Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Calfrac Well Services Ltd. (CFW-T) announced a conversion incentive program designed to encourage the early conversion of up to all of the $47.4-million principal amount of outstanding 10 per cent, 1.5 lien senior secured convertible notes.
The company also said it expects fourth-quarter revenue from continuing operations to range between $460-million and $480-million. The expectation is for revenue to come in at $418-million, according to S&P Capital IQ.
Adjusted EBITDA from continuing operations is expected to range between $80-million and $90-million, and adjusted EBITDA margin from continuing operations to range between 17 per cent and 19 per cent.
By comparison, Calfrac said it generated revenue from continuing operations of $438.3-million and adjusted EBITDA from continuing operations of $91.3-million (adjusted EBITDA margin of 21 per cent) in the third quarter.
Calfrac said it generated revenue from continuing operations of $229.7-million and adjusted EBITDA from continuing operations of $8-million (adjusted EBITDA margin of 3 per cent) in the fourth quarter of 2021.
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Immunoprecise Antibodies Ltd. (IPA-X) announced it will delist from the TSX Venture Exchange on Friday. The company said it will remain listed on the NASDAQ.
The company said it believes that the trading volume of its shares on the TSX Venture “no longer justifies the expenses and administrative efforts required to maintain a dual listing.”
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Neo Performance Materials Inc. (NEO-T) announced that its chief financial officer Rahim Suleman will assume the role of president on Jan. 1. Mr. Suleman will continue as CFO while the company finds a replacement.
Constantine Karayannopoulos, the company’s current president and CEO, will continue in his role as CEO.
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The Lion Electric Company (LEV-T) announced a four-year supply agreement with an unnamed “top-tier supplier” for the supply of lithium-ion battery cells to be used for the manufacturing of batteries for electric vehicles.
“The supplier has committed to supply, and Lion has committed to purchase, on a non-exclusive basis, lithium-ion battery cells at escalating volumes over calendar years 2023 and 2024, at agreed-upon prices, subject to adjustments, including to account for increases in the prices of raw materials and changes in specifications,” the company stated. It said volumes and unit prices for calendar years 2025 and 2026 remain to be agreed upon by the parties.
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Equinox Gold Corp. (EQX-T) announced an equity distribution agreement providing for an at-the-market (ATM) equity offering program with BMO Capital Markets and National Bank Financial. Equinox Gold said the program will allow them to offer and sell common shares valued at up to US$100-million.
The ATM will be effective until Dec. 21, 2024. The company said it intends to use any proceeds to continue expanding production from its current asset base through exploration and development, for prospective mergers and acquisitions, and for general corporate and administrative expenses and general working capital purposes.
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Badger Infrastructure Solutions Ltd. (BDGI-T) announced the resignation of chief financial officer Darren Yaworsky and the appointment of Pramod Bhatia as interim CFO. Mr. Yaworsky will remain with the company until Dec. 31. The company said it has started a search for a new CFO.