Mergers and Acquisitions:

• EECOL Electric, a Calgary based electrical solutions provider, has acquired Industrial Software Solutions (ISS), a Bothell, WA based exclusive distributor of AVEVA’s industrial automation software in Western Canada and the Pacific Northwest.

• E&P: Canadian Natural Resources (TSX:CNQ) will acquire Shell’s (NYSE:SHEL) remaining 10 per cent stake in the AOSP mines, increasing its ownership to 100 per cent and boosting production by 31,000 bbl/d. In exchange, Shell will raise its stake in the Scotford Upgrader and Quest CCS facility to 20 per cent and fully exit AOSP mining. The deal closes in Q1 2025, pending approvals.

• The UK’s Competition and Markets Authority has launched an inquiry into SLB’s (NYSE:SLB) proposed $8B acquisition of ChampionX (NASDAQ:CHX), assessing potential competition concerns. A Phase 1 decision is expected by March 27, with SLB anticipating deal clearance by early 2025.

Financing:

• Western Energy Services (TSX:WRG) has extended the maturity date of its second lien term loan with AIMCo from May 2026 to May 2027, as well as having the option to make voluntary prepayments without penalties. However, Western is no longer able to satisfy interest payments by capitalizing or deferring these amounts.

• Zedcor Inc. (TSX:ZDC) has filed a final short form prospectus for a $22MM bought deal public offering of common shares, expected to close by February 5, 2025, pending approvals. The shares have conditional TSX Venture Exchange approval, with underwriters holding an option for additional purchases.

Other:

• The federal government announced it is deferring the implementation of its change to the capital gains inclusion rate from June 25 of this year to January 1, 2026. The increased inclusion rate on the capital gains tax was initially proposed in the federal government’s budget last April.

• U.S. President Donald Trump has imposed new 25 per cent tariffs on goods from Canada, Mexico and China, except for oil, which faces a 10 per cent tariff. In response, Canada announced 25 per cent tariffs on $30B in U.S. goods, with an additional $125B planned in three weeks.

• Western Energy Services (TSX:WRG) announced the immediate retirement of President and CEO Alex R.N. MacAusland, a founder who led the company since 2013.