Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Morguard Real Estate Investment Trust (MRT.UN-T) announced a special distribution of 11.5 cents per unit payable in units (10 cents per unit) and cash (1.5 cents per unit) to all unitholders of record as of Dec. 31.
The company said special distribution is principally being made due to capital gains from an asset disposition earlier in the year. “Net cash proceeds received from the transactions are reinvested in capital projects and value creation opportunities in line with the Trust’s strategy,” the REIT stated
Calfrac Well Services Ltd. (CFW-T) announced that George Armoyan has been appointed as the company’s interim CEO, effective today. The company also said Ronald Mathison is stepping down as executive chairman and has now been appointed as chairman of Calfrac. Mr. Mathison will continue his leadership of the company’s board of directors, the company stated.
Mr. Armoyan joined the company’s board of directors in December 2020 and controls Calfrac’s largest shareholder, G2S2 Capital Inc, the company said.
Equinox Gold Corp. (EQX-T) said it has an agreement to sell its Mercedes gold and silver mine in Mexico to Bear Creek Mining Corp. (BCM-X) for $100-million in cash, about $25-million in Bear Creek shares and a 2 per cent net smelter return payable on production from the mine.
Equinox acquired Mercedes in April this year as part of its acquisition of Premier Gold Mines. “The sale of Mercedes strengthens our balance sheet with $100-million as we focus on growth through expansion and development of our larger gold projects, including Greenstone,” stated Christian Milau, CEO of Equinox Gold.
He also said Equinox Gold will also become a significant shareholder in Bear Creek, “continuing to participate in the success of Mercedes and in the future development of Bear Creek’s Corani silver-lead-zinc deposit, one of the largest, fully-permitted silver deposits in the world.”
Aimia Inc. (AIM-T) announced that it has invested $31.6-million in a convertible note of Trade X, a global business-to-business cross-border automotive trading platform.
The convertible note is expected to convert to equity at a minimum of a 15 per cent discount to the pre-money valuation of Trade X’s next qualified financing round, the company stated. Aimia said it led Trade X’s most recent equity round with a $44-million investment at a US$250 million pre-money valuation.
This convertible note will increase Aimia’s total capital invested in Trade X to $75.6-million.
Aecon Group Inc. (ARE-T) announced today that Shoreline Power Group, a joint venture between Aecon (55 per cent), SNC-Lavalin (30 per cent) and United Engineers & Constructors (15 per cent), has been awarded an approximately $400-million contract by Bruce Power to execute the Unit 3 Fuel Channel and Feeder Replacement (FCFR) at the Bruce Nuclear Generating Station in Tiverton, Ont. Aecon said its share of the contract will be added to its construction segment backlog in the fourth quarter of 2021.
Exchange Income Corp. (EIF-T) announced it has acquired Memphis-based Crew Training International Inc. for US$45-million, which includes US$7-million in shares and US$38-million in cash.
“CTI is a market leader with superior management and a well-developed company culture making it an ideal company to join EIC,” stated Mike Pyle, CEO of EIC. “There is high demand for aviation training and we are eager to grow in this field.
AutoCanada Inc. (ACQ-T) announced plans for normal course issuer bid as part of its overall capital allocation strategy.
“We believe our shares are currently undervalued and, based on the strength of our balance sheet, coupled with our long-term outlook, an opportunity exists to create value for our shareholders while continuing to execute against the company’s robust and growing M&A pipeline,” stated executive chairman Paul Antony.
If accepted by the TSX, the company said it would buy back up to 10 per cent of its public float over 12 months.
Charlotte’s Web Holdings, Inc. (CWEB-T) announced that Jacques Tortoroli, the former chief administrative officer of Bacardi Ltd., has been appointed chief executive officer of the company replacing outgoing CEO, Deanie Elsner. Mr. Tortoroli has been a director of Charlotte’s Web since November 2019.
The company also said chief financial officer Wes Booysen is taking on expanded responsibilities under the title of chief financial and operating officer.
Firm Capital Mortgage Investment Corp. (FC-T) announced its regular monthly cash dividend of 7.8 cents per share and an estimated special year-end cash dividend of 1.2 per share. The cash dividends totalling 9 per share, are payable on or about Jan. 17 to holders of shares of record at the close of business on Dec. 31, the company stated.
Acreage Holdings, Inc. (ACRG.A.U-CN) announced it has secured a $150-million credit facility with AFC Gamma, Inc. (AFCG-Q). Under the terms of the credit facility, it said $100-million is available for immediate use and a further US$50 million is available in future periods “under a committed accordion option once certain, predetermined milestones are achieved.”
Acreage said it intends to use the proceeds to fund expansion initiatives, repay existing debt and provide additional working capital.
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