Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Tidewater Midstream and Infrastructure Ltd. (TWM-T) announced it will acquire Husky Energy Inc.'s (HSE-T) light oil refinery in Prince George, B.C. The company said the acquisition has a base purchase price of $215-million, an incremental inventory payment of approximately $62-million and is subject to a number of closing conditions. Tidewater said it intends to finance the acquisition through an increase of its existing credit facility up to $600-million and a $100-million second lien term loan.
Hudbay Minerals Inc. (HBM-T; HBM-N) announced the appointment of Stephen Lang as chair of the company’s board. Mr. Lang has more than 40 years of experience in the mining industry, including engineering, development and production at gold, copper, coal and platinum group metals operations, the company said.
He was CEO of Centerra Gold Inc. (CG-T) from 2008 to 2012 and served as Centerra’s board chair from 2012 to 2019. Alan Hibben has stepped down as Hudbay’s chair and will remain on the board as an independent director.
Absolute Software Corp. (ABT-T) announced chief financial officer Errol Olsen and executive vice president of product development Todd Wakerley will be leaving the company “each for personal reasons, following a period of planned leadership transition.”
Mr. Olsen is expected to remain in his role until the end of 2019. An active search for a new CFO is underway, the company said. Mr. Wakerley is expected to remain in his role until Oct. 31. A successor has been identified and will be announced at a later date, the company said.
Each unit is to be comprised of $1,000 principal amount of unsecured senior convertible debentures accruing interest at 8 per cent per year, payable semi-annually in arrears until maturity, and 250 subordinate voting share purchase warrants of the company. The proceeds will be used by the company for working capital and other general corporate purposes, it stated.