TMAC Resources Inc. is one of Tuesday's small caps to watch.TMAC Recources
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Superior Plus Corp. (SPB-T) says the Federal Trade Commission has filed an administrative complaint saying its acquisition of Canexus Corp.(CUS-T) would violate U.S. antitrust laws.
Superior said in a release the FTC has authorized its staff to seek a temporary restraining order and a preliminary injunction to prevent it from closing the transaction "pending completion of the administrative proceeding."
Superior says it and Canexus haven't reach an agreement to extend the deal past June 29, "but discussions are ongoing."
"Superior is confident that it has a strong case and remains prepared to present a vigorous defense to the FTC challenge" if the deal is extended.
In a separate release on Tuesday, Canexus said the Canadian Competition Bureau has approved the acquisition by Superior Plus and issued a no-action letter under the Competition Act.
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Lundin Gold Inc. (LUG-T) is raising $82.5-million in a bought deal financing agreement with a syndicate of underwriters led by GMP Securities L.P.
They're buying 15 million shares at $5.50 each. The stock closed Monday at $5.79.
Lundin Gold said it will use the net proceeds to develop the Fruta Del Norte Gold Project and to repay debt under its credit facility.
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TMAC Resources Inc. (TMR-T) is raising about $80-million in a bought deal financing.
The agreement is with a syndicate of underwriters led by BMO Capital Markets, which is buying just under four million common shares from TMAC and 1.3 million shares from Resource Capital Fund VI L.P., at a price of $15.10 share. The stock closed at $16.48 on Monday.
About $60-million of the gross proceeds will be received by the company and $20 million by RCF.
"The net proceeds of the offering will be used to advance development of the company's Hope Bay gold project, for exploration and development of the BTD Zone at Doris, and for general corporate purposes," the company said.
It said Newmont Mining Corp. will buy about 1.2 million shares as part of the offering. When the financing is complete, RCF will hold 31 per cent of the shares and Newmont 29 per cent.
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Sandstorm Gold Ltd. (SAND-T, SSL-T) has raised $50 million in a bought deal financing with a syndicate of underwriters co-led by National Bank Financial Inc. and BMO Capital Markets.
They're buying 11.2 million shares of Sandstorm at $4.45 each. The stock closed at $4.82 on the NYSE on Monday.
The company plans to use the net proceeds to reduce the balance of its revolving credit facility and for the acquisition of streams and royalties.
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The Intertain Group Ltd. (IT-T) said it appointed Neil Goulden as its new chairman of the Board and Andrew McIver as its new CEO and as a director, both from the UK.
The company also said its special committee is continuing its review process in connection with the third-party acquisition of the company.
"Further discussions are expected in this regard despite the outcome of the UK referendum on EU membership," the company said. That includes "potential value-enhancing comprehensive UK-centered strategic initiatives," including a potential London listing of the shares of a newly incorporated London-based corporation that would become the parent company.
"Our ongoing discussions reflect a recognition in the market of the value and prospects of Intertain's businesses and the power of potentially combining them with other market-leading gaming assets," stated former chairman and special committee director David Danziger in a release. "Similarly, the strategic review and the feedback received from shareholders, the market and other stakeholders have highlighted the potential of a greater exposure to European capital markets to help achieve a fuller and more appropriate valuation of Intertain's businesses if Intertain continues to operate on a standalone basis."
Intertain said the UK is "the natural home for its listing," after the acquisition of its Jackpotjoy business.
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Slate Retail REIT (SRT.UN-T) is selling a portfolio of five Food Lion anchored assets in Virginia, South Carolina and North Carolina for $21.9 million (U.S.)
"We believe that we optimized the value for each of the five properties in the Food Lion Portfolio and obtained an exit price above our March 31, 2016 IFRS fair value," CEO Greg Stevenson said in a release. "We continue to see very attractive opportunities to buy over-looked assets and believe there are compelling reinvestment opportunities to acquire higher quality properties that provide greater upside and income potential for the REIT."
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Air Canada (AC-T) has finalized a previously announced order for at least 45 Bombardier C Series passenger jets, worth $3.8-billion (U.S.) at list prices.
Deliveries of the CS300 jets — currently the largest model of Bombardier's new C Series planes — will begin in late 2019 and extend to 2022, the company said.
Air Canada also has an option to order up to 30 additional CS300s – making the order potentially worth up to $6.3-billion, at list prices. The actual price is usually discounted but not announced.
The two Montreal-based companies announced a preliminary agreement in February as part of a series of initiatives by Bombardier, Air Canada, and the Quebec and federal governments.
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Osisko Gold Royalties Ltd. (OR-T) says it received approval for a listing on the New York Stock Exchange, where it expects to begin trading on July 6.
"We are very pleased to announce our listing on the NYSE, another milestone in positioning Osisko for growth," stated CEO Sean Roosen in a release. "We continue to focus on value creation for our shareholders, and listing on the prestigious NYSE provides our U.S. based shareholders with direct trading while also improving our access to capital."
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Concordia Healthcare Corp. (CXRX-Q, CXR-T) has changed its name to Concordia International Corp. and commented on the impact of Brexit on its business.
The company said the depreciation of the pound sterling relative to the U.S. dollar "does not impact the company's ability to service its debt and meet its earn-out obligations in 2016. Beyond 2016, the Company will monitor its hedging needs."
"Operationally, our Concordia International segment is continuing to perform as expected," stated CEO Mark Thompson in a release.
With a file from The Canadian Press