A Sirius Satellite Radio unit is shown installed in a vehicle in Washington.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.
Eastern Platinum Ltd. (ELR-T), says China's Hebei Zhongheng Tianda Platinum Co. Ltd. (HZT) is buying its Crocodile River Mine and associated investments and loans for $50-million (U.S.).
"In this regard, the company announces that it has reached agreement with certain holders of the minority interests to buy their interests in all the company's projects, including but not limited to, the Crocodile River Mine for a total of $13,366,609," the company said in a release.
"This contrasts with the $25,737,000 which was proposed to be paid for the same minority interests in connection with the transaction with Hebei Zhongbo Platinum Co. Ltd.," which the company said it announced January 6, 2015.
It said HZT isn't connected with Hebei Zhongbo.
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Excellon Resources Inc. (EXN-T) says it plans to raise $10-million in a bought deal with a syndicate of underwriters.
They're buying 8.7 million units for $1.15 each.
"The company intends to use the net proceeds of the offering to fund accelerated exploration at the Company's Platosa Project, for capital expenditures at the Platosa Mine and Miguel Auza Mill, for working capital expenses and for general corporate purposes," it said in a release.
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Canadian chemical maker Superior Plus Corp. (SPB-T) said it was selling its construction products distribution business for $325-million to reduce debt and focus on its other businesses.
Superior Plus, which scrapped the takeover of rival Canexus Corp. last week, said on Tuesday it would pursue acquisitions to expand its business.
The Toronto-based company, which also has energy distribution and specialty chemicals businesses, said the sale of the construction products unit to California-based Foundation Building Materials LLC is expected to close in the second half of 2016.
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Redknee Solutions Inc. (RKN-T) says is has a new multi-million dollar contract to deliver its policy management solution to a communications service provider in Europe, the Middle East and Africa region with more than 55 million subscribers.
It didn't name the customer.
"Redknee's solution will enhance its competitiveness in data services and optimize the quality of service for its subscribers, resulting in more efficient operations and an improved user experience," the company said.
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Transat AT (TRZ-T) says a federal labour department mediator's labour agreement recommendation was accepted by both the company and the union representing its flight attendants.
It will be submitted to a vote by flight attendants in the coming weeks, the company said.
"We eagerly accept this recommendation, which will resolve the impasse with our flight attendants," stated company president Jean-François Lemay in a release. "The strike threat is ended and travellers can book and fly with us with total peace of mind."
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Sirius XM Canada Holdings Inc. (XSR-T), the parent of Sirius XM Canada Inc. says it will hold a shareholder meeting on Aug. 30 to vote on the company's proposed go-private transaction announced on May 13.
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Mandalay Resources Corp. (MND-T) says it's raising $35-million in a bought deal agreement with BMO Capital Markets. The underwriter has agreed to buy 30 million common shares at $1.15 each.
"The net proceeds of the offering will be used for metallurgical improvement projects at Björkdal and Cerro Bayo, increased exploration activities across all the Company's mines, and general corporate purposes," the company said in a release.
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True North Commercial Real Estate Investment Trust (TNT.UN-T) says it has bought an office property in Mississauga, Ont. for $13.4-million, plans to buy another office property in the same city for an undisclosed price, and will raise $9.25-million in a private placement.
"With the funds raised through the private placement, the REIT will continue to execute on our core strategy of acquiring high quality buildings, predominately tenanted with credited-rated organizations," stated CEO Daniel Drimmer in a release.
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Summit Industrial Income REIT (SMU.UN-T) says it bought a light industrial property in Calgary for $12.7-million.
The company also closed a previously announced purchase of a light industrial property in Edmonton for $33-million.
"We continue to see the Alberta market as a promising region to further Summit's growth," stated CEO Paul Dykeman in a release. "Calgary and Edmonton present a strong opportunity to generate solid, sustainable and growing cash flows as the Canadian energy industry begins to recover, occupancies increase, and rental rates improve. Our acquisitions here have generated very strong capitalization rates, and we believe these markets will continue to generate significant returns for our unitholders over the long term."
With files from Reuters