Aecon employees on a job site. The construction firm has reportedly hired advisers to consider a sale.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
ECN Capital Corp. (ECN-T) says it has an agreement to acquire Triad Financial Services, Inc. for $100-million (U.S.)
"In addition, ECN Capital has agreed to an incentive compensation plan with senior management that will be based on the achievement of a prescribed return on average equity (ROAE) over the next five years," the company said.
Founded in 1959, Triad is the oldest manufactured housing finance company in the U.S.
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New Gold Inc. (NGD-T; NGD-N) reported revenue of $142.5-million (U.S.) in the third quarter compared to $115.2-million a year earlier.
The company said the increase was due to higher metal sales volumes and higher copper prices.
Net earnings came in at $27-million or 5 cents per share versus $4.1-million or 1 cent a year earlier. Adjusted earnings came in at 1 cent versus 2 cents a year earlier.
Analysts were expecting revenue of $176.1-million and earnings of 4 cents.
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Detour Gold Corp. (DGC-T) reported net earnings of $41.1-million (U.S.) or 24 cents per share in the third quarter. That compared to earnings of $9.7-million or 6 cents a year earlier. Adjusted earnings were 21 cents versus a penny a year earlier.
Revenue came in at $164-million compared to $152-million a year earlier.
Analysts were expecting revenue of $194.6-million and adjusted earnings of 13 cents.
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Acadian Timber Corp. (ADN-T) reported sales of $22.2-million in the third quarter compared to $19.3-million in the prior year period "primarily due to a 20-per-cent increase in log sales volumes."
Net income came in at $9.7-million or 58 cents per share compared to $2.8-million or 17 cents per share for the same period in 2016.
Analysts were expecting earnings of 29 cents and sales of $23.2-million.
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Mullen Group Ltd (MTL-T) reported revenue of $283.9-million in the third quarter, up 10 per cent compared to $258.6-million a year earlier.
Net income came in at $26-million or 25 cents per share compared to net income of $17.6-million or 17 per share for the same quarter in 2016.
Analysts were expecting earnings of 15 cents and revenue of $292.6-million in the most recent quarter.
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Dundee Corp. (DC.A-T) says it has received 11.8 million common shares and 2 million warrants of Orford Mining Corp. as part of the completed qualifying transaction with True North Nickel Inc.
Dundee said each warrant entitles the holder to acquire, on payment of 75 cents, one common share in the capital of Orford.
Dundee owned a 53.3-per-cent interest in Orford. It now owns about a 28.9-per-cent interest in Orford on an undiluted basis and a 32.2-per-cent interest on a partially diluted basis.
Dundee said it acquired the securities of Orford "for investment purposes only."
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Western Energy Services Corp. (WRG-T) reported third-quarter revenue of $54.1-million up 67 per cent from $32.5-million a year ago.
Its net loss was $11.5-million or 16 cents per share versus a loss of $17-million or 23 cents a year ago.
Analysts were expecting a loss of 15 cents per share and revenue of $58.4-million
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VBI Vaccines Inc. (VBIV-Q; VBV-T) says it has commenced concurrently an underwritten public offering and a registered direct offering of its common shares. It said the offerings are subject to market and other conditions and "there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings."
VBI said it intends to use the net proceeds to progress its pipeline programs.
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Canadian construction company Aecon Group Inc. (ARE-T) said on Thursday it agreed to be bought by China's CCC International Holding Ltd. in a deal with an enterprise value of $1.51-billion.
CCCI is the overseas investment and financing arm of engineering and construction company China Communications Construction Co. Ltd.
CCCI will pay $20.37 per share in cash for each Aecon share, a premium of 42 per cent to Aecon's share price on Aug. 24, a day before the Canadian company said it had engaged two financial advisers to explore a potential sale.
The deal will help Aecon, which helped build Toronto's iconic CN Tower and the Vancouver Sky Train, get access to capital to take up more larger and complex projects in Canada, the company said.
Aecon also reported third-quarter revenue of $760-million compared to $838-million in the third quarter of 2016.
Profit was $24.6-million or 37 cents per share versus profit of $27.4-million or 42 cents a year earlier.
Analysts were expecting earnings of 41 cents and revenue of $804.7-million.
--Reuters
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Frontera Energy Corp. (FEC-T) has agreed to sell its interest in Petroelectrica de los Llanos to an affiliate of Eléctricas de Medellín - Ingeniería y S.A.S for $56-million in cash.
It said $50-million will be used as the first payment to the International Finance Corp. and related parties, in connection with the purchase of the IFC Parties' common shares in Pacific Midstream Ltd.
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Grande West Transportation Group Inc. (BUS-X) says its secured a new credit facility for up to $20-million from the Royal Bank of Canada.
It said the credit facility will be used to refinance debt, for ongoing working capital requirements and to pay off its $4.3-million (U.S.) credit facility.
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Calfrac Well Services Ltd. (CFW-T) said revenue in the third quarter was $448.1-million, an increase of 156 per cent from the same period in 2016.
Net income was $7.8-million or 6 cents per share compared to a net loss of $40.9-million or 35 cents per share in the same period last year.
Analysts were expecting a loss of 4 cents and revenue of $391.1-million.
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MEG Energy Corp. (MEG-T) reported third-quarter revenue of $546-million versus revenue of $497-million for the same time a year ago.
Net earnings came in at $84-million or 28 cents per share compared to a loss of $109-million or 48 cents.
Analysts were expecting revenue of $539.3-million.
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Osisko Gold Royalties Ltd. (OR-T;OR-N) says Ressources Québec Inc., a wholly-owned subsidiary of Investissement Québec, has committed to purchase $16-million of debentures through a private offering connected to a $184-million public offering of debentures.
It said the agreement is in connection with its previously announced $284-million offering of convertible senior unsecured debentures, which consists of a public offering and a private placement. The underwriters have exercised their option to increase the size of the private placement of debentures by $16-million to $300-million.
The net proceeds will be used to fund the acquisition of precious metal royalties and streams, working capital, and general corporate purposes, the company stated.
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Emerald Health Therapeutics Inc. (EMH-X) signed an agreement with Northern Vine Canada Inc. and Abattis Bioceuticals Corp. (ATT-CN) to invest $2.5-million into Northern Vine to acquire 53 per cent of the company and appoint three of its four directors.
Abattis will continue to hold the remaining 47 per cent of Northern Vine, the company said.
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Coeur Mining Inc. (CDE-N) reported third-quarter revenue of $176-million (U.S.), similar to a year earlier.
Its net loss was $16.7-million or 9 cents per share versus net income of $69.2-million or 42 cents a year earlier.
Analysts were expecting revenue of $185.1-million and earnings of a penny per share.
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