Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
BTB Real Estate Investment Trust (BTB-UN-T) says it has acquired a mixed-use property in Montréal for $25.2-million. “This acquisition is in line with the conclusions of BTB’s strategic review, selling its smaller properties or its properties located in smaller markets, while purchasing larger properties or properties located in larger markets in the provinces of Quebec and Ontario to maximize the trust’s financial performance,” the company said.
Aecon Group Inc. (ARE-T) says it has been awarded a $248-million contract by the City of Toronto for the F.G. Gardiner Expressway Rehabilitation Project: Section 1. “This project is a strong fit for Aecon’s industry-leading capabilities in road and heavy civil construction,” said CEO John Beck.
Velan Inc. (VLN-T) reported first-quarter sales of US$77.9-million up from US$71.1-million a year ago. Its net loss was US$3.7-million or 17 cents US per share versus a loss of US$4.3-million or 20 cents US a year ago.
Frontera Energy Corp. (FEC-T) says it has reached a settlement agreement in an arbitration on tariffs and monetary conditions relating to transportation contracts for the P-135 Project. “The estimated impact of the settlement agreement will reduce Frontera’s future transportation commitments by approximately $178.3-million and reduce future monetary conditions relating to heavy crude oil quality by approximately $199.2-million over the life of the contract,” the company stated.
It also terminated its contractual commitment with Cenit Transporte y Logistica de Hidrocarburos S.A. to transport oil through the Caño Limón pipeline and its contractual commitment with Oleoducto Bicentenario de Colombia S.A.S to transport oil through the Bicentenario pipeline.
The company said it has transportation agreements in place “to ensure sufficient capacity for the evacuation and sale of its oil production in Colombia.” It said it’s evaluating the carrying value of its ownership interest in Bicentenario and expects to provide updated financial guidance with its second quarter 2018 financial results.
Callidus Capital Corp. (CBL-T) says it will cut its dividend, effective immediately. It said the cut was “in light of the resumption of growth in the loan portfolio and anticipated funding requirements to support the growth.” The company also said it closed a new loan for approximately $125-million. “This transaction signals a resumption of growth in Callidus’ loan portfolio,” the company said.
It also said there were no purchases made under the Normal Course Issuer Bid. “As the company continues to pursue a potential privatization transaction, the blackout period remains in effect and, as such, it is unable to initiate an Automatic Share Purchase Plan. If and when the blackout period ends, the NCIB, including parameters of the ASPP, will be reassessed.”
Lumina Gold Corp. (LUM-X) says it plans to raise $7-million in a private placement of common shares. It will conduct a non-brokered private placement of up to approximately 9.7 million common shares at a price of 72 cents each. The price is a 6.5-per-cent discount to the last closing price of Lumina common shares of 77 cents.
The net proceeds will be used to fund working capital for the previously announced spin-out of Luminex Resources Corp. and for general corporate purposes, the company said.