Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Stelco Holdings Inc. (STLC-T) says a syndicate of underwriters has agreed to buy, from selling shareholder Bedrock Industries B.V., 10 million common shares on a bought-deal basis at a price of $21.75 each to raise $217.5-million.
Bedrock currently holds 75.4 million shares or about 85 per cent of the stock. Following the closing of the offering, Bedrock will hold 65.4 million shares or about 73.7 per cent of the issued and outstanding Shares.
“The net proceeds of the offering will be paid directly to Bedrock Industries B.V. The company will not receive any proceeds from the offering,” the company stated.
AutoCanada (ACQ-T) says the outstanding balance of about $18.4-million of loans extended to PPH Holdings Ltd. will be repaid in full, as of March 31.
Proceeds from the repayment will be applied to the company’s recent acquisition of the Grossinger Auto Group in Illinois, the company said.
The REIT also said it has replaced the $90-million bridge facility established late in 2017 with $88-million in new mortgages on recently acquired properties. The bridge facility was due to expire in September 2018.
There were no revenues in the quarter.
Net income was $6.3-million or 8 cents per share versus a net loss of $8.2-million or 15 cents a year earlier.
Adjusted EBITDA was US$15.5-million in the quarter compared to $11.4-million for the same period a year earlier.
Gold Fields, through a subsidiary, has agreed to acquire a 50-per-cent stake in Asanko Gold Ghana Limited’s 90-per-cent interest in the Asanko Gold Mine, associated properties and exploration rights in Ghana.
“The purchase consideration comprises an upfront payment of US$165-million on closing of the transaction and a deferred payment of US$20-milllion,” the company said.
Gold Field also agrees to subscribe to a 9.9-per-cent share placement in Asanko by way of a private placement of 22.4 million Asanko shares at a price of approximately 79 cents (U.S) each.
“Subject to Health Canada’s approval of Shoppers Drug Mart’s application to be a licensed producer, under the terms of the agreement the company will supply Shoppers Drug Mart with Emblem-branded medical cannabis products,” the company said. “It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies.”
Dundee Corp. (DC-A-T) announced a process to “review and evaluate its entire portfolio of public and private investment holdings,” as part of a focus on boosting shareholder value. “This portfolio includes companies in a cross-section of industries including mining, energy, real estate, financial services, agriculture, pharmaceuticals and industrials,” the company stated.
It also said it’s relaunching a resource-focused capital markets platform and has hired a team in Vancouver to support its “re-entry into capital markets.”
The company also reported a net loss of $69.6-million or $1.20 per share in the fourth quarter, compared with a net loss of $106.4-million or $1.84 per share during the same period of the prior year.
Revenue was $37.8-million versus nil in the year-earlier period.
Funds from operations came in at $2.3-million or 4 cents per unit versus $1.8-million or 4 cents a year earlier.