CanniMed Therapeutics Inc. (TSE:CMED), a marijuana stock, climbed after Aurora Cannabis (TSE:ACB) made an unsolicited takeover offer
Sean Mason | November 15, 2017 | SmallCapPower
An unsolicited takeover offer for a Canadian marijuana stock took a bit of a strange twist Wednesday. Here’s some small stocks making big moves on Wednesday, November 15, 2017 (as of 4 pm EST):
CanniMed Therapeutics Inc. (TSX:CMED), a marijuana stock, surged 29% to $19.80 on Wednesday after Aurora Cannabis (TSX:ACB) made an unsolicited offer to acquire all of the issued and outstanding common shares of CanniMed for $24 per share in Aurora stock, which Aurora Cannabis says has the support 38% of CanniMed shareholders. CanniMed also revealed that it is in advanced discussions to acquire Newstrike Resources Ltd. (TSXV:HIP) in an all-stock transaction.
As well, shares of Kalytera Therapeutics, Inc. (TSXV:KALY) gained 55% to $0.155 as the cannabinoid therapeutics developer said the United States Patent and Trademark Office has issued a Notice of Allowance for US Patent Application 15/143,694 covering the use of cannabidiol in the treatment of graft versus host disease.
Copper One Inc. (TSXV:CUO), meanwhile, reported that it has entered into a settlement agreement to end its participation in the Rivière Doré Project, in which the Québec Government has agreed to pay $8 million in cash to Copper One. Copper One stock popped 200% to $0.105 following the announcement.
Finally, Ackroo Inc. (TSXV:AKR) shares rose 33% to $0.08 after the loyalty and rewards technology and services provider announced that it has agreed to acquire the loyalty rewards business operated by KESM Transaction Solutions and LoyalMark LLC in Canada and the United States, in return for 35.8 million common shares of Ackroo as well as two cash payments totaling $200,000. Ackroo said it expects the combined business to generate about $5 million in revenue and between $700,000 and $900,000 in positive EBITDA in 2018 alone.
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