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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Surge Energy Inc. (SGY-T) announced that it has closed a $130-million, five-year term debt facility and a new normal course $150-million first lien credit facility with a revised syndicate of five lenders. The company also said it has repaid its $42-million, non-revolving BDC term loan.

In a release, the company said it has now executed more than $620-million of debt and equity financings, re-financings, asset sales, and two corporate acquisitions over the past year “to strategically adapt to changing market conditions, and to reposition the company to be a top performer in 2022 and beyond.”


BMTC Group Inc. (GBT-T) reported revenue of $214-million, up from $194.4-million for the same period last year.

The furniture, electronics and household appliance retailer said earnings came in at $20.2-million or 60 cents per share for the quarter ended Oct. 31 compared to $20.8- million or 61 cents a year ago.


Laurentian Bank of Canada (LB-T) reported a fourth-quarter loss of $103-million driven by a large restructuring charge but raised its dividend as the bank prepares to reveal a new turnaround strategy.

In the quarter that ended Oct. 31, the Montreal-based bank said it lost $2.39 per share, compared with a profit of $37-million, or 79 cents per share, in the same quarter last year.

The weak quarterly performance was driven by $189-million of impairment and restructuring charges as the bank completed a year-long strategic review and wrote down assets in it personal banking arm.

After adjusting to exclude the charges and other items, the bank said it earned $48-million, or $1.06 per share. That was higher than analysts’ consensus estimate of 92 cents per share, according to Refinitiv.

The bank also increased its quarterly dividend by 10 per cent, from 40 cents per share to 44 cents, and announced a plan to buy back about 2 per cent of its 43.6-million shares this year.

Laurentian will unveil a new strategy at an investor event on Friday, led by chief executive officer Rania Llewellyn, who took over the bank last year.

Total revenue for the quarter was $250-million, up 3 per cent from a year earlier.

Laurentian’s loan balances increased 1 per cent year over year, to $33.4-billion, driven by and 11-per-cent increase in commercial lending. But residential mortgage balances fell 3 per cent and personal loans declined by 11 per cent as the bank lost market share to rivals. Deposits also dropped 4 per cent year over year.

The bank added $25-million in provisions for credit losses - the funds banks set aside to cover loans that may go bad - which was slightly lower than the $29-million analysts estimated.

Its common equity Tier 1 (CET1) ratio - a key measure of its resilience - was 10.2 per cent, compared with 10.3 per cent in the third quarter.

- James Bradshaw, banking reporter


IBI Group Inc. (IBG-T) announced the acquisition of Manitoba-based Telenium, which specializes in telecommunications that integrate telephone, computer, and web technologies.

IBI said the acquisition bolsters its Travel-IQ product through access to new markets, and increases the firm’s SaaS portfolio and recurring revenue profile.


Velan Inc. (VLN-T) announced that Benoit Alain has informed the company of his decision to resign as chief financial officer, for personal reasons. Mr. Alain will remain in his role until May 20, 2022, after the release of the financial statements for the fiscal year ending on Feb. 28, 2022.


The Very Good Food Company Inc. (VERY-X) announced that its Stuffed Beast product will be available for purchase in select Loblaws and Real Canadian Superstore locations across Canada.

“After selling out of the limited-edition Stuffed Beast last year, Very Good increased production and distribution for the 2021 holiday season,” the company stated.

It said the Stuffed Beast can be found in 123 Real Canadian Superstore locations nationally and 40 Loblaw and Zehrs stores throughout Ontario in mid-December, along with other Canadian retailers such as Whole Foods, Thrifty Foods.

“This seasonal rotation at Loblaw stores is incremental to the 1,400 stores that are currently selling The Very Good Butchers products across North America,” the company stated.


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