Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Chemtrade Logistics Income Fund (CHE.UN-T) announced a bought-deal public offering of $120-million in convertible unsecured subordinated debentures, at a price of $1,000 each with an interest rate of 6.25% per year, payable semi-annually.
Chemtrade said the net proceeds of the offering, together with borrowings of up to $30-million from the fund’s existing credit agreement, will be used to pay down debt. The stock was halted in late-day trading Monday prior to the announcement.
Copper Mountain Mining Corp. (CMMC-T) issued a release late Monday saying there have been “no material impacts so far” to its operations, production, or concentrate shipments at the Copper Mountain mine as a result of the recent heavy rain, flooding and mudslides in B.C.
The mine trucks its concentrate to the Port of Vancouver and while there have been temporary road closures, the company said there have been no material impacts on concentrate shipments.
The Lion Electric Company (LEV-T) announced late Monday that it will be added to the S&P/TSX Composite Index before the open of trading on Monday, Dec. 20, as a result of the S&P/TSX Composite Index quarterly review.
The index listed the changes late Friday. Lion Electric shares rose 11 per cent Monday after the news.
“This addition to the S&P/TSX Composite Index is an important milestone for Lion in its first year as a publicly traded company,” commented Marc Bedard, founder and CEO Lion. “This inclusion has the potential to enhance our exposure to a wider range of prospective investors. It should also improve the trading liquidity of our stock,” he added.
Mainstreet Equity Corp. (MEQ-T) reported revenue of $42.5-million for its fourth quarter ended Sept. 30 up from $38.5-million a year earlier. The expectation was for revenue to come in at $43.9-million for the latest quarter.
Profit was $39.7-million or $4.24 per share versus $48.4-million or $5.17 per share a year ago, according to the company’s filing on Sedar.com
The Very Good Food Company Inc. (VERY-X) reported record sales from its Black Friday and Cyber Monday e-commerce promotions and demand for plant-based Thanksgiving alternatives amid a nationwide turkey shortage.
The week-long online promotional campaign led to 5,795 orders received between the US and Canada, an increase of 178 per cent compared to orders received for the same marketing initiative in 2020, the company stated.
VM Hotel Acquisition Corp. (VMH.U-T), a special purpose acquisition company, announced its proposed qualifying acquisition of a US$411-million portfolio of five premier hotels in four cities and two countries.
The company said the purchase price is expected to be funded through a combination of about US$260-million of mortgage financing and US$20-million raised through the issuance of VMH shares to a vendor, with the remaining portion funded through cash on hand and the private investment in public equity (PIPE) investment.
“We are excited to announce the qualifying acquisition, which, upon closing, will allow our shareholders to participate in the unique buying opportunity created by the COVID-19 pandemic to acquire high-quality hotels at significant[ly] discounted prices relative to their intrinsic value and replacement cost,” stated Ian McAuley, VMH’s CEO.
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