A hostile takeover would quite sure be blocked by management.
Hostile or friendly, the problem of any buyer will still be:

The more he wants to buy, the less the shareholders will sell.

There is just not a major investor or  VC - or a group of SH to get such a takeover done. 

For sure there will be some shareholders being happy to sell with a small profit. But this will not happen in the magnitude of the current SP-level. And I guess there are a lot of long-time holders who will find these profits not below an SP of 2 CAD anyhow. Difficult to predict what would happen then... Bidding wars, up-listings, new investors... It will be an interesting time.