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  • Writer's pictureLucas Friesen

Market Summary: January 11, 2024

The TSX closed slightly down today, dropping 71.02 points to 20,918.40.

Solarbank Corp. has completed mechanical construction at its Geddes project in New York. The project has a designed capacity of 3.7 megawatts direct current and is expected to become operational in Q2 2024. Solarbank has approximately 27 million shares issued and is trading on the Canadian Securities Exchange at $7.25 per share. In March, 2023, the company completed a $6.03-million initial public offering.

Lundin Gold Inc. produced 481,274 ounces of gold in 2023 at its Fruta del Norte mine in Ecuador. Previously, the company had set a 2023 guidance range of 450,000 to 485,000 oz. This compares with 2022, when the company produced 476,329 oz Au at the mine. The company says its operations have not been impacted by the current drug war in Ecuador. Lundin has approximately 237 million shares issued and trades at $15.09 per share.

Endeavour Silver Corp. expects to produce in the range of 5.3 million to 5.8 million oz of silver and 34,000 to 38,000 oz Au in 2024. It expects consolidated cash costs to be slightly higher than in 2023. The company plans to spend $8.7-million on exploration. The company has approximately 217 million shares issued and is trading at $2.37 per share.

Solaris Resources Inc. has arranged a $130-million private placement with Zijin Mining Group Co. Ltd. for 28.48 million Solaris shares at $4.55 per share. After the financing’s close, Zijin will own about 15% of Solaris’s shares. The company will use the proceeds to develop its Warintza project in Ecuador. Solaris has approximately 150 million shares issued and is trading at $4.21 per share.

Galaxy Digital Holdings Ltd.’s Galaxy Asset Management and Invesco Ltd. have released Invesco Galaxy Bitcoin ETF (ticker: BTCO) on the U.S. market Cboe BZX Exchange. This comes a day after the SEC approved the release of exchange-traded funds that hold bitcoin. BTCO is currently trading at $46.53 (U.S.) per share. Galaxy has approximately 109 million shares issued and is trading at $10.59 per share on the TSX.

Thomson Reuters Corp. has made an offer to acquire Pagero Group AB at 40 Swedish kroner per share, valuing Pagero at 6.4 billion kroner. Thomson Reuters will pay cash, but the offer must receive approval from over 90% of Pagero’s shareholders. Pagero offers a network for the exchange of business documents. Thomson Reuters has approximately 453 million shares issued and is trading at $193.10 per share, just off its 52-week high.

Wednesday night, Cogeco Communications Inc. released its financial results for its fiscal Q1 ended November 30, 2023. The company earned $95.75-million on revenue of $747.69-million in the quarter. This compares with its earnings of $120.37-million on revenue of $762.3-million in the three-month period ended November 30, 2022. Cogeco has approximately 28 million shares issued and is trading at $61.38 per share.

In the U.S., Chesapeake Energy Corp. and Southwestern Energy Co. have agreed to merge in an all-stock deal valued at $7.4-billion (U.S.). At $6.69 (U.S.) per share, the deal values Southwestern at a 2.9% discount to its Wednesday closing market value of approximately $7.6-billion (U.S.). Chesapeake executive Nick Dell’Osso is planned to become president and CEO of the resulting issuer, which will have a new name upon closing. The companies expect to close the deal in Q2 2024.

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