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 company was founded in 2005 by Canadian producing team Anthony Leo and Andrew Rosen. “The deal marks an important investment in supporting Aircraft Pictures’ and Corus’ growth ambitions in producing quality kids and family-focused entertainment for the global marketplace,” the company stated
Iamgold Corp. (IMG-T) shareholder Resource Capital Fund VII L.P. is proposing a board shakeup at the gold mining company.
The fund, which owns about 5 per cent of Iamgold, announced that it will be nominating a slate of at least three director candidates “who will provide the deep mining, operational and governance experience the current board desperately needs.”
They include: Maryse Belanger, David Smith and Lawrence Haber.
“With the right leadership on the board, which will include Maryse Belanger as our candidate for chair, we believe Iamgold can be turned around,” the fund stated in a release, adding that it has “lost all faith in the current board during the past two weeks of our engagement.”
CloudMD Software & Services Inc. (DOC-X) announced that Daniel Lee stepped down as chief financial officer, effective yesterday for personal reasons. He will remain available to the company through March 31 to “support the smooth changeover,” the company stated.
Sean Carr, previously senior vice-president of finance, has been appointed interim CFO.
NFI Group Inc. (NFI-T) announced that Mississauga Transit has awarded subsidiary New Flyer Industries Canada ULC a two-year contract for 127 Xcelsior 40-foot hybrid-electric buses and 38 Xcelsior 60-foot hybrid-electric buses.
Based in Mississauga, Ont, MiWay is Ontario’s third-largest municipal public transit system that operates 500 buses, delivering over 55 million annual rides, the company stated.
Canada’s CGX Energy Inc. (OYL-X) on Monday reaffirmed it and parent Frontera Energy Corp. (FEC-T) discovered an oil and gas reservoir off the coast of Guyana and said drilling on a second well could begin later this year.
Its Kawa-1 well found approximately 177 feet (54 meters) of hydrocarbon-bearing reservoirs based on an initial evaluation of logging data, the company said. It did not disclose the size of the potential find.
“We are very pleased to have successfully drilled the Kawa-1 well with our partner CGX, said Orlando Cabrales, Frontera’s CEO.
Frontera is the majority shareholder of CGX and its joint venture partner in the exploration of Corentyne block, offshore Guyana.
Last month, CGX said the Kawa-1 results suggested the presence of oil and gas, but warned it may be required to seek additional financing to continue drilling. Costs associated with the well had risen to between $115 million and $125 million, it said.
The company said the delay is due, in part, to personnel challenges relating to the COVID-19 pandemic.
“This is an incredibly dynamic time to be in the entertainment industry. With so much change and so many new opportunities, Boat Rocker is uniquely positioned to capitalize on both. I look forward to supporting Boat Rocker as it charts its new path forward as a public company,” stated Mr. Jacob in a release.
Ms. Thompson was most recently CFO at Galaxie Brands Corp., which was acquired by TGOD in November.
Wajax Corp. (WJX-T) announced that it has acquired the net operating assets of Thunder Bay, Ont.-based Process Flow Systems Ltd. for $3.96-million in cash, plus a three-year performance-based earnout of up to $650,000, payable in cash.
Process Flow is a specialist provider and engineered integrator of industrial process pumps, valves and monitoring and control systems.
Hardwoods Distribution Inc. (HDI-T) announced that one of its subsidiaries is buying Mid-Am Building Supply Inc., a wholesale distributor of building products to customers in the U.S. Midwest, for US$270-million.
The company said it will enter into leases of the facilities through which Mid-Am operates. The acquisition will be financed by an expansion of HDI’s existing credit facility.
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