A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.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.
Tamarack Valley Energy Ltd. (TVE-T) announced two asset acquisitions — an 82 per cent ownership in a central oil battery and a light oil pool in Alberta — for a total of $85-million.
The acquisitions will be partially funded with a $72-million bought deal equity financing led by National Bank Financial Inc., the company said in a release.
It also increased its 2016 capital program to between $45-million and $53-million, up from $40-million to 57-million as well as its guidance ranges.
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Dream Office REIT (D.UN-T) is selling some of its stake in Toronto's Scotia Plaza to KingSett Capital and Alberta Investment Management Corp. (AIMCo)
Dream REIT said KingSett and AIMCo have agreed to acquire a 16.67 per cent ownership interest in Scotia Plaza from the Trust and will buy 33.33 per cent interest owned by H&R REIT.
After the transaction is done, Dream REIT will still own a 50 per cent interest in Scotia Plaza.
"One of Canada's most exceptional assets, Scotia Plaza remains a core asset and long-term hold in Dream Office's portfolio," the REIT said in a release.
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Fiera Capital Corp. (FSZ-T) is selling its stake in Fiera Quantum Limited Partnership to Metric Asset Management Ltd., a holding company controlled by its executive chairman Jason Marks.
The transaction is expected to close around July 18. The terms of the deal weren't disclosed.
FQLP is jointly owned by Metric and a wholly owned subsidiary of the firm.
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Callidus Capital Corp. (CBL-T) is increasing the purchase price under its substantial issuer bid to $15.50 per share from $14.
It said the aggregate maximum purchase price payable by Callidus is $55.4-million.
"Callidus undertook the offer in order to provide liquidity for shareholders wishing to sell their shares, and increased the purchase price in light of the current trading range of the shares on the Toronto Stock Exchange," the company stated in a release. "Even after the increase, the purchase price continues to be a substantial discount to the fair market value of the shares set out in the valuation."
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Stingray Digital Group Inc. (RAY.A-T, RAY.B-T) says it has reached an agreement to acquire four of Bell Media's music video channels: MuchLoud, MuchRetro, MuchVibe and Juicebox for an undisclosed price.
"In an industry where consolidation is the watchword, and where growth and scale define success, the acquisition of premium quality music content is our primary strategy," CEO and co-founder Eric Boyko said in a release. "This transaction with Bell Media paves the way for independent media companies like Stingray to propel their global expansion."
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NorthWest Healthcare Properties REIT (NWH.UN-T) says its 24 per cent owned Vital Healthcare Property Trust, listed in Australia, has announced a $61.1-million ($64-million Australian) pipeline of new development projects across its Australian private hospital portfolio and $19.1-million ($20-million Australian) in acquisitions expected to occur over coming months.
"These initiatives are expected to further support various scale and diversification objectives at key assets or with market leading operating partners," NorthWest said in a release. "When completed, all projects will further enhance the quality of Vital Trust's portfolio and sustainability and growth of Vital Trust's earnings."
Vital Trust also said it plans to raise $146.2-million of new equity capital in a rights offering of new units to existing unitholders.
"The REIT is fully supportive of Vital Trust and overall Australasian healthcare real estate opportunities," said NorthWest CEO Paul Dalla Lana.
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Dundee Precious Metals Inc. (DPM-T) will raise about $50-million in a bought deal agreement with a syndicate of investment dealers, led by RBC Capital Markets.
The agreement is for 15.8 million shares at $3 per share to raise $47.5-million. At the same time, the company is planning a non-brokered private placement of 840,000 shares at $3 each to raise another $2.5-million.
The company said it will use the funds to reduce drawdowns under its revolver credit facility and to support growth initiatives.