Blocks of unrefined gold nuggets.Bloomberg
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Teranga Gold Corp. (TGZ-T, TGZ-A) says it's buying Gryphon Minerals Ltd (GRY-T) in an all-share deal valued at approximately $63-million (U.S.)
Gryphon's key asset is the 90 per cent owned Banfora gold project in Burkina Faso, West Africa.
The agreement sees each Gryphon share exchanged for 0.169 of a Teranga chess depository interest or share.
"This is an outstanding opportunity to add another high quality gold asset to Teranga's portfolio and to create a multi-jurisdiction gold producer with diversified production and cash flows," stated Teranga CEO Richard Young in a release. "Out of the gate, Gryphon's Banfora project will give us an additional one million ounces in gold reserves, with considerable exploration potential to further increase the reserve base, which is expected to enhance our production, cost and cash flow profiles commencing as early as 2019."
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Concordia Healthcare Corp. (CXRX-Q, CXR-T) announced it has settled a previously disclosed arbitration proceeding started by a former financial adviser to the company.
The adviser claimed it was owed approximately $38.3-million, plus interest.
"As part of the settlement, the parties have released all claims against each other and the company has agreed to pay a settlement amount of $12.5-million," Concordia said in a release.
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Energy Fuels Inc. (UUUU-N, EFR-T) says it's considering amending the terms of its existing $22-million principal amount of floating rate, convertible, unsecured, subordinated debentures and may call a meeting of holders on Aug. 4 if it plans to go ahead with a change.
Some of the amendments under consideration include an extension of the term set to mature on June 30, 2017, a reduction in the current conversion price of $15 "to a premium that better reflects current market conditions," and the addition of certain redemption rights, among other options.
The company said it will decide in early July whether to pursue the amendments.
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AirBoss of America Corp. (BOS-T) appointed Daniel Gagnon, a seasoned financial executive with more than 30 years experience, to the role of chief financial officer, effective June 20.
He will succeed Wendy Ford, who served as CFO since 2014.
"Ms. Ford has agreed to remain with AirBoss for the next few months and will work closely with Mr. Gagnon to ensure a seamless transition," the company said.
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Fortuna Silver Mines Inc. (FSM-T, FVI-T) says it has acquired 10 million shares of Medgold Resources Corp. for 15 cents per unit, or a total of $1.5 million.
Each unit includes a common share of Medgold and one warrant to purchase an additional common share of the company at 15 cents for a year.
Fortuna says its ownership, if the warrants are exercised, will be 27 per cent of Medgold, up from 15.7 per cent.
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Athabasca Oil Corp. (ATH-T) says it has granted a contingent bitumen royalty to Burgess Energy Holdings L.L.C. on its thermal assets for $129 million.
The company also said it has repaid its $221-million (U.S.) first lien term loan, "which is the first step towards aligning the company's capital structure with its go forward operating plans."
It said both transactions will help to enhance its balance sheet and financial sustainability.
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Superior Plus Corp. (SPB-T) says it hasn't been able to address concerns raised by the U.S. Federal Trade Commission (FTC) that would allow it to close a deal to buy Canexus Corp.
"In order to address such concerns, Superior proposed various remedy packages, including divesting up to an aggregate of 215,000 metric tonnes of sodium chlorate production capacity representing approximately $42 million in annual operating EBITDA and effectively reducing Superior's pro forma market share of U.S. sodium chlorate sales to approximately 35 per cent," the company said in a release.
"Since the waiting period under the applicable U.S. legislation has expired and the FTC has not accepted the divestiture proposals made, Superior expects that the FTC may commence litigation as early as June 24, 2016 to enjoin the transaction."
Superior said it's working on a resolution and to extend the agreement with Canexus. However, it said if the so-called "outside date" in the deal isn't extended by June 29, either party will be entitled to terminate the agreement.