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IW Business Bulletin – June 3, 2022

Saskatchewan to lead GDP growth

According to a new report by the Conference Board of Canada, Saskatchewan and Alberta are expected to lead the country in GDP growth in 2022. Despite the provincial economy shrinking by 0.3 per cent in 2021 due to drought in the agricultural sector, the Conference Board is predicting GDP growth of 7.9 per cent in 2022. This is due in large part to the energy sector and commodities impacted by the conflict in Ukraine.

“The growth in consumer spending will begin to slow as interest costs impact borrowers’ wallets but continuing high employment and a strong tailwind for wage growth will keep Canada’s economy moving forward,” said Ted Mallett, director, economic forecasting at The Conference Board of Canada. “Trade disruptions brought by the Russian invasion of Ukraine and COVID’s resurgence in China has sent prices soaring, creating a domino effect on consumer inflation.”

The report also sees the Alberta GDP growing by 6.6 per cent and the Canadian GDP rising by 4.0 per cent this year.

ISC acquires Ontario’s Reamined Systems Inc.

Information Services Corporation (ISC) announced on June 1 it has acquired Ontario-based Reamined Systems Inc. (“Reamined”), a “recognized leader in providing property tax management infrastructure and services in the Province of Ontario” for $45.9 million.

“The acquisition of Reamined strongly aligns with our commitment to pursue strategic growth and capitalize on opportunities that add long-term, diversified value to our business. Reamined is integral to Ontario’s public sector and has a proven track record of providing trusted, reliable and specialized solutions,” said Shawn Peters, president and CEO of ISC. “This natural extension of our Registry Operations segment expands our role as a trusted service provider to other jurisdictions. We are excited to welcome Reamined, its talented employees and industry experience into the fold.”

Reamined provides platform, data and guidance to manage property tax rates and distribution for 440 municipalities in Ontario through a contract with the province.

Foran Mining opens office in Saskatoon

Foran Mining Corporation officially opened its Saskatchewan head office in Saskatoon this week. The office will be the headquarters for the company’s McIlvenna Bay development project and surrounding properties.

“We are honoured to make Saskatoon our home as we become the province’s first copper producer. Our goal is to deliver carbon-neutral critical metal production and help establish Saskatchewan as leader in a transforming and decarbonizing world. Saskatchewan is a top-ranked jurisdiction for mining globally, and we are extremely grateful to grow in this abundant province,” said Dan Myerson, Foran’s executive chairman & CEO.

Foran Mining is a copper-zinc-gold-silver exploration and development company, developing McIlvenna Bay – a copper-zinc-gold-silver rich VHMS deposit 65 km west of Flin Flon. McIlvenna Bay is the largest undeveloped VHMS deposit in the region.

StoneRidge expands into province

June 3 saw news that Ontario-based insurance firm SIB Corp., known as StoneRidge Insurance Brokers, has partnered with K5 Insurance Inc. to expand its footprint in Saskatchewan and Manitoba. K5 Insurance Inc. is an insurance brokerage with three locations – North Battleford, Sask., Cut Knife, Sask. and Selkirk, Man.

“We are excited to be a part of the StoneRidge family – this new beginning for K5 will provide us access to additional markets, products and resources. We believe being part of StoneRidge will allow us to meet our customers’ needs and offer competitive premiums to achieve the right solution,” said Mike Klassen, president of K5.

This is one of a series of acquisitions by StoneRidge, who are seeking to build their firm’s national presence.

“We are extremely lucky to have Mike and K5 as part of the SIB family. This transaction demonstrates our continued focus on becoming a national broker. SIB has completed three transactions so far in 2022, with another three transactions expected to close in the next 60 days,” said Ted Puccini, SIB’s CEO and president.

Scott Banda named CFL Board of Governors Chair

Scott Banda, Federated Co-Operatives Limited (FCL)’s recently retired CEO, has been named the 40th chair of the CFL Board of Governors.

“It’s an honour to serve as Chair and join the Governors, the stewards of this great league,” Banda said. “I’ve long admired their commitment to Canadian football, the communities where CFL football is played, and the country, which cherishes both the CFL and the Grey Cup. And I look forward to working with them and Commissioner Randy Ambrosie to help the CFL grow and move forward.”

Banda succeeds Dale Lastman as the Chair. Lastman will continue to serve on the board for the Toronto Argonauts.

“Scott’s appointment was approved unanimously by CFL Governors and we are thrilled to have him aboard,” said Greg Yuel, the chair of the selection committee and the lead governor representing the Saskatchewan Roughriders.

Saturn Oil & Gas strikes new deal

Calgary-based Saturn Oil & Gas Inc. announced May 31 that the company has entered into an agreement to acquire assets in the Viking area of Saskatchewan for approximately $260 million. The deal expected to close July 6, 2022 will see Saturn acquire “approximately 4,000 boe/d (~98% light oil and liquids) of high cash flow netback production and over 140 net sections of land, strategically positioned in the Viking fairway.”

The deal increases Saturn’s presence in the province, expanding its presence in the Viking area and complementing its assets in the Frobisher and Midale areas.

“This significant transaction represents yet another critical milestone for Saturn as we execute our strategy of building a scalable portfolio of free cash flow generating assets that support both near and longer-term development, while also diversifying our production exposure across multiple highly economic plays to enhance our sustainability,” said John Jeffrey, CEO of Saturn. “This Viking Acquisition allows Saturn to bring proven expertise in the efficient and responsible development of Viking light oil plays and benefit from additional size and scale to further improve our already low-cost structure and streamlined operations.”

Next week: Dollarama Annual General Meeting and Q1 results on June 8.

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