Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Athabasca Oil Corp. (ATH-T) is buying Statoil's (STO-N) Canadian thermal oil assets for $435-million cash, 100 million common shares and "contingent value payments" triggered at oil prices above $65 per barrel (U.S.) West Texas Intermediate.
CEO Robert Broen called the transaction "transformational for Athabasca and establishes scale with top tier thermal assets and people."
Pengrowth Energy Corp. (PGF-T; PGH-N) has an agreement to sell a "non-convertible gross overriding royalty interest" on its Lindbergh thermal property for $250-million in cash.
Pengrowth is selling a 4-per-cent royalty on all of its Lindbergh thermal properties, including existing production from the first commercial phase as well as production from future development phases, including its Muriel Lake lease.
"We believe this transaction captures significant value for Pengrowth shareholders while also strengthening our balance sheet and granting us the flexibility to invest in organic projects with strong returns," stated CEO Derek Evans.
Savanna Energy Services Corp. (SVY-T) says it has interest from other potential bidders for the company since Total Energy Services Inc. (TOT-T) said in November it intends to make an unsolicited takeover bid.
It said its special committee intends to conduct a formal process early next year to explore "strategic alternatives with a view to maximizing value for all shareholders of Savanna."
Savanna also announced improved business in all three of the countries in which it operates: Canada, the U.S. and Australia.
Dundee Acquisition Ltd. (DAQ.A-T) and CHC Student Housing Corp. (CHC-X) are making some modifications to the terms of their proposed business combination including certain property acquisitions.
"Based on discussions with a number of institutional investors, DAQ is considering options to raise additional common equity," along with the closing of the acquisition to partially fund its anticipated future growth and offset redemptions of Class A restricted voting shares, the company said.
It intends do an offering for up to $50-million worth of Class B shares for $10.08 per share.
Aralez Pharmaceuticals Inc. (ARLZ-Q; ARZ-T) says it has entered into a rebate agreement with CaremarkPCS Health (also known as CVS Caremark), which secures formulary status for its Yosprala drug.
The rebate agreement with CVS Caremark is effective immediately, the company said.
Transat A.T. Inc. (TRZ-T) reported fourth-quarter revenue from continuing operations of $612.1-million compared with $634-million a year ago.
Its net income was $34.9-million or 95 cents per share compared with $69.1-million or $1.82 per share a year ago.
The company says it has also initiated discussions with its partner, H10 Hotels, with regard to its 35-per-cent interest in Ocean Hotels.
Transat said it will evaluate the preferred course of action between increasing its stake to 100 per cent, or selling it to its partner, who currently holds the remaining 65-per-cent share.
Analysts were expecting revenue of $832.4-million. The company says that estimate includes revenues of its French and Greek subsidiaries that were sold on Oct. 31. Revenues including those subsidiaries were $839-million in the quarter, according to the company.
TIO Networks Corp. (TNC-X) reported first-quarter revenue of $24.2-million, up 58 per cent from $15.3-million a year ago.
Analysts were expecting revenue of about $19-million.
Net income was $1.6-million compared to $1.4-million a year ago.
Knight Therapeutics Inc. (GUD-T) announced the signing of an exclusive licence agreement with AstraZeneca, for the rights to its Movantik treatment in Canada and Israel.
The financial terms of the agreement were not disclosed.
BSM Technologies Inc. (GPS-T) reported fourth-quarter revenue of $15-million, double from $7.5-million a year earlier.
Analysts were expecting revenue to come in at $10.4-million in the most recent quarter.
The company reported net income of $9.1-million or 11.2 cents per share as compared to net income of $479,000 or 1.1 cents a year earlier.
Raging River Exploration Inc. (RRX-T) says its board has approved a 2017 capital budget of $310-million.
It also expanded the 2016 exploration and development capital budget to $210-million, an increase of $15-million.
The company also said its borrowing facility has been increased to $400-million.
Altius Minerals Corp. (ALS-T) reported second-quarter revenue of just under $10-million, up from $8.5-million a year ago.
It net earnings came in at a penny per share, compared to a loss of three cents per share a year ago.