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  • Writer's pictureLucas Friesen

Market Summary: February 12, 2024

The TSX rose 57.70 points today. At time of writing, bitcoin is up $1,925 (U.S.) to $50,043 (U.S.) per bitcoin.


Lundin Mining Corp. had an employee die at its Neves-Corvo mine, Portugal, on Monday. The employee was operating equipment when rock fell from the roof into the mine opening and caused the fatal accident. The company is providing full co-operation with the Portuguese authorities’ investigation. Lundin has a market cap of $8.6-billion.


PrairieSky Royalty Ltd. has $3.3-billion in assets and liabilities. It earned $227.6-million on revenue of $513.2-million in 2023. It earned $317.5-million on revenue of $643.3-million in 2022. It is increasing its annual dividend to $1 per share paid on a quarterly basis. It has a market cap of $5.39-billion.


BlackBerry Ltd. will continue firing its employees for annualized savings of approximately $27-million. The company has moved out of six of its 36 office locations, including its office in San Ramon, California, for annual savings of approximately $7-million. It has a market cap of $2.22-billion.


Neighbourly Pharmacy Inc. will seek shareholder approval for its go-private deal with T.I.D. Acquisition Corp. at a special meeting of shareholders to be held virtually on March 8, 2024. The company’s board says this deal is in the best interest of shareholders. Under the deal, T.I.D. will acquire all Neighbourly shares at $18.50 per share. Neighbourly has a market cap of $822.54-million.


Amaroq Minerals Ltd. has arranged a $51-million financing of new shares priced at $1.25 per share. The company has a market cap of $327.02-million.


Andrew Peller Ltd. has $545.07-million in assets and liabilities. It lost $369,000 on sales of $100.19-million in the quarter ended Dec. 31, 2023. It earned $3.89-million on sales of $104.91-million in the comparable quarter. It has $2.86-million in cash. It has a market cap of $241.23-million.


Electrovaya Inc. lost $208,000 (U.S.) on revenue of $12.09-million (U.S.) in the quarter ended Dec. 31, 2023. It lost $2.58-million (U.S.) on revenue of $8.56-million (U.S.) in the comparable period. It has $35.45-million (U.S.) in assets and liabilities. It is expecting revenue between $65-million (U.S.) and $75-million (U.S.) in its fiscal 2024. It has a market cap of $194.25-million.


SSC Security Services Corp. has $82.75-million in assets and liabilities. It earned $66,228 on revenue of $30.88-million in the quarter ended Dec. 31, 2023. It earned $285,66 on revenue of $28.02-million in the comparable period. It has $9.77-million in cash and equivalents. It has a market cap of $50.7-million.


IBEX Technologies Inc. has agreed to an acquisition by BBI Solutions OEM Ltd. via BBI’s subsidiary. BBI will acquire all IBEX shares at $1.45 per share in cash for approximately $37.9-million. IBEX will hold a shareholder meeting on April 3, 2024, to receive approval. IBEX’s market cap is $34.55-million.


Bengal Energy Ltd. has $47.98-million in assets and liabilities. It earned $793,000 on revenue of $1.4-million in the quarter ended Dec. 31, 2023. It earned $1.3-million on revenue of $1.43-million in the comparable quarter. It has $1-million in cash and equivalents. It has a market cap of $12.13-million.


Medivolve Inc. has changed its auditor from MNP LLP to MS Partners LLP. MNP resigned as the company’s auditor on Jan. 16, 2024. Medivolve has a market cap of $540.386.


In the U.S., Diamondback Energy Inc. has agreed to merge with Endeavor Energy Resources. The deal values Endeavor at approximately $26-billion (U.S.). Diamondback will issue about 117.3 million shares and pay $8-billion (U.S.) in cash. Diamondback market cap: $27.16-billion (U.S.).

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