Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Air Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Visa Canada Corp have made a proposal on behalf of a corporation to be formed to acquire Aimia Inc.'s (AIM-T) Aeroplan loyalty business. The deal is valued at $2.25-billion and includes $2-billion of Aeroplan points liability and $250-million in cash, according to a release.
"The proposed transaction, if accepted by Aimia, will ensure value and continuity for their members as well as customers of Air Canada, TD, CIBC and Visa," the release states. "The proposal implies an estimated market equivalent value of $3.64 per Aimia share ... . The market equivalent value is comprised of the Aeroplan loyalty business proposal value of $1.64 per Aimia common share plus non-Aeroplan loyalty program net assets valued at $2.00 per common share based on fair market value estimates ... ."
The parties stated that they have requested “a prompt response from Aimia regarding the proposal, which has an expiry date of August 2.”
Calfrac Well Services Ltd. (CFW-T) said revenue in the second quarter of 2018 was $544.6-million, an increase of 67 per cent from the same period in 2017 and beat expectations of $526.9-million. The company said its fracturing job count increased by 33 per cent, “mainly due to a larger scale of operations and higher activity in Canada and the United States.”
Its net loss attributable to shareholders of Calfrac was $32.8-million or 23 cents per share compared to a net loss of $20.3-million or 15 cents per share in the same period last year. "These net losses included largely unrealized foreign exchange losses of $32.5 million and $16.3 million in the second quarter of 2018 and 2017, respectively," the company stated.
New Pacific Metals Corp. (NUAG-X) says it has signed a memorandum of understanding with Corporación Minera de Bolivia that allows its Empresa Minera Alcira S.A. subsidiary to explore and develop 38 mineral concessions adjoining the Silver Sands project in Bolivia. “The MOU established a process for the parties to negotiate and complete definitive agreements on the mineral concessions,” the company stated.
The company also said it has also entered into an acquisition option agreement with private owners to acquire their 100-per-cent interest in certain mineral concessions located adjacent to the Silver Sands project.
Mortgages under administration grew 4 year-over-year to a record $103.6-billion from $99.5 billion at June 30, 2017, the company stated.
Net income was $46.3 million or 76 cents per share compared to $68.8-million or $1.13 per share a year ago. The expectation was for earnings of 77 cents per share.
MedReleaf Corp. (LEAF-T) says it has acquired MED Colombia SAS, a company with licences in Colombia to cultivate cannabis and produce cannabis oil extracts for €2.75-million in cash (about $4.2-million Canadian).
"This acquisition provides MedReleaf with the ability to produce low-cost, high-quality raw materials to serve its global supply chain as well as the domestic Colombian medical cannabis market," the company stated.
Noront Resources Ltd. (NOT-X) issued a release to clarify a disclosure made about its chromite properties in the James Bay Lowlands of Ontario, following a review by staff of the Ontario Securities Commission.
The company stated that, in a corporate presentation made available on its website, "certain disclosure was made with respect to the development of the nearby Blackbird chromite deposit and to certain cost estimates and initial capital development amounts." It said the presentation has been revised "to amend certain of these references and delete other sections."
It also said in its annual information form, dated April 17, 2018, its MD&A for the year ended Dec. 31, 2017, its MD&A for the quarter ended March 31, 2018, as well as in its annual report, “reference was made to Noront’s internal estimate that the internal rate of return is sufficient to develop the Blackbird Chromite project.” Noront said after markets closed on Tuesday that, “this statement is not supported by a technical report and so the corporation retracts this statement from its continuous disclosure documents.”
Radient Technologies Inc. (RTI-X) reported a loss of $2.8-million or a penny per share in its fourth quarter ended March 31 compared to a loss of $1.2-million or a penny per share last year, according to documents it filed on Sedar. Revenues came in at $117,304 versus $145,962 a year ago.