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  • Writer's pictureLucas Friesen

Market Summary: January 4, 2024

The TSX closed up 52.77 points today, basically wiping out its losses from yesterday.

Endeavour Mining PLC dropped 10% to $25.98 per share after it fired its president and CEO,  Sebastien de Montessus, for “serious misconduct,” according to the company. The firing is related to a $5.9-million (U.S.) payment instruction issued by Mr. de Montessus in relation to an asset disposal executed by the company. Endeavour Mining is a gold producer with operating assets in West Africa. It has approximately 247 million shares issued.

Bold Capital Enterprises Ltd., a shell company on the TSX Venture, has begun its qualifying transaction by agreeing to amalgamate with Stardust Solar Holdings Inc., a franchisor of renewable energy installation services, such as solar panels and electric vehicle supply equipment. Upon completion of the transaction, the resulting issuer is expected to have 51.3 million shares plus additional convertible securities. The CEO and founder of Stardust, Mark Tadros, will remain CEO and a director of the resulting issuer. Other proposed directors include Eamonn McHugh, Young Bann and Ezra Auerbach.

Trading in Overactive Media Corp. was halted today, prior to the company releasing news that it has agreed to acquire the assets of Koi’s e-sports operations and all issued and outstanding shares of Movistar Riders. In relation to the transactions, the company will issue up to 60 million shares consisting of 45 million initial consideration shares and up to 15 million earnout shares. At the January 3, 2024, price of $0.19 per share, the value of the transactions is up to $11.4-million. Upon closing of the transaction, Gabriel Saenz de Buruaga of Movistar and Ibal Llanos of Koi are expected to join Overactive’s board. Overactive operates in Europe in the e-sports/video game sector.

Enterprise Group Inc.’s subsidiary, Artic Therm International Ltd., has won a project to contribute to the construction of a replacement pipeline for a Canadian oil sands producer. Artic will supply the project with 2,500 portable truck heating units, which will heat segments of insulated pipeline. Enterprise’s shares are at $0.78 and the company has approximately 49 million shares issued.

Indiva Ltd. expects to have Q4 2023 revenue of over $10-million. In Q3 2023, the company lost $902,200 on revenue of $10.87-million, compared with its loss of $2.56-million on revenue of $8.79-million in Q3 2022. In November, 2023, the company was upgraded from “hold” to a “speculative buy” by an analyst at Echelon Partners. The company is a producer of cannabis edibles. It trades at $0.12 and has approximately 186 million shares issued.

Enghouse Systems Ltd. has agreed to acquire Mediasite from Sonic Foundry. It will pay $15.5-million (U.S.) to acquire the assets of Mediasite, including its Japanese and Dutch subsidiaries. Enghouse is a software company trading at $34.52 with approximately 55 million shares issued.

Stateside, Apple Inc. has received a second downgrade from financial analysts. An analyst at Piper Sandler & Co. downgraded the company, which follows a downgrade from analysts at Barclays PLC. The stock has started the year in a slump and is now trading at $181.91 (U.S.). Apple is expected to release financial results in February.

Staying in the U.S., Amer Sports Inc. has filed for a U.S. initial public offering. The company owns sports and outdoor brands including Arc’teryx, Salomon and Wilson tennis rackets. It went private in 2019 after it was acquired for over $5-billion by a consortium led by Anta Sports, a Chinese sports equipment company.

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