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The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015.

CHRISTINNE MUSCHI/REUTERS

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

Laurentian Bank of Canada (LB-T) is buying Alpharetta, Georgia-based Northpoint Commercial Finance, a North American inventory finance lender with a $1.2-bilion portfolio.

The bank said Northpoint Commercial Finance is "one of only a few diversified inventory finance companies that provides the scale needed to serve North American manufacturers and their dealer networks."

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The acquisition will increase the proportion of revenue generated by commercial activities within the bank, "which is expected to improve its overall profitability," said CEO Francois Desjardins.

The bank said it plans to finance the acquisition through a $225-million subscription receipts equity financing and its existing balance sheet. The bank didn't disclose the price of the acquisition.

In a separate release, the bank said it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc., BMO Capital Markets and RBC Capital Markets to buy 3.9 million subscription receipts on a bought-deal basis at $51.70 each to raise $201-million. It also has a subscription agreement with Caisse de dépôt et placement du Québec to buy 483,560 subscription receipts to raise another $25-million.

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Home Capital Group Inc. (HCG-T) updated its liquidity position as of Wednesday, May 17. It said total available liquidity and credit capacity was about $1.47-billion including the undrawn amount of $600-million under its $2-billion credit facility. That compares to $1.48-billion on May 16.

Its high-interest savings account deposit balances stood at approximately $120.2-million, compared to $116.8-million on May 16.

Total GIC deposits, including Oaken and broker GICs, stood at approximately $12.35- billion, compared to $12.36-billion the day before, and Oaken savings accounts stood at approximately $145.2-million, compared to $146-million the day before.

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Sirius XM Canada Holdings Inc. (XSR-T;SIRI-Q), the parent of Sirius XM Canada Inc., says its going-private transaction is expected to close on May 25.

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Computer Modelling Group Ltd. (CMG-T) reported revenue of $21.4-million in the first quarter versus $18.8-million a year earlier.

Net income was flat year-over-year at $6.8-million or 9 cents per share.

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AuRico Metals Inc. (AMI-T) says it has entered into an Impact Benefits Agreement (IBA) for the Kemess Underground Project with Takla Lake, Tsay Keh Dene and Kwadacha, collectively Tse Keh Nay, an alliance of three Sekani First Nations.

"The IBA provides a framework that formalizes the long-term co-operative relationship between AuRico Metals and the TKN First Nations over the life of the project," the company said. "The IBA captures the mutual commitment to consult and maintain an open, respectful and co-operative relationship throughout the development and operation of the Kemess Underground Project. The IBA further provides for meaningful TKN participation in Kemess Underground through training, employment, business opportunities, environmental protection and other means."

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SDX Energy Inc. (SDX-X) reported revenues of $8.1-million (U.S.) in the quarter ended March 31, up from $2.1-million a year earlier.

Its earnings were $26.9-million versus s loss of $900,000 a year earlier.

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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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