Canadian Tech Stock Rises on Financial Results

Tecsys Inc. (TSX:TCS), a Canadian tech stock, moved up after announcing record third-quarter revenue

Sean Mason | February 28, 2020 | SmallCapPower

Financial results boosted a Canadian tech stock Friday. Here’s some small stocks making big moves on Friday, February 28, 2020 (as of 11:30 am EST):

Tecsys Inc. (TSX:TCS), a Canadian tech stock, gained 8% to $20.89 on Friday after announcing record third-quarter revenue of $26.8 million, up 43% from the same period last year, while swinging to a net profit of $0.06 per share from a loss of $0.11 per share a year earlier.

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As well, shares of Ely Gold Royalties Inc. (TSXV:ELY) added 3% to $0.64 as the junior royalty company said it has agreed to acquire privately-held Nevada corporation VEK Associates, in consideration for US$5 million in cash and plus 2,005,164 Ely Gold share purchase warrants, each exercisable over a 24-month term to purchase one Ely Gold common share at an exercise price of C$0.62 per share. VEK’s principal assets consist of five royalty properties and leases, four of which are with Nevada Gold Mines JV (Barrick 61.5%/Newmont 31.5%).

Mogo Inc. (TSX:MOGO), meanwhile, reported a three-year lending partnership with goeasy Ltd. (TSX:GSY), as well as the sale of the majority of its MogoLiquid loan portfolio to goeasy for $31.9 million. Mogo stock eased 8% to $2.95 following the announcement.

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

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