Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Vermilion Energy Inc. (VET-T; VET-N) announced that Anthony Marino has stepped down as president and chief executive officer and as a director of the company, effective immediately.
"Mr. Marino made many contributions to Vermilion during his eight-year tenure with the company, including various improvements to the cost structure and associated capital efficiencies," the company stated.
Lorenzo Donadeo, a co-founder of the company and chairman since 2016, has been appointed executive chairman. Curtis Hicks, the company's chief financial officer from 2003 to 2018, is rejoining the company and has been appointed president.
In lieu of filling the CEO role, Vermilion says it has created an executive committee consisting of a minimum of five senior executives — a structure the company said it successfully used in the past.
Gran Colombia Gold Corp. (GCM-T) announced that it has decided to no longer pursue the acquisition of all of the issued and outstanding common shares of Guyana Goldfields Inc. (GUY-T). As a result, Gran Colombia and Gold X Mining Corp. (GLDX-T) have agreed to terminate their plan of arrangement announced on May 11.
Earlier this month, Guyana said that its board of directors had unanimously rejected a takeover proposal by Gran Colombia and reaffirmed its “unanimous support” for a transaction it previously entered into with Silvercorp Metals Inc. (SVM-T; SVM-N).
Sierra Metals Inc. (SMT-T) announced that the Peruvian government has extended its state of emergency and a nationwide lockdown to fight the COVID-19 pandemic until June 30.
"President Martin Vizcarra said the latest extension would come with the reopening of certain economic activities," the company stated. "Large open-pit mines and a select number of underground mines in the country have already received permission to restart operations in phase one. Phase two would see the second group of mining companies recommence mining activities."
Sierra Metals said it continues to seek consent from the government to restart mining activities at the Yauricocha Mine, given its remote location and implementation of strict health protocols exceeding government guidelines.
Meantime, it said it’s recalling employees at its Bolivar Mine in Mexico after the Mexican Government issued a communication on May 14 stating that the effective date for mining to be deemed an essential service was June 1. The company said the recall includes a COVID-19 screening process, including a quarantine period, allowing the company to be ready to start mining activities on June 1. Its Cusi Mine remains in care and maintenance.
The Westaim Corp. (WED-X) and Houston International Insurance Group, Ltd. (HIIG) announced that the HIIG board has appointed Andrew Robinson as CEO of HIIG, effective immediately. Mr. Robinson takes over from HIIG’s founder and outgoing CEO, Stephen Way, who has resigned as chairman of the board but will continue to serve as a director.
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