Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
“The additional credit facility and support from our lending partner Sprott provide the company with the liquidity and time needed to maintain the positive momentum of the operational turnaround and optimization initiatives currently underway while, in parallel, we continue working toward updating our Life of Mine plan and evaluating a wide range of strategic and potential financing alternatives,” stated Chris Haubrich, CFO of PureGold.
The company said CEO Troy Fierro has stepped down due to personal health issues but will remain a director.
Hexo Corp. (HEXO-T) announced the closure of its Belleville facility and transitioning its operations to other sites as part of its ongoing plan to cut costs and increase efficiencies. Approximately 230 employees will be impacted by this announcement, the company stated.
“After an extensive review of site capabilities, we have identified this operational closure and transition as an opportunity to further optimize our network,” said Hexo acting chief operating officer Charlie Bowman in a release. “This is a critical next step for Hexo as we continue to make strides towards becoming cash flow positive from operations.”
Augusta Gold Corp. (G-T) announced it would acquire the Reward Project, located seven miles from its Bullfrog Project in Nevada, from Waterton Nevada Splitter LLC for cash and shares.
It said the deal includes US$12.5-million in cash on closing, US$15-mllion worth of shares (7.8 million shares) based on certain conditions, and US$17.5-million in cash paid within 90 days of closing, the later of which is backstopped by the company’s executive chairman and significant shareholder Richard Warke.
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