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Wednesday's small-cap stocks to watch

A pair of pumpjacks pump oil from an old well on a farmer's frozen field in a Pembina oil field near Pigeon Lake, Alta.

Norm Betts/Bloomberg

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Baytex Energy Corp. (BTE-T; BTE-N) says it's buying heavy oil assets in the Peace River area of northern Alberta for $65-million.

"The assets are located immediately adjacent to our existing Peace River lands, add approximately 3,000 boe/d [barrels of oil equivalent per day] of production and more than double our land base in the area," the company said. 

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Baytex said the acquisition will be funded through a concurrent $100-million bought deal financing.

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Savanna Energy Services Corp. (SVY-T) says it has an agreement with Alberta Investment Management Corporation (AIMCo) for a $200-million second lien senior secured term loan facility, as well as a private placement of 13 million shares, at $1.45 each, to raise $18.85-million.

Savanna said it has concurrently entered into an agreement with a syndicate of underwriters led by Peters & Co. to purchase, on a bought-deal basis, 13 million shares at $1.45 each for gross proceeds of $18.85-million.

"The net proceeds of the AIMCo financings and bought deal financing are expected to be used by Savanna to reduce indebtedness and for general corporate purposes," the company said in a release.

Savanna also recently secured a $17-million mortgage with the Business Development Bank of Canada on its operating facility in Leduc.

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NYX Gaming Group Ltd (NYX-X) reported third-quarter revenue of $54.4-million, which it said was up 309 per cent compared to a year ago, driven by acquisitions.

Net income was $41.4-million or 44 cents per share compared to a loss of $6.5-million or 14 cents per share a year ago.

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Madison Pacific Properties Inc. (MPC-T) reported net income of $55.4-million for the year ended Aug. 31.  That compared to net income of $30.7-million a year earlier.

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Canacol Energy Ltd. (CNE-T) says it has negotiated four new "take or pay" gas sales contracts with existing and new customers.

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The contracts start in December, 2018, have a term of between five and 10 years, and are with large, established offtakers, the company said.

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About the Author
Contributor

Brenda Bouw is a freelance writer and editor based in Vancouver. She has more than 20 years of experience as a business reporter, including at The Globe and Mail, The Canadian Press, the Financial Post and was executive producer at BNN (formerly ROBTv). Brenda was also part of the Globe and Mail reporting team that won the 2010 National Newspaper Award for business journalism. More

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