Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Largo Resources Ltd. (LGO-T) announced a private note offering totaling US$150-million. “We are very pleased with the results of this offering and the strong demand in the market for our notes,” stated CEO Mark Smith. “This financing represents an important milestone for Largo and will greatly simplify our capital structure by replacing a complicated patchwork of debt put in place in Brazil over the course of Largo’s history with a more straightforward construct.”
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Summit Industrial Income REIT (SMU.UN-T) says it will acquire a 187,245-square-foot single tenant cold storage facility in Mississauga, Ont. for $37-million in cash and shares.
“This is our first property acquisition with vacant land on which we can utilize our proven development expertise and our balance sheet to generate value through an expansion to the existing building and the construction of a new property,” stated CEO Paul Dykeman.
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PRO Real Estate Investment Trust (PRV.UN-T) says its property revenues increased 25.7 per cent to $9.4-million in the first quarter, compared to $7.5-million in the first quarter of 2017.
Net operating income grew 30 per cent to $5.9-million in the first quarter, compared to $4.5-million for the same quarter in 2017. Funds from operations came in at $2.5-million, which was roughly in line with the same period last year. Adjusted funds from operations was $3.2-million or 5 cents per unit, which was in line with expectations, versus $2.5-million or 5 cents a year earlier.
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Detour Gold Corporation (DGC-T) says president and CEO Paul Martin will be retiring effective June 1. Chairman Michael Kenyon will assume the role of interim CEO and director Alex Morrison will become chairman.
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IBI Group (IBG-T) says it has purchased GreenOwl Mobile, including all intellectual property. GreenOwl Mobile specializes in the design of mobile and IoT product experiences for both the public and private sectors.
“This acquisition supports our competitive edge in the market as a technology-driven design firm,” said Scott Stewart, IBI Group CEO.
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