Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Precision Drilling Corp. (PD-T; PDS-N) announced an agreement to acquire the well-servicing business and associated rentals assets of High Arctic Energy Services Inc. (HWO-T) for $38.2-million in cash.
“This acquisition significantly expands our well servicing division with high-quality rigs and field personnel, strategic regional positioning, and alignment with key customers,” stated Precision CEO, Kevin Neveu.
Algoma Steel Group Inc. (ASTL-Q; ASTL-T) announced that the Ontario Securities Commission has granted an exemptive relief order exempting the company from complying with the requirement that it first takes up all of its common shares deposited under its currently underway substantial issuer bid before extending the expiration date of the offer.
The offer by Algoma is being made by way of a “modified Dutch Auction,” allowing shareholders who choose to participate in the offer to individually select the price, within a price range of not less than US$8.75 and not more than US$10.25 per share.
At this time, Algoma stated that it has not yet determined if it will extend the offer.
Voyager Digital Ltd. (VOYG-T) announced that the company’s common shares have resumed trading on the OTC Pink Sheets under the new ticker symbol “VYGVQ.” Due to the company’s July 5 bankruptcy filing, Voyager said it no longer qualifies to trade on OTCQX International.
“The resumption of trading on the OTC Pink Sheets and the voluntary delisting of the company’s common shares on the TSX have no impact on the company’s continued business operations,” the company stated.
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Canada’s IBI Group (IBG-T) announced it will be taken over by Amsterdam-based design and consultancy firm Arcadis for $19.50 per share. The offer is a 30-per-cent premium to IBI Group’s closing share price on Friday.
“The acquisition of IBI Group’s forward thinking, technology-driven design firm will strengthen Arcadis’ digital leadership, complement its position in North America and drive global growth of its combined solutions,” the Dutch company said in a release.
Anaergia Inc. (ANRG-T) announced plans to construct a biogas plant in Kasaoka, Okayama for Toyo Energy Solution Co. Ltd.
“The facility will produce renewable electricity using biogas made by anaerobically digesting cow manure from Okayama Prefecture farms,” the company stated.
It said the project will anaerobically digest about 250 tonnes per day of cow manure from the region and use the resulting biogas to fuel a combined heat and power generator system. It said the system will produce about 1.2 megawatts of clean renewable electricity, “enough to power about 2,200 homes each year.”
Anaergia said will design, engineer, install, and commission the plant, while Toyo will serve as the engineering, procurement, and construction contractor.
Chemtrade Logistics Income Fund (CHE-UN-T) announced a joint venture with privately held Kanto Group for the greenfield construction of a high purity sulphuric acid plant. The joint venture, KPCT Advanced Chemicals LLC, will build a plant in Arizona with an expected start-up in 2024, the company stated.
The project is expected to cost between US$175-million and US$250-million, the company stated, but added that detailed engineering plans and cost estimates are expected to be complete in the fourth quarter.
Kanto Group and Chemtrade own 51 per cent and 49 per cent, respectively, of the joint venture.
First Mining Gold Corp. (FF-T) announced that it has made an offer to acquire Beattie Gold Mines Ltd., a private company that owns the mineral rights to mining claims that make up the former Beattie mining concession which forms a large part of the Duparquet Gold Project in Quebec.
First Mining, directly and through its wholly-owned subsidiary, Clifton Star Resources Inc., already owns approximately 25.3 per cent of Beattie Gold.
The total consideration is for roughly $4.44 cash per Beattie Gold share and 35 First Mining Shares per Beattie Gold share for a total cash consideration of $6.2-million and the issuance of about 49 million First Mining common shares.