Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Automotive Properties Real Estate Investment Trust (APR-UN-T) announced the acquisition of two Tesla automotive service properties in Quebec for a combined purchase price of approximately $25.9-million.
“We continue to increase the electric vehicle component within our portfolio. We now own five properties tenanted by Tesla Canada in urban markets across Canada,” stated CEO Milton Lamb.
Filo Mining Corp. (FIL-T) announced a $100-million non-brokered private placement in the company by BHP Western Mining Resources International Pty Ltd., a subsidiary of mining giant BHP Group Ltd. to advance its Filo del Sol Project.
The company will issue 6.27 million shares for $15.95 each, which is a 12-per-cent premium to the 20-day volume-weighted average trading price on the Toronto Stock Exchange. Upon closing, BHP will own approximately 5 per cent of Filo Mining’s common stock.
Algoma Central Corp. (ALC-T) reported fourth-quarter earnings of $178.9-million up from $154.3-million a year earlier and ahead of expectations of $170-million.
Net earnings came in at $32.3-million or 77 cents per share versus $29.5-million or 72 cents a year earlier, according to documents posted on Sedar.
The cash deal includes the sale of substantially all of MedMen’s Florida-based assets, including its license, dispensaries, inventory and cultivation operations. The company also agreed to license its trademarks in the state for two years, subject to termination rights, for a quarterly revenue-based fee.
Chorus Aviation Inc. (CHR-T) announced it will acquire Falko Regional Aircraft Limited, an regional aircraft lessor, for US$855-million. It also announced a “strategic equity investment” from Brookfield Asset Management.
Chorus said the Falko transaction includes US$445-million of cash and about US$410-million in debt “that will remain with the relevant target entities.” The combined company will have a total of 353 owned, operated, and managed regional aircraft and Chorus anticipates having 32 airline customers in 23 countries.
Chorus also said Brookfield has agreed to invest US$374-million in the company as part of the deal, including US$300-million of preferred equity and US$74-million of common equity.
“The acquisition of Falko is transformative for Chorus, creating a world premier full-service provider in regional aviation,” stated CEO Joe Randell, adding that the equity investment from Brookfield “is an important endorsement of our strategy and simultaneously reduces leverage.”
Perseus Mining Ltd. (PRU-T) announced an agreement to buy the remaining interest in Orca Gold Inc. (ORG-X) in a deal valued at $215-million. The value includes $17-million in cash paid to acquire its initial 15 per cent equity interest and $198-million in Perseus shares to acquire the outstanding 85 per cent equity interest.
The companies said Orca shareholders have been offered 0.56 Perseus shares for every Orca Share held and that the offer of 89.6 cents per Orca share is a 62.9-per-cent premium to the last closing price of Orca shares.
Orca’s board unanimously recommends that the shareholders vote in favour of the transaction, the company stated.
Net earnings for the quarter ended Dec. 31 were $10.3-million compared to net earnings of $17.6-million over the same quarter a year earlier the company stated.
EBITDA was $17.4-million compared to $29.4-million a year earlier.
The company said the deal is valued at about $8.9-million, including about $2.3-million in debt. The $6.6-million purchase price (after debt) includes about $1.3-million in cash and the rest in Taat shares, the company stated.
Hlnd has a network of more than 5,000 convenience stores through its direct and indirect relationships with independent and corporate retailers as well as a network of regional sub-distributors, the company stated.
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