Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Iamgold Corporation (IMG-T) announced a deal to sell its 95-per-cent interest in Rosebel Gold Mines N.V. to Zijin Mining Group Co. Ltd. for US$360-million. The agreement also includes a release of its equipment lease liabilities amounting to approximately US$41-million
“This transaction represents a significant step forward in pursuing Iamgold’s strategy of disciplined portfolio management as we look to create value for shareholders through a focus on core assets,” stated CEO Maryse Bélanger.
The company said the sale proceeds will be invested in the ongoing construction of its flagship Côté Gold project.
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Altius Minerals Corp. (ALS-T) said it expects to report royalty revenue of $26.4-million for the third quarter, which compares to $20.8-million a year ago. The expectation is for revenue to come in at $19-million in the latest quarter, according to S&P Capital IQ.
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Playmaker Capital Inc. (PMKR-X) announced it has acquired Wedge Traffic Limited for approximately U.S.$31.2-million in cash and shares “to enhance its iGaming and affiliate presence in the U.S. market.”
The company said Wedge is its 15th acquisition since April 2021 and will “immediately position Playmaker to pursue other growth opportunities across the entire organization.”
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Sierra Metals Inc. (SMT-T) announced that it has set up a special committee of independent directors to “evaluate and consider the company’s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available.”
The company said it faces liquidity challenges as a result of the previously announced suspension of operations at the Yauricocha Mine and operating losses and negative cash flows that have accumulated, primarily from the Bolivar and Cusi operations.
“While mining operations have re-commenced at areas of the Yauricocha Mine, a majority of the operation remains suspended at this time. A precise timeline for achieving full plant throughput has not yet been established,” it stated, adding that without increased funding, its ability to continue operations may be impacted.
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Slate Office REIT (SOT.UN-T) announced the purchase of a newly retrofitted Class A office property located in Chicago valued at US$19.8-million.
The REIT also struck an agreement with a syndicate of underwriters to issue $45-million in convertible unsecured subordinated debentures, the net proceeds of which it said will be used to partially fund the acquisition, reduce debt and for other purposes, including potentially a share buyback.
“We are pleased with this offering as it proactively strengthens the REIT’s liquidity position, demonstrating our continued momentum and growth,” stated CEO Steve Hodgson.
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Canfor Pulp Products Inc. (CFX-T) announced a temporary curtailment of its Intercontinental Pulp Mill citing a lack of available fibre. The curtailment, until Oct. 24, follows an annual maintenance curtailment that started on Sept. 24. The company said the four weeks of downtime is reducing its production output by approximately 28,000 tonnes of market kraft pulp.
“Despite strong global pulp markets, we are experiencing a shortfall of economic fibre in British Columbia. The fibre for pulp mills is increasingly constrained due to the impacts of the decreasing allowable annual cut, the end of the Mountain Pine Beetle epidemic, wildfires and reduced sawmill capacity in the province,” said CEO Kevin Edgson. “We regret the impact of the downtime on our employees and are working to support them through this time.”
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Collective Mining Ltd. (CNL-X) announced a $10-million bought-deal financing. It has an agreement with a syndicate of underwriters that will buy about 4.4 million units at $2.25 each.
Each unit includes one common and one-half of one common share purchase warrant exercisable at a price of $3.25 for 18 months. The stock closed at $2.40 on Monday.
Management and insiders will be participating up to 15 per cent in the offering, it stated.
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Capstone Copper Corp. (CS-T) announced a security incident near its Cozamin mine in Zacatecas, Mexico where an employee was “shot and fatally wounded” on the main access road between the city of Zacatecas and the mine.
“The mine site remained secure and operational,” the company stated, adding that it’s working with government authorities to ensure safe transportation to and from the mine site.
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Anaergia Inc. (ANRG-T) announced the appointments of Paula Myson as chief financial officer and Hani Kaissi as chief development officer, a newly created position, effective Monday. Mr. Kaissi joined Anaergia in 2010 and had been CFO of Anaergia since 2019. Ms. Myson was most recently the CFO of a renewable energy company.