Canada Special Situations

International Frontier Resources Corporation (IFR.V) is advancing a reverse takeover by Kinjal Corporation, a private developer of natural gas assets in Mexico. Kinjal has entered a binding term sheet with Summit Ridge Capital Partners for a debt facility of up to US$30M to finance the acquisition of the Misión Field. The companies are currently finalizing definitive share purchase agreements for the acquisition of the Tonalli and SMB Mexican energy assets. A concurrent brokered private placement of subscription receipts led by Research Capital Corporation is targeting gross proceeds of up to C$37M at C$0.80 per receipt. Governance changes include the appointment of Ignacio Quesada to the board following the resignation of Steve Hanson. The binding debt term sheet reduces financing risk for the transaction, while the C$0.80 subscription price provides a valuation anchor for this TSXV reverse takeover.

QcX Gold Corp. (QCX.V), a Canadian explorer focused on gold and VMS mineralization, entered into a definitive agreement on June 1, 2026, to be acquired by Sterling Metals Corp. (TSXV:SAG) in an all-stock transaction. Shareholders are to receive 0.255703 SAG shares for each share of QcX, implying a total deal value of $4M. The QcX board unanimously recommended the transaction, which includes the appointment of four current directors, including CEO Albert Contardi, to the combined board. Aird & Berlis LLP and Irwin Lowy LLP are serving as legal advisors for the deal, with closing expected shortly after shareholder, court, and TSXV approvals. The fixed exchange ratio creates a tradable spread, but the $4M market cap and TSXV listing imply illiquidity risk, while an April 28 auditor going-concern flag adds deal-break risk if approvals stall.

Banyan Gold Corp. (BYAGF) signed a definitive agreement on June 3, 2026, to acquire Generic Gold Corp.’s 2,158-claim Yukon portfolio for $3,000,000. Consideration for the 350-sq-km property package consists of 2,142,857 Banyan shares issued at a deemed value of $1.40 per share. The assets are located near Banyan’s flagship AurMac project and are being acquired free of royalties, except for a 1% net smelter returns royalty on certain claims. Closing remains subject to TSX Venture Exchange approval, and the consideration shares are subject to a four-month statutory hold and a one-year contractual hold period. The transaction facilitates Generic Gold’s exit from the district while consolidating Banyan’s Tintina Gold Belt footprint through an all-share structure that signals the counterparty’s shareholders will become long-term stakeholders rather than immediate sellers.

Institutional Shareholder Services (ISS) recommended that G2 Goldfields Inc. (GTWO) shareholders vote for the plan of arrangement with G Mining Ventures Corp. (GMIN). The transaction includes a concurrent spin-out of G3 Goldfields Inc., resulting in shareholders receiving equity in two separate public companies. G2’s board and independent special committee have unanimously recommended the deal, which is supported by multiple fairness opinions. The special meeting of shareholders is scheduled for June 16, 2026, with a proxy voting deadline of June 12, 2026, at 10:00 a.m. Toronto time. The ISS endorsement reduces the risk that the arrangement stalls at the shareholder vote, while the dual-entity structure requires arbitrageurs to track the post-closing value split and the pre-vote spread against implied consideration.

Chicane Capital I Corp. (CCIC.P.V) entered into a definitive merger agreement on May 26, 2026, to acquire Elton Resources Corp. via a reverse takeover qualifying transaction. Under the deal terms, Elton shareholders will receive one share of the resulting issuer for each Elton share held, and the combined entity will list as a Tier 2 mining issuer on the TSX Venture Exchange. Concurrent with the merger, Canaccord Genuity Corp. is leading a brokered private placement of subscription receipts at C$0.20 per share for gross proceeds of up to C$15,000,000. The transaction is scheduled to close by August 31, 2026, at which time the resulting issuer will carry on Elton’s mineral resource exploration and development business. This TSXV qualifying transaction implies a C$14,000,000 pre-financing deemed equity value for Elton and includes a concurrent flow-through and hard-dollar placement while Chicane shares remain halted until closing.

International Frontier Resources Corporation (IFR.V) announced that reverse takeover counterparty Kinjal Corporation entered a binding term sheet for an up to US$30M debt facility with Summit Ridge Capital Partners to fund its Misión Field acquisition. Research Capital, Canaccord Genuity, and ATB Cormark are leading a concurrent C$37M private placement of Kinjal subscription receipts at C$0.80 per receipt. Board changes effective June 1 include the appointment of Ignacio Quesada and the resignation of Steve Hanson, while pro forma disclosures project production scaling from 5,103 boe/d at close to 14,172 boe/d by year-end 2027. Completion remains subject to Mexican SENER approval, TSXV acceptance, and the execution of definitive share purchase agreements for the SMB and Tonalli assets. This reverse takeover transforms the shell into Kinjal Gas, Mexico’s largest independent onshore gas producer, with the binding debt facility de-risking acquisition financing at a pro forma 0.88x exit-2027e EBITDA valuation.

Aptose Biosciences (APS) and Hanmi Pharmaceutical Co. Ltd. have updated the timeline for their plan of arrangement, now targeting a June 2026 close. Hanmi will acquire all remaining Aptose shares for C$2.41 cash per share, a 28% premium to the 30-day VWAP. The closing is delayed pending Korean regulatory approvals, which are currently the primary gating item for the deal. Aptose drew an additional US$2.0M bridge loan from Hanmi, bringing total draws to US$9.9M of a US$11.9M facility, with a final US$2.0M advance expected in the coming days. This second delay pushes the arbitrage timeline further out, though Hanmi’s continued funding of clinical operations reduces interim cash-runway risk for target holders.

Cathedra Bitcoin Inc. (CBIT.V) obtained a final court order from the Supreme Court of British Columbia on May 26, 2026, for its statutory plan of arrangement with Sphere 3D Corp. The transaction, which received 99.95% securityholder approval at a May 15 special meeting, is expected to close on June 1, 2026. Upon completion. Cathedra will become a wholly-owned subsidiary of Sphere 3D, and the combined company will trade on the Nasdaq Capital Market under the ticker ANY. A trading halt for CBIT.V on the TSX Venture Exchange is requested for after market close on May 29, 2026, marking its final day of trading. This final-approval checkpoint removes shareholder dissent risk and establishes the May 29 last trading date for CBIT.V ahead of the combined entity's transition to a Nasdaq listing.

Star Royalties Ltd. (STRR.V) is being acquired by Summit Royalties Ltd. in an all-stock plan of arrangement valued at C$51M. Under the agreement, STRR shareholders receive 0.360 Summit shares per Star Royalties share, an implied consideration of C$0.60 per share representing a 25% spot premium and a 32% 20-day VWAP premium as of March 16, 2026. Following the filing of the management information circular, the shareholder vote and court approval are scheduled for late June 2026. The transaction will create a C$184M entity with 50 royalties and streams, leaving STRR shareholders with a 28% pro forma interest. The primary arbitrage consideration is whether the 20-day VWAP premium holds as Summit shares trade ahead of the June vote while STRR holders transition to a stake in a vehicle with six assets projected to be online by 2027.

WonderFi Technologies Inc. (WNDR.TO) received CIRO approval on May 20, 2026, for its acquisition by Robinhood Markets, Inc. via a plan of arrangement. This regulatory clearance represents the final hurdle for the transaction, following securityholder approval on July 17, 2025, and a BC Supreme Court final order on July 21, 2025. The arrangement is expected to close on or about June 1, 2026, subject only to customary closing conditions. With the final regulatory condition cleared, the arbitrage spread should compress as the deal enters a closing-pending state ahead of the near-term June 1 close.

Rupert Resources Ltd. (RUP.TO) is seeking securityholder approval for its plan of arrangement with Agnico Eagle Mines Limited. Under the terms of the agreement, Rupert shareholders are to receive 0.0401 Agnico Eagle shares and a CVR worth up to $3.00 cash per share upon reaching specific milestones. A special meeting to approve the arrangement is scheduled for June 9, 2026, following a proxy voting deadline of 10:30 a.m. Toronto time on June 5, 2026. ISS and another leading proxy advisory firm recommended that securityholders vote in favor of the transaction on May 28, 2026. The ISS recommendation removes a key approval risk ahead of the June 9 vote, as the CVR component provides contingent upside dependent on exploration success at the Ikkari project over the next decade.

G2 Goldfields (GUYGF) is proceeding with a definitive plan of arrangement and concurrent spin-out involving G Mining Ventures Corp. G2 shareholders will receive 0.212 G Mining Ventures shares and 0.5 shares of a new entity, G3 Goldfields, for each share held, implying a 72% premium to 30-day VWAPs. G3 Goldfields will be capitalized with C$45 million and include a contingent value right for up to US$200 million. The combination of adjacent Oko-Ghanie and Oko West projects is expected to generate over $1 billion in synergies and is supported by an undrawn US$350 million G Mining Ventures credit facility. A shareholder vote is scheduled for June 16, 2026, following the May 25 mailing of the management circular. The circular fixes a near-term vote catalyst for a consideration package including liquid stock and a US$200 million CVR kicker, allowing the arb spread on the 0.212 exchange ratio to be monitored against the June 16 deadline.

Allied Gold (AAUC.TO) and Zijin Gold International Company Limited have extended the outside date for their proposed arrangement to July 29, 2026. Zijin Gold has received approval under the Investment Canada Act, concluding the Canadian regulatory review process. The transaction also secured regional merger clearances from the Economic Community of West African States (ECOWAS) and the Common Market for Eastern and Southern Africa (COMESA). Specific host-country regulatory approvals in Africa remain outstanding or are in advanced stages, with further extensions to the outside date requiring mutual consent. The receipt of three material regulatory approvals de-risks the transaction, leaving host-country clearances as the final gating items for spread investors to monitor.

CANEX Metals Inc. has launched an exchange offer for the common stock of Gold Basin Resources Corporation (GXX.V). A Form CB/A filed May 14, 2026, disclosed the offer and included an information circular and letter of transmittal sent to security holders. The third-party tender offer is being conducted under Exchange Act Rule 14d-1(c) and Securities Act Rule 802. Both parties are Canadian issuers, and the transaction is subject to Canadian disclosure requirements. This exchange offer represents a potential change-of-control transaction for the exploration-stage company.

Secure Waste Infrastructure Corp (SECYF.TO) received endorsements from proxy advisors Institutional Shareholder Services and Glass Lewis for its pending C$6.4 billion acquisition by GFL Environmental. The recommendations, issued May 15, 2026, support the definitive agreement ahead of a shareholder vote scheduled for a special meeting on May 27, 2026. Activist Abrams Capital Management, which holds an approximate 10% stake, opposes the merger and argues the company has better standalone potential. Secure Waste Infrastructure Corp operates waste processing facilities and energy infrastructure across Canada, generating its primary revenue from its Waste Management segment. Proxy advisor endorsements in this contested vote provide a signal on deal passage probability, though opposition from the 10% holder creates a binary event that can drive merger-arb spread volatility.

Devvstream Corp. (DEVS), a carbon credit and clean energy project developer, terminated its December 2025 merger agreement with Southern Energy Renewables on May 12, 2026. This termination satisfied a closing condition for its new April 13, 2026 Business Combination Agreement (BCA) with XCF Global, Inc. and Southern Energy. The action followed the receipt of fairness opinions under the BCA, advancing the three-way combination that targets a public listing and $1B+ revenue. XCF Global will file an S-4 registration statement and proxy materials for stockholder votes on the transaction. The combination remains pending subject to customary closing conditions.

Inmed Pharmaceuticals Inc. (INM) signed a definitive all-stock reverse merger agreement with Mentari Therapeutics, which develops half-life extended biologic therapies for migraine prevention including MT-001 and MT-002. Pre-merger INM shareholders will own approximately 1.51% of the combined company, representing an expected market capitalization of $421.4M. Mentari concurrently announced a $290M oversubscribed private placement led by Fairmount to fund combined operations through 2028. The resulting entity will operate as Mentari Therapeutics and trade on Nasdaq under a new ticker. The transaction is expected to close in H2 2026, subject to shareholder and regulatory approvals.

Alaros Exploration Inc. (ALAR) signed a definitive share exchange agreement on May 20, 2026, to acquire 1001528518 Ontario Inc. for 10.5 million common shares at a deemed price of C$0.05 per share. Valued at CAD 525,000, the transaction formalizes an LOI announced April 24 for a target holding exploration leases with options to purchase the Toy and Nightingale tungsten properties in Nevada. Closing is expected on or around May 30, 2026, subject to CSE acceptance and customary conditions. Completion will not result in a fundamental change or the creation of a new control person under CSE policies. This micro-cap mining roll-up is a definitive agreement for a reverse merger-type transformation.

Allied Gold Corp (AAUC) is advancing a definitive agreement to be acquired by Zijin Gold International Company Limited via a court-approved plan of arrangement for C$44.00 per share in cash. Zijin Gold, a public company listed on the Hong Kong Stock Exchange, will acquire all issued and outstanding shares of the gold producer. Allied Gold's Q1 2026 earnings release confirmed the transaction is proceeding following a quarter where the company produced 96,016 ounces of gold, a 14% year-over-year increase, at an AISC of $2,264/oz. The board determined the arrangement achieves fair value for the producer, which maintains operations in West Africa and a development project in Ethiopia. The transaction is in the closing_pending phase with medium-term catalyst timing.

Baylin Technologies (BYLTF) has satisfied all financing conditions required to complete its acquisition of Kaelus AB. The transaction is now unconditional and moving toward immediate consummation. The removal of the financing condition eliminates the last major contingency for the deal. Baylin Technologies designs, manufactures, and supplies antenna and RF solutions, while Kaelus AB provides radio frequency conditioning and antenna solutions for wireless networks.

Elemental Royalty Corp (ELE) signed a definitive arrangement agreement on May 13, 2026, to acquire all outstanding shares of Vizsla Royalties for approximately C$327M (US$239M). The C$4.13 per share consideration represents a 31% premium to Vizsla’s unaffected closing price and a 22% premium to the 20-day VWAP as of May 12, 2026. Vizsla shareholders may elect 0.15 Elemental shares, C$4.13 cash, or a combination, subject to a maximum total cash component of approximately C$82M. The transaction adds a 2.0%-3.5% NSR life-of-mine royalty on the Panuco silver-gold project in Mexico to the Elemental portfolio. This combination creates an enlarged intermediate precious-metals royalty platform with a new cornerstone development asset at Panuco, enhancing scale and trading liquidity.

Equinox Gold (EQX) entered a definitive agreement to acquire Orla Mining (ORLA) via a court-approved plan of arrangement. Orla shareholders will receive 1.00 EQX share plus $0.0001 cash per ORLA share, resulting in pro forma ownership of 67% for Equinox and 33% for Orla. The combined company has an implied market cap of $18.5 billion and expects approximately 1.1 million ounces of annual gold production in 2026. Key Orla shareholders holding approximately 20% of shares, including Pierre Lassonde and Fairfax affiliates, have entered voting support agreements. The transaction requires approval by 66⅔% of Orla shareholders and a simple majority of Equinox shareholders at special meetings expected in July 2026. Expected close is July 31, 2026.

Gold Basin Resources Corp (GXX.V) filed a management information circular for a June 4, 2026, special shareholder meeting to vote on a merger with CANEX Metals Inc. via a plan of arrangement under BCBCA section 288. Gold Basin shareholders will receive CANEX Metals Inc. shares in exchange for their holdings, and the board unanimously recommends a vote in favor of the resolution. The record date for the meeting was May 5, 2026. The transaction remains subject to shareholder approval and a final order from the Supreme Court of British Columbia. Stifel Nicolaus Canada Inc. is acting as advisor to the junior mineral exploration company. The combined entity will hold an expanded portfolio of gold exploration and development projects.

Haviland Enviro Corp. (HEC.P) and Xogen Technologies Inc. entered an amending agreement on May 6, 2026, extending the outside date for their qualifying transaction to September 30, 2026. The agreement also moves the deadline to execute a definitive agreement to July 31, 2026. Haviland is a capital pool company with no operations or assets other than cash, while Xogen is a private cleantech company that has developed Advanced Electro-Oxidation technology for water treatment. Completion of the reverse takeover is subject to Xogen raising a minimum $500,000 private placement, TSXV approval, and majority of the minority shareholder approval. Haviland shares remain halted from trading pending final TSXV approval of the transaction.

Labrador Gold (TSX.V) entered into a definitive option agreement dated May 8, 2026, to acquire 100% of the Mariposa and Eureka Dome gold projects from Pacific Ridge Exploration Limited. Total consideration includes $500,000 in cash and 6.67 million Labrador Gold shares over four years, plus $5.4 million in exploration expenditures. An initial payment of $100,000 and 800,000 shares is due following TSX Venture Exchange acceptance of the transaction. The 16,000-hectare Mariposa project is 40 km from a 3.0 Moz resource and has recorded historic drilling intercepts up to 2.44 g/t Au over 38.9m. Labrador Gold plans a summer 2026 field program including airborne magnetics, LiDAR, and soil sampling across underexplored portions of the property. This earn-in option agreement expands the company's portfolio into the Yukon’s White Gold District using back-weighted commitments to preserve optionality.

Rupert Resources (RUPRF) filed financial results for Q1 2026, updating on its April 20, 2026, definitive arrangement agreement for Agnico Eagle Mines Limited to acquire all outstanding Rupert shares. Each Rupert share will receive 0.0401 Agnico Eagle (AEM) shares, valued at approximately C$12.00 upfront, plus up to C$3.00 in contingent value rights tied to gold reserve and production milestones over 10 years. The Supreme Court of British Columbia granted an interim order on May 7, 2026, authorizing a securityholder meeting to approve the transaction. That meeting is scheduled for June 9, 2026, with the transaction close expected in June 2026 subject to court approval and the securityholder vote. Ausenco Engineering is serving as advisor.

Sonoro Gold (SMOFF) has signed letters of intent to acquire mineral concessions adjacent to its Cerro Caliche gold project in Sonora, Mexico. The transaction is structured as an asset acquisition to expand the project's land position and resource potential and is not a change-of-control merger. These acquisitions near existing projects can materially enhance a junior exploration and development company's resource base and development economics, potentially re-rating the stock.

Sphere 3D (ANY) reiterated its definitive agreement to combine with Cathedra Bitcoin in an all-stock merger to form a scaled digital infrastructure platform. The company reported Q1 FY2026 revenue of $1.9M and a net loss of $4.1M, while general and administrative expenses declined approximately 23% year-over-year to $2.5M. As of March 31, 2026, the company held 26.2 self-mined Bitcoin and had substantially completed a refresh of its mining fleet with newer-generation equipment. The pending transaction remains a material M&A catalyst for the Bitcoin miner.

Prism Resources Inc. (PRS.H) entered into a definitive agreement to sell its 7.5% net profit interest royalty on the Aurora and Sunday Lake properties to Agnico Eagle Mines Limited for $5,000,000 in cash. As Agnico Eagle is a 10% shareholder, the transaction requires majority-of-minority approval under MI 61-101, excluding approximately 23% of outstanding shares held by the buyer and conflicted directors. Total proceeds are earmarked to pay $1.75 million to related-party promissory note holders, approximately $757,000 to debt repayment, and roughly $444,000 to settle accrued management and director fees. A special committee advised by Evans & Evans, Inc. obtained a valuation report and recommended the transaction. Minority shareholders should track the valuation report fairness opinion and vote threshold given the high insider entanglement and the allocation of proceeds toward internal debt and fee settlements.

Star Royalties Ltd. (STRR.V) entered a definitive agreement to extinguish its 2% NSR royalty on the Elk Gold Mine in exchange for an option to acquire a 5% stake in Gold Mountain Mining Corp. for C$500,000 in two tranches. The transaction follows Gold Mountain’s court-approved receivership process and restructures the Elk Gold asset under new ownership by Nhwelmen Construction Limited Partnership. Star Royalties will retain anti-dilution and tag-along rights post-closing, providing exposure to an expanded 21,187-hectare land package. The approximately $358.9K transaction is expected to close in Q2 2026 subject to the satisfaction of conditions precedent. The royalty-to-equity conversion trades a fixed NSR claim for equity optionality in a post-receivership restructured vehicle where the stake may represent a monetization path if Gold Mountain secures a development partner and external funding.

Revival Gold Inc. (RVG.V) signed a property purchase agreement on May 29, 2026, to sell its 51% interest in the Diamond Mountain phosphate project to Canadian Phosphate Ltd. Total consideration for the divestiture is US$1.53M, comprising US$127,500 in cash at closing and 3.08M Australian-listed Canadian Phosphate shares valued at US$382,500. The deal further includes a US$255,000 deferred payment due within 12 months and a US$765,000 payment contingent on commercial production. The transaction is subject to ASX and Canadian Phosphate shareholder approvals, with closing expected in Q3 2026. This sale monetizes a non-core asset for immediate cash and stock while the deferred-consideration structure means value realization is back-end loaded and contingent on Canadian Phosphate's execution.

Meren Energy Inc. (MER.TO) announced that its investee, Impact Oil & Gas, entered a share purchase agreement on May 26, 2026, to sell its South African exploration subsidiary, Impact Africa Ltd, to IOG Energies Limited. IOG Energies is a wholly owned subsidiary of Impact’s majority shareholder, Deepkloof Limited, making this a related-party transaction. Completion is expected in Q3 2026 subject to South African regulatory approvals and joint venture partner consents. Post-transaction. Impact will focus on its 9.5% stake in the Venus light oil discovery operated by TotalEnergies. The restructuring removes Meren’s exposure to non-core South African exploration costs. The move focuses Impact entirely on the pre-FID Venus development in Namibia, where a final investment decision is expected this year.

Elemental Royalty Corporation (ELE) subsidiary Bronco Creek Exploration (BCE) granted KGHM subsidiary RHUSA an option to earn 100% interest in the Royston, Big E, Tango, and Whiskey copper porphyry projects in Nevada. Under the agreement, RHUSA will provide US$315,000 in immediate execution payments and must fund up to US$600,000 in option payments and US$5M in exploration expenditures per project over six years. Upon exercise of the options. Elemental will retain a 2% NSR royalty with escalating annual advance royalty payments starting at US$50,000 and milestone payments up to US$1M per feasibility study. Benefits from the Tango project are split 70% for BCE and 30% for Great Western Mining Corporation (AIM: GWMO) under a pooled land package. This divestiture monetizes four internally generated exploration prospects with no upfront capital outlay, converting them into immediate cash and a potential long-term royalty stream that provides asymmetric upside for shareholders upon any project discovery.

Tamarack Valley Energy Ltd. (TVE) signed a definitive agreement to sell its Charlie Lake assets for C$804.0 million in cash, effective April 1, 2026. Advised by National Bank Financial, the divestiture covers assets producing approximately 18,000 boe/d and is expected to close near the end of Q2 2026. Proceeds are slated to eliminate all net debt and establish a net cash position exceeding $125 million, supporting a 25% quarterly dividend increase to $0.05 per share. Post-divestiture, the company will transition to a pure-play Clearwater producer with production of over 54,000 boe/d and 2,100 drilling locations. This transaction crystallizes a greater than 70% pre-tax return on invested capital for the Charlie Lake assets while funding an immediate dividend hike and accelerated Clearwater development through a fully de-levered balance sheet.

Eco Atlantic Oil & Gas (ECO.V) signed a definitive farm-out agreement to divest a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum LP. The transaction follows Navitas' exercise of an option established under a prior strategic framework agreement. SQ receives cash consideration and a carried interest for exploration and development costs, while the deal expands an existing partnership across South Africa, the Falkland Islands, and potentially Guyana’s Orinduik Block. This binding transaction de-risks Block 1 exposure through a carried operating partner and non-dilutive cash, validating the company's monetization strategy and setting a valuation precedent for its remaining 62.5% interest.

Morocco Strategic Minerals Corp. (MCC.V) entered into a definitive agreement to sell its 100% interest in the Sakami gold project to Visible Gold Mines Inc. for 4,000,000 common shares and a 1% NSR royalty buyable for C$1 million. The 250 km² early-stage exploration property in James Bay, Quebec, contains 475 claims and has received over C$5 million in prior exploration. Eskar Capital Corporation is acting as advisor on the divestiture. The received shares are subject to a voluntary three-year resale restriction, with 400,000 shares released after four months and 1,200,000 shares released annually thereafter. This transaction monetizes a non-core asset for passive equity in a better-funded explorer while avoiding dilution and retaining royalty upside, though the three-year lock-up creates an illiquid stake and a staggered share overhang.

Azimut (AZM.V) signed a definitive earn-in joint venture agreement with SOQUEM Inc. for the Northern Nickel Corridor Project in Quebec's James Bay region. SOQUEM can earn up to a 60% interest in 1,635 claims by funding $11 million in exploration expenditures and making $350,000 in cash payments, with an initial $2 million expenditure as a firm commitment. Azimut will act as operator for the first year, after which SOQUEM assumes operatorship of the 360km by 60km corridor targeting nickel, platinum, palladium, copper, and cobalt. The agreement on May 19, 2026, follows an April 14 letter of intent and allows Azimut to monetize a portion of its land package while retaining 40-50% exposure to high-grade nickel discoveries. If either partner dilutes below 10%, their interest converts to a 2% NSR royalty, half of which is buyable for $3 million.

Realbotix Corp. (XBOT.V) provided an update on the reverse takeover of Onconetix (ONCO) by its subsidiary, Realbotix LLC, which is expected to close by October 2026. Realbotix Corp. will retain 75-90% ownership of the Nasdaq-listed entity post-transaction and will appoint four out of five directors to the Onconetix board. The transaction, first announced February 12, 2026, involves no changes to the Realbotix parent structure and no share issuance or consolidation by the parent. This carve-out gives existing shareholders continued exposure to commercial robotics while creating a standalone Nasdaq currency.

Lithium Chile Inc. (LITH.V) shareholders approved the US$175,000,000 sale of the Arizaro project via the disposition of Argentum Lithium S.A. The transaction received 96% approval at the Annual General and Special Meeting held May 15, 2026. Lithium Chile Inc. is currently finalizing closing requirements and expects to complete the divestiture in the coming weeks. Proceeds from the US$175,000,000 monetization of the Argentinian lithium brine asset may be used to fund further exploration or be distributed to shareholders.

Draganfly Inc. (DPRO) entered into a definitive agreement to acquire substantially all assets of the fixed-wing drone business of Skip Dynamix, Corporation. The aggregate purchase price is up to US$7.525M, comprising US$2.525M cash at close, US$2.5M in shares, and an earn-out of up to US$2.5M. Skip Dynamix produces mass-producible, long-range fixed-wing UAVs for ISR, electronic warfare, and one-way missions. The transaction includes the retention of Skip Dynamix founders under employment agreements. Closing is expected by June 1, 2026, subject to regulatory and exchange approvals.

Kincora Copper (KCC.TO) signed a term sheet with Tumen Ail Coal LLC to divest 100% of its Mongolian subsidiaries for $10M in staged payments. The company received a $1.5M non-refundable option payment, with an additional $3.5M due upon execution of a definitive agreement by July 1, 2026. A final $5M payment will be deposited into escrow upon signing and released upon registration of shareholder changes, which is expected by year-end 2026. The divestment provides $10M in non-dilutive cash to fund drilling programs at Kincora Copper’s Australian porphyry projects. The transaction is intended to enable an increased focus on the company's district-scale landholdings in Australia's Lachlan Fold Belt.

Apex Resources Inc. (APX.V) entered into a definitive mining option agreement granting Fortress Strategic Metals Corp. an exclusive option to earn up to 100% interest in the Tungsten Zones at the Jersey-Emerald Project. Fortress can earn an initial 25% stake by paying C$150,000 in cash and issuing C$1 million in shares and warrants within 15 days of TSXV acceptance, which is expected within weeks. To reach a 75% interest by August 2027, Fortress must complete an 8,000-meter drill program, an NI 43-101 PEA, and issue C$3 million in special warrants. Successive requirements for the full 100% interest include a feasibility study or mine decision and C$4 million in share issuances by February 2029. Upon commercial production, Apex receives C$6 million in Fortress shares and a 2% NSR royalty while retaining all non-tungsten mineral rights. This staged divestiture monetizes a non-core asset while preserving upside through share consideration and project milestones.

Aimia (AIM.TO) signed a definitive agreement to sell its 94.18% stake in Bozzetto, a specialty chemicals producer, for approximately $267M in net proceeds. The transaction is expected to close by late May 2026 and represents a strategic pivot toward debt reduction and portfolio streamlining. Aimia intends to use the capital for debt reduction and new investments. For Q1 2026, the company reported revenue from continuing operations fell 19.7% year-over-year to $32.7M. Following the divestiture, Aimia’s remaining core operations will consist of Cortland International, which manufactures high-performance synthetic ropes for marine and industrial applications.

Bank Of Montreal (BMO) signed a definitive agreement to sell its Transportation Finance and Vendor Finance businesses to Stonepeak for cash consideration plus an earnout. The transaction includes a loan and lease portfolio totaling approximately C$14.5 billion as of March 31, 2026, while BMO will reinvest for an approximately 19.9% equity interest in the acquired entity. Closing is expected in Q4 fiscal 2026 and is projected to improve BMO's CET1 ratio by approximately 28 bps and be accretive to ROE. BMO expects to record an approximately C$0.9 billion net after-tax charge in Q3 2026, primarily related to goodwill. BMO Capital Markets and BofA Securities are acting as advisors on the divestiture.

Open Text Corp (OTEX) completed the $150M cash sale of its Vertica structured data analytics platform to Rocket Software Inc. The transaction includes the transfer of software, client contracts, and associated employees to the Bain Capital portfolio company. OpenText categorized Vertica as a non-core asset and earmarked the proceeds for debt reduction and balance sheet improvement. The divestiture was disclosed in a Form 8-K filing.

Vision Marine Technologies (VMAR) entered a definitive agreement to sell its Fort Lauderdale property at 1400 South Federal Highway to NVFL Holdings, LLC for up to $10.0M. The transaction is expected to generate approximately $5.0M in non-dilutive cash liquidity for the company and reduce annualized fixed operating costs by approximately $1.2 million. Closing is anticipated by August 31, 2026, with the buyer receiving a $350K discount if the transaction concludes before that date. Proceeds are earmarked for debt reduction, working capital, general corporate purposes, and the integration of its Nautical Ventures retail platform. This liquidity event targets a material balance-sheet catalyst for the issuer, which faces going-concern risk.

FRNT Financial Inc. (FRNT.V) provided an update on its previously announced strategic alternatives review alongside operational cost reduction progress reported for Q3 fiscal 2026. The Canadian financial services company maintains listings on the TSX Venture Exchange, OTCQB, and Frankfurt Stock Exchange. There is currently no definitive agreement or firm offer in place. This combination of a review update and cost reduction progress suggests the company is streamlining operations to present a cleaner asset to potential acquirers or merger partners, with the next catalyst being a definitive agreement or the termination of the review process.

Pacific Booker Minerals Inc. (BKM.V) is conducting a strategic review overseen by a special committee following an unsolicited bid from American Eagle Gold Corp. INFOR Financial delivered an independent fairness opinion finding the hostile offer financially inadequate, and the board recommends that shareholders do not tender. RCI Capital Group is managing a structured outreach process involving a technical dataroom and meetings with interested counterparties. Tetra Tech is performing a technical review of the Morrison Project with updated capex, opex, and metal price assumptions. The company also established a Technical Advisory Board chaired by Leo Hathaway to strengthen technical oversight. The mid-June 2026 technical assessment may set a floor valuation that either forces American Eagle to bump its offer or attracts a white-knight bidder.

Doubleview Gold Corp. (DBG.V) initiated a formal strategic review on June 2, 2026, focused on a potential sale of the company or its Hat Project flagship asset. Canaccord Genuity Corp. was appointed as financial advisor to evaluate transactions including mergers, joint ventures, recapitalizations, and strategic investments from sovereign wealth funds or government-backed entities. Preliminary Economic Assessment figures for the Hat Project show an after-tax NPV(5%) of C$6.73B to C$14.85B and an IRR ranging from 19% to 39%. No defined timetable for completion has been established. The central special-situations hook is the wide valuation gap between the junior mining explorer’s market capitalization and the C$6.7B+ net present value of its primary critical-minerals asset.

Pacific Booker Minerals Inc. (PBMLF) engaged Tetra Tech Canada Inc. to perform a technical review and conceptual economic assessment of its wholly-owned Morrison Project in central British Columbia. The four-week engagement is intended to support the company's ongoing strategic review and facilitate technical evaluation by potential strategic parties. The scope of work for the copper-gold-molybdenum deposit is limited to a high-level review of historical data and does not include new exploration or resource estimation. This engagement signals a shift from internal review to active data-room preparation for the asset. The hiring of an engineering consultant for data-room preparation marks a tangible step forward in the strategic alternatives process for the long-dormant project, with the completion of the report in approximately four weeks expected to position the company to formally solicit bids or partnership proposals.

Largo Inc. (LGO) launched a strategic review of its 100%-owned tungsten assets, including the Northern Dancer project in Yukon, Canada, and the Currais Novos project in Brazil. The review follows the receipt of unsolicited expressions of interest and will evaluate asset-level transactions such as partnerships, joint ventures, minority investments, a sale, or a spin-out. Management intends to engage a financial advisor to manage the process for these undeveloped tungsten-molybdenum deposits, which are currently considered non-core to the company's primary vanadium operations. No definitive timetable has been set for the review, and there is no assurance it will result in a transaction. A sale or spin-out could surface a value catalyst for shares currently anchored to core vanadium operations, with unsolicited interest suggesting the process has a running start.

Pacific Booker Minerals (BKM.V) engaged Tetra Tech Canada Inc. to conduct a 4-week review of historical data and prepare a conceptual economic assessment for the Morrison Project in central British Columbia. The engagement supports an ongoing strategic review process intended to facilitate evaluation of the wholly-owned copper-gold-molybdenum porphyry deposit by potential strategic parties. This high-level review excludes new exploration, resource estimation, and mine planning, though results may form the basis for a future Preliminary Economic Assessment. The advisor engagement signals the board is actively preparing the asset for potential partners.

Kneat.com (KSI.TO) is undergoing a formal strategic review exploring a sale of its full company, a process initiated in February and disclosed in its Q1 results. Stifel raised its price target for the provider of healthcare software-as-a-service validation and compliance platforms to $5.75 from $5.50, noting the review highlights potential private-market interest. The company reported Q1 revenue of $18.0M and annual recurring revenue of $76.4M, representing year-over-year increases of 22.1% and 20.3% respectively. Kneat.com ended the quarter with $51.1M in cash and $31.1M in net cash.

CAE (CAE.TO) has initiated a formal strategic review of its Flightscape cloud-native aviation software division, exploring a potential sale, partnership, or minority investment. The segment-level review is part of a transformation plan led by CEO Matthew Bromberg to refocus the company on its core flight simulation and training businesses. Flightscape was established through a $392.5M acquisition of Sabre's AirCentre portfolio in 2022 and currently employs more than 600 professionals. Concurrent efficiency measures include a 2% reduction in CAE's workforce and a 10% cut in commercial full-flight simulators. A divestiture of the SaaS division could reshape the company's capital allocation and impact airline software licensing and support models.

Dye & Durham (DND.TO) is conducting a full-company strategic review aimed at portfolio streamlining and leverage reduction. The process follows the completion of key debt refinancing steps in early 2026. The company provides cloud-based workflow software and information services for legal professionals in Canada, the UK, and Australia. The review could result in material portfolio simplification, asset divestitures, or a full-company sale. The stock has seen elevated volatility and remains under close watch by North American investors following the refinancing activity.

Slate Grocery REIT (L) has formed an independent special committee to evaluate strategic alternatives, including a potential sale of the full company. The board-initiated review follows the receipt of an unsolicited proposal from affiliates of Slate Asset Management, the REIT’s external manager. Evercore has been retained as exclusive financial advisor and Raider Hill Advisors as exclusive real estate advisor for the process. Slate Grocery REIT owns and operates a $2.4 billion portfolio of 115 grocery-anchored retail properties across 23 US states. The formal solicitation of third-party bids provides a catalyst for price discovery as the REIT evaluates the proposal. No assurance has been given that the review will result in a transaction.

American Hotel Income Properties REIT LP (HOT-UN.TO) is conducting an ongoing strategic review alongside a program of active asset divestitures. Q1 2026 revenue declined 25.2% year-over-year due to prior hotel sales, though same-property ADR and RevPAR improved modestly. The company plans further hotel sales to enhance liquidity and reduce debt, with no major debt maturities scheduled until late 2026. The combination of the strategic review and disposals suggests a potential full-company sale, merger, or privatization is in play.

CAE Inc. (CAE.TO) announced on 11 May 2026 that it is exploring strategic alternatives for Flightscape, its standalone aviation software business, as part of a portfolio optimization review. Alternatives for the cloud-native SaaS platform include partnerships, minority or majority investments, or a full sale. The review could lead to a divestiture that reshapes the company's mix between capital-intensive hardware and higher-growth software. CAE Inc. is a provider of mission-critical simulation and training for civil aviation and defense supported by a large installed base and long-term contracts.

FRNT Financial (FRNT.V) has initiated a formal review of strategic alternatives and engaged Joseph Gunnar & Co., LLC as its financial advisor. The board-led process follows multiple unsolicited approaches received over the past nine months, none of which were consummated. Considered alternatives include a merger or acquisition, divestitures, a going-private transaction, an uplisting, or continued standalone execution. FRNT Financial, a Toronto-based digital asset investment bank, has not set a definitive timetable for the review and will not provide further updates until a specific transaction is approved. The process signals a potential catalyst for M&A, an uplisting, or a take-private transaction.

Mercer International (MERC) has formed a special committee to evaluate strategic alternatives focused on financing and liquidity. CFO Richard Short disclosed the review on the Q1 2026 earnings call, citing the evaluation of strategic and financing options. The review signals a need for transformative financing and could lead to asset sales, capital raises, or a full company sale. For Q1 2026, the forest products company reported operating EBITDA of approximately $8 million, representing a $28 million sequential increase from Q4 2025. Mercer also outlined a $60 million to $80 million capital expenditure plan for 2026.

Sangoma Technologies (SANG) initiated a strategic review to consider options for unlocking shareholder value following Q3 results that missed consensus on revenue, gross margins, and EBITDA. The company reduced its FY2026 guidance as LTM revenue declined 8.9% year-over-year to $219.7M, driven by UCaaS and CPaaS pricing pressure for small and mid-sized customers. Canaccord downgraded the stock to Hold from Speculative Buy and halved its price target to $4.00 from $9.00. Sangoma Technologies reported Q3 free cash flow of $0.11 per share, and the stock closed at $3.66, down 36% over the past year. The board-led review serves as a catalyst for potential M&A, take-private transactions, or asset sales with shares trading near multi-year lows.

Playgon Games Inc. (DEAL.V) extended the maturity of its outstanding unsecured convertible debentures from March 31, 2026, to September 30, 2026, following approval from debenture holders and the TSX Venture Exchange. The company is settling CAD$123,650 of accrued interest on December 29, 2023, debentures via the issuance of 12,365,000 common shares at a deemed price of CAD$0.01 per share. Related parties hold CAD$118,650 of the interest being settled, and the company is relying on MI 61-101 exemptions from formal valuation and minority shareholder approval requirements. Additional interest payment dates for multiple debenture tranches are scheduled for June 30, 2026, though no new financing or going-concern resolution has been announced following the company's March 2026 disclosure of financial distress. The extension and dilutive shares-for-debt settlement signal severe balance-sheet stress for the SaaS technology company, creating a hard September 30 deadline for a restructuring, asset sale, or default.

Ionik Corporation (INIK.V) announced terms for a debt-for-equity swap to settle approximately US$61 million in acquisition-related obligations through the issuance of 225.6 million shares and a US$25.8 million cash repayment. Conversion prices range from US$0.109 to US$0.78 per share, representing a premium to recent market levels, while total shares outstanding are projected to increase from 361.0 million to 586.6 million. The reorganization converts vendor take-back debt and earnouts from six historical acquisitions into equity and extended-maturity debt. Finalizing the restructuring is a condition precedent for Ionik to enter a new senior debt facility intended to replace the syndicated facility maturing on June 25. The swap will dilute existing common shareholders by over 60%, and the key monitorable is whether the company secures TSX Venture Exchange approval and closes its replacement facility before the June 25 maturity date.

Ecolomondo Corporation (ECM.V) received an Amended and Restated Initial Order from the Québec Superior Court under the Companies’ Creditors Arrangement Act (CCAA) for the company and four wholly-owned subsidiaries. The order extends the stay of proceedings to June 22, 2026, and grants Monitor KPMG Inc. expanded powers and relief from certain securities-law reporting requirements to finalize a restructuring and sale or investment solicitation process. Director Lynn Côté resigned from the Board effective May 29, 2026. The amended order indicates the Monitor is running a sale process with a defined 20-day extension window, creating a binary catalyst around a going-concern sale or liquidation where equity is likely impaired.

Northern Graphite Corporation (NGC.V) executed a binding agreement with Sprott Resource Streaming and Royalty Corp. to restructure US$22M in senior secured debt and accrued interest through a distressed debt-for-equity swap. Sprott will receive 12,500,000 common shares, representing a 9.9% stake, in full satisfaction of the debt with no cash repayment. The agreement also amends the Okanjande streaming arrangement to remove a 350,000-tonne concentrate cap and convert the interest into a 1.0% royalty on all future production. The restructuring follows multiple covenant defaults and zero revenue in Q1 2026 due to a temporary shutdown of the Lac des Iles mine. The swap eliminates an immediate liquidity crisis by wiping out US$22M in defaulted obligations, but dilutes existing holders by 9.9% and removes a production cap that would have limited royalty upside if the Namibia mine restarts in late 2027.

Gensource Potash Corporation (GSP.V) completed a shares-for-debt settlement to extinguish C$1,480,000 in outstanding unsecured, non-interest bearing promissory notes held by four directors. The transaction involved the issuance of 9,866,668 common shares at a deemed price of C$0.15 per share. This related-party transaction is exempt from formal valuation and minority approval requirements under MI 61-101 as the value does not exceed 25 percent of the issuer's market capitalization. All shares issued are subject to a four-month-and-a-day statutory hold period in Canada. This insider-led debt-for-equity swap extinguishes near-term liquidity pressure without cash outlay and provides a signal of insider willingness to take equity in lieu of cash repayment for this pre-revenue fertilizer developer.

Ocumetics Technology Corp. (OTC.V) announced the completion of a $1M debt-to-equity conversion on June 2, 2026, wherein debentureholders converted principal into common shares at $0.32 per share. The company is currently in the first-in-human feasibility study phase for its dynamic intraocular lens and is preparing for an FDA Investigational Device Exemption (IDE) submission. This distressed debt-to-equity conversion reduces leverage and interest burden for the micro-cap medical device company, improving the odds of reaching a binary FDA IDE catalyst and setting a $0.32 reference floor for equity valuation ahead of clinical milestone-driven financing.

Soma Gold Corp. (SOMA.V) entered a definitive agreement with Conex Services Inc. to settle C$25,780,086 in debt through the issuance of 23,436,442 common shares at a deemed price of C$1.10 per share. Conex Services, an entity controlled by director Glenn Walsh, will increase its ownership from 41.7% to 51.36% upon closing, establishing majority control. The related-party transaction is exempt from MI 61-101 formal valuation and minority shareholder approval requirements and remains subject to TSX Venture Exchange approval. The conversion eliminates 100% of the largest creditor's claim at a premium to market, with the C$1.10 settlement price and legacy liability reduction serving as indicators for a potential refinancing of the remaining capital structure.

Denarius Metals Corp. (DMET.NE) initiated a $25M consent solicitation for a debt-for-equity exchange to retire CA$34.2M in principal debentures. The junior miner plans to issue approximately 225.3M common shares, with make-whole shares priced at CA$0.81 and conversion shares at CA$0.45 and CA$0.60. The restructuring aims to preserve roughly CA$157M in cash for project development in Colombia and Spain. A catalyst date is scheduled for July 16, 2026, with an expected transaction close by July 31, 2026. This exchange represents a massive dilution event that hinges on debenture holder consent to clear the balance sheet for the Zancudo and Aguablanca projects.

Mountain Province Diamonds (MPVD) has mailed meeting materials for a June 30, 2026, shareholder vote on a voluntary TSX delisting and corporate continuance to British Columbia to facilitate a potential restructuring. The proposed restructuring may include a share consolidation that could eliminate minority holders with little or no compensation. The company faces a US$26.2 million deferred interest payment due June 15, 2026, and a CAD$33 million reclamation payment due June 30, 2026, with only CAD$219,000 in cash against US$290.6 million in total indebtedness. Related-party lender Dunebridge Worldwide Ltd., which controls 35.5% of MPVD, is also seeking minority approval for a US$1 million facility fee. The restructuring path forces shareholders to vote on a potential going-private consolidation that could zero out minority holders as the company faces imminent default on its June 15 interest payment.

Gensource Potash Corporation (GSP.V) entered a definitive agreement to settle C$1.48M in outstanding unsecured, non-interest bearing promissory notes through the issuance of 9,866,668 common shares at a deemed price of C$0.15. The debt-for-equity swap involves four directors and is categorized as a related-party transaction under MI 61-101, exempting it from formal valuation and minority approval requirements. The transaction remains subject to TSX Venture Exchange approval and carries a mandatory four-month hold period for the newly issued shares. This insider-led swap signals balance-sheet stress and an inability to repay maturing obligations in cash, establishing a de facto valuation floor that may precede a broader restructuring or dilutive external financing round for the Tugaske Project.

ZRCN Inc. (C.V) entered into a second forbearance agreement with lenders on its senior secured revolving credit facility on May 17, 2026, as disclosed in a May 28, 2026, regulatory filing. The agreement extends temporary relief from covenant defaults under the company's existing loan facility as part of an ongoing distressed restructuring. The second forbearance signals deepening liquidity stress and an inability to cure the original default, creating a binary event where the scanner manufacturer must negotiate a long-term restructuring or face debt acceleration and potential insolvency. Special-sits PMs should monitor for a Restructuring Support Agreement (RSA) or Chapter 11 filing within the current forbearance window.

New Found Gold Corp. (NFG.V) has drawn an initial C$70,000,000 Tranche 1 under a senior secured credit facility with EdgePoint Investment Group Inc., issued at a 2% original issue discount. The draw follows a going-concern qualification in the company’s December 2025 40-F audit report filed March 25, 2026, signaling balance-sheet stress. In connection with the funding, the company issued 2,489,818 non-transferable warrants to EdgePoint exercisable at $3.30 per share through May 2029. A $35,000,000 Tranche 2 remains available at the company's discretion, subject to TSXV and NYSE American approvals and the issuance of US$3,000,000 in additional warrants. Proceeds from the facility and a prior $115,000,000 bought-deal equity raise will fund Queensway Phase 1 development and progress the Hammerdown project toward commercial production. Cutfield Freeman & Co. Ltd. served as advisor on the financing.

Sherritt International Corporation (S.TO), a nickel and cobalt miner and refiner with assets in Alberta and joint ventures in Cuba, has abandoned its May 15 plan to dissolve Cuban joint venture interests and will not proceed with its Alberta Court application. The company disclosed acute operational, financial, and legal difficulties, including risks related to debt covenant compliance. Sherritt maintains a suspension of direct participation in Cuban joint venture activities following a U.S. Executive Order expanding sanctions. A preliminary value-preserving opportunity is currently being evaluated with advisors, though there is no assurance it will be achieved. Sanctions pressure and the suspension of core operations create a distressed restructuring setup that may force an out-of-court restructuring or coercive exchange.

Information Services Corporation (ISV.TO) mailed its management information circular for its proposed all-cash acquisition by Plenary Americas, which is backed by La Caisse/CDPQ, scheduling a shareholder vote for June 26, 2026. This $861M plan of arrangement offers C$51.00 per share, representing a 55% premium to the undisturbed price prior to the company's strategic review announcement. CIC and all directors and officers, holding 29.5% of Class A shares, have entered into support agreements to vote in favor. The transaction has fully committed financing and is not subject to due diligence or financing conditions. RBC Dominion Securities and National Bank Financial both delivered fairness opinions to the Special Committee. The 29.5% locked-up support leaves a low bar for the remaining float to approve the deal at the June 26 special meeting, with the spread reflecting only regulatory and timing risk.

Blackline Safety Corp. (BLN.TO) is proceeding with a going-private arrangement with Francisco Partners Management, L.P. for $9.00 in cash and one CVR per share worth up to $0.50 tied to fiscal 2027 annualized recurring revenue. ISS and other independent proxy advisory firms have recommended that shareholders vote in favor of the transaction. The special committee and board unanimously recommend the deal ahead of the June 15, 2026, special meeting and the June 11, 2026, proxy deadline. Proxy advisor endorsements increase the likelihood of deal approval at the upcoming vote, while the potential $9.50 total consideration implies a spread opportunity versus the current trading price for arbitrage investors.

Final court order obtained from Quebec Superior Court approving the plan of arrangement with BIF Thunder Holdings Inc. (Brookfield / CDPQ consortium). Shareholders approved the arrangement at Boralex's annual and special meeting on June 4, 2026; management proxy circular filed May 1, 2026. Transaction now moves to customary regulatory approvals. Closing expected Q4 2026.

SSC Security Services Corp. (SECU.V) has entered into a definitive agreement to be acquired by Allied Universal for C$4.4075 cash per share via a statutory plan of arrangement. The transaction is valued at C$80.5M and represents a 119% premium to the company's May 25, 2026 closing price. A concurrent management buyout will carve out SSC’s cyber security and legacy agriculture businesses for $1.5M cash and assumed liabilities. Directors and officers representing 34.4% of outstanding shares have signed voting support agreements ahead of a special meeting in July 2026. The deal includes no financing or due diligence conditions and is subject to two-thirds total shareholder approval and court clearance. The concurrent management carve-out adds structural complexity, requiring simple majority approval from minority shareholders under MI 61-101, while the $3M termination fee provides downside protection.

Information Services Corporation (ISV.TO) entered into a definitive agreement to be acquired by a subsidiary of Plenary Americas LP in an all-cash take-private transaction at C$51.00 per Class A Limited Voting Share. The deal follows the conclusion of a strategic review launched in Fall 2025 and will result in approximately C$277M in proceeds for the Province of Saskatchewan. Crown Investments Corporation of Saskatchewan will retain a Golden Share and the right to appoint two directors to the board, while Information Services Corporation is required to keep its headquarters, intellectual property, and jobs in Saskatchewan. The all-cash C$51.00 per share deal provides a definitive exit price for minority holders although the Province's Golden Share introduces non-standard governance mechanics that may affect closing certainty and the regulatory path.

Francisco Partners Management LP entered a definitive agreement to acquire Blackline Safety Corp. (BLN) for $850M through a take-private offer of $9.00 per share in cash and a contingent value right of up to $0.50. The CVR payout is tied to achieving $148.9M in annual recurring revenue by fiscal year 2027, which requires a 33% CAGR. DAK Capital and CEO Cody Slater are rolling their combined 31% stake, representing 26.8 million shares, into the transaction. RBC analyst Paul Treiber downgraded the stock to sector perform with a $9.25 price target, citing that the market has priced in the deal terms. While the downgrade suggests the arbitrage spread has compressed, the CVR remains a binary upside kicker and the 31% insider rollover reduces the risk of a shareholder rejection.

ISC (ISC.TO) entered into a definitive agreement to be acquired by Plenary Americas LP for C$51.00 per share in an all-cash transaction valued at C$1.2B. The offer represents a 55% premium to the company’s unaffected price prior to the launch of its September 2025 strategic review. ISC's board and special committee unanimously approved the deal, which targets a Q3 2026 close following a shareholder vote in June 2026. Upon completion, ISC will delist from the Toronto Stock Exchange, though its Regina headquarters and Saskatchewan Golden Share protections will remain in place. RBC Capital Markets is advising ISC, while Barclays Capital is advising Plenary Americas, which is principally owned by CDPQ. Closing is subject to regulatory approvals and consent related to the Government of Saskatchewan’s Golden Share.

Boralex (BLX) confirmed a proposed going-private acquisition by a consortium comprising Brookfield Infrastructure Fund V and La Caisse, with a closing expected in Q4 2026 subject to regulatory and shareholder approvals. The renewable energy developer and operator reported Q1 2026 operating income of $92 million, an increase of $27 million year-on-year, while net earnings fell to $9 million due to non-recurring expenses linked to the transaction. Boralex also reached the ready-to-build stage for a 125MW battery storage project in Canada and secured $202 million in financing. The confirmed transaction provides a clear exit path with a defined timeline, contingent on necessary approvals.

Dynacor Group Inc. (DNG.TO) is facing a withhold campaign from iolite Partners Ltd. targeting five director nominees at the annual meeting scheduled for June 19, 2026. This represents iolite's second campaign in under twelve months, following a failed effort at the 2025 annual meeting and an unsuccessful call for a special meeting in April 2025. Dynacor’s board unanimously recommends voting for all nominees and asserts iolite’s proposals were excluded from the proxy circular for non-compliance with the Canada Business Corporations Act. Laurel Hill Advisory Group is advising on the proxy contest. This campaign at a micro-cap TSX issuer tests whether the dissident can flip the vote after 18 months of failed activism to force board changes or extract concessions despite the board's unified defense.

Shen Capital Partners (SCP) filed two shareholder proposals and an open letter to Pivotree (PVT) disclosing a 9.1% stake and nominating SCP founder Francis Shen to the board. SCP is demanding a non-binding advisory resolution for the company to retain an independent investment bank by September 30, 2026, to conduct a formal strategic review including a comprehensive sale process. The activist, advised by Goodmans LLP, argues that AI disruption and compressed sector multiples favor an immediate sale over the company’s ongoing transformation of its legacy IT services business. These proposals target the June 23, 2026 annual general meeting. This 9.1% holder’s specific, time-bound resolution and board seat nomination create a pre-vote catalyst at a sub-scale IT services name, framing an M&A upside arbitrage argument based on a C$1.65 reference price versus peer and precedent multiples.

Lululemon Athletica Inc. (LULU) entered into a cooperation agreement with founder Chip Wilson on May 26, 2026, settling a proxy contest. The board will appoint Laura Gentile and Marc Maurer as directors following the June 25, 2026, annual meeting and a third independent director with apparel expertise by October 1, 2026, subject to Wilson’s approval. Settlement terms include company support for a board declassification proposal at the 2026 annual meeting and the retirement of one incumbent director by the 2027 annual meeting. Wilson is bound by standstill and voting commitments through 2028. This settlement converts the contest into a monitored governance overhang where Wilson secures immediate board influence and veto power. The 2028 declassification timeline provides a roadmap to track execution, with the June 25 vote serving as the first observable compliance check.

Lululemon Athletica Inc. (LULU) filed its definitive proxy statement for the June 25, 2026, annual meeting, disclosing a formal proxy contest initiated by founder Dennis J. "Chip" Wilson. Wilson is nominating a three-person slate for election to the board against the company's Class I candidates: Chip Bergh, Esi Eggleston Bracey, and Teri List. The board unanimously recommends voting for its nominees on the WHITE proxy card and urges stockholders to disregard Wilson’s GOLD proxy card. Lululemon has retained Okapi Partners LLC as its proxy solicitor for the contest, which will utilize a universal proxy card. This contested election by a billionaire founder at a company with a market capitalization exceeding $30B could determine strategic direction, capital allocation, or potential take-private ambitions.

Besra Gold Inc. (BEZ.TO) filed a management circular for a June 17, 2026, special meeting, initiating a formal proxy contest against dissident shareholders. The dissident group has nominated Peter Crooks and Matthew Antill for election and seeks to remove Dr. Matthew Greentree from the board. Management recommends that shareholders remove director David Potter, who was re-elected in December 2025, and vote against the dissident nominees. This meeting marks the fourth shareholder vote in 18 months and follows a June 2025 special meeting that replaced the prior board. Dissidents have also proposed advisory resolutions to restrict board oversight of the Gold Purchase Agreement with Quantum Metal Recovery Inc. The outcome will determine the strategic direction of the Bau Gold Project and the management of the company's gold purchase agreement.

Sylogist Ltd. (SYZ.TO) faces a public demand from Onemove Capital to initiate a strategic review of its entire business and asset portfolio. The request marks the initiation of Onemove Capital's first public activist campaign. A full strategic review signals potential corporate actions such as asset sales, a sale of the company, or other value-unlocking catalysts. Sylogist Ltd. provides enterprise software solutions specializing in the government, education, and non-profit sectors.

VersaBank (VBNK) filed an S-4 registration statement on June 3, 2026, to establish Versa Bancorp as its new Delaware-incorporated parent holding company. Under the proposed reorganization, shareholders will exchange existing shares on a one-for-one basis for shares of Versa Bancorp, which will become the publicly traded entity. The move includes establishing a principal executive office in Minneapolis, Minnesota, and remains subject to shareholder approval at a special meeting and SEC effectiveness of the filing. Davis Polk & Wardwell LLP and Stikeman Elliott LLP are serving as advisors on the domicile change. This cross-border redomiciliation may affect index eligibility, tax treatment, and regulatory oversight, with the key monitorables being the shareholder vote and any dissent or appraisal rights under Canadian corporate law.

Sigma Lithium Corporation (SGML) is filing a legal appeal against a May 17, 2026, local court decision in Aracuai, Brazil, that includes a potential US$10 million legal collateral requirement. The company states the requirement is only payable after a final negative outcome following years of appeals and claims the ruling violated due process. Sigma shares fell 15% on the day of the announcement, a decline the company attributes to a concurrent online campaign following record 1Q26 earnings reported on May 15, 2026. A recent site visit verified company compliance with environmental regulations. The adverse ruling signals a material litigation overhang for the producer that could shape risk perception regarding emerging-market mining ESG compliance.

Curaleaf Holdings, Inc. (CURLF) filed a proxy circular for its June 22, 2026, annual general meeting, which includes a shareholder vote on a statutory Plan of Arrangement to redomesticate the company from British Columbia to Delaware. The proposed move under the Business Corporations Act (British Columbia) applies to shareholders of record as of May 5, 2026. Redomestication to a U.S. domicile can impact regulatory oversight, tax treatment, and index inclusion for the multi-state cannabis operator, potentially broadening its investor base.

Osisko Development Corp. (ODV.TO) scheduled a shareholder meeting for June 23, 2026, in Toronto, Ontario, to vote on moving its registered office from Québec to Ontario and changing its corporate name to Osisko Gold Group Inc. This redomicile and rebranding signals a potential strategic pivot or organizational restructuring that could precede larger corporate actions. Osisko Development Corp. is a gold development company focused on advancing its portfolio of mineral assets and is listed on the NYSE and TSX Venture Exchange.

Kaymus Resources Inc. (KYS.H) will pay a one-time return of capital of $1.00 per common share on a post-10:1 consolidation basis. This distribution follows a 10:1 share consolidation completed June 2, 2026, and shareholder approval obtained May 22, 2026. The payment is scheduled for June 11, 2026, for holders of record during the due bill period. Shares trade on a due bill basis from June 4 through June 11, 2026, with ex-dividend trading starting June 12, 2026. Kaymus Resources Inc. is a Calgary-based company listed on the NEX Board of the TSX Venture Exchange with no active operating business described in the filing. The $1.00 per share distribution creates a meaningful return event where execution timing is critical, as only trades during the June 4–11 due bill window carry the entitlement.

Lundin Gold (LUG) declared a special dividend-in-kind of Lunr shares on May 28, 2026. The company, which operates the Fruta del Norte gold mine in Ecuador, set the ex-dividend date for the distribution as June 10, 2026. This in-kind distribution represents a return of capital that will create a new publicly traded entity for Lundin Gold shareholders. Portfolio managers should assess the value of the distributed shares and any potential forced-selling dynamics around the June 10 ex-date.

Lightspeed Commerce Inc. (LSPD) authorized the renewal of its normal course issuer bid to repurchase up to approximately 10% of its public float as of May 11, 2026. The authorization follows Q4 FY2026 earnings reporting $290.8M in revenue and $15.1M in Adjusted EBITDA. As of March 31, 2026, the company maintained a $453.9M cash and cash equivalents balance to support buyback capacity. Lightspeed Commerce Inc. (LSPD) is dual-listed on the NYSE and TSX and provides a unified omnichannel commerce platform for retail, hospitality, and golf businesses in over 100 countries.

American Eagle Gold Corp. (AE.V) terminated its take-over bid for Pacific Booker Minerals Inc. effective June 5, 2026. No Pacific Booker shares will be taken up under the offer, and all deposited shares will be returned to shareholders. American Eagle will instead focus on its 55,000-metre NAK copper-gold porphyry drill program, supported by more than $55 million in its treasury. This termination removes the $0.16 cash bid floor for Pacific Booker (BKM.V) and releases a potential 10.2 million-share block from lock-up, shifting the catalyst set for the company from M&A to exploration momentum.

DevvStream (DEVS) disclosed that its December 3, 2025, Agreement and Plan of Merger with Southern Energy Renewables automatically terminated on May 18, 2026. The termination was mutual, involved no liability or ongoing obligations, and followed the expiration of required fairness-opinion rights. DevvStream, a carbon credit and sustainability solutions company, remains party to a newer Business Combination Agreement with XCF Global and Southern that remains subject to closing conditions.

Rights offering to raise US$30M via 1 Right per share held, with each Right exercisable for ~3.29 shares at US$0.125/share (US$0.4115 per Right). Record date June 15, 2026; rights trade on TSX-V under CWV.RT from June 15; expiry 5:00 p.m. Toronto time July 13, 2026. Largest shareholder Liminar (63.9% owner) fully backstops the offering via a standby purchase agreement, committing to exercise its basic and additional subscription privileges. Proceeds earmarked to repay a US$30M Liminar loan used to fund the recent acquisition of 95% operated interest in El Tordillo, La Tapera, and Puesto Quiroga concessions in Argentina.

Crown Point Energy (CWV.V), a Canadian-incorporated, Argentina-focused oil and gas exploration and production company, filed a preliminary short form prospectus on May 13, 2026, for a US$30 million rights offering involving transferable subscription rights. Liminar Energía SA, which holds a 63.9% stake, has agreed to fully backstop the issuance by exercising its basic and additional subscription privileges. Gross proceeds will be used to repay a US$30 million related-party loan from Liminar utilized to fund the acquisition of operated hydrocarbon concessions in Argentina. The record date and subscription price per share will be determined before the final prospectus is filed, and the offering will remain open for at least 21 days.

Noble Mineral Exploration Inc. (NOB.V) received a final court order on May 15, 2026, approving a plan of arrangement for the pro-rata distribution of Homeland Nickel shares to its shareholders. The distribution involves approximately 9 million Homeland shares, valued at roughly ~$4 million, with a record date and expected closing of May 27, 2026. Noble shareholders will receive approximately 0.034 shares of the TSX-V listed critical metals company for each Noble share held. Following the distribution. Noble will retain more than 10 million Homeland shares and may pursue further in-specie distributions. The transaction creates a special situation as the distribution of a new liquid security often leads to forced selling and mispricing upon listing.