MineSense Technologies Ltd, a provider of sensor-based ore data and sorting solutions for large-scale mines, has secured an investment of about $5 million (US$4 million) from Japanese conglomerate Mitsubishi Corp. The deal, which follows MineSense's $19 million round last year, will accelerate the company's digital offering and support a strategy to "expand into key mining regions worldwide," CEO Jeff More said. Mitsubishi's investment took the form of a convertible bond. Founded in 2008, Vancouver-based MineSense's other investors include Aurus Ventures, Caterpillar Ventures, Chrysalix Venture Capital, Cycle Capital, EDC and Prelude Ventures.
2 min read · 07 February 2018
3 min read · 07 February 2018
Enerkem, a company that turns trash into clean fuels and green chemicals, this week accounted for the biggest cleantech deal in the history of Canada’s venture market. The Montréal company on Tuesday said it raised $280 million in new financing. The round was backed by U.S. investment manager BlackRock and Chinese bioindustrial conglomerate Sinobioway, both new investors, as well as Enerkem’s longstanding investors. The Enerkem deal is the all-time largest raised by a domestic VC-backed cleantech company, Thomson Reuters data show. It beats Enerkem’s own record, set in 2013, when it secured $87 million in two tranches.
3 min read · 07 February 2018
Halifax anti-infective pharmaceuticals developer Appili Therapeutics Inc has raised more than $4.3 million in a private placement financing, bringing its total funding since a 2016 seed round to more than $11.8 million. Both new and existing investors participated in the latest deal, including Innovacorp. In addition, a repayable contribution of $500,000 was provided by a program of the Atlantic Canada Opportunities Agency. The proceeds will be used for operations and continued growth. Specifically, they will help expand Appili's pipeline of anti-infectives with more in-licensed assets. Founded in 2015, Appili is led by CEO Kevin Sullivan.
3 min read · 07 February 2018
Vancouver-based mining company Fireweed Zinc Ltd (TSX-V: FWZ) has launched a private placement financing targeted to raise gross proceeds of up to $10 million, or up to $11.5 million if the deal's greenshoe option is exercised. Resource Capital Funds (RCF), a U.S. mining private equity firm, agreed to join the deal by buying 4 million of the company's common shares. The proceeds will be used primarily for exploration and development activity this year at Fireweed's Macmillan Pass Project in the Yukon, which hosts large zinc-lead-silver deposits. Founded in 2015, Fireweed is led by CEO Brandon Macdonald.
4 min read · 06 February 2018
Innergex Renewable Energy Inc (TSX: INE) has closed its acquisition of Alterra Power Corp (TSX: AXY), a Vancouver-based renewable energy company. The buy, announced in October, reflects a total consideration of $1.1 billion, including debt. Innergex, a Longueuil, Québec-based developer, acquirer and operator of hydroelectric facilities, wind farms, solar farms, and geothermal power plants, said the acquisition will increase its capacity to 1,609 megawatts and accelerate growth opportunities. The deal was backed by a $150 million subordinated unsecured loan from Caisse de dépôt et placement du Québec (CDPQ), an existing Innergex investor.
5 min read · 06 February 2018
Edmonton-based biopharmaceutical company OncoQuest Inc has raised about $7.5 million (US$6.03 million) in a private placement deal. It was led by an unidentified South Korean institutional fund. OncoQuest said that its existing investor Hepalink USA also converted its preferred shares and accrued 5 percent preferred-share dividends into common shares. OncoQuest is focused on developing immunotherapeutic products for treating cancer. Founded in 2015 and led by CEO Madi Madiyalakan, the company is a subsidiary of Quest PharmaTech Inc (TSX-V: QPT).
3 min read · 06 February 2018
Pinnacle Renewable Holdings Inc, a Richmond, British Columbia-based industrial wood pellet maker and distributor, has closed its initial public offering and secondary offering, raising $150 million. The company's shares will begin trading today on the Toronto Stock Exchange under the symbol PL. The IPO's greenshoe option may increase proceeds to more than $172 million. ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, effected capital changes prior to the close, giving ONCAP control over 42.9 percent of Pinnacle's outstanding common shares. ONCAP acquired a majority stake in the company in 2011.
4 min read · 06 February 2018
Enerkem Inc, a Montréal-based producer of biofuels and renewable chemicals from waste, has secured $280 million, its largest round to date. New investors Blackrock and Sinobioway backed the financing, as did existing investors, including Braemar Energy Ventures, Cycle Capital, Fondaction CSN, Fonds de solidarité FTQ, IQ, National Bank, Rho Capital Partners, Waste Management and Westly Group. Vincent Chornet, Enerkem's president and CEO, said the funds raised will accelerate growth and advance project development and implementation. Last month, China's Sinobioway entered into a $125 million strategic deal with the company.
3 min read · 06 February 2018
Canadian private-markets investor Northleaf Capital Partners has hired Matt Shafer as a managing director on the firm’s private equity team. Shafer will focus on the origination and execution of secondary opportunities from Northleaf’s new office in New York, which is scheduled to open this spring. He will lead the office and a team that includes Brad Blowes and Mitch Reeves, who are relocating from the firm’s Toronto headquarters. Shafer joins Northleaf from Vision Capital, where he served as a partner and head of the Americas operation. He was previously a managing director at Nomura International.
3 min read · 06 February 2018
