Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Tamarack Valley Energy Ltd. (TVE-T) announced a dividend increase and a deal to acquire Rolling Hills Energy Ltd., a privately held pure-play Clearwater oil producer, for $93-million. Tamarack also said it has also entered into additional agreements to further consolidate its Clearwater position by adding undeveloped lands in the Peavine area.
The company also announced a 20 per cent dividend increase to a penny per share. Tamarack also said it expects to implement “an enhanced return to shareholders” payable in the third quarter funded through free funds flow.
“We are seeing the pace of demand for mining services accelerate, making this an exciting time to be a service provider for this important sector of the Canadian economy,” said CEO Teri McKibbon.
Dirtt Environmental Solutions Ltd. (DRT-T) announced certain preliminary unaudited financial results for the first quarter, revenue guidance for the second quarter and increased fiscal year 2022 revenue guidance.
The company said first-quarter revenue is expected to be approximately $38-million, which it said is consistent with prior guidance, while second-quarter revenue is expected to be between $43-million and $47-million.
Fiscal year 2022 revenue guidance is expected to be in the range of $175-million to $185-million, an increase from prior guidance. The expectation is for full-year revenue of $175-million, according to S&P Capital IQ.
Its net loss was $2.5-million or 5 per share compared to net earnings of $33,000 or nil per share a year ago.
“Despite low seismic data library sales in the first quarter, the company considers overall trends in Western Canada positive and conditions favourable for both types of seismic data sales,” the company stated. “With numerous producing oil and natural gas asset packages on the market, corporate M&A transactions are likely to occur in 2022.”
SBBC said it will purchase Jones Soda shares at a deemed value of US$0.75 each, “payable in fully paid and non-assessable common shares of SBBC based on a price per SBBC Share equal to US$3.65.”
SBBC will also assume all outstanding debt of Jones and exchange any dilutive securities of Jones for materially similar securities of SBBC based on an implied ratio of 0.20548 SBBC Shares for each one Jones Share held. It said the total value of the acquisition is US$98,902,257 on a fully-diluted basis. The share consideration represents a premium of US$0.39 to Jones shareholders based on the closing price of each company as of the market close on April 14.
TC Transcontinental Inc. (TCL.A-T; TCL-B-T) announced after markets closed on Wednesday that it will appeal the Superior Court’s decision dismissing its motion to quash the City of Mirabel’s by-law on the distribution of printed advertising material.
“The by-law requires TC Transcontinental to abide by the opt-in system which, if maintained, would lead to the end of the distribution of the Publisac by TC Transcontinental in Mirabel,” the company stated.
Net income increased by $3.4-million to $16.4-million or 17 cents per share, the company stated, which was in line with EPS expectations, according to S&P Capital IQ.
Quisitive Technology Solutions Inc. (QUIS-X) reported revenue for its fourth quarter ended Dec. 31 rose 155 per cent to US$33.3-million compared to US$13.1-million for the quarter a year earlier. The result beat expectations of US$32-million, according to S&P Capital IQ.
Adjusted EBITDA increased 105 per cent to US$4.5-million. Its net loss for the quarter was US$8.9-million versus a profit of US$1.2-million the year before.
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