Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
A&W Revenue Royalties Income Fund (AW-UN-T) and A&W Food Services of Canada Inc. announced that effective Jan. 5, the number of A&W restaurants for which royalties are paid to A&W Trade Marks Limited Partnership will be increased by 29 new restaurants. These are restaurants that were opened across Canada between Sept. 10, 2021 and Sept. 8, 2022, less seven restaurants that were permanently closed between Nov. 8, 2021 and Nov. 6, 2022.
The addition of these 22 net new restaurants brings the total number of A&W restaurants in the royalty pool to 1,037. Since the inception of the fund in 2002, the number of restaurants for which royalties are paid to the fund(through the partnership has increased by 452 restaurants, from 585 to 1,037, the company stated.
The estimated annualized sales of the 29 new A&W restaurants is $44.3-million for the seven permanently closed restaurants were $3.4-million
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NG Energy International Corp. (GASX-X) announced a strategic alliance with COX Energy America S.A.B. de C.V., a regional Latin American developer, operator and producer of renewable energy with more than 2,400 MWp of solar energy projects in its portfolio.
“With this new partnership, NGE and COX ENERGY will explore opportunities to develop, build and own solar power plants in Colombia,” the company stated.
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Artemis Gold Inc. (ARTG-X) announced that Jeremy Langford has been appointed president in addition to his role of chief operating officer, effective Jan. 1.
The company also appointed Gerrie van der Westhuizen as chief financial officer and corporate secretary effective Jan. 1. Chris Batalha, who has been the CFO and corporate secretary since the inception of the company in 2019 will resign for personal reasons. Mr. Batalha will retain an advisory role with the company.
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Argonaut Gold Inc. (AR-T) announced that Larry Radford will step down as president and CEO effective immediately for personal health reasons. Richard Young has been appointed president, CEO and director of the board. Mr. Radford will stay on at Argonaut as a member of the board and chief advisor to the CEO until Jan. 22.
Mr. Young has more than 30 years of experience in the gold industry. Most recently, he was president and CEO of Teranga Gold Corp., which was sold to Endeavor Mining Corporation in 2021.
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D2L Inc. (DTOL-T) announced revenue of US$42.7-million for its third quarter ended Oct. 31, up from US$39.1-million a year ago. The expectation was for revenue to come in at US$42.4-million in the latest quarter, according to S&P Capital IQ.
Its net loss was US$2.6-million compared to a loss of US$41.5-million a year ago.
The company also announced the promotion and appointment of Stephen Laster to the role of president. Mr. Laster joined D2L in the fourth quarter of 2021 as chief operating officer.
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New Found Gold Corp. (NFG-X) announced a $50-million bought-deal financing. It has an agreement with a syndicate of underwriters that has agreed to buy 6,250,000 charity flow-through common shares at a price of $8 each.
The company intends to use net proceeds from the financing to continue its exploration and drilling efforts at its Queensway Project.
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Vecima Networks Inc. (VCM-T) announced a $9-million offering of its common shares. The company said agents Raymond James Ltd. and Cormark Securities Inc. have agreed to offer for sale 507,100 common shares of the company for $17.75 each.
The company said it intends to use the net proceeds for the repayment of the line of credit.
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Athabasca Oil Corp. (ATH-T) announced its 2023 budget and return of capital strategy, focused on free cash flow generation and shareholder returns. Athabasca said it’s planning expenditures of about $145-million “with activity primarily focused on sustaining and growth projects at Leismer, a Montney pad in Placid and routine maintenance across the portfolio.”
Athabasca said it plans to allocate a minimum of 75 per cent of excess cash flow to shareholders. The company said it plans to start a share buyback program in April, the earliest date permitted under its term debt agreement.
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