+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register
+ to Jeff Buziak, keeping up the fight to find his daughter’s murderer
QUOTES
+ We’re so busy watching out for what’s just ahead of us that we don’t take time to enjoy where we are. – Bill Watterson
+ The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it makes some difference that you have lived and lived well. – Ralph Waldo Emerson
+ Alberta Court of Appeal ruling on Carbon Tax: in a majority 4-1 decision, the court ruled the Federal Carbon Tax (Greenhouse Gas Pollution Pricing Act) is unconstitutional last week; so what’s next? The GOA will join other provinces at the Supreme Court of Canada; this fight , is not over
+ Alberta’s sky is not falling – Kenny government’s Speech from the Throne and budget involves support for oil & gas operations, legislation to deal with rail and other blockades, budget cuts across all departments of government; most educational institutions planning staff and program cuts, health care and teacher unions are outraged – and the cuts are coming …
+ Bank of Canada rate announcement coming this Wednesday; G-7 Finance ministers and central bank governors are huddling by conference call today to strategize response to economic impact of coronavirus
+ BDO Canada Limited merged with Hardie & Kelly Inc.; insolvency practice integrated in Calgary office
+ Canadian National Railway calling back laid off employees, resuming operations as blockade crisis abates
+ Coastal GasLink pipeline project construction work resuming based on DRAFT agreement with Wet’suwet’en chiefs and government ministers
+ COVID-19 virus watch: reports conflict as to whether the virus is coming under control v. becoming a global pandemic; most governments, airlines and airports have tightened screenings and most countries are imposing some degree of quarantine or self-isolation rules for travellers coming from countries with a high level of contamination; infected now over 89,000, deaths more than 3,000 – on all continents except Antarctica
+ COVID market impact: stock markets are roiling, indexes are way down – tourism and travel industries impacted but the impact is widespread on markets all over the world, across all industries; World Health Organization facts, Q+A etc.
+ Crew Energy Inc. closed first phase of a midstream asset sale; proceeds $35.0 million
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices plunged last week – biggest weekly drop in four years; price recovering a bit now, as markets adjust to COVID-19 virus tremors in the market and continued concern over OPEC/Russian pending decision on a 2.7 million bpd production curtailment uncertainty
+ CWB Financial Group agreed to acquire iA Investment Counsel Inc., o/a iAIC, T.E. Wealth and Leon Frazier & Associates
+ Gibson Energy ULC and US Development Group LLC got GOA approval for, and sanctioned, first phase of construction of 50,000 bpd DRUbit shipment facility at Hardisty
+ GMP Capital Inc. consolidating as Richardson GMP
+ Hub International Limited acquired the benefits consulting practice of Morneau Shepell Inc. for $70.0 million
+ MEG Energy Corp. asked AER for a three-year delay on its approved May River oilsands project … tic toc
+ Obsidian Energy negotiating extensions of its syndicated credit facility and its head office lease with Morguard
+ Orphaned Well Program getting $100.0 million loan from GOA to create oil services sector jobs
+ PSP Investments is getting into the development business; they’ve established Northcrest Developments to develop 371 acres in Downsview, ON
+ rig counts (active/working) – U.S.: down 1 to 790 this week; Canada: down 4 to 240 this week; full breakdown
+ TORC Oil & Gas Ltd. announced its 2020CapEx Budget is $190.0 million
+ Trudeau government and Coastal Gas Link troubles continue: Wet’suwet’en tentative agreement on land and title rights has not been made public; the proposal needs to be ratified by the Wet'suwet'en Nation for it to be final. … tic toc
THIS WEEK IN FINANCINGS
- proposed & closed
+ BatteryOne Royalty Corp. closed $5.85 million equity financing by private placement
+ E3 Metals Corp. closed $2.1 million equity financing by private placement
+ Great Canadian Gaming Corporation closed $180.0 million sr. unsecured debt financing
+ GFL Environmental Inc. is on the market to raise $2.2 billion in equity by IPO
+ GreenSpace Brands Inc. closed $3.95 million tranche of an equity financing by private placement
+ Hydro One Inc. is on the market to raise $1.1 billion in debt
+ Imagination Park Technologies Inc. closed $1.5 million convertible debt financing
+ Kane Biotech Inc. closed $3.5 million final tranche of an equity financing by private placement
+ Lightspeed POS Inc. closed $175.0 million equity financing
+ Lite Access Technologies Inc. closed $1.445 million final tranche of an equity financing by private placement
+ Metro Inc. closed $400.0 million sr. unsecured debt financing
+ Partners Value Split Corp. closed $150.0 million preferred share equity financing
+ SHARC International Systems Inc. closed $2.04 million final tranche of an equity financing by private placement
+ Starlight U.S. Multi-Family (No. 1) Core Plus Fund closed $218.2 million equity financing by IPO
+ WPT Industrial REIT closed US$271.0 million equity financing
+ XORTX Therapeutics Inc. closed a $2.556 million first tranche of an equity financing by private placement
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*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower; we report ‘fresh raises’ and do not report secondary offerings …
+ Blackstone acquired UK’s student housing provider iQ from Goldman Sachs and Welcome trust for £4.7 billion
+ PSP Investments is getting into the development business; they’ve established Northcrest Developments to develop 371 acres in Downsview, ON
+ Slate subsidiary acquired Abbey Retail Park (218,000 sq. ft. shopping centre) in Belfast, Northern Ireland
+ Starlight U.S. Multi-Family (No. 1) Core Plus Fund closed its US$187.5 million acquisition of a portfolio of three properties (Tampa, Atlanta, Nashville); 950 unites
+ Torstar Corporation closed the $25.75 million sale of its Hamilton Spectator building in Hamilton
INTERESTING TRENDS IN RETAIL
+ Hudson’s Bay Co. shareholders approved Chairman’s Richard Baker’s going-private takeover bid
+ Stokes is restructuring – 147 stores across Canada; FAAN Advisors are retained as Chief Restructuring advisor; plans to closed 43 stores and liquidate excess inventory
this week in REITS
+ Artis REIT struck a board committee to engage in discussions with potential suitors
+ WPT Industrial REIT closed US$271.0 million equity financings
