Here are Canadian small cap stocks moving on news today and worth watching:
TransGlobe Apartment Real Estate Investment Trust announced late Thursday that it has entered into agreements to internalize the asset and property management functions of the REIT to indirectly acquire a portfolio of 57 properties from TransGlobe Investment Management Ltd. and its affiliates for around $740-million. It will also sell approximately $175-million of subscription receipts at a price of $11.25 per receipt, and $50-million of extendible convertible unsecured subordinated debentures to partially finance the acquisition.
Allied Properties REIT announced late Thursday that it has entered into agreements to purchase Calgary, Edmonton, and Toronto properties for $179-million. Five of the properties are in Calgary, including a hotel, retail space, and art gallery, the REIT said. The other buildings include retail and office space.
Crescent Gold today said its recently completed Campaign 7 mining program produced 23,871 ounces, 8.5% above guidance of 22,000 ozs, for the June 2011 quarter. Crescent Gold said mining activities are well advanced at Craiggiemore, Mary Mac Hill and Fish and approximately 450,000 tonnes of ore is stockpiled at Granny Smith. Crescent Gold said it is, therefore, "well positioned" for ore deliveries into Campaign 8 and to achieve its forecast gold production of 22,000 ozs. It didn't provide any time details
Clairvest Group Inc. said it is boosting its stake in Discovery Air Inc. , purchasing $70-million of secured convertible debentures in the Yellowknife-based aviation company. Toronto-based Clairvest currently owns 595,000 Discovery shares, or less than 0.5% of its outstanding common stock. That could increase to a 32.3% stake if the equity-finance firm opts to convert the debentures into 93.3 million shares at the $0.75 per share conversion price over the next 66 months. Discovery will use the new funds to pay down existing debt.
Centric Health Corp. announced it has entered into an agreement to acquire 75% of the issued and outstanding securities of Performance Orthotics Inc., which operates clinics in over 50 locations, largely in Ontario, offering custom orthotics, custom bracing, laser and shockwave therapy.
Great Canadian Gaming Corp has completed work on a new credit agreement, extending its revolving loan facility by an additional 54 months through July 2016 and increasing the casino operator's borrowing limit to $350-million from the current $200-million. The company's senior secured "B" term loan is unchanged by the amended revolver. To date, Great Canadian has not used the revolving loan facility.
Recently listed Dundee Energy Limited Thursday night announced its cash flow from operating activities was $8.3-million in the six months ended June 30, 2011, including $4.8 million generated during the second quarter of this year. This compares with $2.1-million in the first half of the prior year. Production volumes for the three months ended June 30, 2011 totalled 10,602 million cubic feet per day of natural gas and 710 barrels per day of oil and liquids on a net basis. Net earnings for the three months were $900,000 and included a fair value gain of $1.9-million relating to outstanding risk management contracts. On a year-to-date basis, the corporation incurred a net loss of $1.1-million compared with a loss of $3.8-million incurred in the first half of the prior year.
C.A. Bancorp Inc.announced Thursday night that is has enacted a shareholder rights plan effective immediately to prevent a "creeping takeover." It didn't provide specific details. The merchant bank and alternative asset manager said the Rights Plan, which is in typical form for Canadian publicly listed issuers, is designed to encourage the fair and equal treatment of shareholders in connection with any takeover bid for the company. The Rights Plan is subject to the acceptance of the Toronto Stock Exchange.
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