Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cummins Inc. (CMI-N) and Westport Fuel Systems Inc. (WPRT-T) announced an agreement for the sale of Westport’s stake in the Cummins Westport joint venture. Cummins will continue to operate the business as the sole owner. The Cummins Westport Inc. joint venture agreement terminated effective Dec. 31, 2021, the companies stated.
As part of the agreement, Cummins also will buy Westport’s interest in the JV’s intellectual property, developed by the JV in support of the JV’s spark-ignited engines, with proceeds to Westport of US$20-million.
NFI Group Inc. (NFI-T) announced that it has been selected by the Pinellas Suncoast Transit Authority (PSTA) as an approved supplier of electric transit buses and charging and associated equipment for the Purchase Schedule for the State of Florida.
“The schedule, facilitated through PSTA, simplifies the procurement process of zero-emission, battery-electric heavy-duty transit buses, coaches, and associated charging infrastructure for any transit authority, or any city, county, or state government agency within the State of Florida for up to five years,” the company stated. It said the base term is two years, with options to extend for three additional one-year periods.
Each unit includes one common share and one-half of one common share purchase warrant that entitles the holder to buy one common share for $5.06 each for two years.
Pioneer Media Holdings Inc. (PNER-C) announced that it appointed Jim MacCallum as chief financial officer. Mr. MacCallum currently serves as the CFO of East Side Games Group (EAGR-T) and previously had senior finance roles with Westport Fuel Systems, Absolute Software and Cisco Systems, Inc., the company stated.
Andrew Stewart has resigned as the company’s CFO and from the board, the company stated.
Triple Flag Precious Metals Corp. (TFPM-T) announced agreements to acquire a 2.75-per-cent net smelter returns royalty on Monarch Mining Corp.’s (GBAR-T) Beaufor Mine gold project in Quebec for $11.25-million.
Monarch said it expects production at Beaufor to recommence by June 2022, the company stated. It also said Monarch has already made shipments of ore to the mill, and there are 15,000 tonnes of ore ready for processing when the mill restarts.
Middlefield REIT IndexPlus ETF (IDR-T) announced a special distribution will be made to holders of record as at the close of business on Feb. 11. The company said the special dividend is being paid as a result of the upcoming merger of Middlefield Can-Global REIT Income Fund into the fund and “the successful performance” of the fund.
The REIT said the fund it’s expected that the special distribution will be approximately 8.5 cents per unit, which will be automatically reinvested in additional units to be determined based on the net asset value per unit as of Feb. 11.
“Immediately following the issuance, the units of the fund will be automatically consolidated such that the number of units will remain unchanged from the number outstanding immediately prior to the special distribution,” it stated.
Reconnaissance Energy Africa Ltd. (RECO-X) announced that it and certain of its current and former officers, directors and third-party contractors have been named as defendants in two “almost identical purported class action lawsuits” filed by company shareholders. It said the suits were filed in the U.S. District Court in Brooklyn, New York.
“The lawsuits were filed in the wake of a third, almost identical lawsuit identified by the company in an October 28, 2021, press release and subsequently voluntarily dismissed by that plaintiff on November 9, 2021,” the company stated, adding that the pending lawsuits have been consolidated by the court, which appointed a lead plaintiff and lead counsel to represent the purported class members. The company said it intends to “vigorously defend the lawsuits.”
Separately, Reconnaissance Energy Africa announced that it plans to buy half of National Petroleum Company of Namibia’s (NAMCOR) 10 per cent carried participating interest in the approximate 6.3 million acres petroleum exploration licence (PEL 73) in the Kavango basin in Namibia.
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