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The MTS building in downtown Winnipeg is seen in this file photo.Joe Bryksa/The Canadian Press

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Rubicon Minerals Corp (RMX-T) cut the gold reserve estimate for its Phoenix mine in Ontario by 86 percent and said it was considering selling itself among other options, sending its shares down more than 60 percent.

Rubicon said on Monday the inferred gold reserves at the mine was now 0.3 million ounces, compared with the 2.2 million ounces it estimated in 2013.

"Not only is this a huge negative development for RMX, but is it also a huge black-eye for the industry," Mackie Research Capital analysts wrote in a note.

"We are totally shocked ... particularly after so many engineering firms have reviewed the data," the analysts wrote.

Rubicon mainly raised funds for the mine through issuing shares and through so-called "streaming agreements", which provided upfront funds in exchange for a portion of a mine's future output.

Royal Gold Inc signed a $75 million gold "streaming agreement" on the mine in January 2014.

The Canada Pension Plan Investment Board (CPPIB) provided a $50 million loan facility last May for developing the mine.

The miner said the drop in resources was due to new drilling information and changes in modeling.

The company suspended operations at the mine in November and said it had temporarily laid off about 200 employees and 110 contractors, accounting for 87 percent of the total workforce.

Rubicon said it had hired BMO Capital Markets and TD Securities to assist in evaluating strategic alternatives. Those discussions will include talks with CPPIB, according to a source familiar with the matter.

Royal Gold was not immediately available for comments.

Rubicon shares, which had lost about 90 percent of their value in the last 12 months, lost 9 cents, or 64 per cent, to close at 5 cents on the TSX Monday.


Manitoba Telecom Services Inc. (MBT-T) says it and Zayo Group Holdings, Inc. (ZAYO-N) are "now moving to close the transaction expeditiously" that sees MTS sell Allstream to Zayo.

Winnipeg-based MTS said in November that its struck a deal to sell its Allstream unit to U.S.-based Zayo Group Holdings Inc. for $465-million in cash.

Boulder, Colo.-based Zayo operates a national fibre-optic network and provides Internet connectivity and managed communications services such as cloud computing to business clients.


Neovasc Inc. (NVC-T, NVCN-Q) says the US Food and Drug Administration (FDA) has granted approval for participating physicians to treat patients with its 40mm Tiara™ valve in the company's early feasibility trial.

"We believe the addition of the 40mm size is an important step in the Tiara program and should significantly increase the number of patients eligible for treatment," stated Neovasc chief executive Alexei Marko.  "With both the 35mm and 40mm sizes now available, we are continuing development activities to bring additional sizes into clinical use".

The Vancouver-based company's Tiara-I early feasibility trial is being conducted at centres in the U,S., Europe and Canada to assess the safety and performance of Neovasc's Tiara™ Mitral Valve System and implantation procedure in high-risk surgical patients suffering from severe mitral regurgitation, a critical condition that affects millions of patients can lead to heart failure or death if untreated.


Online gaming company The Intertain Group Ltd (IT-T) said Monday that it expects to exceed previously reported guidance for its fiscal year ended Dec. 31, 2015.

It expects total revenue of $365 million to $375 million as compared to the previously reported guidance of $325 million  to $355 million.

Total adjusted net income is expected to be $104 million to $109 million as compared to the previously reported guidance of $93 million to $106 million. Net Income per share of $1.60 to $1.67 as compared to the previously reported guidance of $1.40 to $1.60.

"These changes to our 2015 guidance reflect the solid and consistent growth across our combined businesses," stated chief executive John Kennedy FitzGerald. "The company continues to generate strong cash flow from operations and we are excited about the future. I want to thank our dedicated team who have helped us to surpass our guidance this year."


WiLAN (WIN-T, WILN-Q) says its Polaris Innovations Ltd  subsidiary has a patent license agreement with Globalfoundries Inc.

The licensed patents are part of the Qimonda portfolio, which WiLAN bought in June 2015 from Infineon Technologies AG.

"Including Samsung, this is the second major company to take a license from WiLAN to this portfolio, and we expect there will be many others. We are pleased that the license was concluded without litigation," stated chief executive Jim Skippen.

The terms of the license agreement weren't disclosed.


Fission Uranium Corp. (FCU-T ) says it has a binding letter of intent with CGN Mining Company Ltd that sees CGN Mining make a strategic investment in Fission.

The investment sees CGN Mining buy, in a private placement, 96.7  million common shares at 85 cents each for a total of $82.3 million.

The two companies also have an off-take agreement that sees CGN Mining will purchase uranium production from the Fission's Patterson Lake South property after commercial production starts.

CGN Mining will hold approximately 19.9 per cent of Fission. The deal is expected to close around Jan. 29.


GoGold Resources Inc. (GGD-T) has named Brad Langille as president and chief executive of the company, effective immediately.

He replaces Terry Coughlan, who will continue his role as chairman of the board of directors.

"Brad is the right person to take GoGold to the next level," said Coughlan. "His experience in building and operating mines in Mexico is instrumental in executing GoGold's growth plan."

Mr. Langille was strategic advisor at Halifax-based GoGold. He  has 20 years of mining experience which includes co-founding both Gammon Gold and Mexgold Resources where he served as CEO and director.


5N Plus Inc. (VNP-X) has appointed Luc Bertrand as the its new chairman of the board, effective immediately.

Montreal-based 5N, a producer of specialty metal and chemical products, said he succeeds Jean-Marie Bourassa, who will continue to serve on the board and as chair of the audit and risk management committee, a position he already holds.

Mr. Bertrand is also vice-chairman of National Bank of Canada, a position he has held since February 2011. He was president and CEO of the Montreal Exchange Inc. from 2000 to 2009.

With files from Reuters