Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cathedral Energy Services Ltd. (CET-T) announced a $20-million bought-deal financing. The company said it has an agreement with Acumen Capital Finance Partners Limited, on behalf of itself and a syndicate of investment dealers, that will buy 28,575,000 units for 70 cents each.
Each unit will include one common share and one-half of one common share purchase warrant exercisable to acquire one additional common share for 85 cents each for 12 months.
The company said it plans to use the net proceeds for general corporate and working capital purposes, including to repay debt and help fund future acquisitions.
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Lion Electric Co. (LEV-T) announced an order for 50 all-electric LionC school buses from Autobus Campeau in Quebec, with deliveries to begin by the first quarter of 2023.
“This new order is proof that the future of school transportation is electric,” stated Benoit Morin, vice-president of bus sales for Canada at Lion Electric, in a release.
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Genesis Land Development Corp. (GDC-T) announced it completed its acquisition of 157 acres of future residential development land in east Calgary for about $29.2-million.
Genesis intends to develop a residential community named “Huxley” on the Lands and has submitted outline and land use plans to the City of Calgary for approval.
“Land purchases such as the Huxley acquisition are important steps in our long-term plan to increase the size of our land holdings and the cash flow of our business,” stated CEO Iain Stewart.
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Greenlane Renewables Inc. (GRN-T) announced that its chief financial officer Lynda Freeman has provided notice that she will resign at the end of June “to pursue time with family.”
The company said it has started looking for a successor.
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