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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Trez Capital Mortgage Investment Corp. (TZZ-T) says a shareholder group is looking to shakeup the board and "wind up the company."
Toronto-based Trez says its board has received a shareholder requisition requesting a special meeting of the company's shareholders to vote on the changes.
It said the shareholder group includes FrontFour Capital Group LLC, FrontFour Capital Corp., Concerned MIC Shareholders GP Inc., Performance Income Inc. and Windsor Private Capital Inc. They claim to collectively own about 7 per cent of the company's shares.
The group wants to reconstitute the board with three new independent directors and to vote on a special resolution to "wind-up the company."
Trez says its special committee "is reviewing and considering the requisition with its professional advisors,' and will respond "in due course … In the meantime, there is no need for shareholders of the company to take any action."
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Osisko Gold Royalties Ltd. (OR-T) announced two financings late Monday and its stock was halted after market hours.
First, it said Investissement Québec plans to provide it $50 million financing through a convertible debenture that mature in five years.
"We are very pleased to renew our relationship with Investissement Québec and to partner with them in creating value in the resource sector in Québec," stated CEO Sean Roosen. "Investissement Québec was a key financial partner in the development of the Canadian Malartic Mine in 2009."
Osisko also said it's looking to raise $150.1 million through a bought deal through a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets. They have agreed to buy 9.94 million units a $15.10 each.
Osisko said the net proceeds will be used for working capital and general corporate purposes, "including funding resource royalty and stream acquisitions."
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Clairvest Group Inc. (CVG-T) reported third-quarter net income of $11.9 million or 78 cents per share compared to a loss of $2.9 million or 19 cents per share for the same time a year earlier.
The quarter included the Toronto-based private equity firm's sale of Casino New Brunswick for $14.8 million.
Clairvest said its book value was $468.3 million or $30.78 per share at Dec. 31, 2015 and that it had $776.1 million of capital available for future acquisitions.
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Taseko Mines Ltd. (TKO-T, TGB-N) says it could save up to $20 million in spending at its Gibraltar mine thanks to the B.C. government's recently announced five-year power rate deferral program.
"Electricity is one of Gibraltar's most significant expenses, accounting for nearly 10 per cent of the mine's total operating costs," stated CEO Russell Hallbauer.
"This cost deferral program has the potential to reduce Gibraltar's annual spending by up to $20 million, or roughly 15 cents per pound of copper production, at the current copper price of approximately $2.10 (U.S.) per pound, effective this month."