Canadian Lawyer InHouse

November/December 2019

Legal news and trends for Canadian in-house counsel and c-suite executives

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$515 million raised for Newfoundland's Verafin Verafin announced on Sept. 25 that it had completed a $515-million equity and debt recapitalization. The cash infusion will allow the company to continue its "aggressive" growth, so far demonstrated by a 108-per-cent growth in sales bookings and 102-per-cent growth in average deal size between 2017 and 2019, according to a company press release. Over the last 18 months, the company has added 25 financial institutions with more than $6.6 billion in assets and has seen an 87-per-cent growth in annual recurring revenue since 2017, said the press release. The cloud-based, crime-management software company is used by financial institutions to detect fraud and other crimes and manage compliance, customers and information sharing. New cannabis facility audit To help cannabis companies stay abreast of Canadian cannabis industry standards and regulations, UL LLC, the global safety certification company, launched a holistic audit service for buildings, facilities and equipment engaged in the legal cannabis business. UL's cannabis facility audit service uses the Can/ULC-S4400 standard for the safety of premises, buildings and equipment utilized for the cultivation, processing and production of cannabis. UL says its service "evaluates fire protection requirements for occupants and facilities, protection against the risk of fire and electrical shock for equipment used in cannabis facilities and the security of cannabis premises." The cannabis facility audit service launch was announced Sept. 19. CORPORATE INTELLIGENCE COMPANY COMPANY COMMENTS Verafin Inc. Spectrum Equity Management, L .P., Information Venture Partners, Northleaf Capital Partners Ltd., BDC Capital and Teralys Capital Verafin — the financial crime management platform — completed a $515-million equity and debt recapitalization to continue growth. Capital Power Goreway Power Station Holdings Inc. For $977 million, Capital Power acquired the 875-milliwatt natural gas power generation facility. CSV Midstream Solutions Paramount Resources Ltd. Concluded Aug. 1, the $470-million acquisition of the Karr 6-18 natural gas facility was facilitated through a partnership with Northleaf Capital Partners Ltd. Aquilini GameCo Inc. Luminosity Gaming LLC and J55 Capital Corp. Aquilini acquired Luminosity and amalgamated with J55 to create the esports and gaming media organization Enthusiast Gaming Holdings Inc. Alberta Investment Management Corporation TC Energy Corporation The AIMC acquired 85 per cent equity interest in Northern Courier Pipeline — a 90-kilometre bitumen-transporting Alberta pipeline system. Champion Iron Ltd. Caisse de dépôt et placement du Québec and Bank of Nova Scotia Champion completed a financing via a $185-million preferred equity offering and US$200-million credit facility, allowing it full control of the Bloom Lake QC mine. Oldcastle APG Abbotsford Concrete Products Ltd. Oldcastle APG acquired the operating assets of Abbotsford Concrete Products and its affiliates. Geyser Brands Inc. Solace Management Group Inc. The hemp and cannabidiol company Solace was purchased for $3.9 million. Cortland Partners LLC Pure Multi-Family REIT LP In a deal worth $1.2 billion, Cortland entered into an arrangement agreement to acquire all of Pure's outstanding class A units. Aspen Group Resources Corporation Endeavour Resources Inc. Aspen settled the securities class action brought by former Endeavour shareholders, which stemmed from the former's takeover bid. Wealthsimple Technologies Inc. SimpleTax The Canadian online investment service Wealthsimple acquired the tax-preparation service in September. Mineral Mountain Resources Ltd. G & D Gold Mining Co. Mineral Mountain announced Sept. 19 that it has completed the purchase of South Dakota's Standby Gold Mine Property. 10

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