A Pengrowth Energy Corp. pipeline in Alberta.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Summit Industrial Income REIT (SMU.UN-T) is buying a 309,077 square foot light industrial property in Edmonton for $33-million
Summit said it plans to finance the purchase with cash and a $23.5-million mortgage maturing in November 2025 with a 3.85-per-cent interest rate.
"We are pleased to be adding to our presence in Edmonton," stated CEO Paul Dykeman. "We believe Edmonton, Canada's fifth largest industrial market, presents a real opportunity as the Canadian energy industry begins to recover, and that now is the right time to invest in the region."
The REIT also said it plans to raise $30.3 million in a bought deal.
"The REIT intends to use the net proceeds from the offering primarily to fund the purchase of the Edmonton property, the repayment of existing indebtedness, the funding of future acquisitions and for general trust purposes," the company said.
It said the offering is not conditional upon the closing of the Edmonton property.
**
Centerra Gold Inc. (CG-T) says it has delivered a notice of arbitration to the Kyrgyz Republic Government related to "certain ongoing disputes relating to the Kumtor Project."
"Despite the commencement of arbitration proceedings, the company has re-iterated to the Kyrgyz Republic Government its openness to receive and discuss proposals to resolve all outstanding matters affecting the Kumtor project in a manner that is fair to all of Centerra's shareholders," the company said.
"The company believes that the Kumtor Project has always been operated in accordance with the provisions of the 2009 project agreements governing the Kumtor Project, including the 2009 Restated Investment Agreement which provides a complete code of all taxes, fees and other charges applicable to the Kumtor Project and that all disputes relating to the Kumtor project shall be resolved through international arbitration."
**
Pengrowth Energy Corp. (PGF-T, PGH-N) says it has received Environmental Protection and Enhancement Act (EPEA) approval for its 17,500 barrel per day (bbl per day) second commercial phase of its Lindbergh thermal project.
"The approval contains no conditions that materially change the estimated cost, scope or timing of the project," the company said in a release. "This approval marks the culmination of approximately 30 months of project review by stakeholders and regulators."
CEO Derek Evans said the expansion "will be part of our transition to building a portfolio of highly economic thermal oil assets … The hallmarks of long-term sustainability."
**
Clearwater Seafoods Inc. (CLR-T) says it plans to raise $35-million in a bought deal public offering and $15-million in a private placement.
The bought deal is with a syndicate of investment dealers led by Cormark Securities, who have agreed to purchase 2.5 million common shares at $13.90 per share.
The stock closed at $14.49 on Monday.
The non-brokered private placement of 1.1 million shares is with some existing insider shareholders.
**
Premier Gold Mines Ltd. (PG-T) says it has struck a $45-million (U.S.) financing arrangement with Orion Mine Finance "with the opportunity for up to an additional $400-million in acquisition or development financing."
It said the financing has three parts: Orion will provide a $30-million unsecured term facility, complete an equity private placement of $15-million; provide access for up to $400-million in financing for expansion of existing company projects, or a new project or entity acquisition by the company; and purchase up to 20,000 ounces of refined gold annually from Premier's existing projects and any projects acquired with funding from Orion.
"This unique arrangement provides Premier with the flexibility to pursue growth while continuing to advance our portfolio of existing near-term mining projects," stated Premier CEO Ewan Downie.
**
Rogers Sugar Inc. (RSI-T) says production at it Montreal refinery has been suspended following a breakdown in discussions with the union representing about 200 operation and maintenance employees.
"The corporation is implementing contingency measures to minimize the disruption to its customers," it stated in a release.
Collective bargaining between the company and the union started in March following the expiry on Feb. 28 of a three-year collective agreement.
"The corporation is maintaining open channels of communication with the union," it said.
**
Sherritt International Corp. (S-T) says it has agreements with institutional holders of about 44 per cent of its $720 million of outstanding senior unsecured debentures to extend the maturity dates under each of its three series of notes by three years.
"Extending the maturities of the notes for three years treats all noteholders equally and fairly, and upon completion of the extension, there will be no maturities until November 2021, which will bring greater stability to our capital structure and better enable us to weather this ongoing period of weak commodity prices," stated CEO David Pathe.
The company said it looked at "a number of potential alternatives to improve its capital structure," and said the extensions are "the best available alternative to maximize and preserve value for Sherritt and its stakeholders under the present circumstances."