Canadian Tech Stock Rises on Financial Results

Converge Technology Solutions Corp. (TSXV:CTS), a Canadian tech stock, moved up after announcing 2019 preliminary financial results

Sean Mason | January 31, 2020 | SmallCapPower

Preliminary financial results lifted a small Canadian tech stock Friday. Here’s some small stocks making big moves on Friday, January 31, 2020 (as of 4 pm EST):

Converge Technology Solutions Corp. (TSXV:CTS), a Canadian tech stock, gained 10% to $1.50 on Friday after announcing that it expects its full-year 2019 revenue to be approximately $683 million to $698 million, up from $459 million in 2018.

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As well, shares of Patriot One Technologies Inc. (TSX:PAT) continued to move higher Friday, up 6% to $1.51 following a 6% gain on Thursday, as the provider of threat detection and counter-terrorism solutions said it has been awarded a C$780,000 contract by Innovation Solutions Canada for the Canadian Department of National Defense.

Ely Gold Royalties Inc. (TSXV:ELY), meanwhile, provided an update on its 2% Net Smelter Royalty on the Fenelon Property in Quebec, 100% owned and operated by Wallbridge Mining Company Limited (TSX:WM), which Ely anticipates will be a “cornerstone” of its royalty portfolio as it expects Wallbridge to receive its mining permit in late 2020. The Company added that it is now receiving cash generation from two royalties: the Jerritt Canyon per ton Processed Royalty and; the 0.75% gross revenue royalty on the Isabella Pearl Mine operated by GORO Resources. Ely Gold Royalties stock moved up 6% to $0.70 following the announcement.

Discover why Ely Gold is a top pick of Mickey Fulp by watching our interview here

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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