Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Algoma Central Corp. (ALC-T) announced it will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier from 3Maj Brodogradiliste d.d. of Croatia.
"The vessel, the second of two such ships that were to be built by 3Maj for the company, is partially built and moored at the 3Maj shipyard in Rijeka," the company stated.
It said work on the vessel was halted in 2017 when the shipyard entered an extended period of financial difficulties.
Under this new contract, 3Maj will complete the vessel with financing provided by the Croatian Bank for Reconstruction and Development and has committed to a delivery date of September 15, 2020. Algoma said it will pay the agreed price of the vessel at delivery, "subject to certain penalties for late delivery, including a cancellation right if delivery is delayed beyond an agreed date."
"Each additional loan is expected to be in an amount equal to $1-million, subject to an overall aggregate cap of $25-million for all loans, including loans already advanced," the company stated.
The agreement is in connection with the previously announced Aug. 2 letter regarding Wayland’s intent to sell its Canadian business to Cryptologic, the company stated.
Rubicon Minerals Corp. (RMX-T) announced a marketed private placement of up to $12-million. It has an agreement with a group of agents to conduct the offering at a price of $1 each for proceeds of between $8-million and $12-million.
The proceeds from the offering will be used for exploration and development expenditures at Rubicon's Phoenix Gold Project and for working capital and general corporate purposes, the company stated.
Ceres said it expects insiders of the company will subscribe for the full amount of shares offered in the private placement, including VN Capital Fund C, L.P. which has agreed to subscribe for 2,757,487 shares.