Parkland Fuel Corp. sells products such as diesel, gasoline, heating oil and lubricants to retail, commercial and wholesale clients, with a focus on non-urban areas.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Dundee Corp. (DC.A-T) says it has increased its ownership in Formation Metals Inc. (FCO-T) after buying 833,400 units at 30 cents each, or a total of $250,000.
Each unit includes one common share and one-half of one share purchase warrant, the company said.
Dundee said it now owns 16.4 million common shares and 416,700 warrants, or a 15.5-per-cent interest in the company.
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Parkland Fuel Corp. (PKI-T) says it has an equity distribution agreement with Canaccord Genuity Corp. to sell its common shares for up to $110 million.
"The 'at-the-market' program is expected to enable common shares to be issued from treasury at lower cost to Parkland than traditional offerings, without discount and at prevailing market prices," Parkland said in a release.
It said the proceeds will be used in part to finance future growth opportunities.
"Cash flow from operations, debt and the dividend reinvestment program will continue to be Parkland's preferred sources of capital for organic growth and acquisitions," stated Parkland CEO Mike McMillan.
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Centerra Gold Inc. (CG-T) provided an update on its legal proceedings in the Kyrgyz Republic and some "restrictive measures" imposed on its subsidiaries and senior management personnel.
They include:
-Allegations that its Kumtor Project owes additional environmental pollution fees of about $220 million (U.S.).
-An order that prohibits the company from taking any actions relating to certain financial transactions including, transferring property or assets, declaring or paying dividends or making loans.
-The government's prosecutor's office has opened a new criminal case against unnamed company managers alleging they engaged in transactions that "deprived Kumtor of its assets or otherwise abused their authority, causing damage to the Kyrgyz Republic." It said the government prosecutor has carried out searches of the company's offices and seized documents and records. The company " trongly" disputes the allegation that the transactions "were in any way improper."
-The company's senior expatriate managers have been told by the Kyrgyz Republic border service that they can't leave the country, "for the time being."
"Such measures, together with other actions taken by Kyrgyz Republic courts and state authorities previously reported on by the company, are clear breaches of the agreements governing the Kumtor Project and, in aggregate, threaten to deprive Centerra of its fundamental rights to exercise effective management control over, and enjoy the economic benefits of ownership of, the Kumtor Project," said Centerra, which has initiated international arbitration proceedings to challenge the Kyrgyz Republic's claims and actions. It said it will add these disputes to the international arbitration.
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Rogers Sugar Inc. (RSI-T) said unionized workers at its Montreal refinery will be returning to work today after ratifying a five-year collective agreement.
"All production activities will resume and the corporation expects a return to normal activities as soon as possible," the company said in a release.
"We are extremely pleased that, together, we were able to find a compromise in order to reach a satisfactory outcome for both parties," CEO John Holliday stated.
The company said on May 31 that the union went on strike, which interrupted production at the Montreal refinery.
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Canaccord Genuity Group Inc. (CF-T) says it plans to raise $28.7-million in a non-brokered private placement of 6.9 million units at $4.17 each.
Each unit includes one common share one-half of one common share purchase warrant.
Canaccord said the money will be used to fund its independent employee benefits trusts as part of its long-term incentive plan.
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NeuLion, Inc. (NLN-T) says it bought privately held Saffron Digital Ltd. in an all-cash asset transaction. The price wasn't disclosed.
"Saffron Digital helps its customers build multi-platform digital video services for entertainment delivered over-the-top to internet connected devices," NeuLion said in a release.
It said the company has been working with Hollywood studios and other entertainment content owners for the last 10 years.
In a separate release, NeuLion also said it promoted Roy Reichbach to president and CEO, from the position of general counsel.
It also promoted Nancy Li, co-founder of NeuLion, to executive chair of the board. Former chairman Charles Wang will continue as a company director.
Trevor Renfield will become chief financial officer. He joined the company last year through the acquisition of DivX, LLC, where he was CFO. NeuLion said former CFO Art McCarthy resigned from the position "and will now devote all of his time to his role with the New York Islanders."