Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Carmanah Technologies Corp. (CMH-T) plans to sell its power division businesses, which represented about 35 per cent of its revenues in the first nine months of this year.
"These divestitures will enable us to focus on our vision to become the global leader in signals and solar LED illumination for infrastructure," stated CEO John Simmons in a release. "The proceeds of the divestitures will allow us to accelerate organic growth initiatives, make more substantive investments in innovation and support our continuing effort to acquire leading contenders in the signals space."
NuVista Energy Ltd. (NVA-T) says it's accelerating its 2017 and five-year growth plan, inked a Wapiti area processing agreement for additional capacity starting in 2019, and announced a $90-million bought deal equity financing.
"NuVista has determined that the appropriate conditions now exist to accelerate our growth plans and commit to additional future processing capacity," the company said in a release. "This is based upon the continuing improvement in our costs and well results, the de-risking of our plays in recent years, the need for additional processing capacity in 2019 to allow the valuable Gold Creek and Pipestone blocks to accelerate our production growth, and our assessment of the economic environment."
It said the proceeds from the financing will initially be used to pay down bank debt and then redrawn to accelerate development spending for its 2016-2017 Wapiti Montney capital program.
Tricon Capital Group Inc. (TCN-T) says its Tricon American Homes (TAH) subsidiaries have launched the offering of a securitization transaction.
"The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by a portion of TAH's portfolio of single-family rental properties," the company said in a release. "The securitization transaction is intended to reduce TAH's cost of capital over the long term, extend the term structure of TAH's debt, and increase capacity under TAH's dedicated warehouse credit facility to accommodate continued portfolio growth."
Capstone Mining Corp. (CS-T) reported a fatal accident at its Cozamin Mine on Oct. 10, after a miner was struck by a piece of mobile equipment.
The miner was transported immediately to a hospital in Zacatecas where he later passed away, the company said in a release.
Ivanhoe Mines (IVN-T) says an independently verified initial mineral resource estimate for its Kamoa-Kakula Project shows it's the "largest copper discovery in Zambia and the DRC [Democratic Republic of Congo], making it the largest copper discovery ever made in the history of mining on the African continent."
The project is a joint venture between Ivanhoe Mines, Zijin Mining and the Government of the Democratic Republic of Congo.
"With the initial resource now established, we are evaluating technical and infrastructure options to rapidly advance the development of the near-surface, highest-grade copper resources at Kakula," said Ivanhoe executive chairman Robert Friedland in a release.
Sherritt International Corp. (S-T) says its Moa Joint Venture mine and High Pressure Acid Leach operations in eastern Cuba have resumed operations "with minimal damage" after Hurricane Matthew.
"In accordance with Moa Nickel's standard operating procedures, gradual shutdown measures were implemented ahead of the hurricane and operations have subsequently resumed in a staged process," the company said in a release. "Production was impacted by the shutdown and by delayed shipments when carriers were unable to dock safely at the Moa port; however the current full year guidance range of 33,500 to 34,500 tonnes finished nickel is expected to remain intact."
PolyMet Mining Corp. (POM-T;PLM-N) has expanded its previously announced private placement to approximately 26 million units to raise $19.5-million (U.S.) in a private transaction.
The company said it will use the proceeds to advance its NorthMet Project, for working capital, and general corporate purposes.
Algoma Central Corp. (ALC-T) says it sold its Ridley Square in St. Catharines, Ont. for $14.1-million.
"We are pleased to have accomplished another sale," stated CEO Ken Bloch Soerensen in a release.
Ridley Square is the third property the company has sold from its real estate portfolio.
"The proceeds from the sale of our properties will enable new growth for the company in an ever evolving marine industry," it said.
Platinum Group Metals Ltd. (PTM-T;PLG-N) says Sprott Resource Lending Partnership lenders have provided a $5-million (U.S.) second advance to the company.
It said the original $40-million credit agreement, where funds were advanced to the company on Nov. 20, 2015, has been amended and restated to reflect an increase to $45-million.