Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news
Goeasy Ltd. (GSY-T) announced a commercial partnership and agreed to make a minority equity investment of $40-million, in Canada Drives, Canada’s largest online car shopping and to-your-door delivery platform.
“Through this new strategic partnership, Goeasy’s automotive and point-of-sale financing brand, LendCare, will become a preferred non-bank financing provider within Canada Drives’ online automotive retail platform,” the company stated.
Goeasy said the partnership will help it accelerate its plan to become the leading non-bank lender in the $58-billion non-prime Canadian automotive finance market.
Voyager Digital Ltd. (VOYG-T) announced that its operating subsidiary, Voyager Digital LLC, has issued a notice of default to Three Arrows Capital for failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350-million USDC. Voyager stated in a release that it intends to pursue recovery from 3AC and is in discussions with the company’s advisors regarding legal remedies available. “The platform continues to operate and fulfill customer orders and withdrawals,” it stated.
Australia’s Link Administration said on Monday Canadian cloud-based software company Dye & Durham Ltd (DND-T) lowered its takeover offer by nearly a quarter to A$2.21-billion ($1.54-billion), citing low market value of the share registry firm.
Dye & Durham (D&D) has now offered Link A$4.30 in cash for each share, a 16.5 per cent premium to the stock’s last close on Friday but about 25 per cent lower than its previous proposal of A$5.50 apiece made in December.
Link shares have tanked 23 per cent since D&D made its first offer on Dec. 22, losing about A$680-million in market value since then, while shares of PEXA Group Ltd have lost about 19 per cent.
The new proposal comes days after Australia’s competition regulator raised concerns about D&D’s takeover offer, which would give the Canadian firm access to Link’s prized 42.8 per cent stake in electronic conveyancing group PEXA. The regulator fears the acquisition of PEXA stake would affect rivals’ ability to compete.
CWC Energy Services Corp. (CWC-X) announced that its wholly-owned subsidiary, CWC Energy Services (USA) Corp., has closed the acquisition of three high-spec AC triple drilling rigs for US$7.4-million. The company said the acquisition further expands its presence in the U.S., increasing its active drilling fleet to 22 drilling rigs.
CWC also said it has informed its syndicated lenders that it will be exercising its accordion feature to expand its credit facilities.
Mullen Group Ltd. (MTL-T) announced late Friday that its senior financial officer Stephen Clark is on extended leave for health reasons. In his absence, Carson Urlacher, senior accounting officer has assumed Mr. Clark’s responsibilities, the company stated.
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