<SEC-DOCUMENT>0000919574-25-003263.txt : 20250515
<SEC-HEADER>0000919574-25-003263.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515164355
ACCESSION NUMBER:		0000919574-25-003263
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TUCOWS INC /PA/
		CENTRAL INDEX KEY:			0000909494
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		EIN:				232707366
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49487
		FILM NUMBER:		25954572

	BUSINESS ADDRESS:	
		STREET 1:		96 MOWAT AVENUE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M6K 3M1
		BUSINESS PHONE:		4165385478

	MAIL ADDRESS:	
		STREET 1:		96 MOWAT AVENUE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M6K 3M1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFONAUTICS INC
		DATE OF NAME CHANGE:	19960426

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFONAUTICS CORP
		DATE OF NAME CHANGE:	19960315

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blacksheep Fund Management Ltd
		CENTRAL INDEX KEY:			0001800249
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		ROCK HOUSE, MAIN STREET
		STREET 2:		BLACKROCK
		CITY:			CO. DUBLIN
		STATE:			L2
		ZIP:			A94 YY39
		BUSINESS PHONE:		353 1 566 8192

	MAIL ADDRESS:	
		STREET 1:		ROCK HOUSE, MAIN STREET
		STREET 2:		BLACKROCK
		CITY:			CO. DUBLIN
		STATE:			L2
		ZIP:			A94 YY39
</SEC-HEADER>
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<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000919574-24-000398</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Blacksheep Fund Management Ltd -->
          <cik>0001800249</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Stock, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000909494</issuerCik>
        <issuerName>Tucows Inc.</issuerName>
        <issuerCusip>898697206</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>96 Mowat Avenue</com:street1>
          <com:city>Toronto</com:city>
          <com:stateOrCountry>A6</com:stateOrCountry>
          <com:zipCode>M6K 3M1</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Blacksheep Fund Management Ltd.</reportingPersonName>
      <citizenshipOrOrganization>L2</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1091985.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1091985.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091985.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Blacksheep Master Fund Ltd.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1091985.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1091985.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091985.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Herdwick Capital Ltd.</reportingPersonName>
      <citizenshipOrOrganization>L2</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1091985.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1091985.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091985.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Alexis Fortune</reportingPersonName>
      <citizenshipOrOrganization>L2</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1091985.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1091985.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091985.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Tucows Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>96 Mowat Avenue, Toronto, Ontario M6K 3M1 Canada</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Blacksheep Fund Management Ltd.
Blacksheep Master Fund Ltd.
Herdwick Capital Ltd.
Alexis Fortune</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Blacksheep Fund Management Ltd.
Rock House, Main Street, Blackrock Co.
Dublin, Ireland A94 YY39

Blacksheep Master Fund Ltd.
c/o Mourant Governance Services
94 Solaris Avenue, Camana Bay, PO Box 1348
Grand Cayman KY1-1108

Herdwick Capital Ltd.
Rock House, Main Street, Blackrock Co.
Dublin, Ireland A94 YY39

Alexis Fortune
Rock House, Main Street, Blackrock Co.
Dublin, Ireland A94 YY39</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Blacksheep Fund Management Ltd. - Ireland
Blacksheep Master Fund Ltd. - Cayman Islands
Herdwick Capital Ltd. - Ireland
Alexis Fortune - Ireland</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Blacksheep Fund Management Ltd. - 1,091,985
Blacksheep Master Fund Ltd. - 1,091,985
Herdwick Capital Ltd. - 1,091,985
Alexis Fortune - 1,091,985</amountBeneficiallyOwned>
        <classPercent>Blacksheep Fund Management Ltd. - 9.9%
Blacksheep Master Fund Ltd. - 9.9%
Herdwick Capital Ltd. - 9.9%
Alexis Fortune - 9.9%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Blacksheep Fund Management Ltd. - 0
Blacksheep Master Fund Ltd. - 0
Herdwick Capital Ltd. - 0
Alexis Fortune - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Blacksheep Fund Management Ltd. - 1,091,985
Blacksheep Master Fund Ltd. - 1,091,985
Herdwick Capital Ltd. - 1,091,985
Alexis Fortune - 1,091,985</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Blacksheep Fund Management Ltd. - 0
Blacksheep Master Fund Ltd. - 0
Herdwick Capital Ltd. - 0
Alexis Fortune - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Blacksheep Fund Management Ltd. - 1,091,985
Blacksheep Master Fund Ltd. - 1,091,985
Herdwick Capital Ltd. - 1,091,985
Alexis Fortune - 1,091,985</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>All of the securities reported in this Schedule 13G Amendment No. 3 are directly owned by advisory clients of Blacksheep Fund Management Ltd. None of those advisory clients, other than Blacksheep Master Fund Ltd., may be deemed to beneficially own more than 5% of the Common Stock, no par value.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit A - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Blacksheep Fund Management Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Alexis Fortune</signature>
        <title>Alexis Fortune / Chief Executive Officer</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Blacksheep Master Fund Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Alexis Fortune</signature>
        <title>Alexis Fortune / Chief Executive Officer of its investment manager</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Herdwick Capital Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Alexis Fortune</signature>
        <title>Alexis Fortune / Director</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Alexis Fortune</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Alexis Fortune</signature>
        <title>Alexis Fortune</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>* Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.</signatureComments>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>d11795311_ex99-a.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><U>Exhibit A</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>JOINT FILING AGREEMENT</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned agree that
this Schedule 13G Amendment No. 3 dated May 15, 2025 relating to the Common Stock, no par value, of Tucows Inc. shall be filed on behalf
of the undersigned.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">BLACKSHEEP FUND MANAGEMENT LTD.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: /s/ Alexis Fortune</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Name: Alexis Fortune</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">BLACKSHEEP MASTER FUND LTD.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: /s/ Alexis Fortune</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Name: Alexis Fortune</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer of its investment manager</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HERDWICK CAPITAL LTD.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: /s/ Alexis Fortune</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Name: Alexis Fortune</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 24pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;&nbsp;Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ALEXIS FORTUNE</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: /s/ Alexis Fortune</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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