Chorus is best known for operating the Jazz regional airline service on behalf of Air Canada.MIKE CASSESE/Reuters
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Sirius XM Canada Holdings Inc. (XSR-T) says it has received a demand for payment from Sirius XM Radio Inc. for an additional $33.9-million (U.S.) million in "activation fees" under the XM Licence Agreement.
It said the demand is owed from 2005 to the end of January 2016.
"Sirius XM US has also made a demand for its methodology to be used for calculating 'activation fees' from February 2016 onwards for the remainder of the current term of the XM Licence Agreement," the company stated.
"As previously disclosed, the company and Sirius XM US have not agreed on the 'activation fees' owed under the XM Licence Agreement. The company is confident in its interpretation of the XM Licence Agreement and the calculation of the 'activation fees' thereunder, and intends to seek resolution of this matter through binding arbitration under the terms of the XM Licence Agreement."
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Continental Gold Inc. (CNL-T) says the Colombian Government is closing all illegal mines and processing plants operating within the company's exploitation and exploration licenses covering its Buriticá project.
"The intervention is a direct result of the National Government's initiative to eliminate illegal mining, through which there have been several similar interventions recently in other parts of the country," the company stated.
"The company is, as always, fully cooperating with the national, regional and municipal authorities, operating within the framework of Colombian Law and international standards and providing support and available resources to the community of Buriticá."
While the activities are taking place at a "safe distance" from the company's current small-scale mine and future infrastructure site, it said "extra precautions are being taken to ensure the safety of all company employees and contractors during the intervention."
It said the current operation is expected to lead to increased territorial control by the government in the region.
"The increased control … will further strengthen the process of permitting, constructing and operating a mine at the Company's multi-million ounce high-grade Buriticá project," it said.
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AuRico Metals Inc. (AMI-T) says the Environmental Assessment Certificate application for its Kemess Underground Project has been screened and formally accepted for review by the B.C. Environmental Assessment Office.
"AuRico is making revisions and reformatting the application to integrate the clarifications and additional information provided by AuRico during the screening period," it said in a release.
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Newmarket Gold Inc. (NMI-T) says Eric Sprott plans to buy 16.2 million common shares of the company from Luxor Capital Partners LP and affiliates at a price of $2.80 per share for a total of $45.4-million. The shares closed at $2.94 on Monday.
That will take his ownership up to 31.4 million shares of Newmarket, or 17.9 per cent, including voting rights.
"Newmarket has a strong balance sheet with approximately $52-million (U.S.) in the treasury and essentially no debt," stated Mr. Sprott in a release. "Their three gold mines achieved record consolidated production in 2015 and the trend to increasing gold grades and recoveries continues into 2016. I look forward to being a supportive shareholder and participating in the growth of the company."
Mr. Sprott will purchase the shares for investment purposes, the company said.
Luxor continues to hold 33.9 million shares of Newmarket, representing an approximate 19.3 per cent of the company.
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Pacific Exploration & Production Corp. (PRE-T) confirmed its common shares will be delisted from the TSX effective at the close of market on May 25. Trading of the Company's common shares on the TSX will remain suspended until the delisting.
The company's common shares have been suspended from trading on La Bolsa de Valores de Colombia (the Bogota stock exchange).
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Chorus Aviation Inc. (CHR.B-T, CHR.A-T) says it has signed an agreement to acquire five Bombardier CRJ900 regional jets, with firm purchase rights for five additional aircraft.
The five firm aircraft will be operated under the Air Canada Express brand.
Chorus said it has arranged financing in support of this acquisition to be drawn at the time of closing.
These five 76-seat CRJ900 regional jets will enter into service in early 2017.
"The ongoing modernization of the Jazz fleet is strengthening our ever-improving cost competitiveness in the North American market," stated CEO Joseph Randell. "The addition of these new CRJ900s reduces unit costs and complements our fleet of Canadian-built Bombardier turboprops and regional jets. The advanced technology, fuel efficiency and passenger comfort of this aircraft offer a reliable and cost-effective regional jet solution for our growing fleet."
Based on the list price of the CRJ900 aircraft, the order is valued at about $229-million (U.S.) and could increase to $467-million, if Chorus exercises its right to purchase the additional aircraft, Bombardier said in a release.