Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Noront Resources Ltd. (NOT-X) said its board has approved the improved takeover offer from Wyloo Metals Pty Ltd for $1.10 per share.
The deal is a 358-per-cent premium to Noront’s unaffected closing price on May 21, before takeover proposals started, and a 47 per cent premium to BHP Western Mining Resources International Pty Ltd offer of 75 cents per share offer.
BHP has five business days to match Wyloo Metals’ offer, the company stated.
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Stelco Holdings Inc. (STLC-T) announced plans to buy back up to $250-million of its outstanding common shares from shareholders for cash.
It said the amount would be about 10.4 per cent if the purchase price is determined to be $31 (which is the minimum price per share under the offer) or approximately 8.7 per cent if it’s $37 (which is the maximum price per share under the offer).
The offer will be by way of a “modified Dutch auction.”
The company said it believes that the offer “is a prudent use of the company’s financial resources given the company’s business profile and assets, the current market price of the shares and the company’s ongoing cash requirements.”
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Exchange Income Corp. (EIF-T) said its PAL Aerospace subsidiary has received notice of the contract award decision to provide a dedicated air reconnaissance capacity for the Dutch Caribbean Coastguard.
“This future contract will see PAL Aerospace upgrade and operate two fully missionized DHC-8 maritime patrol aircraft, provide crew training on all systems, and support the operation of the aircraft for a minimum ten-year period, with options to extend,” the company stated.
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Organigram Holdings Inc. (OGI-T) announced it has acquired Laurentian Organic Inc., in a cash-and-share transaction valued at $36-million, plus earnout consideration based on Laurentian surpassing certain EBITDA thresholds in calendar 2022 and 2023.
“The Laurentian acquisition further strengthens Organigram’s position in the Canadian market through the expansion of the company’s portfolio into premium products, including hash and craft cannabis, in addition to providing an important presence in the province of Quebec through a scalable cultivation and operational footprint,” the company stated.
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Canaccord Genuity Group Inc. (CF-T) announced a deal to acquire Sawaya Partners, an independent M&A advisory firm to the consumer sector based in New York.
“This acquisition underscores the company’s commitment to expanding its advisory capability and builds upon its existing consumer practice, while providing a strong intersection with core CG focus sectors of technology, media, healthcare, and sustainability,” Canaccord stated in a release. The terms of the deal weren’t included in the release.
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Canada Nickel Company Inc. (CNC-X) said in a release that its “ongoing and constructive” discussions with strategic investors have been extended into the new year.
“The company continues to aggressively advance the Crawford Nickel Sulphide Project and has arranged a US$10-million loan facility from Auramet which will ensure the company remains well-funded through the first quarter when the Company expects to conclude its strategic investor process,” stated CEO Mark Selby.
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AutoCanada Inc. (ACQ-T) said the Toronto Stock Exchange has accepted its proposal to buy back up to 10 per cent of its shares.
“AutoCanada’s continuing strong operating and financial performance affords the company the ability to simultaneously execute on our disciplined M&A strategy while repurchasing company shares at what the board of directors believes to be a highly attractive valuation relative to the earnings of the company,” stated executive chairman Paul Antony.
The company said it has “a present intention to acquire its common shares” but not an obligation and could suspend the plans at any time. “The company reserves the right to terminate the NCIB [normal course issuer bid] earlier if it feels it is appropriate to do so,” it stated.
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Artis Real Estate Investment Trust (AX.UN-T) said its trustees have declared a special distribution of $2.39 per trust unit — which includes 32 cents per unit payable in cash and $2.07 per unit payable in units.
The special distribution is in addition to the monthly distributions totalling 59.27 cents per unit, the company stated.
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