Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Ballard Power Systems Inc. (BLDP-T) announced a minority equity investment in Quantron AG, a global electric vehicle integrator.
Ballard said its investment proceeds, as part of Quantron’s financing round of up to 50 million euros, will be used by Quantron to develop their truck fuel cell vehicle platforms as part of a joint development agreement. Ballard said it will be the exclusive fuel cell supplier to Quantron for these platforms.
Ballard will also have the right to appoint a representative to Quantron’s board.
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Enthusiast Gaming Holdings Inc. (EGLX-T) announced an expansion of its existing term credit facility to $20-million from $10-million.
The amendment, along with the company’s $5-million operating facility, gives it up to $15-million in non-dilutive capital. The company said it intends to use the capital for general corporate purposes “including the bolstering of cash reserves as the company continues to execute its business plan.”
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Australia’s Link Administration Holdings announced that Canadian software firm Dye & Durham (DND-T) has lowered its buyout offer, now valuing the share registry firm at A$1.95-billion (US$1.31-billion), citing the U.K. financial watchdog’s conditions for the takeover.
The Australian competition regulator last week approved the A$2.47-billion buyout, ending a nine-month saga involving multiple offers for Link’s stake in online property settlement firm PEXA Group.
The UK’s Financial Conduct Authority (FCA) earlier this month said Link Fund Solutions, one of seven U.K.-regulated entities owned by Link which managed the defunct LF Woodford Equity Income Fund (WEIF), could be forced to pay up to 306 million pounds in redress.
More than 300,000 investors took losses from the fund’s collapse in June 2019 due to liquidity issues, which the FCA has been investigating.
DND told Link in a Sept. 18 letter it could not accept FCA’s conditions, which would push the Sydney-based company to set aside provisions to pay the potential fines.
Link said it was unable to recommend the new proposal, under which shareholders will get an upfront cash payment of A$3.81 per share, a full A$1 less than the offer agreed to in July.
However, DND told Link in a letter its shareholders would be entitled to get another A$1 per share in cash if U.K.’s FCA finds that LFSL is not liable for the redress payments.
- Reuters
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Skeena Resources Ltd. (SKE-T) announced a $30-million bought-deal financing after markets closed on Friday. The company said it has an agreement with a syndicate of underwriters led by Raymond James Ltd. that will buy just under five million shares for $6.05 each. The stock closed at $6.68 on Friday.
The net proceeds will be used by the company to exercise its right to buy down a 0.5 per cent NSR royalty currently held by Barrick Gold Corp. for a payment of $17.5-million as well as for general administration and corporate purposes.
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Westshore Terminals Investment Corp. (WTE-T) announced after markets closed on Friday that a work stoppage was expected to start at midnight that evening, which “would result in a complete suspension of operations at the terminal.”
The company said there are currently no further negotiations scheduled between Westshore and International Longshore and Warehouse Union.
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Taat Global Alternatives Inc. (TAAT-CN) announced its largest U.K. shipment to date at approximately three times the amount of product sent previously. The company said the shipment will be used to further expand its distribution in the U.K.
The company develops, manufactures, and distributes alternative products in categories such as tobacco, hemp, kratom, and other emerging segments.