Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Kirkland Lake Gold Ltd. (KL-T) says it acquired 14.7 million common shares of Osisko Mining Inc. (OSK-T) through a private placement financing at a price of $1.70 per share for a total cash payment of approximately $25-million. Kirkland Lake said it now owns 13.6 per cent of Osisko, up from 8.6 per cent.
“Our strategic investment in Osisko increases our ownership interest in the Urban Barry area of northwestern Quebec, which we believe has become a new, highly-prospective mining camp in the prolific Abitibi-Greenstone belt," said Tony Makuch, CEO of Kirkland Lake Gold. "The investment is complementary to our existing interests in Metanor Resources Inc. and Bonterra Resources Inc., both of which have high-potential exploration holdings in the same area.”
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Cineplex Inc. (CGX-T) says it has a new agreement with CJ 4DPLEX, a cinema technology company, to bring 4DX to as many as 13 additional Cineplex locations across Canada over the coming years.
“Cineplex was proud to be the first company in Canada to pilot the technology, but we are even prouder to be the first to invest in a national roll-out,” said Ellis Jacob, CEO of Cineplex. “As part of this new agreement, Scotiabank Theatre Chinook in Calgary, Alberta, will be the first location to begin construction with the new, state-of-the-art auditorium. 4DX is a truly immersive cinema experience and we know Calgarians, and all Canadians are really going to love it.”
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Sunniva Inc. (SNN-CN) announced a $10-million bought-deal financing. It has an agreement with Beacon Securities Limited and Canaccord Genuity Corp., on behalf of a syndicate of underwriters, to purchase 1.9 million units at a price of $5.27 per unit.
Each unit shall consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each whole entitles the holder to acquire one common share at an exercise price of $6.85 for 24 months, the company said. The net proceeds will be used for working capital and general corporate purposes.
Sunniva amended the offering on Wednesday morning, increasing it to 3.8 million units at a price of $5.27 per unit to raise $20-million.
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Source Energy Services Ltd. (SHLE-T) confirmed a previously announced agreement with a multinational exploration and production company is with Shell Canada Energy.
Under the three-year agreement, Source will provide Shell with Northern White frac sand for its Duvernaywells, the company said. It said the Shell contract is its third long-term frac sand supply contract with a major operator with accelerating activity in the Duvernay.
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Trevali Mining Corp. (TV-T) says it has an amended and restated credit agreement with a syndicate of lenders for a US$275=million revolving credit facility. The new facility replaces the US$160-million term loan facility and the US$30-million revolving facility entered into in August 2017.
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HEXO Corp. (HEXO-T) says it has signed a contract with Metro Supply Chain Group Inc. to manage a warehouse and distribution centre for Quebec adult-use webstore orders for the Société québécoise du cannabis.
HEXO and Metro will work together to run the modern 58,000 sq. ft. facility located in Montreal, the release states.
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Hydrogenics Corp. (HYGS-Q; HYG-T) says it, along with a European consortium, will deliver a 2.5-megawatt electrolyzer-based energy storage system directly connected to a 45-megawatt wind farm in Norway.
“Varanger Kraft’s wind farm, located in Raggovidda, is already one of the most efficient in Europe,” the company stated. “However, due to limitations within the local transmission grid, the project’s capacity of 200 megawatts cannot currently be realized. The consortium – named Haeolus – will enable the production of clean hydrogen using some of the excess power produced from wind in the region.”