Canada’s economy continues to show resilience against the COVID-19 pandemic.
The S&P/TSX Composite Index is up 10.17 per cent year to date and 62.9 per cent since the March 2020 lows.
The Canadian dollar remains steady today at US$0.8244/C$1.00 compared to US$0.8269/C$1.00 at the beginning of the week.
The Bank of Canada’s overnight repo rate is up by one basis point to 0.19 per cent since Monday, signalling relaxed borrowing conditions in support of the country’s ongoing economic recovery.
Our trending stories this week cover media, technology, mining and healthcare. Let’s dive into what has been peaking TMH readers’ attention.
Enthusiast Gaming (TSX:EGLX) closes acquisition of Icy Veins
On Monday, Enthusiast Gaming closed its acquisition of Icy Veins, one of the largest independent Activision Blizzard fan communities with over 3 billion lifetime content views.
The company expects the acquisition to be accretive to its revenue and margins, as it represents an opportunity for increased monetization through its proprietary flywheel, including YouTube channels, subscriptions, content licensing and eCommerce.
Shares of Enthusiast Gaming are down 21.9 per cent since the beginning of the week as of 12:04 pm ET on Friday, May 14, 2021.
EnWave (TSXV:ENW) sells 60kW REV machine to BranchOut Food
On Tuesday, EnWave announced the sale of its 60-kilowatt Radiant Energy Vacuum machine to BranchOut Food, an Oregon-based company that produces healthy avocado and fruit snacks and ingredients.
The machine can be used to produce shelf-stable fruit and vegetable products among the best in nutritional value, taste, texture and colour.
The companies signed a new royalty agreement whereby BranchOut will pay a royalty to EnWave for all products sold that are manufactured using REV technology.
Shares of EnWave are up by 6.47 per cent since the beginning of the week as of 12:13 pm ET on Friday, May 14, 2021.
ARHT Media (TSXV:ART) and WeWork announce partnership
Also on Tuesday, ARHT Media announced the roll-out of its hologram technology in sixteen WeWork locations around the globe by Q3 2021.
The company’s technology will be implemented in up to 100 WeWork buildings over the life of the partnership.
ARHT’s holographic conferencing technology will help businesses reduce travel expenses and deliver more impactful interactions than video conferencing provides.
The partnership will introduce ARHT to a new audience of over 3,500 enterprise customers.
Shares of ARHT Media are up by 10 per cent since the beginning of the week as of 12:30 pm ET on Friday, May 14, 2021.
CloudMD (TSXV:DOC) closes acquisition of Rxi
On Wednesday, CloudMD closed its acquisition of Rxi, providing an established specialty drug management and patient support program to the employer market.
CloudMD will integrate Rxi with its electronic medical records software, educational resources, healthcare navigation, patient portal and enterprise health services.
Rxi offers drug distribution, patient navigation assistance, a preferred pharmacy network of over 500 pharmacies and real-time universal disease management software.
Rxi’s offerings provide a one-stop solution and centralized platform that breaks down treatment barriers through a team-based longitudinal approach to patient care and disease management.
Shares of CloudMD are down by 7.25 per cent since the beginning of the week as of 1:00 pm ET on Friday, May 14, 2021.
ACME Lithium (CSE:ACME) to acquire Clayton Valley Nevada lithium brine project
Rounding off our top stories this week, ACME Lithium entered into an option agreement with GeoXplor Corporation to acquire 100-per-cent interest in 64 claims spanning 1,280 acres, including the CC, CCP and SX placer lithium claims.
The acquisition, staked by GeoXplor over six years ago, represents key prospective lithium brine targets in Nevada’s Clayton Valley Basin, which is considered the centre of lithium development in the United States.
Shares of ACME Lithium are down by 2.43 per cent since the beginning of the week as of 1:11 pm ET on Friday, May 14, 2021.