Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Tucows Inc. (TCX-Q; TC-T) announced that its Ting Mobile division will be adding service over the Verizon network to its product offerings later this year.
“We expect that combining the best-rated cellular network in the U.S. with Ting’s award-winning customer service will further enhance our already very compelling offering,” stated Tucows CEO Elliot Noss.
Ting Mobile also extended its network provision agreement with Sprint through September 2020, the company stated.
At the same time, Ting Mobile has informed T-Mobile it will not renew its agreement effective Dec. 19 of this year. "While Tucows believes that these are positive changes for Ting Mobile for the long term, a sizeable customer migration does come with short-term costs," the company stated.
Tucows also updated its 2019 cash EBITDA (earnings before interest, taxes, depreciation and amortization) guidance to $52-million from the previously provided $62-million.
“Our updated 2019 financial guidance primarily reflects short-term impacts on our Ting Mobile business resulting from changes in our mobile carrier relationships, which we believe set the stage for stronger long-term prospects,” stated Mr. Noss. “At the same time, we continue to steadily execute the Ting Internet opportunity, which we believe will drive growth for the long-term.”
Aurion Resources Ltd. (AU-X) announced late Tuesday that it has entered into an agreement with a syndicate of agents led by Cormark Securities Inc. for an overnight marketed offering of common shares on a private placement basis at a price of $1.50 each. The offering is for up to $7-million. The stock closed at $1.64 on Tuesday
The company said Eric Sprott has agreed to purchase $5-million of the offering and, when complete, Mr. Sprott will own about 5.2 per cent of Aurion.
The net proceeds from the offering will be used for exploration of Aurion's properties in Finland and for working capital and general corporate purposes, the company stated.
Osisko Mining Inc. (OSK-T) announced a $30-million bought-deal private placement of flow-through shares. It has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. for the placement of about 5.3 million shares that will be issued at a price of $5.67. The gross proceeds will be used by the corporation to incur eligible Canadian exploration expenses that will qualify as "flow-through mining expenditures."
Hudbay Minerals Inc. (HBM-T; HBM-N) announced that Alan Hair has stepped down as president and CEO and as a director of the company. Peter Kukielski has been appointed interim CEO.
“We have a strong management team and an experienced leader in Peter Kukielski, who will ably lead the company in the interim while we complete our search for the best possible permanent leader for Hudbay,” stated board chair Alan Hibben. “Alan’s departure does not affect our strategic or financial outlook. Our focus remains on executing against our value creation strategy and delivering on a number of near-term catalysts.”