Vancouver-based digital finance company Mogo Finance Technology Inc (TSX: MOGO) has received approval from the Nasdaq Capital Market to list its common shares on the exchange. The shares are expected to begin trading on April 18 under the symbol "MOGO". Mogo President and CFO Greg Feller said the listing will give his company greater visibility with U.S. investors, improved liquidity, and a more diversified shareholder base. Mogo, which went public in Canada in 2015, raised an additional $40 million facility last September from longtime backer Fortress Investment Group.
3 min read · 17 April 2018
Vancouver-based financial technology startup Instant Financial has raised $14.3 million (US$11.4 million) in a Series A financing. The round, which brings total funding so far to $19.4 million, was led by U.S. venture capital firm TTV Capital. It was joined by ITC Partners Fund, Kinetic Ventures and Real Ventures, all existing investors. Founded in 2015 by CEO Steve Barha, CTO Kevin Falk and CRO Ryan Volberg, Instant helps more than 275,000 hourly wage employees access their pay daily while providing employers with savings. The funds raised will be used for customer acquisition, product innovation and growth of Instant’s market penetration.
3 min read · 17 April 2018
Arista Renewable Energies, a Montréal-based renewable energy consultancy, has been acquired by Power Factors LLC, a U.S. provider of renewable energy management software. No financial terms were released. Larkspur, California-based Power Factors, which supports and monitors more than 23 gigawatts of solar and wind projects, said the acquisition will increase its advanced analytics capabilities and result in expansion in Canada. Power Factors is an affiliate of MaxGen Energy Services LLC, a portfolio company of Oaktree Capital Management. It was acquired in 2016.
3 min read · 16 April 2018
U.S. mining private equity firm Orion Mine Finance Group has closed a $75 million investment in Victoria Gold Corp (TSX-V: VIT), a Toronto-based gold explorer and developer. The investment is part of a $295 million debt and equity financing provided by Orion to support development of the company's 100 percent-owned Eagle Gold project in Yukon. Last month, Victoria Gold announced it had agreed to a $505 million financing package intended to back the project through to commercial production. With the close of the investment, Orion holds a 19.55 percent interest in the company.
4 min read · 16 April 2018
U.S. family office Leonite Capital said it acquired the assets of Axios Mobile Assets Corp in a receivership sale late last year. No financial terms were disclosed. Axios, a Mississauga, Ontario-based smart supply chain logistics provider, entered receivership in early 2017. Leonite CIO Avi Geller, Axios' executive chairman, said his firm is bringing a "new and improved" company, restructured into three new operating groups, "back to the market." Axios was formerly backed by Canadian venture capital firm Relay Ventures and other investors. Relay led the company's $14 million financing in 2015.
4 min read · 16 April 2018
Ni2 Inc, a Montréal-based provider of services and operations management software, has raised $6 million in new financing. Desjardins Capital was the sole investor. Founded in 2003, Ni2 has developed a software platform designed to help data centre, network and communications service providers to operate better and grow faster as they prepare for new technologies. The funds raised will be used to accelerate commercial operations and grow the company's presence in North America, Europe, and Asia, and to enhance service and development teams in Montréal and Belgium. Ni2 is led by CEO Joseph Hatchuel.
3 min read · 16 April 2018
Canadian Solar Inc (Nasdaq: CSIQ) has sold its interest in the Guimarania solar energy project in Brazil to Global Power Generation (GPG), an affiliate of Spanish energy group Gas Natural Fenosa. The deal's financial terms were not disclosed. The 80.6 megawatt peak Guimarania project is under construction and expected to reach commercial operation in the fourth quarter. It is the fourth asset developed and sold in Brazil by Canadian Solar, a Guelph, Ontario-based solar power business. GPG is co-owned by sovereign wealth fund Kuwait Investment Authority (KIA).
3 min read · 16 April 2018
Daseke Inc (Nasdaq: DSKE), a U.S. flatbed and specialized transportation business, has agreed to acquire Aveda Transportation and Energy Service Inc (TSX-V: AVE), a Calgary-based oil rig moving company. Daseke agreed to pay $0.90 per share plus the assumption of debt. In addition, up to $0.45 per share in cash contingent consideration will be paid based on EBITDA earnings. Canada's Werklund Family Office, Aveda's largest shareholder, approved the deal, which is expected to close in June. Established in 1994, Aveda owns and operates a fleet of about 430 tractors, 660 trailers and 200 light-duty trucks. It generated $200 million in revenue in 2017.
7 min read · 16 April 2018
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has agreed to buy the assets and operating divisions of Oberto Sausage Co, a Seattle, Washington-based producer of beef jerky and other protein-based snack foods. Premium Brands also said it increased its stake in McLean Meats Inc, a Vancouver-based supplier of organic processed deli meats, to 66.2 percent. The combined deals reflect a purchase price of about $237 million. Vancouver's Premium Brands, which also launched a $150 million bought deal financing, is backed by Pender West Capital Partners.
6 min read · 13 April 2018
AmorChem Group said Fondaction CSN, a Québec private equity and venture capital firm, has committed an undisclosed amount to the firm's second seed-stage biotechnology fund. AmorChem II Fund LP last year raised an initial $44.2 million from several investors, including the Québec government, Fonds de solidarité FTQ and Merck. Montréal-based AmorChem commercializes life sciences projects originating from Québec universities and research centres. In March, it backed the $2.6 million financing of biotechnology startup SemaThera Inc.
3 min read · 13 April 2018
