A Canadian Western Bank in Calgary.Reuters
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canadian Western Bank (CWB-T) says it plans to redeem all $75-million of outstanding debentures at par, plus accrued interest, on March 22.
The company said it will be financed out of its general corporate funds.
After the redemption, CWB said its total capital ratio will remain "well above the regulatory minimum" of 10.5 per cent and above management's operating targets.
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Fortuna Silver Mines Inc. (FSM-N; FVI-T) plans to raise $65-million (U.S.) in a bought-deal financing.
It has agreement with a syndicate of underwriters, co-led by Raymond James, BMO Capital Markets and Scotia Capital to buy about 10.3 million shares at $6.30 each.
Proceeds will be used for general working capital purposes.
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NorthWest Healthcare Properties Real Estate Investment Trust (NWH.UN-T) is raising $75-million in a bought-deal financing.
The company said it will sell about 7.4 million trust units at $10.10 each through a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets.
NorthWest said proceeds will be used to help repay higher-cost revolving debt, fund the previously announced acquisition of a medical office property in Fulda, Germany and potential future acquisitions.
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Platinum Group Metals Ltd. (PTM-T; PLG-N) is raising $25-million (U.S.) in a bought-deal financing.
It has an agreement with BMO Capital Markets to buy about 17.1 million common shares at $1.46 each.
The company said proceeds will go towards, "(i) for underground development and production ramp-up of the Maseve Mine; (ii) for working capital during start-up; and (iii) for general corporate purposes."
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Atrium Mortgage Investment Corp. (AI-T) is raising $30-million in a public financing agreement with a syndicate of underwriters led by TD Securities Inc. and RBC Capital Markets.
They will purchase 2.5 million common shares at $11.85 each.
Proceeds will be used to repay debt under its revolving operating credit facility and to help fund future mortgage loan opportunities, the company said.
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BioAmber Inc. (BIOA-N) is raising $10-million in a public offering.
The company said it has an underwriting agreement with Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, to purchase "on a firm commitment basis" shares and warrants.
"A portion of this offering may be placed in Canada on a private placement basis," the company said.
Proceeds will be used to pay debt and for working capital and general corporate purposes.
In a separate release on Tuesday, BioAmber said it was increasing its previously announced public offering to $17.5-millon (U.S.).
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NYX Gaming Group (NYX-X) has entered into a new contract with New Zealand Racing Board (NZRB) for the detailed design phase of its new Fixed Odds Betting (FOB) platform project.
"OpenBet, as the wholly owned sportsbook division of NYX, will work with NZRB to automate and enhance its largely manual fixed odds betting business," the company said. "The partnership will allow NZRB to meet ever-increasing customer demand and better compete with international wagering organizations through the creation of an omni-channel player account."
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AGF Management Ltd. (AGF.B-T) reported income from continuing operations of $104.8-million for the quarter ended Nov. 30, compared to $105-million a year earlier.
Net income was $14.6-million compared to $8.10-million a year earlier.
Earnings per share was 18 cents and compared to 11 cents a year earlier.
Total assets under management increased 1.8 per cent to end the year at $34.2-billion, the company said.
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Petrus Resources Ltd. (PRQ-T) said it has extended its $42-million second lien term loan by two years, to October 2019.
The company also reduced the amount outstanding by $7-million through working capital and available credit facilities.
Petrus has also approved a $50-million to $60-million capital budget for 2017, which is expected to increase production by 12 per cent to 18 per cent by the end of the year, to 9,600 to 10,200 boe/d compared to a year earlier.
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NeuLion, Inc. (NLN-T) said it has extended its partnership with the Southern Conference, "one of the nation's oldest and most historic intercollegiate athletics conferences," to continue to power the conference's digital network.
"Extending our partnership with NeuLion represents an important step forward in enhancing our connection to our fans and continuing to showcase our brand of intercollegiate athletics," said John Iamarino, Southern Conference Commissioner in a release.
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Avesoro Resources Inc. (ASO-T) says an arbitration claim brought against the company by International Construction & Engineering (ICE) related to ICE's contract to carry out civil and earth works at Avesoro's New Liberty Gold Mine has been dismissed by a tribunal.
The company said it has been successful in the majority of its counterclaim and has been awarded its legal costs.
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Cardinal Energy Ltd. (CJ-T) has set a 2017 capital budget of $100-million and a $41-million acquisition.
It said the 2017 capital budget is designed to "achieve significant growth" in funds flow per share, and maintaining the company's annualized dividend at 42 cents per share.
Its 2017 forecast annual average production represents an increase of between 15 per cent and 18 per cent over 2016 annual production guidance of 14,600 barrels of oil equivalent per day (boe/d).
Cardinal also said it has entered into an agreement to acquire some light-oil focused assets, which are expected to produce an average of 1,000 boe/d in 2017.
The $41-million acquisition will be fully funded by issuing about four million common shares and a cash payment of $4-million, the company said.
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Organigram Holdings Inc. (OGI-X) said it has taken "immediate and comprehensive corrective measures" following product recalls in recent weeks, "to ensure such an event does not re-occur."
The company voluntarily recalled hundreds of grams of its product after traces of a controversial pesticide banned in Canada were detected in their supply. Organigram recently expanded a Dec. 28 recall of a small amount of product to include almost all of its cannabis buds and oils produced in 2016.
In a release on Tuesday, the company said it has experienced "incredible growth" in the business and has "faced challenges and setbacks as the regulations that govern our industry and the market in which we operate continues to evolve."
"Thanks to the prompt action of our team, the understanding and loyalty of our patients and investors, the support of our licensed testing counterparties, and the collaboration and oversight of our industry's regulators, the company has been able to address these challenges and setbacks immediately and definitively," CEO Denis Arsenault said in a release.
As a result of the recall, the company reported an unrealized fair value adjustment of inventory, including a loss of $499,857 for the three-month period ended November 30.
"And there may be further adjustments to the unrealized fair value of biological assets and inventory," the company said.