Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Tamarack Valley Energy Ltd. (TVE-T) announced an agreement to acquire private company Deltastream Energy Corp for $1.425-billion. The price includes $825-million in cash, a $300-million deferred acquisition payment and $300-million of equity comprised of approximately 80 million common shares of Tamarack at a deemed price of $3.75 per share.
The company also announced a $125-milion bought-deal financing. The company said a syndicate of underwriters led by RBC Capital Markets and National Bank Financial Inc. have agreed to buy approximately 33 million common shares for $3.75 each. The stock closed at $3.98 on Friday. The net proceeds will be used partially fund the acquisition of Deltastream.
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Topaz Energy Corp. (TPZ-T) announced a dividend increase alongside agreements to purchase a newly created 5-per-cent gross overriding royalty on all current and future oil production from Deltastream Energy Corp’s entire Clearwater acreage in Alberta for $265.3-million in cash.
“The royalty lands represent one of the largest unencumbered asset bases in the Clearwater,” the company stated.
Topaz also announced a 7-per-cent increase to its quarterly dividend to 30 cents per share, which it said represents the fifth dividend increase to date.
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Shawcor Ltd. (SCL-T) announced plans to change its name to Mattr, conditional on regulatory and shareholder approvals, and said it has stated a review of strategic alternatives for its Pipeline Performance Group, Shaw Pipeline Services and Oilfield Asset Management operating units.
“A range of options are under consideration, including the potential sale of all three operating units,” the company stated.
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Chemtrade Logistics Income Fund (CHE.UN-T) warned that a possible labour strike at major U.S. freight railroads, including the preparations for the potential strike, could have a “material negative impact” on its business results.
“Chemtrade, its suppliers, and customers rely on rail service for the movement of raw materials and finished goods. In preparation for the strike, many of the U.S. railroads have already started pre-emptively curtailing the shipment of certain goods, which will impact Chemtrade’s ability to ship chlorine, sulfur dioxide and hydrogen sulfide to customers starting this week,” the company stated.
It said the restrictions may impact its ability to receive raw materials and ship finished goods across all business lines.
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Converge Technology Solutions Corp. (CTS-T) announced it has acquired Toronto-based Newcomp Analytics.
“Newcomp Analytics will greatly enhance Converge’s ability to help our clients become even more insight-driven and dive deeper into understanding and analyzing their data,” stated Greg Berard, North American CEO of Converge.
Newcomp Analytics generated gross revenue of approximately $36.4-million for the trailing 12-month period ended July 31. Consideration for the purchase will consist of $20.3-million in cash paid at closing, the company stated.
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MDA Ltd. (MDA-T) announced it has been selected by Airbus OneWeb Satellites, LLC (AOS) to design and build Ka-Band steerable antennas. The MDA antennas will be integrated into the portfolio of Arrow commercial small satellites manufactured by AOS.
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Enthusiast Gaming Holdings Inc. (EGLX-T) announced a media sponsorship deal with Hulu + Live TV as the first official media sponsor of NFL Tuesday Night Gaming.
“We are thrilled to announce Hulu + Live TV, one of the largest paid TV streaming services, as the first sponsor of NFL Tuesday Night Gaming,” stated Bill Karamouzis, president of Enthusiast Gaming. “This sponsorship highlights the unique nature of NFL TNG and the value of our integrated offering that connects brand partners with GenZ and Millennial gaming audiences.”
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K92 Mining Inc. (KNT-T) announced that its Kainantu Gold Mine in Papua New Guinea is operating normally after experiencing a large earthquake on the weekend.
“The earthquake experienced is one of the largest recorded in the Kainantu region for over one hundred years. The operation considers seismicity in its design and we are pleased with the resilience shown after this earthquake, with the operation quickly resuming after adhering to protocols,” stated CEO John Lewins. “We are currently gathering information and engaging with our surrounding communities and will look to be of assistance.”
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Equinox Gold Corp. (EQX-T) announced that the blockade at its Los Filos Mine in Mexico was removed and the mine resumed operations on Sept. 10.
The company said it will continue to engage with Mezcala and other community leaders “to strengthen relationships and foster long-term, stable operations at the Los Filos Mine.”
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