Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 42 this week
A running index of Canadian special situations covered in the Special Situations Digest. Below: the 100 most recent situations spanning 16 categories — activist campaigns, going-private deals, tender offers, divestitures, restructurings, and more. Earlier coverage includes 403+ additional Canadian situations from prior issues. Each item links to the underlying filing or news source.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
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Acquisitions 25 situations
Realbotix Corp. XBOT.V (CA) · C$0.28 · MCAP $46M · EV $41M
Realbotix Corp. is pursuing a reverse merger with Onconetix to secure a direct Nasdaq listing, with completion reported by October 31, 2026.
Featured in Issue #29 · Aug 23, 2026
Bunker Hill Mining Corp. BNKR.TO (CA) · C$5.38 · MCAP $184M · EV $286M
Bunker Hill Mining Corp. and Silver47 Exploration Corp. entered into a definitive arrangement agreement dated August 20, 2026.
Featured in Issue #29 · Aug 23, 2026
CanAsia Energy Corp. CEC.V (CA) · C$0.36 · MCAP $29M · EV $28M
A confidential purchaser is acquiring all of the issued and outstanding shares of CanAsia Energy Corp.'s (CEC.V) subsidiary, Andora Energy Corporation, for a base cash price of $30,000,000.
Featured in Issue #29 · Aug 23, 2026
QcX Gold Corp. QCX.V (CA) · C$0.28 · MCAP $5M · EV $4M
Sterling Metals Corp. will acquire QcX Gold Corp. (QCX.V) through a plan of arrangement following shareholder approval.
Featured in Issue #29 · Aug 23, 2026
CyberCatch Holdings CYBE.V (CA) · C$2.18 · MCAP $42M · EV $43M
Datavault AI signed a binding arrangement agreement to acquire CyberCatch Holdings for approximately $94.5 million in cash, or $3.22 per share.
Featured in Issue #29 · Aug 23, 2026
International Frontier Resources Corporation IFR.V (CA) · C$0.035 · MCAP $967K
International Frontier Resources Corporation (IFR.V) entered a definitive agreement to acquire 100% of Servicios Múltiples de Burgos, S.A. de C.V. to facilitate a reverse takeover by Kinjal Corporation.
Featured in Issue #29 · Aug 23, 2026
StrikePoint Gold Inc SKP.V (CA) · C$0.17 · MCAP $7M · EV $6M
StrikePoint Gold Inc (SKP.V) agreed to purchase the Northumberland gold project from Newmont Corporation for US$70 million upfront.
Featured in Issue #29 · Aug 23, 2026
XAU Resources Inc. GIG.V (CA)
TSXV has determined the proposed acquisition of QS Holdings Inc. and the Quartzstone Gold Project constitutes a reverse takeover, subject to comprehensive review.
Featured in Issue #29 · Aug 23, 2026
Cygnus Metals Limited CYG.V (CA) · C$0.14 · MCAP $128M · EV $109M
Central Asia Metals PLC (AIM: CAML) will acquire 100% of Cygnus shares via a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth).
Featured in Issue #29 · Aug 23, 2026
Dundee Corporation DC.A (CA) · C$4.84 · MCAP $318M
Dundee owns 42,467,969 Ausgold shares and 3,333,333 warrants, an approximate 7.7% undiluted / 8.3% partially diluted interest.
Featured in Issue #29 · Aug 23, 2026
Medaro Mining Corp. MEDA.CN (CA) · C$0.24 · MCAP $3M
Medaro may acquire up to a 100% interest in the Sala Silver-Zinc Project in central Sweden from Sinclair Gold Ltd. The Property comprises several exploration permits covering 91km² prospective for silver and zinc.
Featured in Issue #29 · Aug 23, 2026
SKRR Exploration Inc. SKRR.V (CA) · C$0.25 · MCAP $3.1M
SKRR Exploration Inc. has entered into a letter of intent to acquire all issued and outstanding securities of Kenz Global Resources Ltd. (KENZ) in exchange for common shares of SKRR.
Featured in Issue #29 · Aug 23, 2026
Nota Bene Ventures Ltd. NBV.V (CA)
Nota Bene Ventures entered a definitive agreement to acquire Green Monké.
Featured in Issue #29 · Aug 23, 2026
CyberCatch Holdings, Inc. CYBE.V (CA) · C$1.60 · MCAP $31M · EV $31M
Datavault AI (DVLT) is acquiring CyberCatch Holdings, Inc. (CYBE) for USD $94.5 million in cash.
Featured in Issue #28 · Aug 16, 2026
InterRent Real Estate Investment Trust IIP-UN.TO (CA) · C$13.54
InterRent REIT (IIP-UN.TO) closed at C$13.54 with no change over the week.
Featured in Issue #28 · Aug 16, 2026
XAU Resources Inc. GIG.V (CA) · MCAP $4M
TSXV has determined the proposed Quartzstone acquisition constitutes a reverse takeover and is subject to comprehensive review against listing requirements.
Featured in Issue #28 · Aug 16, 2026
Alta Copper Corp. ATCU.TO (CA) · MCAP $68M
Fortescue's wholly owned subsidiary Nascent Exploration completed its acquisition of Alta Copper on 9 March 2026 for C$1.40 per share in cash, implying equity value of approximately C$139 million.
Featured in Issue #28 · Aug 16, 2026
QcX Gold Corp. QCX.V (CA) · CAD 0.18 · MCAP $4M · EV $4M
QcX Gold Corp. (QCX.V) is merging with Sterling Metals Corp. through a plan of arrangement under the Business Corporations Act (British Columbia).
Featured in Issue #28 · Aug 16, 2026
Trinity One Metals Ltd. TOMXF (CA) · MCAP $9M
Trinity One Metals Ltd. (TOM.V) signed a definitive purchase option agreement to acquire a 100% interest in the Juan Godoy property at the historic Nueva Chañarcillo silver mine in Chile.
Featured in Issue #28 · Aug 16, 2026
Cann-Is Capital Corp. NIS.P (CA)
Cann-Is Capital Corp. (NIS.P) entered a definitive securities exchange agreement dated August 6, 2026 with Exiteam Capital Partners Ltd. and Quark Investments Ltd. Exiteam is an Israeli financial consulting company that advises Israeli tech businesses on raising capital and going public on Canadian exchanges. The Resulting Issuer expects to trade on TSXV under the symbol 'EXT' as a Tier 2 Industrial/Investment Issuer, subject to TSXV acceptance.
Featured in Issue #27 · Aug 9, 2026
ARC Resources Ltd. ARX.TO (CA) · C$33.53 · MCAP $13.6B · EV $16.0B
Fwd P/E: 18.4x · Fwd EV/EBITDA: 6.7x · Fwd EV/Sales: 3.2x · LTM EV/Sales: 3.1x · LTM EV/GP: 5.7x
ARC Resources Ltd. acquires and develops crude oil, natural gas, condensate, and natural gas liquids in Canada.
ARC Resources Ltd.: ARC shareholders voted overwhelmingly in favor of the Shell acquisition at a special meeting on July 14, 2026. The all-cash-and-share transaction is valued at approximately $22 billion including assumed net debt. Regulatory approvals under the Competition Act, Canada Transportation Act, and HSR Act have been obtained; the Alberta Securities Commission granted exemptive relief for Shell's buyback programs. The Arrangement is expected to close in Q3 2026.
Featured in Issue #26 · Aug 2, 2026
Equinox Gold Corp EQX.TO (CA) · C$13.19 · MCAP $7.4B · EV $7.7B
Fwd P/E: 6.3x · Fwd EV/EBITDA: 3.0x · Fwd EV/Sales: 2.3x · LTM EV/Sales: 3.2x · LTM EV/GP: 5.4x
Equinox Gold Corp. engages in the acquisition, exploration, development, and operation of mineral properties in the Americas. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017.
Orla Mining received the Supreme Court of British Columbia's final order on July 28, 2026 approving its court-supervised business combination with Equinox Gold (EQX.TO). The order clears the judicial approval condition, but completion remains subject to the remaining required approvals and other closing conditions; the transaction was expected to close on or about July 31, 2026.
Featured in Issue #26 · Aug 2, 2026
QcX Gold Corp. QCX.V (CA) · C$0.20 · MCAP $3M · EV $3M
QcX Gold Corp., a junior mining company, engages in the acquisition, exploration, and development of mineral properties in Canada. The company primarily explores for gold and volcanogenic massive sulphide deposits.
QcX Gold Corp. is soliciting proxies for an Annual General and Special Meeting on August 18, 2026. Shareholders will vote on a special resolution to approve an arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia). The proxy circular includes standard annual meeting items: setting board size at three, electing three directors, appointing auditors, and approving the stock option plan. Proxies must be received by 11:00 am Eastern Daylight Time on August 14, 2026.
Featured in Issue #26 · Aug 2, 2026
Prospector Metals Corp. PPP.V (CA) · C$1.15 · MCAP $131M · EV $99M
Prospector Metals Corp. engages in the identification, exploration, and development of mineral properties. The company explores for gold, silver, vanadium, and copper deposits.
Prospector's subsidiary Finco closed an offering of 8,000,000 subscription receipts at $0.50 each for aggregate gross proceeds of $4,000,000. Prospector will distribute 29,400,000 BeMetals common shares to its shareholders on a pro-rata basis as a return of capital upon closing of the Transaction. The Transaction involves BeMetals acquiring Prospector's non-Yukon mineral exploration projects via a subsidiary amalgamation, with BeMetals to be renamed 'Lightning Resource Corp.' Prospector received Supreme Court of British Columbia approval for the Return of Capital on June 24, 2026, and BeMetals shareholders approved all matters on July 3, 2026.
Featured in Issue #26 · Aug 2, 2026
QCX Gold Corp. QCX.V (CA) · C$0.20 · MCAP $3M · EV $3M
QcX Gold Corp., a junior mining company, engages in the acquisition, exploration, and development of mineral properties in Canada. The company primarily explores for gold and volcanogenic massive sulphide deposits.
Sterling Metals Corp. is acquiring QCX Gold Corp. (QCX.V) via a court-approved plan of arrangement. The transaction provides for an exchange of 0.20789 Sterling Metals common shares for each QCX share. Shareholders are scheduled to vote on the arrangement on August 18, 2026. The all-stock acquisition creates a spread tied to Sterling's share price ahead of the August 18 vote.
Featured in Issue #26 · Aug 2, 2026
Divestitures 12 situations
Lithium Chile Inc. LITH.V (CA) · C$0.43 · MCAP $70M · EV $70M
Lithium Chile Inc. (LITH.V) is contesting a Canadian government national security review of its US$175-million cash sale of Argentum Lithium SA to China Union Holdings Ltd. The review was launched under the Investment…
Featured in Issue #29 · Aug 23, 2026
CanAsia Energy Corp CEC.V (CA) · C$0.36 · MCAP $29M · EV $28M
CanAsia Energy Corp (CEC.V) signed a definitive agreement to sell its subsidiary Andora Energy to an arm's-length Alberta corporation for up to $40.2 million in cash.
Featured in Issue #29 · Aug 23, 2026
Latin Metals Inc. LMS.V (CA) · C$0.27 · MCAP $27M · EV $25M
Latin Metals Inc. (LMS.V) signed a Letter of Intent for Minsur S.A. to acquire its Lacsha Copper Project.
Featured in Issue #29 · Aug 23, 2026
Air Canada AC.TO (CA) · C$28.81 · MCAP $5.9B · EV $10.0B
Investor group led by Blackstone and La Caisse is acquiring a 25% non-controlling stake in Aeroplan, valuing the platform at C$10 billion (~$7.3B).
Featured in Issue #29 · Aug 23, 2026
Lithium Ionic Corp. LTH.V (CA) · MCAP $58M
Lithium Ionic agreed to sell its Salinas group of lithium properties in Brazil, including the Baixa Grande resource, to PLS Brasil Mineração Ltda., a wholly owned subsidiary of PLS Group Limited (ASX: PLS).
Featured in Issue #28 · Aug 16, 2026
Barrick Mining Corp ABX.TO (CA)
Barrick Mining Corp (B) plans to execute an equity carve-out IPO of its Nevada and Dominican Republic operations by year-end.
Featured in Issue #28 · Aug 16, 2026
Royal Bank of Canada and Bank of Montreal RY.TO (CA) · MCAP $301B
RBC and BMO agreed to jointly sell Moneris Solutions Corp. to California-based Francisco Partners for about $2-billion in cash.
Featured in Issue #28 · Aug 16, 2026
Air Canada AC.TO (CA) · C$29.64 · MCAP $6.0B · EV $10.1B
Air Canada will sell a 25% stake in Aeroplan to Blackstone and three Canadian pension funds for $2.5-billion.
Featured in Issue #28 · Aug 16, 2026
Bank of Montreal BMO.TO (CA) · CAD 185.81 · MCAP $130.2B
Bank of Montreal (BMO) announced the sale of Moneris.
Featured in Issue #28 · Aug 16, 2026
Altus Group Limited AIF.TO (CA) · C$52.43 · MCAP $1.3B · EV $1.5B
Fwd P/E: 19.2x · Fwd EV/EBITDA: 14.0x · Fwd EV/Sales: 4.3x · LTM EV/Sales: 4.2x · LTM EV/GP: 5.6x
Altus Group Limited provides commercial real estate (CRE) intelligence in Canada, the United States, the United Kingdom, France, rest of EMEA, Australia, and rest of the Asia Pacific.
Altus Group Limited (AIF.TO) agreed on 4 August 2026 to sell its Development Advisory business to Newmark. The divestiture follows a previous sale of its property tax business and a substantial issuer bid earlier in 2026. Closing terms and financial impact are not disclosed. This sale is the latest step in a portfolio simplification toward a higher-margin, recurring-revenue analytics model. Investors will monitor whether the remaining software core can sustain growth as the sale shrinks the near-term revenue base.
Featured in Issue #27 · Aug 9, 2026
Skyharbour Resources Ltd. SYH.V (CA) · C$0.37 · MCAP $58M · EV $50M
Skyharbour Resources Ltd. engages in the acquisition, exploration, and evaluation of uranium and thorium mineral properties in Canada.
Skyharbour Resources Ltd. (SYH.V) entered a definitive agreement to option its Yurchison uranium property to Purecore Metals Inc. Purecore may acquire a 70% interest in the property, subject to a 2.0% NSR royalty retained by Skyharbour. The agreement, signed July 30, provides for mixed consideration consisting of cash and Purecore shares for Purecore to earn 100% of the asset while Skyharbour retains a royalty. Skyharbour is monetizing a non-core uranium asset via this option-to-buy structure while retaining royalty exposure.
Featured in Issue #26 · Aug 2, 2026
Golden Arrow Resources Corporation GRG.V (CA) · C$0.10 · MCAP $12M · EV $11M
Golden Arrow Resources Corporation, a natural resource company, engages in the identification, acquisition, exploration, and development of mineral resource properties in South America.
Golden Arrow Resources Corporation (GRG.V) is seeking shareholder approval to sell the copper-focused portion of its San Pietro Project—73 concessions covering roughly two-thirds of the project's land package—to Capstone Copper Corp. and its wholly owned subsidiary for aggregate consideration of US$25 million in Capstone shares. Golden Arrow and its joint-venture partner will retain more than 9,000 hectares of gold-focused concessions. Shareholders will vote at the annual general and special meeting on August 21, 2026; the transaction is subject to shareholder, TSXV, and other customary approvals and is expected to close in late August 2026.
Featured in Issue #26 · Aug 2, 2026
Going-Private 11 situations
Roots Corporation ROOT.TO (CA) · C$3.69 · MCAP $105M · EV $175M
Marquee Brands will take Roots Corporation (ROOT.TO) private for $4.10 per share in cash, a 36% premium over the March 2 close.
Featured in Issue #29 · Aug 23, 2026
Minto Apartment Real Estate Investment Trust MI.UN (CA) · C$17.99 · MCAP $480M
Crestpoint Real Estate Investments is seeking to take Minto Apartment Real Estate Investment Trust (MI-UN.TO) private in a cash transaction at C$18.00 (~$13) per unit.
Featured in Issue #29 · Aug 23, 2026
Andrew Peller Limited ADW.A (CA) · MCAP $277M
Fairfax Financial Holdings Limited is taking Andrew Peller Limited (ADW.A) private for cash at $8.00 per Class A Share and $12.00 per Class B Share.
Featured in Issue #28 · Aug 16, 2026
H&R Real Estate Investment Trust HR.UN.TO (CA) · MCAP $1.4B
Unitholders will receive mixed consideration of $4.28 cash and 0.5688 GO Residential REIT units per H&R unit.
Featured in Issue #28 · Aug 16, 2026
Jamieson Wellness JWEL.TO (CA) · CAD 45.61 · MCAP $1.4B · EV $1.7B
Kirin Holdings to acquire Jamieson Wellness in an all-cash deal (US$1.79 billion).
Featured in Issue #28 · Aug 16, 2026
Boralex Inc. BLX.TO (CA) · CAD 37.23 · MCAP $2.8B · EV $6.2B
Boralex received all regulatory approvals required to complete its plan of arrangement with Brookfield and La Caisse (CDPQ).
Featured in Issue #28 · Aug 16, 2026
kneat.com, inc. KSI.TO (CA) · C$6.48 · MCAP $450M · EV $432M
Fwd P/E: NM · Fwd EV/EBITDA: 32.4x · Fwd EV/Sales: 7.3x · LTM EV/Sales: 9.1x · LTM EV/GP: 11.8x
kneat.com, inc., together with its subsidiaries, designs, develops, and supplies software for data and document management within regulated environments in America, Europe, and the Asia Pacific.
Ontario Superior Court of Justice (Commercial List) issued final order approving the plan of arrangement. Thoma Bravo affiliate to acquire all outstanding common shares of Kneat, other than any rollover shares. Transaction expected to close on or about August 11, 2026, subject to remaining conditions.
Featured in Issue #27 · Aug 9, 2026
Boralex inc. BLX.TO (CA) · C$37.20 · MCAP $2.7B · EV $6.2B
Fwd P/E: NM · Fwd EV/EBITDA: 11.3x · Fwd EV/Sales: 8.9x · LTM EV/Sales: 9.6x · LTM EV/GP: 12.7x
Boralex Inc., together with its subsidiaries, engages in the developing, building, and operating power generating and storage facilities in Canada, France, the United States, and the United Kingdom.
Boralex obtained all required regulatory approvals for the previously announced arrangement with Brookfield and La Caisse. The arrangement was approved by shareholders on June 4, 2026 and received final court approval on June 5, 2026. Closing is expected on or about August 14, 2026, subject to the remaining closing conditions.
Featured in Issue #27 · Aug 9, 2026
kneat.com, inc. KSI.TO (CA) · C$6.47 · MCAP $447M · EV $429M
Fwd P/E: NM · Fwd EV/EBITDA: 32.4x · Fwd EV/Sales: 7.3x · LTM EV/Sales: 9.0x · LTM EV/GP: 11.8x
kneat.com, inc., together with its subsidiaries, designs, develops, and supplies software for data and document management within regulated environments in America, Europe, and the Asia Pacific.
Thoma Bravo is taking kneat.com, inc. (KSI.TO) private after shareholders approved the plan of arrangement on July 30, 2026. Approximately 87% of votes cast, including 84% of disinterested votes, supported it. The Ontario Superior Court Final Order hearing is scheduled for August 4, with closing anticipated shortly after court approval and satisfaction or waiver of other conditions. The transaction price is C$6.50 per share; court approval remains outstanding.
Featured in Issue #26 · Aug 2, 2026
Andrew Peller Limited ADW.A.TO (CA) · C$7.95 · MCAP $272M · EV $385M
Fwd P/E: 15.6x · Fwd EV/EBITDA: 7.9x · Fwd EV/Sales: 1.4x · LTM EV/Sales: 1.4x · LTM EV/GP: 3.0x
Andrew Peller Limited produces and markets wines and craft beverage alcohol products in Canada. The company offers wines under the Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards.
Fairfax Financial Holdings Limited is taking Andrew Peller Limited (ADW.A.TO) private via a plan of arrangement for cash consideration of $8.00 per Class A Share and $12.00 per Class B Share. ISS recommended that shareholders vote for the arrangement on July 28, 2026. A special meeting of shareholders to approve the deal is scheduled for August 11, 2026, with a proxy voting deadline of August 7, 2026. ISS endorsement removes a key governance overhang ahead of the August 11 vote, providing a definitive exit price for the illiquid Canadian wine producer. This endorsement increases the likelihood of shareholder approval for the take-private and reduces deal risk for arb spreads.
Featured in Issue #26 · Aug 2, 2026
Lomiko Metals Inc. LMR.V (CA) · C$0.12 · MCAP $7M · EV $6M
Lomiko Metals Inc. engages in the acquisition, exploration, and development of resource properties in Canada. The company explores for graphite and lithium deposits.
Global Battery Materials will take Lomiko Metals Inc. (LMR.V) private under a court-approved all-cash plan of arrangement at C$0.13 per share. The definitive agreement implies equity value of approximately C$11 million (~$7.8M) on a fully diluted basis, and the offer represents a 71% premium to Lomiko's 20-day VWAP through July 27, 2026. The cited announcement does not provide a current C$0.12 market price.
Featured in Issue #26 · Aug 2, 2026
Activist Campaigns 9 situations
Sherritt International Corporation S.TO (CA) · C$0.40 · MCAP $205M · EV $293M
Kyma Capital Limited is forcing a special meeting of Sherritt International Corporation (S.TO) common shareholders via section 143(4) of the Canada Business Corporations Act.
Featured in Issue #29 · Aug 23, 2026
Emerita Resources Corp. EMO.V (CA) · C$0.43 · MCAP $94M · EV $89M
PM Super Fund owns 11,620,000 common shares of Emerita Resources Corp., approximately 3.9% of issued and outstanding shares.
Featured in Issue #29 · Aug 23, 2026
TNR Gold Corp. TNR.V (CA) · C$0.32 · MCAP $57M · EV $57M
Jon Christian Evensen and Alicia Cauteruccio Evensen have nominated a dissident slate of directors to the board of TNR Gold Corp. (TNR.V) to contest the September 22, 2026 annual general and special meeting.
Featured in Issue #29 · Aug 23, 2026
TNR Gold Corp. TNR.V (CA) · C$0.32 · MCAP $57M · EV $57M
A shareholder is attempting to install four new directors on the board of TNR Gold Corp. (TNR.V) at the September 22, 2026, annual general meeting.
Featured in Issue #29 · Aug 23, 2026
Emerita Resources Corp. EMO.V (CA) · C$0.42 · MCAP $90M · EV $85M
Emerita filed its Statement of Claim, naming former executives David Gower, Lawrence Guy, Damian Lopez, Greg Duras, and Hélio Diniz, along with Falcon Metais Ltda., MGLIT Empreendimentos Ltda., and Lithium Ionic Corp.…
Featured in Issue #28 · Aug 16, 2026
Emerita Resources Corp. EMO.V (CA) · C$0.42 · MCAP $90M · EV $85M
PM Super Fund recommends shareholders withhold votes from Marilia Bento, Catherine Stretch, and David Patterson at the August 25, 2026 meeting.
Featured in Issue #28 · Aug 16, 2026
Questor Technology Inc. QST.V (CA) · CAD 0.24 · MCAP $5M · EV $3M
The board states Ms. Mascarenhas' ongoing litigation against Questor seeks more than $26 million in damages.
Featured in Issue #28 · Aug 16, 2026
Sherritt International Corp S.TO (CA) · C$0.14 · MCAP $70M · EV $217M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 3.5x · LTM EV/Sales: 1.8x · LTM EV/GP: 10.8x
Sherritt International Corporation engages in the mining, processing, refining, and sale of nickel and cobalt in Canada, Cuba, Europe, and Asia. The company also produces and sells agricultural fertilizers, such as anhydrous ammonia, granular ammonium sulfate, and crystalline ammonium sulfate.
Sherritt International Corp (S.TO) faces activist pressure from Kyma following a shareholder requisition. The board determined the requisition is ineffective under the Canada Business Corporations Act, yet it will include Kyma's proposals at the combined annual and special meeting. The inclusion of these proposals keeps activist pressure live and creates a near-term catalyst.
Featured in Issue #26 · Aug 2, 2026
Metaguest.AI Incorporated METG.CN (CA) · C$0.04 · MCAP $2M
Metaguest.AI Incorporated, a technology company, operates a digital platform for in-room and on-location commerce within partner hotels in the United States and Canada.
Charlotte Janssen and Anthony Comparelli resigned as directors of Metaguest.AI Incorporated (METG.CN) effective July 17, 2026. The company is evaluating how these resignations affect a previously received shareholder requisition for a special meeting to consider board composition changes. The process will proceed under Alberta's Business Corporations Act. Whether the company calls the special meeting or argues the resignations moot the requisition will determine if a formal proxy contest proceeds.
Featured in Issue #25 · Jul 27, 2026
Capital Returns 9 situations
MiniLuxe Holding Corp. MNLX.V (CA) · C$0.42 · MCAP $54M · EV $66M
MiniLuxe Holding Corp. is conducting a Dutch auction self-tender for its Class A Subordinate Voting Shares.
Featured in Issue #29 · Aug 23, 2026
Decibel Cannabis Company Inc. DB.V (CA) · C$0.12 · MCAP $52M · EV $87M
Decibel announced a 15:1 share consolidation.
Featured in Issue #29 · Aug 23, 2026
Computer Modelling Group Ltd. CMG (CA) · C$4.05 · MCAP $230M
Computer Modelling Group Ltd. (CMG) is offering to purchase up to C$20,000,000 (~$15M) in value of its common shares.
Featured in Issue #29 · Aug 23, 2026
Quinsam Capital Corporation QCA.CN (CA) · C$0.07 · MCAP $4M
Quinsam Capital Corporation (QCA.CN) has repurchased 983,000 shares under an issuer bid to purchase up to 4,500,000 common shares.
Featured in Issue #29 · Aug 23, 2026
Air Canada AC.TO (CA) · C$28.81 · MCAP $5.9B · EV $10.0B
Air Canada (AC.TO) is launching a self-tender to purchase and cancel up to $800 million of its Class A variable voting and Class B voting shares.
Featured in Issue #29 · Aug 23, 2026
Lupaka Gold Corp. LPK.V (CA) · C$0.33 · MCAP $6M · EV $6M
Lupaka Gold Corp. (LPK.V) declared a first CVR payment of USD 0.109 per CVR to holders of 160,277,702 contingent value rights.
Featured in Issue #29 · Aug 23, 2026
Suncor Energy Inc. SU.TO (CA) · C$83.83 · MCAP $70.4B · EV $77.0B
Fwd P/E: 9.6x · Fwd EV/EBITDA: 6.0x · Fwd EV/Sales: 1.9x · LTM EV/Sales: 1.9x · LTM EV/GP: 3.1x
Suncor Energy Inc. operates as an integrated energy company in Canada, the United States, and internationally. The company operates through Oil Sands; Exploration and Production; and Refining and Marketing segments.
Total buybacks for 2026 are projected. The announcement followed Q2 adjusted operating earnings of $3.23 per share, exceeding the LSEG consensus estimate of $3.07. Refined product sales reached a quarterly record of 654,800 bpd, while upstream production fell to 760,900 bpd from 808,100 bpd.
Featured in Issue #27 · Aug 9, 2026
Chorus Aviation Inc CHR.TO (CA) · C$24.60 · MCAP $431M · EV $635M
Fwd P/E: 11.3x · Fwd EV/EBITDA: 4.9x · Fwd EV/Sales: 0.7x · LTM EV/Sales: 0.7x · LTM EV/GP: 2.5x
Chorus Aviation Inc., through its subsidiaries, provides aviation services in Canada and internationally. The company also provides aircraft modifications and refurbishment, in-service support services, parts provisioning and disassembly, aerospace engineering, repurposing and transition, and certification services.
Substantial issuer bid to repurchase up to $50 million of shares at prices between $23.00 and $25.00 per share; note this bid was originally announced on September 26, 2025 (nearly 10 months before this digest date) and its current completion status has not been reconfirmed. Company completed acquisition of Kadex Aero Supply to strengthen aviation supply chain position. Stock trades at C$24.60 (~$18), near 50-day moving average of C$24.38 (~$17).
Featured in Issue #26 · Aug 2, 2026
Docebo Inc DCBO.TO (CA) · C$28.96 · MCAP $514M · EV $535M
Fwd P/E: 12.7x · Fwd EV/EBITDA: 9.1x · Fwd EV/Sales: 1.9x · LTM EV/Sales: 2.1x · LTM EV/GP: 2.7x
Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally.
Docebo Inc (DCBO.TO) launched a self-tender to repurchase up to 3,431,372 common shares to return capital to shareholders. The company is offering US$20.40 per share for a total gross proceeds of up to US$70 million. Docebo also announced the launch of Docebo AgentHub, an AI and skills intelligence platform, and reported positive preliminary Q2 results. This substantial issuer bid represents a return of capital to shareholders.
Featured in Issue #26 · Aug 2, 2026
Strategic Reviews 8 situations
Questor Technology Inc. QST.V (CA) · C$0.24 · MCAP $5M · EV $3M
Questor Technology Inc. (QST.V) is conducting a strategic review to maximize shareholder value amid a potentially contested board election.
Featured in Issue #29 · Aug 23, 2026
Kovo+ Holdings Inc. KOVO.V (CA) · C$0.005 · MCAP $648.1K
Kovo+ Holdings Inc. received a default notice and demand for repayment from secured creditor Avonlea Ventures #2 Inc. (AVI).
Featured in Issue #28 · Aug 16, 2026
Alithya Group inc. ALYA.TO (CA) · MCAP $54M
Alithya Group Inc. (ALYA.TO) has formally entered a strategic review process to explore options for the full company.
Featured in Issue #28 · Aug 16, 2026
Reflex Advanced Materials Corp. RFLX (CA) · C$0.13
Reflex Advanced Materials Corp. (RFLX.NE) launched a strategic review to explore business repositioning and capital redeployment.
Featured in Issue #28 · Aug 16, 2026
Plaza Retail REIT PLZ-UN.TO (CA) · C$5.20 · MCAP $416M · EV $882M
Plaza Retail REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated as of November 1, 2013, amended as of March 26, 2020.
Plaza Retail REIT (PLZ-UN.TO) has formed a special committee to review strategic alternatives following an unsolicited non-binding proposal from Axia Real Assets LP. The proposal was first disclosed on July 7, 2026, and the committee's update on August 6, 2026, marks the first formal board response. No deal terms, advisors, or timelines have been disclosed. The committee's formation signals the board is formally engaging with the proposal rather than rejecting it, opening the door to a potential take-private transaction.
Featured in Issue #27 · Aug 9, 2026
Green Rise Foods Inc. GRF.V (CA)
Green Rise Foods Inc. grows and sells greenhouse grown fresh produce in North America.
Strategic review initiated May 1, 2026, to explore sale, merger, going-private, recap, or wind-up. Special Committee received multiple non-binding proposals from interested parties on or prior to July 29, 2026; second-phase invitations pending. Independent appraisal values the company's three farms at approximately $90 million, well in excess of debt obligations. Amended credit agreement with Royal Bank of Canada provides accommodation period through December 4, 2026 to complete the strategic review.
Featured in Issue #27 · Aug 9, 2026
Psyched Wellness Ltd. PSYCF (CA) · C$0.01 · MCAP $3M · EV $2M
Fwd EV/GP: 18.3x · LTM EV/Sales: 4.7x · LTM EV/GP: 17.9x
Psyched Wellness Ltd. produces and distributes mushroom-derived products and related consumer packaged goods in the United States. The company sells its products online.
Psyched Wellness Ltd. (PSYCF) initiated a strategic review to evaluate options for enhancing shareholder value, including M&A, go-private transactions, strategic partnerships, or capital infusions. The board formed a Special Committee to oversee the process, though no timeline or assurance of a transaction was provided. The company stated its market valuation does not reflect the commercial progress of its Calm, AMA, and Santa brands. The review puts the company in play across a range of outcomes, signaling a board-acknowledged valuation disconnect.
Featured in Issue #26 · Aug 2, 2026
Alithya Group Inc. ALYA.TO (CA) · C$1.16 · MCAP $80M · EV $161M
Fwd P/E: 4.5x · Fwd EV/EBITDA: 5.2x · Fwd EV/Sales: 0.5x · LTM EV/Sales: 0.5x · LTM EV/GP: 1.5x
Alithya provides digital transformation and AI consulting services across North America and internationally, serving clients in financial services, healthcare, manufacturing, nuclear energy, and government through partnerships with Oracle, Microsoft, Salesforce, and AWS.
Alithya Group Inc. (ALYA.TO) launched a strategic review on July 27, 2026, to identify opportunities to maximize shareholder value. The board stated that current public market valuation may not fully reflect intrinsic value or support the next growth phase. Alternatives under consideration include a merger, privatization, sale, recapitalization, strategic investments, or continuing as a public company. This board-initiated full-company review opens the door to a potential sale, take-private, or merger.
Featured in Issue #26 · Aug 2, 2026
Spin-Offs 6 situations
Palamina Corp. PA.V (CA) · C$0.15 · MCAP $10.2M
The amended arrangement agreement changes the consideration from 0.33 Colt Silver shares per Palamina share to one Colt Silver share for every 4 Palamina shares held.
Featured in Issue #29 · Aug 23, 2026
Aldebaran Resources Inc. ALDE.V (CA) · CAD 3.31 · MCAP $442M · EV $423M
Aldebaran shareholders approved the statutory plan of arrangement to spin out Centauri Minerals at a special meeting held August 7, 2026.
Featured in Issue #28 · Aug 16, 2026
Barrick Mining Corp. ABX.TO (CA) · CAD 57.80 · MCAP $68.6B · EV $77.0B
Barrick Mining Corporation (ABX-T) appointed Sebastiaan Bock as CEO of its newly created Rest of World division to oversee mines in Africa, the Middle East, Latin America, and Asia Pacific.
Featured in Issue #28 · Aug 16, 2026
NGEx Minerals Ltd. NGEX (CA) · C$28.91 · MCAP $4.5B · EV $4.2B
NGEx Minerals is a Canada-based copper and gold exploration company focused on the Lunahuasi project in Argentina and the Los Helados project in Chile, both within the Vicuña District.
NGEx Minerals entered into an arrangement agreement to spin out its Valle Ancho project in Argentina into a new subsidiary (Spinco). NGEx shareholders will receive Spinco shares pro rata, retaining their existing NGEx shares, resulting in no change to their NGEx holdings. Spinco will apply to list its shares on the TSX Venture Exchange (TSXV) following completion of the arrangement. The arrangement requires approval by at least 66 2/3% of votes cast by NGEx shareholders at a special meeting in Q4 2026, plus court and stock exchange approvals.
Featured in Issue #27 · Aug 9, 2026
Benton Resources Inc. BEX.V (CA) · C$0.08 · MCAP $17M · EV $15M
Benton Resources Inc. engages in the acquisition, exploration, and development of mineral properties. The company explores for gold, silver, nickel, copper, platinum group elements, and lithium assets.
Benton Resources Inc. (BEX.V) plans to spin out substantially all shares of a new public Spinco holding the Great Burnt copper-gold project to Benton shareholders pro rata via a British Columbia statutory plan of arrangement. Benton shareholders would collectively own a direct 45% stake in Spinco, while Benton would retain a 5% Spinco stake and a 1% uncapped NSR royalty. A concurrent $10 million private placement is intended to fund 33.3% of Spinco and implies a $15 million value for the Great Burnt project. Completion requires a 66 2/3% shareholder vote, Supreme Court of British Columbia approval and TSX-V approvals; the meeting is targeted for mid-October 2026 and closing for November 2026.
Featured in Issue #26 · Aug 2, 2026
Aldebaran Resources Inc. ALDE.V (CA) · C$2.81 · MCAP $372M · EV $354M
Aldebaran Resources Inc. engages in the acquisition, exploration, and evaluation of mineral properties in Canada and Argentina. The company primarily explores for copper and gold.
Aldebaran Resources Inc. (ALDE.V) is advancing the Centauri Minerals spin-out after Centauri closed a C$25.486 million subscription-receipt financing: 17.486 million brokered receipts and 8.0 million non-brokered receipts, each priced at C$1.00. The funds are escrowed pending arrangement conditions, including TSX-V listing approval. If the escrow-release conditions are not met by September 30, 2026, each receipt entitles its holder to 1.1 Centauri common shares; otherwise each receipt converts into one common share. The financing satisfies the offering condition for the spin-out, subject to the remaining arrangement conditions.
Featured in Issue #26 · Aug 2, 2026
Restructuring 5 situations
Largo Inc. LGO (CA) · $0.75 · MCAP $67M · EV $186M
Largo Inc. (LGO) signed a binding term sheet with five Brazilian banks to restructure approximately US$82.2 million of commercial bank debt held by its subsidiary LVMSA.
Featured in Issue #29 · Aug 23, 2026
Revive Therapeutics Ltd. RVV.CN (CA) · C$0.03 · MCAP $8M · EV $8M
Revive Therapeutics Ltd. (RVV.CN) intends to settle $61,061 in outstanding trade payables via a debt-for-equity swap to conserve cash.
Featured in Issue #29 · Aug 23, 2026
QcX Gold Corp. QCX.V (CA) · C$0.28 · MCAP $5M · EV $4M
QcX Gold Corp. (QCX.V) settled $272,088.34 of indebtedness via a debt-for-equity swap to reduce leverage.
Featured in Issue #29 · Aug 23, 2026
South Gobi Resources Limited SGQ.V (CA) · C$0.37 · MCAP $100M · EV $373M
South Gobi Resources (SGQ) announced unaudited financial and operating results for the period ended June 30, 2026.
Featured in Issue #29 · Aug 23, 2026
Northcliff Resources Ltd. NCF.TO (CA) · C$0.33 · MCAP $149M · EV $154M
Northcliff Resources Ltd. (NCF.TO) eliminated a $7.56 million liability via a debt-for-equity swap with Todd Sisson (NZ) Limited.
Featured in Issue #29 · Aug 23, 2026
Rights Offerings 4 situations
Greenfire Resources Ltd. GFR.TO (CA) · C$8.92 · MCAP $809M · EV $830M
Greenfire Resources Ltd. (GFR.TO) is planning a rights offering to address bridge financing used for its acquisition of Connacher Oil and Gas.
Featured in Issue #29 · Aug 23, 2026
Encanto Potash Corp. EPO.H (CA)
Encanto Potash is launching a rights offering to shareholders of record as of August 20, 2026.
Featured in Issue #28 · Aug 16, 2026
Bonterra Resources Inc. BTR.V (CA) · MCAP $15M
Shareholders receive 0.8 of a Right per common share held; each whole Right entitles subscription for one share at $0.12.
Featured in Issue #28 · Aug 16, 2026
Bonterra Resources Inc. BTR.V (CA) · C$0.14 · MCAP $21M · EV $21M
Fwd P/E: NM · Fwd EV/Sales: 1.3x · LTM EV/Sales: 5.0x · LTM EV/GP: NM
Bonterra Resources Inc., an exploration stage company, engages in the acquisition, exploration, and evaluation of mineral properties in Canada. The company explores for gold deposits.
Bonterra Resources Inc. (BTR.V) is launching a guaranteed rights offering to raise up to $20,418,527. Shareholders receive 0.8 of a right per common share, with each whole right allowing a subscription for one share at $0.12. The offering is fully backstopped, with Wexford Funds guaranteeing 90% and Horizon Kinetics guaranteeing 10% of unsubscribed shares. Proceeds will repay a $5M bridge loan from Wexford Capital LP, advance mineral properties, and fund flow-through indemnification obligations. Rights trade on the TSXV as BTR.RT from the August 6, 2026 record date until the August 27, 2026 subscription deadline. The subscription price represents a discount to the last traded price of $0.14.
Featured in Issue #26 · Aug 2, 2026
Litigation Outcomes 3 situations
Gold Reserve Ltd. GRZ.V (CA) · C$6.55 · MCAP $703.6M
Gold Reserve Ltd. overcame a motion to dismiss filed by Rusoro Mining Ltd. in the Delaware Court of Chancery, allowing a core breach of contract claim to proceed.
Featured in Issue #29 · Aug 23, 2026
Rusoro Mining Ltd. RML.V (CA) · C$1.14 · MCAP $526M · EV $659M
Rusoro Mining Ltd. (RML.V) saw five of six claims brought by Gold Reserve dismissed by the Chancery Court.
Featured in Issue #29 · Aug 23, 2026
Enbridge Inc. ENB.TO (CA) · C$71.55 · MCAP $112.1B · EV $198.5B
Fwd P/E: 23.8x · Fwd EV/EBITDA: 13.0x · Fwd EV/Sales: 3.5x · LTM EV/Sales: 3.3x · LTM EV/GP: 10.2x
Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation.
Enbridge Inc. (ENB.TO) faces a new legal delay for its Line 5 tunnel project after the Michigan Supreme Court ruled 6-1 that state regulators must reconsider the 2023 permit. The court found the Michigan Public Service Commission failed to assess if the tunnel would extend the pipeline's lifetime or cause additional environmental harm, while also citing inconsistent comparisons of alternatives and ignored impacts on public trust rights. Enbridge is currently reviewing legal options following the August 1, 2026 ruling. This decision adds legal uncertainty to a project under review for nearly a decade and could further delay or block the replacement of a pipeline segment carrying over 500,000 barrels per day.
Featured in Issue #27 · Aug 9, 2026
Insolvency 2 situations
Goodfood Market Corp. FOOD.TO (CA) · C$0.03 · MCAP $2.2M
Goodfood Market Corp. (FOOD.TO) obtained court approval for a sale and investment solicitation process (SISP) under CCAA proceedings to divest its core assets.
Featured in Issue #29 · Aug 23, 2026
Goodfood Market Corp. FOOD.TO (CA) · C$0.03 · MCAP $2M
Canadian online grocery and meal-kit company based in Montreal, delivering meal kits, ready-to-eat meals and grocery products by subscription across most of Canada.
Goodfood Market Corp. obtained an Initial Order under the Companies' Creditors Arrangement Act (CCAA) from the Superior Court of Quebec on August 5, 2026. Raymond Chabot Inc. was appointed as Monitor and intends to recommend a formal sale and investment solicitation process (SISP) at the comeback hearing. TSX halted trading in FOOD.TO and indicated it would place the company under expedited delisting review; trading was expected to remain halted pending the continued-listing review. The company employs approximately 230 people across Canada, with operations in Montréal, Calgary, and Mississauga; no job losses were expected as a direct result of the CCAA proceedings.
Featured in Issue #27 · Aug 9, 2026
Delistings 2 situations
Vanguard Global Minimum Volatility ETF VVO.TO (CA) · C$42.79 · MCAP $33M
Vanguard Global Minimum Volatility ETF (VVO.TO) will be voluntarily delisted from the TSX and terminated on November 3, 2026.
Featured in Issue #29 · Aug 23, 2026
International Iconic Gold Exploration Corp. ICON.V (CA) · C$0.015
International Iconic Gold Exploration Corp. engages in acquisition, evaluation, and exploration of mineral resource properties in Argentina. The company was formerly known as Marifil Mines Limited and changed its name to International Iconic Gold Exploration Corp. in September 2021.
International Iconic Gold Exploration Corp. (ICON.V) will voluntarily delist from the TSX Venture Exchange to reduce public-company expenses and facilitate debt restructuring. The move was approved by the board and over 50% of disinterested shareholders, citing minimal trading activity and a market cap that does not reflect asset value. Shares are expected to cease trading around August 11, 2026. This removes the company's only listed equity with no alternative trading venue arranged, leaving existing shareholders in an illiquid position.
Featured in Issue #26 · Aug 2, 2026
SPACs 1 situation
Wangton Capital Corp. WT.H (CA)
Wangton Capital Corp. (WT.H) intends to acquire 100% of Always Connect AI in a qualifying transaction based on a pre-money valuation of US$7,500,000.
Featured in Issue #29 · Aug 23, 2026
Tender Offers 1 situation
Aurora Cannabis Inc ACB.TO (CA) · CAD 3.68 · MCAP $239M · EV $183M
Curaleaf Holdings, Inc. launched an unsolicited take-over bid for Aurora Cannabis Inc. (ACB.TO) at US$4.00 per share in mixed consideration.
Featured in Issue #28 · Aug 16, 2026
Domicile Changes 1 situation
Algonquin Power & Utilities Corp. AQN.TO (CA) · C$7.99 · MCAP $4.4B · EV $11.7B
Fwd P/E: 15.0x · Fwd EV/EBITDA: 10.3x · Fwd EV/Sales: 4.3x · LTM EV/Sales: 4.6x · LTM EV/GP: 12.4x
Algonquin Power & Utilities Corp. operates in the power and utility industries. Its regulated electrical distribution utility systems and related transmission and generation assets are located in the states of Arkansas, California, Kansas, Missouri, Nevada, New Hampshire, and Oklahoma.
Algonquin Power plans to move its corporate headquarters from Oakville, Ontario to Chicago, Illinois. The redomicile requires shareholder approval, which the company will seek in the first half of 2027. Over 80% of Algonquin's operations are located in the United States, with less than 5% in Canada. CEO Rod West stated the move would reduce cross-border tax costs and increase potential for inclusion in more U.S. indexes and ETFs.
Featured in Issue #27 · Aug 9, 2026
Busted M&A 1 situation
Allied Gold AAUC.TO (CA) · C$25.44 · MCAP $2.3B · EV $2.2B
Fwd P/E: 3.5x · Fwd EV/EBITDA: 1.4x · Fwd EV/Sales: 1.0x · LTM EV/Sales: 1.6x · LTM EV/GP: 3.5x
Allied Gold Corporation, together with its subsidiaries, operates as gold mining company in Africa. The company’s flagship project is the Sadiola gold project comprising of 2 mining licenses located in the Republic of Mali.
Allied Gold (AAUC.TO) and Zijin Gold International Company Limited mutually terminated the C$5.5 billion ($3.90 billion) arrangement after concluding closing conditions were unlikely to be satisfied by the agreed deadline. In lieu of the acquisition, Zijin Gold International entered into a subscription agreement for approximately $295 million of new Allied Gold shares representing 9.2% of the company, subject to required approvals. This event removes the C$5.5 billion (~$3.9B) takeout floor while establishing a new anchor via the minority investment. The situation now depends on whether Zijin remains a long-term strategic partner or returns with a revised bid. Allied shares fell 17% in premarket trading following the announcement.
Featured in Issue #26 · Aug 2, 2026
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