As Canada’s economy emerges from the pandemic, many companies are merging, acquiring other companies or releasing new products. These are some of the latest business stories.
Tilray and Aphria Merger is Completed
Tilray and Aphria completed their merger on May 3rd. The resulting company now controls the biggest share of Canada’s marijuana industry. The shareholders of Tilray voted to issue stock to the shareholders of Aphria this past Friday. The new company is named Tilray and will be led by Aphria’s Chief Executive Officer Irwin Simon. Tilray CEO Brendan Kennedy will join the board of directors.
Canadian Oil Company ReconAfrica Thinks It’s Struck It Big
There’s a new road that cuts through the Kalahari desert and through groves of Syrnga trees. The road leads to a property surrounded by a chain-link fence. There are giant oil rig towers inside the fence that dwarf the trees.
The property is leased by the Canadian oil firm ReconAfrica and is in Botswana. The leaders of the company believe they’ve found the last giant oil reserve in Africa. Their findings indicate it holds 12 billion barrels of oil and may be even bigger. The oil is 35,000 feet deep. Some say the find could transform the economy of Namibia and nearby Botswana.
Denison Offers to Acquire JCU (Canada) Exploration Co.
Denison Mines Corp. has offered to acquire 100% ownership in JCU (Canada) Exploration Company, Ltd. JCU Is currently owned by Overseas Uranium Resources Development Co., Ltd. Denison is offering to pay CAD$50.5 million and will assume JCU’s liabilities. For the offer is accepted, it will have to be approved by the shareholders of OURD.
Denison explores for uranium, with its main operation in Saskatchewan’s Athabasca Basin region. It also does mine decommissioning and environmental work through one of its subsidiaries. There’s no guarantee the shareholders of OURD will approve the sale of JCU.
L3Harris Named Top Canadian Defense Company
Canadian Defence Review releases a list every year of the top defence companies in Canada. L3Harris Technologies Canada was named the top company for 2021. It was the third time this company has been named the top defence company in the past 17 years. L3Harris spokesperson Rich Foster credited his company’s success to its 2,800 employees. They are dedicated to supplying Canada’s military with innovative technology and support.
