Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news
It said the move, expected to happen in the fourth quarter, is part of its “NFI Forward” program aimed at achieving US$67-million in annual overhead and sales, general and administration savings by the end of 2023.
“This exit will be completed during the third quarter of 2022 and will result in net savings of approximately $15-million over the course of the next seven years,” the company stated.
Shawcor said its Calgary-based activities will be consolidated into its remaining 54th Avenue location and that it will incur one-time restructuring costs of approximately $2-million.
“This important transaction represents the next step in our strategic drive for greater operational efficiency, lower fixed costs and reduced energy consumption,” stated CEO Mike Reeves.
Imperial Metals Corp. (III-T) announced that it will raise about $53.7-million through a rights offering. It said it will issue rights to subscribe for 17,674,492 common shares of the company at a subscription price of $3.04 per share.
The company said it intends to use the proceeds to pay down its existing credit facility and will make subsequent drawdowns to fund capital expenditures at its Red Chris Mine and for general working capital purposes.
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