📈 Canada Deal News – Oct 16, 2025 (Late Edition)

This week’s deal flow is light, but the right capital structure and growth story are still unlocking premium valuations for Canadian owners—if you’re prepared.

🇨🇦 National Deal Watch

Canadian deal activity this week is light on blockbuster M&A, but several capital structure moves and market signals offer valuable benchmarks for owners prepping for a raise, sale, or recap.

Bitfarms Raises US$500M in Convertible Senior Notes
Bitfarms, a Toronto-based crypto miner, has priced an upsized US$500 million convertible senior note offering. Proceeds will fund general corporate needs and capped calls—financial tools that limit dilution up to a 25% premium over the last Nasdaq share price. Source

• Valuation signal: Raising half a billion USD via convertibles—at a lower rate than straight debt—shows that the market rewards scale and future upside, even in volatile sectors.

• Owner takeaway: Capped calls are a smart way to protect existing shareholders from dilution. If you’re considering a convertible raise, study this structure to keep more value in your corner.

Scotiabank Lays Off Staff Across Canada
Scotiabank is cutting headcount to protect margins. Source

• Valuation signal: Even the Big 5 are tightening belts. Margin discipline is a must—buyers and lenders will expect it.

Action Steps:
- Prep your dilution and margin story before buyers or bankers ask.
- Watch for alternative go-public structures and cross-border buyer appetite.
- If your sector’s multiples differ from these comps, dig into why—timing and narrative matter.

🌲 Western Canada Watch

Matchpoint Ventures Upsizes IPO to $1.7M
Matchpoint’s $0.10/share IPO on TSX Venture sets a live baseline for Western founders considering a public listing or reverse takeover. Source

• Valuation signal: $0.10/share is the “starter” price for CPCs—if you’re aiming higher, prep audited numbers and a clear growth story.

Metro Vancouver Sewage Plant Budget Cut by $4B
The Iona Island Wastewater Treatment Plant’s budget dropped from $10B to $6B after a major scope reduction. Source

• Valuation signal: Even mega-projects aren’t immune to budget resets. Single-project risk or public sector exposure can drag on multiples.

Colwood Strata Office Unit Sells for $600K
A commercial office unit in Colwood, BC, sold for $600,000—offering a real-world comp for asset-backed valuations. Source

• Valuation signal: Know your real estate’s market value—it could be a hidden driver in your exit or recap plan.

Action Steps:
- Diversify your revenue and customer base to defend against project risk.
- Get your financials and asset appraisals ready—early prep means more options.

🌐 Cross-Border Connections

Dream Residential REIT Unitholders Approve Acquisition by Morgan Properties
Dream Residential REIT unitholders have approved a U.S.-led acquisition, confirming cross-border buyers remain active in Canadian real estate. Source

• Valuation signal: U.S. capital is still shopping for Canadian yield assets, even as rates and sentiment shift.

• Owner takeaway: If you’re in real assets, be ready for inbound interest and ensure your governance is deal-ready.

Automotive Properties REIT Buys Three Quebec Dealership Sites for $52.5M
A public, $52.5M deal for three Dorval, QC auto properties sets a clean comp for commercial real estate and auto retail portfolios. Source

Cartier Silver Upsizes Private Placement to $2M, Led by Centurion One Capital
Cartier Silver’s $2M upsize signals robust investor demand for Canadian juniors and resource plays. Source

TERAGO Closes Recapitalization Transactions
TERAGO’s recap, backed by EdgePoint Investment, signals institutional confidence in Canadian telecom and managed services. Source

Action Steps:
- Use the $52.5M Dorval deal as a hard comp if you’re in commercial real estate.
- For operating companies, strong private placement demand and recap trends mean founders can regain pricing power—if you prep early and know your comps.

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