<strong> </strong> Lucas Skoczkowski, Chief Executive Officer and founder of <strong>Redknee</strong> at the offices in MississaugaDeborah Baic/The Globe and Mail
Our roundup of Canadian small-caps making news and on the move today. This post will be updated through the morning.
Redknee Solutions Inc. said it has won a multi-milliondollar order from South African mobile communications company Vodacom Group Limited that will see it upgrade to the latest version of the firm's software. "With Redknee's billing and customer care solution Vodacom is able to increase customer loyalty, increase revenues and improve profitability," said chief executive officer Lucas Skoczkowski. "Through our ongoing investment in real-time monetization and subscriber management solutions, Redknee is providing Tier 1 service providers with flexible, scalable solutions that support aggressive growth strategies."
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Gran Tierra Energy Inc. said that president and chief executive officer Dana Coffield has been terminated, and tendered his resignation from the Board of Directors. The press release indicates that his exit was not the result of a disagreement with the Board. Chief operating officer Duncan Nightingale will assume Mr. Coffield's roles on an interim basis.
"These are very challenging times and while we have a large inventory of opportunities and significant financial capacity, we believe it is unwise to accelerate certain opportunities in the current pricing environment," said Jeffrey Scott, who was appointed to be the executive chair of the Board of Directors. "We will update the market as to this shift in our strategy in the near-term."
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Redline Communications Group Inc. said it has received a $3-million order to supply wireless networking equipment to a "major telecommunications service provider" in Morocco. The company will begin to ship its Enterprise solutions products to this customer immediately and will continue to do so for the next four years.
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Timmins Gold Corp. said it has reached an agreement with Sprott Resources Lending Partnership and Morgan Stanley to re-finance its $13-million credit facility for eleven months, through the end of 2015. "The re-financing of our credit agreement allows Timmins Gold to retain financial flexibility and will allow us to advance our projects, including the recently acquired Caballo Blanco project," said chief executive officer Bruce Bragagnolo. "We are pleased to continue our excellent relationship with Sprott and establish a new relationship with Morgan Stanley."
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Manitok Energy Inc. said it will not drill any wells at its Entice or Stolberg sites in the first half of 2015, and estimates that capital expenditures to complete previous wells will total $3-million to $4-million over this period, during which management intends to use 75 to 80 per cent of cash flow to pay down debt. During the second quarter, the company intends to re-evaluate to the commodity price environment before setting a capital budget for the second half of the year.
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NYX Gaming Group Limited said it has reached an agreement that will see White Hat Gaming make the firm's online poker product available to its customers. "Together with NYX Poker, White Hat will be able to offer its clients both our OGS and Poker products to the newly regulated UK market and beyond." Said executive vice president of business development David Flynn. "The team at NYX have been working very hard post the acquisition of Ongame and it is great to see that in such a short space of time, we are beginning to see a number of potential new clients to our NYX Poker product."
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China Gold International Resources Corp. Ltd. said it plans to boost gold production by 25 per cent and grow copper production by more than 70 per cent in 2015. "Global economic factors give us hope about potential stability in the gold price," said chief executive officer Bing Liu. "The Company is well financed, has a solid investment grade rating and is supported by its shareholders, including its largest shareholder China National Gold Group. We believe that these factors will assure our long-term success."
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Mountain Province Diamonds Inc. said it has received credit approval for a $370-million (U.S.) term loan facility. These funds will be used to develop its Gahcho Kué joint venture in the Northwest Territories.
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More to come.