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

Vancouver-based consumer payments processing firm TIO Networks Corp. (TNC-X) has been sold to Silicon Valley giant PayPal Holdings Inc. in a $304-million all-cash deal, 20 years after it was co-founded by Iranian immigrant Hamed Shahbazi.

Paypal will pay $3.35 in cash per share for TIO, just 7 per cent above its closing price Tuesday but a 25-per-cent premium over its 90-day average on the TSX Venture Exchange. The deal, expected to close in the second half of 2017, will be completed by way of a court-approved plan of arrangement.

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"Its a very fair transaction for both sides," Mr. Shahbazi said. "Shareholders did very well here."

-Sean Silcoff


Killam Apartment REIT (KMP.UN-T) says it's increasing its annual distribution by 3.3 per cent to 62 cents per unit from 60 cents.

The monthly distribution will be about 5.2 cents per unit, up from 5 cents per unit. The increase will become effective for the March distribution paid in April.

It also said fourth-quarter property revenue increased 4 per cent to $44.1-million. Analysts were expecting revenue of $45-million

Net income in the quarter fell 43 per cent to $4.6-million compared to $8.1-million a year earlier.

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Funds flow per unit was 21 cents, up from 20 cents a year earlier.

The company also said it's buying a 50-per-cent interest in the remaining two buildings of the Kanata Lakes apartment development for $49.3-million.


Ceres Global Ag Corp. (CRP-T) reported second-quarter revenue of $131.8-million (U.S.), up 147 per cent from $61.3 million a year earlier.

Its net loss was $153,000 compared to a net loss of $10.1-million a year earlier, which included a durum wheat loss of $ 8.9-million.


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Bird Construction Inc. (BDT-T) says its subsidiary has a $200-million contract with Fraser Health to design and build a new mental health facility and energy centre at Royal Columbian Hospital in New Westminster, B.C.

"This news follows successful negotiations with Fraser Health after being named preferred proponent in late December 2016," the company said. 

Construction will start early 2017 and be completed in winter 2019.


AuRico Metals Inc. (AMI-T) reported fourth-quarter royalty revenue of $2.2-million (U.S.), an increase 47 per cent from a year earlier.

"The increase in revenue is primarily due to an increase in production at Fosterville and an increase in the average gold price during the period," the company said.

Analysts were expecting revenue of $2.9-million.


Morguard North American Residential REIT (MRG.UN-T) reported net operating income of $115.3-million for the year ended Dec. 31, up 10.7 per cent from a year earlier.

Funds from operations (FFO) came in at $57.6 million, up 12.7 from the year before.

FFO was $1.24 per unit compared to $1.10 per unit for 2015.


North American Energy Partners Inc. (NOA-T; NOA-N) reported fourth-quarter revenue of $62.2-million, compared to $65-million a year earlier.

Analysts were expecting revenue of $54.4-million.

Its net loss was $497,000 compared to a loss of $712,000 a year ago.

Consolidated EBITDA was $13.5 million similar to a year earlier.


PharmaCan Capital Corp., (MJN-X) is raising $15-million in a bought-deal financing.

It has a letter of engagement with Eight Capital on behalf of a syndicate of underwriters to buy 6.7 million shares at $2.25 each.

Net proceeds will be for working capital and general corporate purposes, the company said.


Eco Oro Minerals Corp. (EOM-T) says it has received a shareholder meeting requisition on behalf of Courtenay Wolfe and Harrington Global Opportunities Fund Ltd.

They're requesting a shareholder meeting to ask shareholders to vote on a resolution to replace current directors of the company.

Eco Oro said it's reviewing the requisition.


Redknee Solutions Inc. (RKN-T) announced a leadership reorganization in which Danielle Royston has been appointed interim CEO effective immediately. Ms. Royston replaces Lucas Skoczkowski, who has been removed by the board from his role as CEO, the company said.

"The board sees enormous long-term potential for Redknee, and to capitalize on that long-term potential we must undertake aggressive changes in the short-term to fix the fundamentals of the business. Danielle Royston is an exceptional software executive who has been the architect of numerous turnarounds. We thank her for accepting this important role," said director Scott Brighton in a release.

The board said it intends to launch a "thorough internal and external search" for a permanent CEO.

The company also shook up the board. Effective immediately, it said Alan Michels and Kent Thexton have stepped down from  and Christy Jones and Farhan Thawar have been appointed to the Board.

Redknee's Board will now be comprised of Mr. Brighton, Demetrios Anaipakos, Scott Brighton, Chris Helling, Christy Jones, Andrew Price, Lucas Skoczkowski, and Farhan Thawar.


Auryn Resources Inc. (AUG-T) says it has acquired 19 prospecting permits along the Gibsons MacQuoid greenstone belt in Nunavut.

"With the acquisition of 120 km of strike length located within the highly prospective Gibsons MacQuoid greenstone belt, Auryn has created another substantial gold exploration opportunity within the eastern Arctic," stated CEO Shawn Wallace in a release.


Northern Empire Resources Corp. (NM-X) says it plans to buy the Sterling property, in Nevada from Sterling Gold Mining Corp., a wholly owned subsidiary of Imperial Metals Corp. (III-T).

"Acquiring the Sterling property represents a company changing opportunity for the shareholders of Northern Empire," stated CEO Michael Allen. "The next phase of open pit mining has been permitted at Sterling, and the properties have not seen significant exploration in 20 years."

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About the Author

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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