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  • Writer's pictureLucas Friesen

Market Summary: January 26, 2024

The TSX was up today 23.74 points. Bitcoin is up $1,784 (U.S.) to $41,869 (U.S.) per bitcoin.

Boralex Inc. and Innergex Renewable Energy Inc. have signed project deals with Hydro-Quebec. Boralex will complete the Arthabaska and Monnoir wind power projects, totalling 365 megawatts. Scheduled commissioning is 2027 for Monnoir and 2029 for Arthabaska. Innergex’s project is the 300-megawatt Manicouagan wind project. Its commercial operation is scheduled for 2029. Boralex has a market cap of $3.3-billion. Innergex has a market cap of $1.8-billion.

Hut 8 Corp.’s chief commercial officer, Matt Prusak, is leaving the company to be the CEO of a new bitcoin mining company. However, it is a little more complicated, as it seems this new company is Celsius Network LLC, which is involved in bankruptcy proceedings, in which Hut 8 is providing managed services to at five sites in Texas. As part of Hut 8’s merger of equals with U.S. Data Mining Group Inc., d/b/a U.S. Bitcoin Corp., Hut 8 was selected by Celsius to provide services to the Cedarvale site, which is under construction. Hut 8 has a four-year mining management deal with Cedarvale. Asher Genoot will be on Celsius’s board. Mr. Genoot is the president and a director of Hut 8. Hut 8 has a market cap of $1.01-billion.

Healwell AI Inc. has agreed to acquire Intrahealth Systems Ltd., a subsidiary of Well Health Technologies Corp., for $24.2-million. Healwell will pay $3.6-million in cash, $15-million in Class A shares at $0.69 per share resulting in approximately 21.7 million shares being issued, and $5-million in either cash or shares during the 10 months after closing. This transaction will result in Well Health becoming a control person of Healwell. After the deal’s close, Well Health will hold between 20% and 27% of Healwell’s shares. It currently holds 1.1% of its shares. The deal must receive shareholder approval. Healwell will not have to hold a special meeting but will be required to receive written consent from shareholders. Healwell has a market cap of $64.23-million. Well Health has a market cap of $942.84-million.

Rogers Sugar Inc. has signed a deal with the Public and Private Workers of Canada Local 8, a union that represents the company’s Vancouver refinery’s workers. The agreement is subject to a vote, which will happen next week. The company’s Vancouver refinery employs 140 unionized workers. They have been on strike since September 28, 2023. The refinery is operated by the company’s subsidiary, Lantic. Rogers Sugar has a market cap of $582.85-million.

Sintana Energy Inc. has noted that a mine it owns a portion of has found a second column of light oil in sands. The company has a market cap of $144.61-million.

Questerre Energy Corp. has received a ruling from the Quebec Superior Court, civil division. The court will allow the company to explore for petroleum and underground reservoirs and produce petroleum and brine during the judicial process. The company has a market cap of $109.27-million.

Teuton Resources Corp. has replaced its auditor, Manning Elliott LLP, with Charlton & Co. The company has appointed Jeremy Zall to its board and audit committee. Teuton’s market cap is $64.8-million.

South Star Battery Metals Corp. has increased its previously announced private placement. The company will now issue up to 9.72 million shares at $0.72 per share for proceeds of up to $7-million. The financing has also received an extension from the exchange to the end of February, 2024. South Star’s market cap is $30.16-million.

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