Ressources Appalaches Inc., a Rimouski, Québec-based company focused on the discovery and development of deposits of base and precious metals in Canada, has received a US$10 million loan financing from the New York-based Lascaux Resource Capital Partners. The loan will provide support to the company in refurbishing its Dufferin mine project in Nova Scotia, and in advancing the project to gold production.
4 min read · 09 May 2013
Texan oil exploration and production company Cobalt International Energy Inc. has commenced a public offering of 50,000,000 shares of common stock, all of which will be offered by selling stockholders affiliated with U.S. and Canadian private equity firms First Reserve Corp., Goldman, Sachs & Co., Riverstone Holdings, The Carlyle Group, and KERN Partners. Cobalt was acquired by these firms at the time of its establishment in 2005, and went public in 2009.
3 min read · 09 May 2013
BioAmber Inc., which has developed a technology platform for converting renewable feedstocks into chemicals including succinic acid, lowered the proposed deal size for its initial public offering to US$88 million. As a result, it is estimated that the company will raise 31% fewer proceeds than previously anticipated. BioAmber, which has offices in Montréal and Minneapolis, Minnesota, is venture-backed. Its investors include Clifton Group, LANXESS, Mitsui, Naxos Capital and Sofinnova Partners.
1 min read · 08 May 2013
Toronto-based innovation hub MaRS Discovery District has appointed Salim Teja as managing director of its IT, communications and entertainment sector (ICE), one of four practice areas in which MaRS supports high-growth start-ups. Mr. Teja is an experienced entrepreneur and active early-stage technology investor with industry expertise in software and digital media.
3 min read · 08 May 2013
Toronto-based Spectral Diagnostics Inc., a developer of technologies for comprehensive disease management, has appointed Dr. Gualtiero Guadagni as the company's vice president of sales and marketing. Previously venture-backed by GrowthWorks, Spectral DIagnostics was recently financed by Medwell Capital Corp., which is a portfolio company of Canadian buyout firm Birch Hill Equity Partners.
4 min read · 08 May 2013
Concord, Ontario-based CFN Precision Ltd., a manufacturer of precision machined components, kits and assemblies for landing gear and aircraft structures, was recently acquired for an undisclosed sum by SPP Canada Aircraft Inc. (SPPCA). Located in Mississauga, SPPCA designs and produces landing gear systems for regional and business aircraft. CFN Precision was a portfolio company of Canadian venture capital firm GrowthWorks.
3 min read · 08 May 2013
Burnaby, B.C.-based D-Wave Systems Inc.. which specializes in quantum computing, has launched operations in the United States with new offices and R&D facilities in Palo Alto, California. The company has also hired Silicon Valley super-computing veteran Robert "Bo" Ewald as president of the U.S. business and as global CRO. Since its 1999 founding, D-Wave has been backed by a number of Canadian and U.S. venture capital firms, including BDC Venture Capital, Bezos Expeditions, Draper Fisher Jurvetson, GrowthWorks, Harris & Harris Group, IIU, In-Q-Tel and Kensington Capital.
3 min read · 08 May 2013
The Flexitallic Group, a manufacturer of static sealing products, including gaskets, for the global energy industry, has agreed to be acquired by Bridgepoint, a U.K.-based buyout firm focused on mid-market businesses. The €450 million transaction (or around US$590 million) is expected to close in July 2013. Flexitallic, which operates in Canada via the Edmonton, Alberta-based AGS Flexitallic Inc., has recently increased its activity in Canadian oil sands through acquisitions.
3 min read · 08 May 2013
German builder Hochtief has sold its airports division to PSP Investments for 1.1 billion euros (or around US$1.4 billion), seeking to cut debt and invest in its infrastructure business, reports Reuters. PSP Investments, which is the investment arm of the C$64.5 billion Montréal-based Public Sector Pension Investment Board, was one of several bidders for the business unit, which has holdings in airports in Athens, Budapest, Duesseldorf, Hamburg, Sydney and Tirana.
1 min read · 08 May 2013
Marketwired Inc., a Toronto-based provider of newswire services in North America, has appointed Jim Delaney as CEO. Mr. Delaney had previously been Marketwired's COO, a position intentionally created to groom the next CEO, according to the company. Former CEO Michael Nowlan will remain on the board of directors. Marketwired is majority owned by OMERS Private Equity, the private equity investment arm of the Ontario Municipal Employees Retirement System.
3 min read · 08 May 2013
