A dollar sign under a magnifying glass.Vishnu Kumar
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated throughout the morning.
Newalta Corp. said it has agreed to sell its industrial division to a unit of Birch Hill Equity Partners for $300-million plus the assumption of liabilities.
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Desmarais Energy Corp. said CEO and president Doug Robinson and chief financial officer James Long have resigned.
"Further, the corporation has received a notice of intention to enforce a security under rule 124 of the Bankruptcy and Insolvency Act (Canada) from 323 Holdings Ltd., a company controlled by Doug Robinson, outlining that 323 Holdings intends on enforcing its security over the corporation's assets and that the total amount of indebtedness owed to it by the corporation and secured by such security is $3-million. The notice of intention also states that 323 Holdings will not be entitled to enforce the noted security until after January 3, 2015."
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Dorel Industries Inc. said it is acquiring the remaining 30 per cent stake in Companhia Dorel Brasil Produtos for a total investment of approximately $1.6-million (U.S.), which will make it a wholly owned subsidiary of the firm. The company intends to keep Rafael Camarano in place as president and chief executive officer.
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Callidus Capital Corporation said it is in talks with two major Canadian chartered banks to increase its senior credit facility to $262.5-million (U.S.) from $200-million, and expects this arrangement to be completed early in the New Year. The company also announced that chief operating officer David Reese has also taken on the role of president, effective December 19.
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Slate Retail Real Estate Investment Trust said it has reached an agreement to purchase a shopping centre in Myrtle Beach, South Carolina for $5.5-million (U.S.). Kroger is the anchor tenant at this property. This transaction is expected to close in the first quarter of 2015.
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Los Andes Copper Ltd. said it is raising approximately $2.1-million through a private placement of shares and separate issuances to pay off debts owed to one of the company's largest shareholders as well as the management company headed by Los Andes' chairman. The company is set to issue up to 6.59-million shares at a price of $0.22, the level it closed at on Tuesday. Proceeds from the private placement will be used to fund work on its project in Chile.
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