VMedia Inc. has come to an agreement Tuesday to buy a small company listed on the TSX Venture Exchange in a move that will allow it to become publicly traded without having to go through an initial public offering (IPO). The telecom said in a press release Wednesday it has agreed to acquire Phoenix Canada Oil Company Ltd. Once that’s completed, the combined entity “will continue to carry on the business of VMedia.” VMedia cofounder Alexei Tchernobrivets said in the release that the larger base of potential funds will provide the Ontario-based company with the resources it needs to build on its streaming video platforms. The company offers home phone, internet and TV service, and expanded to Quebec, British Columbia, Manitoba and Alberta in 2016. The terms of the agreement are non-binding, meaning the companies will need to come to more concrete terms before it moves forward. The agreement in its current form also contains conditions, including meeting corporate, board and shareholder approvals, as well as regulatory and court blessings, the release said. Phoenix has a market capitalization of about $7.3 million, according to stock market tracker TMX Money.