Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Total Energy Services Inc. (TOT-T) says it has acquired more than 80 per cent of Savanna Energy Services Corp. (SVY-T) stock in its hostile takeover bid – but is once again extending its offer to try to gather all outstanding shares.
Total Energy had already extended its offer to investors to win full control of the drilling firm. On Friday, it said the offer is now extended to April 27, and said it will further initiate a subsequent acquisition transaction or compulsory acquisition, if necessary.
In March, it became clear Total Energy had beaten out a friendly offer from Western Energy Services Corp. (WRG-T) although Western's deal was potentially more lucrative on a per-share basis, investors were concerned about the combination of two materially indebted companies – Savanna and Western – and the potential for profits down the road.
Intrawest Resorts Holdings, Inc. (SNOW-N) is being bought by affiliates of the Aspen Skiing Company, L.L.C. and KSL Capital Partners, LLC for about $1.5-bllion (U.S.).
Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, a 40-per-cent premium over $16.97 per share, Intrawest's closing stock price on Jan. 12, "the trading day prior to Reuters' report speculating that the company was exploring a potential sale."
The company said the transaction was "unanimously approved" by the board of directors of Intrawest.
"This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders," said Intrawest CEO Thomas Marano.
Intrawest's mountain resorts are located in the eastern U.S., the Rocky Mountains and Canada.
MTY Food Group Inc. (MTY-T) reported first-quarter revenue of $68.2-million, up 93 per cent from $35.3-million a year ago.
Net income was $4.5-million or 21 cents per share, down from $7.9-million or 41 cents a year earlier.
It said the decrease was due to a foreign exchange loss of $5.6-million recorded on the revaluation of a loan with one of MTY's foreign subsidiaries. Otherwise, net income would have been $9.4-million or 44 cents per share, the company said.
Analysts were expecting earnings of 45 cents per share and revenue of $65.3-million.
MTY said system sales for the quarter grew by 98 per cent to reach $519.2-million. Of that, $255.8-million was due to acquisitions completed during 2016.
Bellatrix Exploration Ltd. (BXE-T; BXE-N) says it will ask shareholders to vote on a proposal to consolidate the company's shares 4 for 1.
"A key reason why the board is seeking authorization to implement the common share consolidation is to avoid the potential delisting of the common shares from the New York Stock Exchange," the company said.
The meeting is on May 17.
Fiera Infrastructure Inc., an affiliate of Fiera Capital Corp (FSZ-T) says its infrastructure fund has acquired an indirect equity interest in a U.S. portfolio of eight solar and wind power generation projects.
The projects are owned by affiliates of D. E. Shaw Renewable Investments, L.L.C. and other investors, with three other projects anticipated to be added to the portfolio this year, the company said.
The portfolio of 11 projects has gross generation capacity of 921 megawatts and includes assets located across eight states, the company said.
"This investment significantly enhances and diversifies our existing portfolio," said Fiera Infrastructure president Alina Osorio. "All 11 projects have long-term power purchase agreements with investment-grade off-takers and long-term financing in place, providing stable returns to our investors."
The price wasn't disclosed.
Timmins Gold Corp. (TMM-T; TGD-N) has received authorization of the Environmental Impact Assessment for its Ana Paula Project in Guerrero, Mexico.
"This is a major de-risking step in the advancement of our Ana Paula Project," said Timmins CEO Greg McCunn.
The next step for the company is a series of applications for the change of land use permits, which are the final permits required for the construction of the mine.
Organigram Holdings Inc. (OGI-X) is proposing to buy Trauma Healing Centers Inc., which specializes in medical cannabis assessment and prescribing.
It has a letter of intent to buy the company for 719,425 common shares of Organigram at a value of $2.78 per share. (The company's shares closed at $3.09 on Friday).
"Organigram and THC have enjoyed a close working relationship over the past two years, and we have great mutual respect for each other's business," said Organigram CEO Greg Engel.
THC currently services over 3,500 patients across seven Canadian locations with plans to open seven more locations.