Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news and on the move today.
Peyto Exploration & Development Corp. (PEY-T) announced that its CEO Darren Gee will retire at the end of the year. Current president and chief operating officer Jean-Paul Lachance will replace him as president and CEO at that time. Mr. Gee will continue as a director on the board and a significant investor, the company stated.
“Given his recent promotion to President, this announcement comes as no surprise, and it is clear that the Board likely viewed Mr. Lachance as the eventual successor,” said a note from National Bank Financial. “We do not expect any change to PEY’s strategy with a new CEO at the helm, as the management team remains unchanged. The Company has made significant strides in deleveraging and is well-positioned thanks to its low-cost structure, unwavering focus on value preservation, and return-focused strategy.”
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Slate Office REIT (SOT-UN-T) announced the sale of a property in Toronto for $97-million. “The strategic disposition of the property at 95-105 Moatfield Drive is a testament to our team’s ability to unlock value for the REIT’s unitholders in all market conditions,” said CEO Steve Hodgson.
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NovaGold Resources Inc. (NG-T) reported a net loss of US$16.1-million or 5 cents US per share for its third quarter ended Aug. 31 versus a loss of US$11.8-million or 4 cents US a year ago. The company said the year-over-year increase is primarily due to “the expanded Donlin Gold work program, higher interest expense on the Barrick promissory note, a decrease in the fair market value of marketable securities, lower accretion income due to the maturity of the $75-million Newmont note in July 2021, and foreign exchange movements... .”
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AutoCanada Inc. (ACQ-T) announced that it has acquired North Toronto Auction, a fee-based used vehicle auction business serving dealers and consumers, located in Innisfil, Ont. NTA generates more than $4.5 million in annual revenue and will operate within the Used Digital Retail Division, the company stated.
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Laurion Mineral Exploration Inc. (LME-X) announced the appointment of Tyler Dilney as the new chief financial officer following the resignation of Miles Nagamatsu.
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Artemis Gold Inc. (ARTG-X) announced up to $175-million in equity financing, including an $86-million bought-deal financing and an $89-million non-brokered offering.
For the bought-deal offering, it has an agreement with a syndicate of underwriters that will buy about 19 million common shares at a price of $4.50 each. For the separate non-brokered offering, the company said certain management, insiders and shareholders will buy about 19.8 million shares at the same price.
The net proceeds will be used to fund permitting and development costs for the company’s Blackwater Gold Project and for general corporate purposes.
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mdf commerce inc. (MDF-T) announced the sale of its InterTrade Systems Inc. business-to-business supply chain collaboration platform to SPS Commerce Inc. for $65.8-million. The proceeds from the sale will be used to repay the corporation’s term facility of $21.7-million and repaying its revolving facility.
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Dye & Durham Ltd. (DND-T) has offered to take over the corporate and banking segments of Link Administration for $1.27-billion Australian (US$825.37-million).
D&D’s bid for the share registry firm’s units came just days after the legal software maker’s US$1.63-billion proposed acquisition of Link fell due to regulatory headwinds and global market volatility. Link said it’s considering the proposal.
Read the Globe’s full story here
More to come