Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The transaction was financed through a combination of CRH's credit facility and cash on hand, the company stated.
The company said the purchase price was funded by issuing US$7-million in shares and the corporation's available cash resources from its unutilized credit facility of US$38-million.
Its net loss amounted to US$3.3-million or 2 cents US per share compared to a net loss of US$10.1-million or 8 cents US per share a year ago.
Wilks Brothers, LLC, a shareholder and debtholder of Calfrac Well Services Ltd. (CFW-T) announced that it has submitted a superior alternative recapitalization transaction it says “will significantly de-lever Calfrac and provide a superior recovery to stakeholders at all levels of Calfrac’s capital structure.”
It said the new proposal is "fully committed, not subject to any financing or due diligence conditions and capable of being immediately implemented," adding that the initial management transaction "would instead result in a continuing highly leveraged Calfrac, provide inferior recoveries to stakeholders, and is designed to unfairly enrich certain key insiders and a small select group of stakeholders of the company.
See also (from July 14): Calfrac unveils restructuring plan after rejecting two offers for U.S. unit
NordStar Capital LP plans to close its $60-million takeover of Torstar Corp. (TS.B-T) after a spurned rival bidder lost a court bid to prevent that from happening.
Ontario Superior Court Justice Michael Penny on Friday denied an application from Canadian Modern Media Holdings Inc. (CMMH) for a stay pending an appeal of a previous court decision approving NordStar’s takeover of the company that owns the Toronto Star and other newspapers.
It was the latest in a series of CMMH challenges to the friendly takeover, which won the support of a majority of Torstar shareholders earlier this month. The company had argued the Torstar board cut off the bidding before CMMH had an opportunity to raise its offer, thereby denying shareholders more money for their stock.
Following a virtual court hearing, Justice Penny said CMMH had failed to demonstrate that there was a serious issue for its appeal that required a stay, or that CMMH would suffer irreparable harm without it. He said he would release the reasons for his decision later.
Following the ruling, a source close to NordStar said the company was working with Torstar to complete the deal “shortly.” The Globe has agreed not to name the source because they were not authorized to speak publicly.
- Jeffrey Jones
Full story here:
Stingray Group Inc. (RAY.A-T; RAY.B-T) on Monday announced the launch of Stingray Music with six platforms in the U.S.: Comcast Xfinity, Distro TV, Freecast’s Select TV, Channel Plus on LG, MX Player, and XUMO. “These distribution agreements grow Stingray’s potential reach by over 40 million viewers,” the company stated.
"With a history of digital innovation, Tucows has made the strategic decision to offer mobile services enabler (MSE) solutions, beginning with DISH. As part of this agreement, DISH has also acquired Ting Mobile assets, including customer relationships," the release stated.
"The entire Galiano Gold and Asanko Gold Ghana family mourns this loss and we extend our deepest sympathies to Joe's family," the company stated in a release.
Mr. Zvaipa joined the group in 2014 and had been the managing director of Asanko Gold Ghana Ltd. from 2015 to mid-2019 "during the time that the Asanko Gold Mine was financed, built and commissioned," the company said, adding that he "played a pivotal role in making the Asanko Gold Mine a reality we are all proud of today."
He moved to Johannesburg to take the COO role in 2019. "His booming voice, passion and larger than life personality will be sorely missed," the company stated.
"The isolated incident occurred during maintenance at a support facility on surface," the company stated. It said the injured employee was treated immediately by the site emergency response team and then transported to the hospital in Terrace, B.C. where he passed away today.
“It is with a heavy heart that I am reporting this tragic loss. Our immediate focus is to support his family, friends and colleagues at this difficult time,” CEO Jacques Perron stated.
Operations at Brucejack were suspended on Friday and have since resumed, the company said, adding that it's "fully cooperating" with an investigation of the incident.
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