Our roundup of Canadian small-caps in the news today.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Torstar Corp. (TS.B-T) says it has acquired eight weekly community publications, seven daily community newspapers and two free daily newspapers from Postmedia Network Inc. (PNC.B-T).
Torstar also said it has sold 22 weekly community newspapers in eastern and southern Ontario and the Metro Winnipeg and Metro Ottawa free daily publications to Postmedia.
"This transaction will allow us to operate more efficiently through increased geographic synergies in a number of our primary regions," said John Boynton, CEO of Torstar. "By acquiring publications within or adjacent to our primary areas and selling publications outside our primary areas we will be able to put a greater focus on regions where we believe we can be more effective in serving both customers and clients."
The company described it as a "non-cash transaction, as the consideration for the publications purchased is approximately equal to the consideration for the publications sold."
Torstar said the deal is expected to result in improvement in annualized operating earnings in the range of $5-million to $7-million.
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Dundee Corp. (DC.A-T) says its wholly owned subsidiary, Dundee Agricultural Corp., has bought 1.25 million shares of Xylitol Canada Inc. for 12 cents per share for a total of $150,000.
It said it now owns a 12.3-per-cent interest in the Issuer on an undiluted basis, up from 11.7 per cent before. Dundee said it bought the shares for investment purposes only.
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Mountain Province Diamonds Inc. (MPVD-T; MPVD-Q) says it has received an extension of the waiver for the funding of the remaining reserve accounts under its project lending facility. The company said it has until January 31.
"The receipt of this waiver is an important step as we continue to advance our near-term resolution to the project lending facility," stated CEO David Whittle. "The support of our lending group throughout this process has been very much appreciated."
In a separate release, Mountain Province Diamonds said it intends to offer $325-million (U.S.) in aggregate principal amount of senior secured second lien notes due 2022 on a private placement basis.
The company said the notes will be guaranteed by each of its subsidiaries and will be secured on a second-priority basis by substantially all of the company's assets. It said the proceeds, together with cash on its balance sheet, will be used mostly to fully repay and terminate its $370-million project loan facility and amounts owing to De Beers Canada.
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Questerre Energy Corp. (QEC-T) says it has closed an acquisition of producing Bakken/Torquay oil assets in the Antler area of southeast Saskatchewan.
"This accretive acquisition consolidates our operated working interest at Antler," stated CEO Michael Binnion "We now own 100 per cent of these assets and add low-decline, high netback light oil production to our base of conventional assets."
The company said it bought about 180 barrels per day of light oil production in the Antler area for $7.25-million.
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Neptune Technologies & Bioressources Inc. (NEPT-Q;NEPT-T) announced a worldwide licensing agreement for the use of MaxSimil, its patented omega-3 fatty acid delivery technology.
"This new agreement allows Neptune to research, manufacture, formulate, distribute and sell monoglyceride omega-3-rich ingredients in combination with cannabis and/or cannabinoid-rich hemp-derived ingredients for medical and adult use applications," the company stated.
The company believes the technology has the ability to enhance absorption of lipid-based and lipid soluble ingredients such as cannabinoids.
"Neptune's strategy is to position itself in segments characterized by size and growth and the legal cannabis industry fits well with this and our wellness mission," said CEO Jim Hamilton.
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Hudson's Bay Company (HBC-T) issued a release on Monday saying shareholders representing almost two-thirds of its outstanding common shares have now confirmed their support Rhône Capital's equity investment of $632-million, as part of a series of transactions.
"These shareholders will benefit from, and be affected by, Rhône Capital's investment in the same manner as all other shareholders of HBC," the company stated.
It also said hearing for an appeal by Land & Buildings will be held on Dec. 8th and 11th. "HBC believes that there is no merit to this appeal, and will therefore seek to have the TSX decision confirmed and the appeal dismissed," it stated.
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ABcann Glocal Corp. (ABCN-X) says it's raising $30-million in a debenture financing.
It has a binding interim agreement for a proposed private placement of convertible senior unsecured debentures.
It said the proceeds are expected to be used "to make strategic acquisitions in the cannabis industry and for general working capital and corporate purposes."
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High Arctic Energy Services Inc. (HWO-T) says it has signed a letter of intent with its customer in Papua New Guinea for a contract to drill two wells for about 180 days in the first quarter of 2018.
"The selection of rig 115 for this cost sensitive project is a result of working closely with our customer to plan the project using lean principals," stated Mike Maguire, president of its international division.