Regular readers will be fully aware of DOJA, the Kelowna late stage weed deal that, until an hour ago, was headed to the public markets under the Spirit Gold (SG.V) shell.
I’ve just confirmed that the SG deal is toast, and Northern Lights will stay private a while longer – though not necessarily permanently. I can’t reveal details of why without breaking confidence, but the DOJA crew appear to have had many suitors, and feel they can bring more value down the line by remaining private a while longer.
I’m also hearing that a large LP has made a formal offer to crawl into the Tauntaun skin of the company, though am waiting to confirm details before I spill more about what would be a big news story on that front. PS: It’s not who you think.
When deals go sideways this close to market listing, it’s never a good scene for anyone involved, but I’m confident that the parties involved are stand up guys on both sides and will ensure everyone is made whole.
I can also let SG stock holders know that the company isn’t twisting in the wind, and that they’re eagerly talking to the long line of companies looking for a quick-to-market shell right now.
As for DOJA, I’m talking to them tomorrow morning to get on-the-record details of what went down, and what to look forward to.
This sort of messiness sometimes happens. But so do lawsuits emanating from this kind of messiness, and a company under a legal cloud will have trouble getting through due diligence. Here’s hoping everyone keeps their Saxx on and both parties move forward to bigger things.
In other actually unrelated news, I’m told the Vinergy Resources (VIN.C) trade halt is for transaction review, and that it should trade again at the end of May. More details tomorrow.
— Chris Parry
FULL DISCLOSURE: Denis Arsenault owes me money.