Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Katanga Mining Ltd. (KAT-T) announced late Thursday that it has entered into a management services agreement with Glencore International AG “to better reflect the integrated nature” of the two businesses “and enhance existing controls.” The company said Glencore International will make its personnel available to Katanga and provide administrative, financial and other management services.
Katanga also announced that Danny Callow has been appointed as its chief executive officer and director and Paul Smith has been appointed as its chief financial officer. Mr. Callow is the head of Africa copper operations of Glencore International, while Mr. Smith is head of strategy of Glencore Plc. Grant Sboros, the company’s current CFO will continue in his role as site CFO of Katanga’s 75-per-cent owned operating subsidiary, Kamoto Copper Company SA, while the company’s current CEO Johnny Blizzard, has resigned, the company stated.
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NFI Group Inc. (NFI-T) said it intends to double the size of its existing normal course issuer bid for its common shares to 10 per cent from 5 per cent of the public float. “NFI believes that the shares are currently trading in a price range that does not fully reflect their value and that the acquisition of shares may represent an attractive and desirable use of its funds,” it stated in a release late Thursday.
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Algoma Central Corp. (ALC-T) announced that it has received a full refund of all installment payments made in connection with the now-canceled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.
Algoma said it entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. “After considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls,” the company stated in a release. Demands for repayment of the related installments were made in December 2018 and the banks guaranteeing the repayment of the amounts have now remitted a total of $115-million in full settlement of the claims."
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