Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Richelieu Hardware Ltd. (RCH-T) says it has acquired Weston Premium Woods Inc., a Brampton, Ont.-based distributor of wood materials, decorative products and hardwoods.
"This acquisition, the first in 2017 for Richelieu, represents additional sales of approximately $60-million on an annual basis," the company said. The acquisition price wasn't disclosed.
Algoma Central Corp. (ALC-T) says it has sold some properties collectively known as Corporate Park in St. Catharines, Ont. The net proceeds from the sale of Algoma's interest in the properties were $26.4-million.
"The company's decision to sell its real estate holdings is a result of a new strategic objective to direct capital to the renewal of the domestic dry-bulk fleet and to new opportunities in international shipping," it said in a release.
Separately, the company also said it has created a 50/50 joint venture with Nova Marine Carriers SA that will focus on short-sea dry-bulk shipping for global markets. The new joint venture is operating as NovaAlgoma Short-Sea Carriers (NASC).
To complete the transaction, Algoma said it has acquired a 50-per-cent interest in NovaAlgoma Short-Sea Holding Ltd. (NASH) from Nova.
"We are extremely pleased to be joining Nova in this promising new business venture which we expect will be immediately accretive to our earnings per share," said Algoma CEO Ken Bloch Soerensen. "While the vessels we operate in our domestic fleet are considerably larger, our Great Lakes dry-bulk business is a short-sea business and we share many customers and operating principles with global short-sea markets," Mr. Soerensen continued.
The joint venture will be based in Lugano, Switzerland.
Platinum Group Metals Ltd. (PTM-T; PLG-N) is raising $20-million (U.S.) in a bought-deal financing. It has an agreement that sees BMO Capital Markets buy about 15.4 million shares at $1.30 each.
Net proceeds will be used for underground development and production ramp-up of the Maseve Mine, working capital during start-up and repayment of the $2.5-million under a credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership.
Roxgold Inc. (ROXG-T) released an updated mineral reserves and resources statement for its Yaramoko Gold Project after markets closed on Tuesday.
"We are very pleased with the overall increase in ounces and grade of the mineral resources at Yaramoko," said CEO John Dorward. "In addition, the preliminary mining schedule for Bagassi South is very encouraging as we believe this will support a near-term production expansion at Yaramoko."
AuRico Metals Inc. (AMI-T) says it has replaced its restricted cash on deposit with a surety bond, which means an increase of net cash available to the company of about $11.2-million.
The company said it has held $18.7-million of cash on deposit as security for future reclamation and closure activities at the Kemess site. It replaced that with a surety bond and $18.7-million in cash on deposit was released to the company.
"The company has provided security to the surety bond underwriter in the form of a $7.5-million letter of credit, collateralized with cash. As a result, AuRico's available cash balance has increased by $11.2-million."
Dream Industrial REIT (DIR.UN-T) says CEO Brent Chapman will be leaving in early 2018, "to pursue other career opportunities."
The company is starting a search committee to find a replacement.
Mr. Chapman will remain with the REIT until March, 2018, "to ensure a smooth transition," the REIT said in a release.
Opsens Inc. (OPS-T) reported second-quarter revenue of $4.8-million up from $2.7-million a year earlier.
The company also reported a net loss in the second quarter of $1-million or a penny per share compared to a loss of $1.5-million or 2 cents a year earlier.
Surge Energy Inc. (SGY-T) is raising its dividend and says it bought a crude oil producing asset in its core Sparky area of central Alberta, and some undeveloped sections in the company's core operated Eyehill asset, for $37-million.
"The acquisition is accretive to Surge on all key per share metrics," the company said.
The company also said it will now be delivering production growth of more than 24 per cent from the second quarter to the end of the fourth quarter.
Surge also said its board "will look to increase" its dividend by 11.8 per cent to 9.5 cents per year from 8.5 cents.
Tetra Bio-Pharma Inc. (TBP-C) and Aphria Inc. (APH-T) announced plans on Wednesday for the joint distribution of dried medical cannabis in the maritime provinces and Quebec.
Aphria will supply dried medical cannabis and Tetra will provide the product packaging.
The formulation and packaging will be completed by Tetra at its New Brunswick facility.
"Based on the success of the venture, Tetra and Aphria may expand into other provinces," the companies said in a release.
It said commercial operations are expected to begin in early summer, with revenues starting in Tetra's third quarter of 2017 and Aphria's first quarter of 2018.