Clarusvisus/Getty Images/iStockphoto
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Sears Canada Inc. (SCC-T) issued a release on Friday saying it has obtained orders from the Ontario Superior Court of Justice (Commercial List) to extend its Companies' Creditors Arrangement Act period to Oct. 4 and to launch a sale and investment solicitation process.
The deadline for binding offers from parties interested in pursuing a transaction is Aug. 31, the company stated.
**
TMAC Resources Inc. (TMR-T) says it has entered into a term sheet with Sprott Private Resource Lending (Collector), LP to borrow $160-million (U.S.).
"The approximately $30-million of additional funds allow TMAC to finance the significant, seasonal expenses incurred during the summer sealift period and the revisions to the term and repayment schedule of the existing senior secured term loan facility credit agreement entered into in July, 2015," the company said, as well as to help the company develop its Madrid and Boston deposits over the next five years.
Morgan Stanley Capital Group Inc. will no longer be a lender under the credit agreement, the company said.
**
GreenSpace Brands Inc. (JTR-X) is raising $10-million in a bought-deal financing.
It has an agreement with a syndicate of underwriters to purchase 6.8 million shares at $1.48 each.
The net proceeds will be used for working capital and general corporate purposes, the company said after markets closed on Thursday. The stock closed at $1.52 on Thursday.
**
Blackbird Energy Inc. (BBI-T) issued a statement to "clarify certain statements" in an article it says alleges an unauthorized payment was made by the company to an investment adviser in connection with the public offering of common shares that closed on March 14.
"Blackbird denies any improper payment being made to any adviser in connection with the offering," it stated.
The company said it did make a payment of approximately $104,000 to an individual that was involved in the offering, "however, such payment was unrelated." It said the payment was solely for consulting services.
The company said it takes "any allegations of impropriety seriously and will continue to investigate this matter further."
Citing sources, Reuters reported that a senior investment adviser at Toronto-Dominion Bank left the company "after an internal investigation found that he had placed Blackbird Energy shares with clients not suited to investing in high-risk stocks."
**
Avesoro Resources Inc. (ASO-T) says it has entered into a $35-million loan facility with its majority shareholder, Avesoro Jersey Ltd.
Under the terms of the agreement, the company may draw down up to $35-million in multiple tranches before Dec. 31, 2020. The company said it has drawn down $16.6-million "to meet liabilities arising on the termination of legacy procurement contracts, make advanced payments to suppliers to secure lower unit cost pricing and to accelerate the acquisition of capital items that will increase process plant throughput."
***
Westport Fuel Systems Inc. (WPRT-T) shares were halted before markets opened on Friday.
The Vancouver-based said in a release late Thursday that it expects second-quarter revenues to be $57-million to $59-million. Analysts are expecting revenue of $56-million, according to S&P Capital IQ. The company also said it expects to be adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] positive in early 2018.
It also announced that it plans to offer and sell common shares in an underwritten public offering. "No common shares will be sold or offered in Canada or to any resident of Canada pursuant to the offering," it stated.
The company said Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering.
**