Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Primero Mining Corp. (PPP-N; P-T) says it has resolved the work stoppage of unionized employees that began on Feb. 15, 2017. The company said operations at its San Dimas mine are expected to resume on April 18.
The company also said it has a new collective bargaining agreement with the National Union of Mine, Metal, Steel and Allied Workers of the Mexican Republic and calls it "both fair and equitable to all parties."
It said the agreement provides Primero with a "competitive cost structure aligned to the future success of San Dimas operations."
North American Energy Partners Inc. (NOA-T) says the earthworks contract it announced on Jan. 25 has been terminated by the customer due to a recent plant fire at the mine site.
"While this is a disappointing development we are encouraged that the customer is working with us to mitigate the lost revenue, by potentially providing alternative utilization for part of the equipment fleet involved," said CEO Martin Ferron. "Also, due to enhanced work opportunities both within and outside the oil sands, we do not expect that the loss of this contract will have a significant impact on our overall activity levels or revenues for the year."
StorageVault Canada Inc. (SVI-T) put out a release late Thursday, at the request of IIROC, saying its management is "unaware of any material change in the company's operations that would account for the recent increase in market activity."
The company's stock rose 8 per cent to $2.51 on Thursday. More than 4 million shares were traded. Average daily volume is just under 600,000 shares.
Westport Fuel Systems Inc. (WPRT-T; WPRT-N) is selling its Auxiliary Power Unit (APU) business for $70 million (U.S.)
"We are pleased to have completed this transaction as part of our portfolio review that began with the closing of the merger with Fuel Systems in June of 2016," said CEO Nancy Gougarty. "After a careful assessment of the APU product line and its fit with the other Westport Fuel Systems businesses, we decided it made the most sense for our shareholders to pursue this sale."
Secure Energy Services Inc. (SES-T) says it has completed an acquisition of the Canadian division of a production chemical business from a U.S.-based multi-national company for $29.8-million.
"We are very excited to increase our presence in the production chemicals market, including bringing on a highly-qualified group of experienced and dedicated employees," said CEO Rene Amirault. "This acquisition will allow us to accelerate our growth in the market with new opportunities, a highly valued customer base, key infrastructure and synergies within our existing production chemical business."
Norsat International Inc. (NII-T; NSAT-N) received an unsolicited takeover offer from Privet Fund Management LLC to buy the company for $11 (U.S.) per share.
Norsat entered into an agreement to be bought by Hytera Communications Co. Ltd. in March.
"At this time the board has not changed its recommendation regarding the pending transaction with Hytera," the company said.
The company said the board will review the Privet Fund offer, and if it's considered a "superior proposal," Hytera will have five days to respond.
Clearwater Seafoods Inc. (CLR-T) says it plans to offer senior unsecured notes and that the interest rate and principal amount will "depend on market conditions at the time of pricing."
"Clearwater intends to use the net proceeds from the sale of the notes, as well as expected borrowings under the senior secured credit facilities, to refinance existing indebtedness," the company said.
Alongside the offering, the company said it expects to enter into new senior secured credit facilities of up to $335-million.
Helius Medical Technologies, Inc. (HSM-T) says it has been issued two medical method patents "that together further protect the intellectual property rights for its core asset, the PoNS device therapeutic techniques."
"Further strengthening our intellectual property with these two new medical method patents is a very meaningful development for the company," said CEO Philippe Deschamps said in a release.