cent of the company.
The shares were purchased for 20 cents each, the company said.
Clairvest said it and "persons acting jointly with Clairvest" currently own or exercise control over about 66.4 million common shares or about 81 per cent of Discovery shares and more than $101 million principal amount of its convertible debentures.
**
TransAlta Corp. (TA-T; TAC-N) has signed a contract with the Ontario Independent Electricity System Operator (IESO) for its Mississauga Cogeneration Facility.
"The new contract provides TransAlta a fixed monthly payment until December 31, 2018, with no delivery obligations and maintains TransAlta's operational flexibility to pursue opportunities for the Facility to meet power market needs in the northeast, including Ontario," the company said.
It said the contract will also provide an immediate reduction in GHG emissions and will reduce power costs for Ontario ratepayers.
**
Mountain Province Diamonds Inc. (MPV-Q) says CFO Bruce Ramsden has resigned and will leave the company as of Jan. 31.
Jennie Ly, controller of Mountain Province, will serve as acting CFO until a replacement is found.
**
TSO3 Inc. (TOS-T) says it has secured access to an automated receivables factoring program through a joint effort with a distributor, Getinge AB.
"This supply-chain financing provides a simple and inexpensive instrument for Getinge and TSO3 to help finance working capital," said TSO3 CFO Glen Kayll.
"Payment terms for Getinge under this structure are 90 days from invoice date, rather than standard 45-day terms," the company said. it said there are no bank setup fees associated with this program "and TSO3 has full independent discretion as to whether it shall or shall not factor any or all posted receivables."
In a separate release, TSO3 said it has entered into a strategic partner facility agreement with The Mount Sinai Hospital of New York, to deploy TSO3's sterilizer technology and "collaboratively share and evaluate related in-use technical and device reprocessing data," the company said.
"We are privileged to work closely with Mount Sinai as we continue the global deployment of our STERIZONE VP4 Sterilizers," stated CEO Ric Rumble."We aim to further validate with Mount Sinai and other leading hospitals our ability to significantly improve existing sterilization processes, increase throughput and reduce cost, while exploring and assessing the process to enable routine terminal sterilization of multi-channel flexible endoscopes."
**
Helix BioPharma Corp. (HBP-T) has signed an out-license agreement with Xisle Pharma Ventures Trust for the company's late-stage, Biphasix technology platform, including the lead product candidate, interferon alpha.
"Xisle will be responsible for the continued clinical development and subsequent commercialization of the product for the treatment of HPV-induced, low-grade, cervical intraepithelial lesions," Helix stated in a release. "As part of its asset development strategy, Xisle has initiated collaboration with senior pharmaceutical executives at Altum Pharmaceuticals Inc., who possess extensive regulatory, clinical, and product development expertise."
Under the terms of the agreement, Xisle has paid an up-front fee and agreed to subsequent milestone payments as it advances the technology to registration and market approvals.
**
Savanna Energy Services Corp. (SVY-T) says its board has "unanimously determined" that the takeover offer from Total Energy Services Inc. "significantly undervalues the common shares of Savanna, is not in the best interests of Savanna or its shareholders and that shareholders should reject the offer."
Board chairman Jim Saunders said the unsolicited takeover offer "is highly opportunistic and timed to deprive Savanna shareholders of the value of significant positive recent market changes and the actions Savanna has taken to solidify the company's balance sheet, reduce its risk profile and position the company to participate in the recovery of industry conditions."
In a release, the company suggests Savanna shareholders "do nothing" with the offer.