Here is your market summary for Monday, March 4, 2024. The TSX dropped 21.28 points. Bitcoin continues its rally, up $3,135 (U.S.) at time of writing.
TC Energy Corp. and its partner Northern New England Investment Company Inc. have agreed to sell Portland Natural Gas Transmission System to BlackRock for $1.14B (U.S.), which includes the assumption of $250M (U.S.) of outstanding notes held at Portland Natural. The deal is expected to close in mid-2024. TC Energy market cap: $56.02B.
Topaz Energy Corp. has $1.64B in assets and liabilities. It earned $47.64M on revenue of $334.74M in 2023. It earned $99.35M on revenue of $367.9M in 2022. It has $3.46M in cash. It expects average royalty production of between 18,800 and 19,600 barrels of oil equivalent per day in 2024. It expects capital expenditures of between $4M and $5M in 2024. Market cap: $2.94B.
BlackBerry Ltd. has signed a three-year deal with Max-Atlas, a Canadian manufacturer of intermodal container chassis. Under the agreement, BlackBerry Radar will be available for installation during the manufacturing of Max-Atlas’s products. BlackBerry market cap: $2.13B.
Advantage Energy Ltd. has $2.29B in assets and liabilities. It earned $100.27M on revenue of $535.18M in 2023. It earned $337.76M on revenue of $781.26M in 2022. It has $19.26M in cash and equivalents. It reduced its spending guidance for 2024 to between $220M and $250M. Market cap: $1.66B.
Rogers Sugar Inc. has closed its $57.5M offering of 11.1 million shares at $5.18 per share. Concurrently, it sold 9.65 million shares at $5.18 per share to Fonds de solidarite des travailleurs du Quebec and 2 million shares at $5.18 each to Belkorp Industries Inc. It will use the proceeds to finance Lantic Inc.’s expansion project in Eastern Canada. Rogers Sugar market cap: $541.51M.
Cineplex Inc. has closed its $575M offering of 7.625% notes due March 31, 2029. It also redeemed its 7.5% notes due Feb. 26, 2026. It repaid and ended its credit agreement with Scotiabank, and entered into a new $100M credit facility with Scotiabank, which matures on Mach 4, 2027. Cineplex market cap: $502.46M.
Galiano Gold Inc. has closed its acquisition of Gold Fields Group Ltd.’s 45% interest in the Asanko mine, Ghana. Galiano issued 28.5 million shares and Gold Fields now owns 19.9% of Galiano’s shares. Galiano will provide future deferred and contingent considerations of up to $85M. Gold Fields received $65M in cash and retained a 1% net smelter return royalty capped at 447,000 ounces of gold production from the Nkran deposit. Over the weekend, three people died at the Asanko mine when, according to the company, “a group of illegal miners and contracted security officers” engaged on the Asanko mining lease near the town of Tontokrom. Two of the officers and a civilian were killed. Operations at Asanko were unaffected. Galiano market cap: $353.24M.
Thinkific Labs Inc. has $97.79M (U.S.) in assets and liabilities. It lost $9.77M (U.S.) on revenue of $59.05M (U.S.) in 2023. It lost $36.42M (U.S.) on revenue of $51.47M (U.S.) in 2022. It has $86.61M (U.S.) in cash and equivalents. In Q1 2024, it expects revenue between $15.8M (U.S.) and $16M (U.S.). Market cap: $92.27M.
Geodrill Ltd. has $148.6M in assets and liabilities. It earned $3.76M on revenue of $130.54M in 2023. It earned $18.91M on revenue of $138.62M in 2022. It has $15.63M in cash. Market cap: $79.76M.
Commander Resources Ltd. has received an offer from FruchtExpress Grabher GmbH & Co. KG to acquire all of Commander’s shares at $0.09 per share. The company’s board has not yet made a formal recommendation to shareholders as to how to respond to the offer. The offer values Commander at $3.93M. Market cap: $3.71M.