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 company said the board also has broadened the company's investment policy to allow Aimia to invest excess cash, recorded as short-term investments, long-term investments and cash and cash equivalents, in a diversified portfolio of public company securities, fixed income securities and hybrid securities. "This is in addition to existing permitted investments in investment-grade commercial paper and corporate, federal and provincial government bonds, and bankers' acceptances or term deposits," the company stated.
Fortuna Silver Mines, Inc. (FSM-N; FVI-T) announced that it’s withdrawing production and cost guidance for 2020 amid the measures taken to comply with COVID-19 related closures in countries where it operates including Peru, Mexico and Argentina. “As a result of the government-mandated constraints on business in the countries that host our operations and the uncertainties related to these constraints, the company is currently unable to determine the impact on its production and cost guidance for 2020,” it stated.
The company also said it has implemented measures to reduce spending and capital expenses "consistent with the current uncertain business environment," including the postponement of approximately 40 per cent of capital budgets, a 60-per-cent reduction in the brownfields exploration budget "and reductions in senior executive annual compensation and other corporate expenses."
“The global economy has become increasingly uncertain, with reduced visibility into the future," stated CEO Mark Davis, "As a result, we proactively reduced our monthly distribution rate and took other steps to ensure financial flexibility during this time. We also indicated that the assumptions underlying our guidance were at risk based on the duration of this uncertainty. It has become apparent that this uncertainty will continue for some time. Accordingly, it is now prudent to suspend our previously issued 2020 guidance.”
Mr. Davis said the company’s first-quarter operations “were not materially affected” by COVID-19.”
Great Panther Mining Ltd. (GPR-T) announced that it has initiated the suspension of mining and processing activities at the Guanajuato Mine Complex and the Topia Mine until April 30, due to the directive of the Mexican federal government announced on March 31 to mitigate the spread of COVID-19.
The company said there are no confirmed or suspected cases of COVID-19 across its global mining operations, projects, and corporate offices.
New Gold Inc. (NGD-T) says its Rainy River mine has begun a ramp-up of operations following the completion of a voluntary 14-day suspension to adhere to provincial and federal COVID-19 guidelines related to out-of-country travel that impacted a significant portion of the local workforce.
“As the health and safety of our employees and communities remains our number one priority, operations will steadily ramp-up over the coming weeks with the overarching priority of ensuring we provide the safest possible environment for our employees,” the company stated.
Acreage Holdings Inc. (ACRG.U-T) announced operational updates and business decisions related to the “significant impact of the COVID-19 pandemic and other uncontrollable factors that have greatly shifted the cannabis landscape.”
The moves include the temporary furlough of 122 employees across both the corporate office and field operations teams, the temporary closure of certain operations across the U.S. and the termination of the securities purchase agreement among Greenleaf Compassionate Care Center, Inc., GCCC Management, LLC — the equity holders of GCCCM and High Street Capital Partners, LLC relating to the proposed acquisition of a dispensary in Rhode Island
The merger agreement entered into with Deep Roots Medical, LLC, was also terminated "due to the ongoing moratorium imposed by the Nevada Department of Taxation," the company stated. "The delay prevented the parties from obtaining the consents, approvals and authorizations necessary to consummate the merger prior to the outside date provided in the merger agreement."
The company is also suspending its previous 2020 financial targets.