Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
MTY Food Group Inc. (MTY-T) said it’s acquiring South St. Burger, a chain of gourmet burger restaurants including 26 franchised and 14 corporate restaurants in operation, most of them in Canada.
The transaction will be financed using MTY's cash on hand and existing credit facilities, the company stated.
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Founders Advantage Capital Corp. (FCF-X) announced the mutual termination of an agreement to acquire the remaining roughly 40 per cent interest in Dominion Lending Centres Limited Partnership from companies controlled by Gary Mauris and Chris Kayatand certain minority holders for $75.8-million.
"From the corporation's perspective, termination of the proposed transaction will permit the corporation to evaluate alternative strategies and options that may generate superior shareholder value," the company stated. "In particular, the corporation is of the view that the corporation’s common shares continue trading at a price which the board directors believes is below their intrinsic value."
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Wi-LAN Inc., a subsidiary of Quarterhill Inc. (QTRH-T; QTRJ-Q) said it has granted a licence for certain patents to Cisco Systems, Inc. Terms of the agreement are confidential.
"We are pleased to have signed this license with global networking leader Cisco," said Keaton Parekh, WiLAN's CEO. "This is the third license agreement WiLAN has signed with Cisco, which is a testament to the value of WiLAN's portfolio."
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Wayland Group (WAYL-CN) said it has an agreement to purchase 819 hectares of existing developed agriculture land in San Juan Province in Argentina for US$8.5-million in stock and cash.
“San Juan Province is ideal for cannabis cultivation due to the province’s climate and altitude,” the company stated. "The presence of a stable economy and infrastructure to support business development is another contributing factor for the company’s interest in the country.
Athabasca Oil Corp. (ATH-T) said it has an agreement with Enbridge Inc. (ENB-T) for the sale of its Leismer pipelines and Cheecham storage terminal for $265-million in cash and an annual toll of about $26-million.
The company said the agreement also includes "priority service on pipelines and dilbit/diluent tanks" and "enhanced credit terms" with Enbridge across the thermal oil business.
"Enbridge has been a key partner with Athabasca across its thermal oil business unit and the company looks forward to continuing this long-term strategic relationship," Athabasca stated in a release. "Transaction proceeds are approximately 50 per cent of Athabasca’s market capitalization and will significantly bolster the company’s liquidity, reduce net debt and improve financial resiliency."
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North American Construction Group Ltd. (NOA-T; NOA-N) announced a three-year extension to an agreement with “a major earthworks customer” to December 2023. “As part of this additional term, the company has secured a five-year contract through 2023 for earthworks services at the customer’s base mine. The value of this backlog is expected to be approximately $750-million,” it stated.