2024 had its dazzling moments, but, in the end, it was a year of treading water for biopharma stocks, judging from the top three electronic transfer funds (ETFs) specializing in such shares.
The iShares Biotechnology ETF (NASDAQ: IBB)—the largest biotechnology ETF with total assets of $6.779 billion as tracked by VettaFi—slid 4% during 2024, from $138.07 on the first trading day January 2 to $132.32 on Wednesday. Year over year, IBB shares inched up 1%, however, from $130.83 on December 18, 2023—which is a 13% fall from its 12-month high of $150.57 on September 19, a day after the Federal Reserve’s Governing Board lowered interest rates by a half percentage point.
The second largest biotech ETF, the SPDR S&P Biotech ETF (NYSE Arca: XBI)—which has total assets of $6.671 billion—dipped 0.3% from $90.23 at the start of the year to $89.93 at the closing bell Wednesday. Over the 12-month period, however, XBI fared better, rising 6.6% from $84.36. But XBI has tumbled nearly 15% from its 2024 high of $105.47 reached on November 11, as the market enjoyed a week-long bounce following the re-election of Donald Trump to a second term.
For XBI, IBB, and other biotech ETFs, the late December prices were skewed by a 10-day period of day-to-day declines—the longest such streak since 1974—that accelerated Wednesday after Federal Reserve Chairman Jerome Powell jolted investors by telling reporters the central bank would be “cautious” about further interest rate cuts in 2025.
The following is data compiled by Morningstar (NASDAQ: MORN)’s Morningstar Direct asset management platform for StockWatch on the top five performing biotech stocks of 2024 and the five biotech stocks that fell the most during this past year, with brief explanations for the increases or declines. The figures for each company are the market returns as compiled between January 1 and December 16.
The list includes stocks on the two exchanges with the largest number of biotech companies that trade shares, NASDAQ and the New York Stock Exchange (NYSE).
Just missing the top 5 leaders list at number 6 were the American Depositary Receipts (ADRs) of Mesoblast (NASDAQ: MESO). The Australian allogeneic cell therapy developer saw its ADRs skyrocket 450% during 2024 through December 16, on investor anticipation that the FDA would approve the company’s Ryoncil (remestemcel-L-rknd) as the first therapy authorized in the United States to treat a form of graft vs. host disease (GVHD). That anticipation proved correct on Wednesday, when the agency approved the allogeneic bone marrow-derived mesenchymal stromal cell therapy to treat steroid-refractory acute GVHD in children two months of age and older.
The FDA approval helped Mesoblast ADRs jump 35% Thursday, from $12.25 to $16.51 in mid-morning trading as of 11:37 a.m. ET. The U.S. approval sparked an even bigger lift to Mesoblast’s shares traded on the Australian Stock Exchange (MSB.AX), which surged 54% Thursday from A$1.98 ($1.24) to A$3.05 ($1.91).
With the highly appropriate stock ticker of DRUG, Bright Minds Biosciences catapulted in price and trading volume October 15, surging an eye-popping 1,446% from $2.49 to $38.49 on investor speculation about the value of its pipeline. That speculation was triggered by H. Lundbeck (NASDAQ Copenhagen: HLUN-A) saying a day earlier it would acquire Longboard Pharmaceuticals (NASDAQ: LBPH) for $2.6 billion, adding to its neuro pipeline Longboard candidates led by bexicaserin (LP352), an oral, centrally acting 5-hydroxytryptamine 2C (5-HT2C) receptor superagonist being developed to treat seizures associated with developmental and epileptic encephalopathy (DEEs), including Dravet syndrome, Lennox-Gastaut syndrome, and other rare epilepsies. Bexicaserin is similar to Bright Minds’ lead pipeline candidate BMB-101, also a 5-HT2C agonist in development to treat refractory epilepsies and other indications, such as psychosis, addiction, and impulse control disorders. Lundbeck’s $60 a share offering price marked a 54% premium. Lundbeck and Longboard completed their deal December 2.
From single-dollar-per-share territory, Monopar shares multiplied more than seven-fold (605%) from $4.63 to $32.66 on October 24, after the company secured an exclusive worldwide license from Alexion, the rare disease unit of AstraZeneca (AZN on London, Stockholm, and NASDAQ exchanges) to develop ALXN-1840 (bis-choline tetrathiomolybdate), a Wilson disease candidate that Alexion had progressed through the 214-patient Phase III FoCus trial (NCT03403205), which met its primary endpoint. Monopar agreed to give Alexion 387,329 shares representing 9.9% ownership in Monopar—which also agreed to pay Alexion $4 million upfront, up to $94 million tied to achieving regulatory approval and sales milestones, plus tiered royalties based on net sales in the low to mid-double digits. After skidding 55% to $14.57, shares rebounded, more than doubling 110.5% to $30.68 Tuesday before dipping late this past week.
After days of steady increases during September, Summit shares peaked at $33.89 on September 16, after achieving its 2024-high closing price of $31.93 the previous Friday. Driving shares sky-high were two presentations of positive data. At the 2024 World Conference on Lung Cancer (WCLC 2024) in San Diego, Summit showed that its bispecific antibody ivonescimab achieved statistically significant improvement in progression-free survival (PFS) compared to Merck (NYSE: MRK)’s cancer blockbuster Keytruda® (pembrolizumab). And at the 2024 European Society for Medical Oncology Annual Meeting (ESMO 2024), Summit showed positive data for ivonescimab in advanced triple-negative breast cancer, recurrent/metastatic head and neck squamous cell carcinoma, and metastatic microsatellite-stable colorectal cancer. Ivonescimab combines the blockade of PD-1 seen in immunotherapies with the anti-angiogenesis effects associated with blocking VEGF.
Exicure shares went on a tear last month, rocketing from $2.90 on November 13 to a 52-week high of $36 before closing at $31.99 on November 27. Three months after carrying out a 1-for-5 reverse stock split and two months after converting about $1 million of debt into equity, Exicure acted to regain compliance with NASDAQ’s minimum $2.5 million stockholders’ equity requirement for continued listing by selling $1.3 million, then another $8.7 million in a combined 3.333 million shares to HiTron Systems. Those deals, plus a later $2 million sale of 433,332 shares to another South Korea-based company, SangSangIn Investment & Securities, lifted Exicure’s stockholders’ equity to approximately $4.3 million as of Tuesday.
Janux shares more than tripled, leaping 229% from $15.10 to $49.75 on February 27 after the company announced positive but early clinical data from Phase Ia trials for both its clinical programs. The PSMA-targeting JANX007 in late-stage metastatic castration-resistant prostate cancer showed that at ≥ 0.1 mg, 14 of 18 subjects (78%) achieved PSA30 declines while 10 of 18 (56%) achieved PSA50 declines. As for JANX008 for advanced or metastatic solid tumors expressing high EGFR, one subject with non-small cell lung cancer (NSCLC) treated at 0.15 mg once-weekly showed confirmed partial response with 100% reduction of the target lung lesion and elimination of liver metastasis with no cytokine release syndrome or treatment-related adverse events. Partial response continued through week 18. Shares peaked at $71.71 on December 5, after Janux priced a $350 million underwritten public offering.
While Aditxt shares cratered, the company pursued turnaround efforts that included mergers with both Evofem Biosciences (OTCQB: EVFM) and Appili Therapeutics (TSX: APLI; OTCPink: APLIF). The two generated $7.8 million in revenue from January–June 2024. Aditxt is counting on that money, plus the $6 million Appili received from the Department of Defense (DoD) to advance ATI-1701 toward an Investigational New Drug (IND) submission to the FDA in 2025. The DoD funding is part of a $14 million commitment from the agency to Appili toward developing ATI-1701, a live attenuated vaccine designed against the Category A pathogen Francisella tularensis. Hoping to stop the stock slide and regain compliance with NASDAQ’s minimum bid rule requiring a closing bid price of $1 or more for 20 consecutive trading days, Aditxt carried out a 1-for-40 reverse stock split effective October 2. However, stocks declined 39% from $4.44 to $2.70 the day of the split, then slid further, reaching 19 cents on Friday.
CNS shriveled from $59.50 at the start of the year to 11 cents at the close on December 20. Effective June 5, CNS carried out a 1-for-50 reverse stock split designed to boost its share price plus regain compliance with NASDAQ’s minimum bid rule. While CNS shares continued to decline this past year, CEO John Climaco said the company was “poised to unlock value for all stakeholders in the near term” thanks to progress in its clinical pipeline, whose lead product Berubicin is in a global, potentially pivotal Phase II trial (NCT04762069) in adults with recurrent glioblastoma multiforme (WHO Grade IV) after failure of standard first-line therapy. CNS said it expects to report primary analysis data from the study in the first half of 2025.
Allarity spent 2024 digging from past financial problems that sent its shares tail-spinning from $325.80 on January 2, with some successes. In September, Allarity said two patients in its Phase II trial assessing lead program stenoparib in advanced ovarian cancer had exceeded one year on treatment. That result, according to Allarity, showed durable clinical benefit and highlighted stenoparib’s potential as a meaningful treatment option for patients with limited or no alternatives. By October, Allarity regained compliance with NASDAQ’s minimum bid price rule, with CEO Thomas Jensen saying the company as a result could focus resources on advancing stenoparib, a dual PARP/Tankyrase inhibitor being co-developed with a drug-specific DRP® companion diagnostic. Allarity also improved its cash and cash equivalents during 2024 to $18.5 million as of September 30 from $0.2 million on December 31, 2023.
Elevai Labs rang out 2024 by renaming itself PMGC Holdings and redomiciling from Delaware to Nevada following a strategic reorganization effective December 23, though the company still retains the ELAB ticker symbol. The reorganization followed a year in which the former Elevai cratered from $378 a share. Elevai tried to stem the investor selloff of shares—and regain compliance with NASDAQ’s minimum bid price rule—through a 1-for-200 reverse stock split that took effect November 27. One key to PMGC’s future will likely be EL-22, an obesity treatment designed to also preserve muscle mass. In collaboration with KCRN Research, the company is preparing for a pre-IND meeting with the FDA anticipated in the first quarter of 2025, hoping to set a regulatory pathway for clinical development of the engineered probiotic, which is designed to express myostatin on its surface.
TFF Pharmaceuticals finished its final trading day on December 12 with a closing price of 6.5 cents a share. The following day, NASDAQ suspended trading in the stock, a month after the company announced it was dissolving following its board’s approval of a liquidation plan and appointment of Craig R. Jalbert, CIRA, a principal at the accounting firm Verdolino & Lowey, to oversee the company’s wind-down as TFF’s CEO, president, CFO, treasurer, secretary, and sole board member. Those actions came November 14, the day it told the U.S. Securities and Exchange Commission (SEC) it was unable to file a Form 10-Q quarterly report for the third quarter of 2024. TFF later said NASDAQ will formally delist the stock after filing with the SEC a Form 25-NSE, which will remove the company’s securities from listing and registration on the exchange.
Federal officials have denied accusations of delaying the release of Public Accounts to obscure a significant overspending of the 2023 budget.
Blacklock’s Reporter says the Commons public accounts committee heard MPs accuse the Prime Minister and cabinet of misleading Canadians about the country’s finances.
“I want to assure the committee we always endeavour to table the Public Accounts at the earliest opportunity,” said Comptroller General Annie Boudreau.
“There were several significant transactions.”
The Public Accounts revealed the government overshot its 2023 deficit target by 55%, with the shortfall ballooning from $40 billion to $61.9 billion.
Debt charges have risen so steeply that Parliament now spends more on interest payments than on health care or national defence.
The documents were tabled at the latest possible time, in the final hours of Parliament’s last 2024 sitting. Boudreau dismissed claims of a deliberate delay, saying, “One of my responsibilities is providing leadership in financial management.”
Conservative MP Kelly McCauley (Edmonton West) argued the delay seemed intentional, calling it “the latest tabling of Public Accounts in history.”
When asked if political pressure influenced the timing, Boudreau responded, “The answer is no,” attributing the delay to the complexity of “a lot of big transactions this year.”
The federal delay contrasted starkly with most provinces, which release their financial records earlier in the year. Alberta discloses its accounts as early as June, while provinces like British Columbia, Manitoba, and Ontario publish them by September.
McCauley accused the government of stalling to avoid scrutiny. “I believe the government delayed the Public Accounts so that when we asked what the deficit was in November, they did not have to tell the truth,” he said.
“Apparently, you can lie about it. The accounting numbers don’t change, but you can say somehow that down is up and left is right.”
McCauley pointed out that publicly traded companies on the Toronto Stock Exchange must release their accounts within 30 days of the fiscal year-end or risk being de-listed.
“If the Government of Canada was on the TSX, we would be de-listed,” he remarked.
He further criticized the timing, saying MPs were asked to approve new spending without knowing the state of federal finances.
“It almost looks like it was done to cover up the fact that we ended up with a $61.9 billion deficit last fiscal year,” McCauley said.
A September report from the Budget Office emphasized the importance of timely publication of Public Accounts for transparency and accountability.
CALGARY, AB, Dec. 20, 2024 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that provides new-generation power control electronics that expand the capabilities of electric motors and batteries, is pleased to provide an update on the settlement of interest payments through the issuance of common shares.
Pursuant to the terms of the C$15,000,000 secured convertible debentures of the Company issued on December 30, 2022 (the “Debentures”), bearing interest at 12% per annum, payable semi-annually in arrears beginning on June 30, 2023 (the “Due Date”). As of December 20, 2024 the Company has 14,950 debenture units outstanding, and an aggregate amount of interest owing on the Debentures payable of C$897,000 (the “Interest”). The Company has elected to issue 6,407,141 common shares in the capital of the Company (“Common Shares”) at a deemed price of $0.14 to the debenture holders as payment for the interest. Pursuant to the Debentures, the deemed issue price per Common Share is calculated based on the volume weighted average trading price of the Common Shares for the five trading days immediately prior to December 20, 2024.
The issuance of the Common Shares as payment for interest owing on the Debentures is subject to the terms and conditions of the Debentures as well as the receipt of all requisite approvals, including, without limitation, the approval of the Toronto Stock Exchange.
About Exro Technologies Inc.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information, please visit www.exro.com.
To view our Investor Presentation, visit us at www.exro.com/investors.
Follow us on social media @Exrotech.
View original content to download multimedia:https://www.prnewswire.com/news-releases/exro-provides-update-on-semi-annual-interest-payments-on-outstanding-convertible-debentures-302337807.html
SOURCE Exro Technologies Inc.
Algonquin Power & Utilities Corp. AQN-T used to be a sweetheart stock: a solid utility with a lovely dividend. Then it took a hit and ever since has been going down like a torpedoed ship. I have hung on from the peak. Do you think it will return or is it time to cut it loose?
In case you missed my column at the time, I turfed Algonquin from my model Yield Hog Dividend Growth Portfolio in November, 2022, a few months before the company slashed its dividend by 40 per cent. I later sold all my personal shares because I was concerned that the company, which was struggling with rising costs for its variable-rate debt, would cut its dividend again, which it did this past August, by another 40 per cent.
The stock price, not surprisingly, has collapsed. The shares were trading Friday morning at about $6.25 on the Toronto Stock Exchange, down 72 per cent from their record high of $22.67 back in February, 2021. I don’t need to remind you that the trend has not been your friend here.
But that’s all in the past. What about the future?
Well, Bay Street clearly doesn’t have much love for the stock. Of the 11 analysts who follow the company, there are 10 hold recommendations and just one buy, according to Refinitiv. The average price target is US$5.50, or about $7.90. But take that with a lump of salt, as analysts’ targets are often overly optimistic.
The reality is that nobody knows where Algonquin’s share price is heading, but the odds of a quick rebound seem remote.
“We remain cautious on the name,” Mark Jarvi, an analyst with CIBC Capital Markets, said in a note after Algonquin released its third-quarter earnings in November.
“AQN’s share price is trying to find a bottom, but the downward slide may not end until the market figures out where earnings will trough in 2025 and investors gain more clarity/confidence on a path forward on better utility earnings,” said Mr. Jarvi, who has a “neutral” rating on the shares.
In a bid to win back investor confidence, Algonquin is attempting to simplify its structure and transform itself into a pure-play regulated utility. In August, the company announced a deal to sell its renewable energy business, excluding hydro assets, to U.S.-based LS Power for up to US$2.5-billion. Algonquin also recently completed the sale of its 42.2-per-cent equity interest in Atlantica Sustainable Infrastructure PLC, with proceeds of both transactions used to reduce debt and recapitalize the company’s balance sheet.
With the renewable assets and Atlantica off the books, Algonquin’s earnings will take a hit next year. Mr. Jarvi estimates that earnings per share in 2025 will fall to about 25 US cents, down from an estimated 33 US cents in 2024 and 53 US cents in 2023. (Reflecting its extensive U.S. utility operations, Oakville, Ont.-based Algonquin reports earnings and declares dividends in U.S. dollars.)
Dividend investors should take note: Mr. Jarvi’s 2025 earnings estimate implies a payout ratio of slightly more than 100 per cent based on Algonquin’s annualized dividend of 26 US cents a share, which yields about 6 per cent. While the dividend doesn’t appear to be in any immediate jeopardy, Algonquin will need to grow its earnings over the next few years to bring its payout ratio down to a more manageable level.
One potential bright spot is that Algonquin currently has roughly a dozen rate cases before various public utility commissions. As a regulated water, gas and electric utility, Algonquin must apply to raise the rates it charges customers, which allows it to earn a return on the capital it invests in its utility infrastructure. But the rate-setting process, which requires input from utility customers and other stakeholders, can take a year or more, which means any earnings boosts from rate cases will not show up in Algonquin’s earnings immediately.
Mr. Jarvi expects that Algonquin’s earnings will “improve over time” but says it will likely be 2027 or 2028 before earnings per share get close to 40 US cents, which would bring the payout ratio down to 65 per cent – the midpoint of management’s target range.
Other analysts are also taking a wait-and-see approach to the stock.
“We continue to believe 2025 will be a tough year as the company transitions to being a pure-play utility,” Brent Stadler, an analyst with Desjardins Capital Markets, said in a note to clients. “We believe there are a lot of moving parts in the numbers and continue to look for clarity and execution.”
Mr. Stadler rates Algonquin a hold, with “above-average” risk.
You’ll need to decide whether you have the patience, and the confidence, to stick with Algonquin while it works through its challenges. If not, there are plenty of other stocks with similar yields, but without the same degree of uncertainty.
I recently read of someone recommending a strategy where you take money out of your tax-free savings account near the end of the year and add it back in the new year. It supposedly increases your contribution room. I cannot understand this idea. If you simply left the money in the TFSA and invested it, wouldn’t you get the same result?
You are correct. When you withdraw money from your TFSA, the amount is added to your contribution room as of Jan. 1 of the following year. For example, assuming you’ve maxed out your TFSA contributions every year, if you withdraw $5,000 from your TFSA on Dec. 30, you will be able to contribute $5,000 as of Jan. 1, plus $7,000 of new contribution room that every eligible TFSA holder receives for 2025, for a total of $12,000.
But have you gained anything by withdrawing $5,000 and putting it back a few days later?
No. However, there are circumstances in which making a TFSA withdrawal, and later recontributing the money, could make sense. For example, imagine you have a large expense such as a kitchen renovation. You could withdraw, say, $20,000 from your TFSA in July to pay for your reno. Then you could start saving funds to replenish your TFSA the following year when that additional $20,000 of contribution room becomes available.
E-mail your questions to jheinzl@globeandmail.com. I’m not able to respond personally to e-mails but I choose certain questions to answer in my column.
Author of the article:
Published Dec 20, 2024 • 2 minute read
BROOKFIELD, News, Dec. 20, 2024 (GLOBE NEWSWIRE) — Brookfield Infrastructure Partners L.P. (“BIP”) (NYSE: BIP; TSX: BIP.UN) and Brookfield Infrastructure Corporation (“BIPC”) (TSX, NYSE: BIPC) today announced that they have now received all required shareholder, court and regulatory approvals for the previously-announced proposed reorganization of BIPC (the “Arrangement”). Accordingly, the Arrangement will become effective prior to markets open on December 24, 2024.
Advertisement 2
Story continues below
Article content
Article content
Article content
As a result of the Arrangement, in exchange for their class A exchangeable subordinate voting shares of BIPC, BIPC shareholders will automatically receive new class A exchangeable shares (“New Exchangeable Shares”) that provide the same economic benefits and governance of investing in BIPC today. The New Exchangeable Shares will be listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “BIPC”.
About Brookfield Infrastructure
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at https://bip.brookfield.com.
Advertisement 3
Story continues below
Article content
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $1 trillion of assets under management. For more information, go to https://brookfield.com.
Contact Information
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “will,” “expect”, or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements in this news release include statements regarding BIP and BIPC’s beliefs on certain benefits of the Arrangement; the anticipated closing date of the Arrangement; and the commencement of trading of the New Exchangeable Shares on the Toronto Stock Exchange and New York Stock Exchange. Although BIP and BIPC believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of BIP and BIPC are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of BIP and BIPC to differ materially from those contemplated or implied by the statements in this news release include risks and factors described in the documents filed by BIP and BIPC with securities regulators in Canada and the United States including under “Risk Factors” in BIP’s and BIPC’s most recent Annual Reports on Form 20-F and other risks and factors that are described therein. Except as required by law, BIP and BIPC undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Article content
Author of the article:
Published Dec 20, 2024 • 8 minute read
KELLOGG, Idaho and VANCOUVER, British Columbia, Dec. 20, 2024 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp. (“Bunker Hill” or the “Company”) (TSXV:BNKR | OTCQB:BHLL) announces that it has elected to issue an aggregate of 7,392,859 shares of common stock of the Company (the “Interest Shares”) to certain holders of 7.5% convertible debentures (the “Series 1 Convertible Debentures”) and 10.5% convertible debentures (the “Series 2 Convertible Debentures” and, together with the Series 1 Convertible Debentures, the “Convertible Debentures”) in full satisfaction of the interest payable thereunder as of December 31, 2024 in the aggregate amount of USD$517,500.00 (the “Interest Payment”). The Convertible Debentures mature on March 31, 2028 & March 31, 2029, respectively.
Advertisement 2
Story continues below
Article content
Article content
Article content
In accordance with the terms of the Convertible Debentures, the Company will issue the Interest Shares at a price of USD$0.07 per Interest Share based on 90% of the 10-day volume weighted average trading price of the shares of common stock of the Company on the TSX Venture Exchange (the “TSX-V”) on the trading days beginning on December 9, 2024 and ending on December 20, 2024 (the “Pricing Period”).
In connection with the Interest Payment, the Company will issue an aggregate of 7,392,859 Interest Shares to certain managed accounts of Sprott Private Resource Streaming and Royalty Corp. (“Sprott”) and, accordingly, the issuance of such Interest Shares to Sprott will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholder Approval (“MI 61-101”). The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the Interest Shares to be issued to Sprott, nor the consideration received for such Interest Shares, will exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days prior to the election to issue the Interest Shares as the Pricing Period only ended yesterday on December 20, 2024.
Top Stories
Article content
Advertisement 3
Story continues below
Article content
The issuance of the Interest Shares is subject to the terms and conditions of the Convertible Debentures as well as the receipt of all regulatory approvals, including, without limitation, the approval of the TSX-V. Once issued, the Interest Shares will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws.
Additional details regarding the Convertible Debentures can be found in the Company’s news releases dated December 20, 2021, January 31, 2022, June 20, 2022, June 26, 2023, and August 8, 2024 all of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Financing Cooperation fee
The Cooperation Agreement provides for, among other things, the Service Provider and its affiliates providing certain collateral security in order for the Company and Silver Valley to obtain certain surety bonds with respect to the Bunker Hill Mine (the “Collateral Security”). In consideration for the Collateral Security, the Company is required to pay the Service Provider a financing cooperation fee of US$20,000 per month, payable quarterly in Common Shares and/or cash at the Company’s election, during the term of the Cooperation Agreement. The Service Provider is arm’s length to the Company, its affiliates and associates.
Advertisement 4
Story continues below
Article content
The Company has elected to issue 509,480 Common Shares (each, a “Q3 Share”) at a deemed issue price of C$0.16 per Q3 Share to the Service Provider in full satisfaction of the aggregate US$60,000 financing cooperation fee owing to the Service Provider for the three (3) month period ending on September 30, 2024 (the “Q3 Cooperation Fee”). Further to its news release dated September 5, 2024, the Company also intends to issue 543,855 Common Shares (each, a “Q2 Share” and, together with the Q3 Shares, the “Settlement Shares”) at a deemed issue price of C$0.15 per Q2 Share, instead of 506,775 Common Shares at a deemed issue price of C$0.16 as previously disclosed, in full satisfaction of the US$60,000 financing cooperation fee owing to the Service Provider for the three (3) month period ending on June 30, 2024. The Company and the Service Provider repriced the Q2 Shares based on the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) for the trading days beginning on April 1, 2024 and ending on June 30, 2024. The Company intends to issue the Settlement Shares in lieu of paying cash to preserve its cash for the potential restart and ongoing development of the Bunker Hill Mine.
Advertisement 5
Story continues below
Article content
These transactions remain subject to the receipt of all regulatory and stock exchange approvals. Once issued, the Settlement Shares will be subject to a four (4) month and one (1) day hold period from the applicable date of issuance in accordance with applicable Canadian securities laws. The Settlement Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or in compliance with the requirements of an applicable exemption therefrom.
ABOUT BUNKER HILL MINING CORP.
Under Idaho-based leadership, Bunker Hill intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating and then optimizing a number of mining assets into a high-value portfolio of operations, centered initially in North America. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR databases.
Advertisement 6
Story continues below
Article content
On behalf of Bunker Hill
Sam Ash
President, Chief Executive Officer and Director
For additional information, please contact:
Brenda Dayton
Vice President, Investor Relations
T: 604.417.7952
E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations (collectively, “forward-looking statements”). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “plan” or variations of such words and phrases.
Advertisement 7
Story continues below
Article content
Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans, including the restart and development of the Bunker Hill Mine; the achievement of future short-term, medium-term and long-term operational strategies; and the terms and completion of the financing cooperation fee share transactions described herein, including the number and deemed pricing of the Settlement Shares issuable in connection therewith, and the Company receiving all regulatory and stock exchange approvals for the transactions described herein. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill’s ability to complete the transaction on the terms described herein or at all; Bunker Hill’s ability to receive sufficient project financing for the restart and ongoing development of the Bunker Hill Mine on acceptable terms or at all; the future price of metals; and the stability of the financial and capital markets. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the “SEC”) and with applicable Canadian securities regulatory authorities, and the following: the Company’s inability to raise additional capital for project activities, including through equity financings, concentrate offtake financings or otherwise; capital market conditions; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company’s operations or financial results are included in the Company’s annual report and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on the SEC website (www.sec.gov).
Article content
Trusted News Since 1995
A service for global professionals
·
Saturday, December 21, 2024
·
770,906,553
Articles
·
3+ Million Readers
Author of the article:
Published Dec 20, 2024 • 3 minute read
BROOKFIELD, NEWS, Dec. 20, 2024 (GLOBE NEWSWIRE) — Brookfield Renewable Partners L.P. (“BEP”) (NYSE: BEP; TSX: BEP.UN) and Brookfield Renewable Corporation (“BEPC”) (TSX, NYSE: BEPC) today announced that they have now received all required shareholder, court and regulatory approvals for the previously-announced proposed reorganization of BEPC (the “Arrangement”). Accordingly, the Arrangement will become effective prior to markets open on December 24, 2024.
Article content
Article content
As a result of the Arrangement, in exchange for their class A exchangeable subordinate voting shares of BEPC, BEPC shareholders will automatically receive new class A exchangeable shares (“New Exchangeable Shares”) that provide the same economic benefits and governance as investing in BEPC today. The New Exchangeable Shares will be listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “BEPC”.
Advertisement 2
Story continues below
Article content
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling. Further information is available at https://bep.brookfield.com.
Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with over $1 trillion of assets under management. For more information, go to https://brookfield.com.
Advertisement 3
Story continues below
Article content
Contact Information
| Media: | Investors: |
| Simon Maine | Alex Jackson |
| Managing Director | Vice President |
| Corporate Communications | Investor Relations |
| Tel: +44 739 890 9278 | Tel: +1 416 649 8196 |
| Email: simon.maine@brookfield.com | Email: alexander.jackson@brookfield.com |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “will,” “expect”, or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements in this news release include statements regarding BEP and BEPC’s beliefs on certain benefits of the Arrangement; the anticipated closing date of the Arrangement; and the commencement of trading of the New Exchangeable Shares on the Toronto Stock Exchange and New York Stock Exchange. Although BEP and BEPC believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of BEP and BEPC are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of BEP and BEPC to differ materially from those contemplated or implied by the statements in this news release include risks and factors described in the documents filed by BEP and BEPC with securities regulators in Canada and the United States including under “Risk Factors” in BEP’s and BEPC’s most recent Annual Reports on Form 20-F and other risks and factors that are described therein. Except as required by law, BEP and BEPC undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Article content
Author of the article:
Published Dec 20, 2024 • 3 minute read
BROOKFIELD, NEWS, Dec. 20, 2024 (GLOBE NEWSWIRE) — Brookfield Renewable Partners L.P. (“BEP”) (NYSE: BEP; TSX: BEP.UN) and Brookfield Renewable Corporation (“BEPC”) (TSX, NYSE: BEPC) today announced that they have now received all required shareholder, court and regulatory approvals for the previously-announced proposed reorganization of BEPC (the “Arrangement”). Accordingly, the Arrangement will become effective prior to markets open on December 24, 2024.
Article content
Article content
As a result of the Arrangement, in exchange for their class A exchangeable subordinate voting shares of BEPC, BEPC shareholders will automatically receive new class A exchangeable shares (“New Exchangeable Shares”) that provide the same economic benefits and governance as investing in BEPC today. The New Exchangeable Shares will be listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “BEPC”.
Advertisement 2
Story continues below
Article content
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling. Further information is available at https://bep.brookfield.com.
Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with over $1 trillion of assets under management. For more information, go to https://brookfield.com.
Advertisement 3
Story continues below
Article content
Contact Information
| Media: | Investors: |
| Simon Maine | Alex Jackson |
| Managing Director | Vice President |
| Corporate Communications | Investor Relations |
| Tel: +44 739 890 9278 | Tel: +1 416 649 8196 |
| Email: simon.maine@brookfield.com | Email: alexander.jackson@brookfield.com |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “will,” “expect”, or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements in this news release include statements regarding BEP and BEPC’s beliefs on certain benefits of the Arrangement; the anticipated closing date of the Arrangement; and the commencement of trading of the New Exchangeable Shares on the Toronto Stock Exchange and New York Stock Exchange. Although BEP and BEPC believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of BEP and BEPC are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of BEP and BEPC to differ materially from those contemplated or implied by the statements in this news release include risks and factors described in the documents filed by BEP and BEPC with securities regulators in Canada and the United States including under “Risk Factors” in BEP’s and BEPC’s most recent Annual Reports on Form 20-F and other risks and factors that are described therein. Except as required by law, BEP and BEPC undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Article content
(MENAFN– Newsfile Corp)
Calgary, Alberta–(Newsfile Corp. – December 20, 2024) – Baytex energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) today announced that it has closed the sale of its Kerrobert thermal asset located in southwest Saskatchewan, for net proceeds of approximately $42 million. Production from the asset is approximately 2,000 bbl/d (100% heavy oil).
The non-core disposition further streamlines our portfolio and the net proceeds from the sale will be applied against outstanding bank indebtedness.
To reflect the disposition, we have updated our 2025 production guidance to 148,000 to 152,000 boe/d (150,000 to 154,000 boe/d, previously). The disposition is not expected to meaningfully impact our exploration and development expenditures or free cash flow profile for 2025.
Advisory Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking information in this news release is identified by words such as “expected” or similar expressions and includes suggestions of future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this press release contains forward-looking statements relating to but not limited to: that net proceeds will be applied against outstanding bank indebtedness; our updated production guidance for 2025 and that the disposition is not expected to meaningfully impact our exploration and development expenditures or free cash flow profile for 2025. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Baytex and others that apply to the industry generally. These risks relating to Baytex include, but are not limited to, the satisfaction of all conditions to the completion of the transaction.
The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Baytex Energy Corp.
Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
For further information about Baytex, please visit our website at or contact:
Brian Ector, Senior Vice President, Capital Markets and Investor Relations
Toll Free Number: 1-800-524-5521
Email: …
To view the source version of this press release, please visit
MENAFN20122024004218003983ID1109018055
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments