Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news
Converge Technology Solutions Corp. (CTS-T) announced that its majority-owned subsidiary, Portage CyberTech Inc., has acquired Montreal-based Notarius, which it said provides solutions that safeguard electronic documents.
Notarius is the thirty-third acquisition made by Converge or its affiliates and the third acquisition made by Portage CyberTech, the company stated.
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Sundial Growers Inc. (SNDL-Q) announced an agreement to buy Zenabis Global Inc. It said the “stalking horse bid” is in the context of Zenabis recently filing a petition with the Superior Court of Quebec for protection under the Companies’ Creditors Arrangement Act (CCAA) to restructure its business and financial affairs.
It said the assets covered by the agreement include the 380,000-square-foot indoor growing facility located in Atholville, N.B. with an annual production capacity of approximately 46,000 kgs of dried cannabis and 15,000 kgs of extraction capacity.
“The bid agreement is subject to the approval by the Quebec Superior Court supervising the CCAA proceedings, and to potential alternative bids pursuant to bidding procedures that will follow,” the company stated.
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Frontera Energy Corp. (FEC-T) announced that it has started a substantial issuer bid that will see the offer to purchase from shareholders for cancellation up to $65-million (equivalent to US$50-million) of its outstanding common shares. The offer will proceed by way of a “modified Dutch auction” procedure with a tender price range from $11 to $13 per share, the company stated. The stock closed at $10.56 on Friday.
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International Road Dynamics Inc., a subsidiary of Quarterhill Inc. (QTRH-T) announced the award of a $2.2-million contract in Idaho. IRD will supply and install an eastbound mainline Weigh-in-Motion and Electronic Pre-Clearance system to complement the westbound IRD system at the new Idaho Transportation Department Port-of-Entry facility on I-84.
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The Lion Electric Co. (LEV-T) announced a cross-border “at-the-market” (ATM) equity program that allows it to “issue and sell, from time to time through a syndicate of agents,” newly issued common shares of the company for a total sale price of up to US$125-million at its discretion.
The company said it intends to use the net proceeds from any share sales “to strengthen its financial position, and allow it to continue to pursue its growth strategy, including the company’s capacity expansion projects in Joliet, Illinois and Mirabel, Quebec.”
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Slate Office REIT (SOT-UN-T) announced a renewal of its existing normal course issuer bid (NCIB) to buy back up to 10 per cent of its public float. The REIT also announced an at-the-market equity program to issue, at its discretion, up to $40-million to the public.
“Management believes it is prudent to have numerous capital allocation strategies available to it,” it stated. “Management may determine that using the NCIB to return capital to its unitholders at a particular time is in the best interest of the REIT, which will increase unitholder value, and that such purchases constitute a desirable use of the REIT’s funds.”
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