Category: Canada

John Lennon as a life coach, Chihuahuas, and microeconomic miracles

Be it music, poetry, or the economy, life is a bit strange these days—like a caffeinated Chihuahua running the Toronto Stock Exchange, wearing sunglasses and muttering about NFTs while inflation licks at its heels like a sunburned cat. But let’s not measure it by quarters, CPI charts, and the TSX’s emotional instability. Let’s count it the  John Lennon way: by friends, not fiscal years. By smiles, not student debt-induced tears.

So here we are—2025, somewhere on the on-ramp of late-stage capitalism, with nepo-babies making art, billionaires jousting in low orbit, and the average avocado costing approximately a mid-sized mortgage payment in West Vancouver. A fair distance from when John Lennon gave life advice in the 70’s. Now, the economists in their air-conditioned towers  will tell you we’re in for a “resilient soft landing.” But that’s economist-speak: “We have no idea what’s going on but the PowerPoint looked good.”

Well, forget GDP—have you laughed recently? That’s real value. That’s your Life Stock Index. Did your barista remember your name? Did you make eye contact with a stranger at the local grocery store,  and neither of you combusted in anxiety? Did you make small talk about the weather? Congratulations: its a microeconomic miracle.
 The economy isn’t numbers, it’s people. It’s guitar riffs of everyday kindness, it’s taking minimum wage stock and hustle with the glorious poetry of someone doing donuts in a big box store’s parking lot to feel alive with the windows down and the system up!  Forget bonds—talk to the night shift highway gas station attendant named Sage who writes haikus on coffee cups and has a master’s in philosophy. They are the GDP of our soul.

Meanwhile, most of the current economy is powered by a combination of fear, novelty, and the deep belief that if we all subscribe to one more thing, enlightenment (or at least free shipping) will arrive. Somewhere, a venture capitalist is pitching a startup that sells kibble to dogs via drone. It has a $200 million valuation and exactly zero customers. The market loves it.

But Lennon, dear John, he had the real portfolio. Friends, not years. Smiles, not tears. The Nasdaq of compassion. The ETF of giggles. Can you short despair? Can you long joy? That’s the game now, in this world of clicks and likes, where your Uber driver is a former concert pianist and everyone’s RRSP feels like Schrödinger’s retirement plan—both alive and dead until further notice.

So yeah, the economy is weird. It’s a clown car stuck in an AI quantum loop, honking every time someone mentions “late-stage.” But maybe the best investment isn’t in crypto or tech stocks or vintage Beatles albums—it’s in each other.
Hold the door open and tip extra. Text your weird but favourite uncle. Laugh too loud. Be the bull market of humour and basic human decency.

And remember, above all else: to subscribe and like is optional, but laughing, with love, about it all is not.

Douglas Zhivago

TORONTO, May 9, 2025 /CNW/ – MCAN Mortgage Corporation d/b/a MCAN Financial Group announced the results of the director elections from its 2025 Annual and Special Meeting of Shareholders held on May 8. All nominated directors were elected to serve until the next annual meeting or until their successors are chosen.

Bonnie Agostinho, Brian W. Chu, John E. Coke, Glenn Doré, Philip C. Gillin, Karen L. Martin, Gaelen J. Morphet, and Derek G. Sutherland received significant support from shareholders, with percentages of votes in favor ranging from 98.91% to 99.46%.

For instance, Agostinho garnered 14,030,580 votes in favor, translating to 98.91%, while Chu received 14,107,515 votes, or 99.46%. Each director nominee’s election was confirmed through a vote by ballot, reflecting strong shareholder confidence in the board.

MCAN Mortgage Corporation, listed on the Toronto Stock Exchange under the symbol MKP, is known as the largest mortgage investment corporation in Canada. With a primary focus on generating a reliable stream of income, the company invests in diverse Canadian mortgages, including both residential and commercial properties.

The company highlights its commitment to investing in communities and homes. As part of its strategic direction, MCAN continues to adapt to economic challenges while maintaining a robust lending portfolio. According to CEO Derek Sutherland, “Our first quarter results show resilience in a challenging economic environment, and we will continue to seek growth opportunities.”

Further information about MCAN can be accessed through its website at www.mcanfinancial.com.

Now that Fairfax Financial Holdings Ltd. (FFH) has signed a letter of intent to acquire The Keg Royalties Income Fund (KEG.UN), do you think other restaurant royalty companies will be bought out?

There does seem to be a trend of restaurant parent companies acquiring their royalty affiliates. In October, A&W Food Services of Canada Inc. merged with A&W Revenue Royalties Income Fund, citing “a more conventional capital structure that can be leveraged to finance growth initiatives.” The combined company now trades on the Toronto Stock Exchange under the symbol AW.

This week, Keg Royalties announced it has signed a letter of intent that would see Fairfax Financial acquire all outstanding units of the fund, other than those it already owns, for $18.60 each – a 31-per-cent premium to the price before the proposal was announced. The Keg steakhouse chain is owned by Recipe Unlimited Corp. – parent of Swiss Chalet, Harvey’s, East Side Mario’s and other brands – which was taken private by Fairfax Financial in 2022.

Based on recent stock market action, some investors may be betting that other royalty companies could eventually get swallowed up. In the three trading sessions following the Fairfax-Keg announcement on Monday morning, shares of Pizza Pizza Royalty Corp. (PZA) rose 2.3 per cent and units of Boston Pizza Royalties Income Fund (BPF.UN) gained 4.5 per cent. Both chains also released first-quarter results this week, with same-store sales rising 1.2 per cent at Pizza Pizza and 4.4 per cent at Boston Pizza.

Royalty funds are unusual in that they don’t own the restaurant chains themselves. Rather, they own the restaurant trademarks, which they license to the operating company in exchange for a royalty based on a percentage – typically 4 per cent to 9 per cent – of sales by restaurants in the “royalty pool.” That royalty income, in turn, funds cash distributions to shareholders.

The high yields of royalty stocks make them popular with retail investors. Keg Royalties and Pizza Pizza Royalty both yield more than 6 per cent, Boston Pizza Royalties yields more than 7 per cent, and SIR Royalty Income Fund (SRV.UN) – owner of the Jack Astor’s casual dining chain – yields about 9 per cent.

Although restaurant royalty funds share a similar structure, each has its own characteristics. Pizza Pizza Royalty, for example, is a corporation, not a fund like the other entities.

In the case of Boston Pizza, the “operating company has a single individual owner in Jim Treliving,” said Nick Corcoran, an analyst who covers Boston Pizza Royalties at Acumen Capital. “It would ultimately be up to Mr. Treliving to pursue a sale of the operating company or combination with the income fund.”

I wouldn’t invest in a royalty fund based solely on expectations of a buyout. It’s more prudent to consider the investment’s merits on their own and treat any potential transaction as a bonus. In other words, enjoy your main course of dividends, but don’t expect a free dessert.

In my tax-free savings account and registered retirement income fund, I have been holding some Brompton investment funds for 14 years. My Brompton Life & Banc Split Corp. Class A shares (LBS) show a negative book value of $3,547. My purchase cost was $32,135, and the current market value is $31,814. My annual yield is about 14 per cent. What would happen if I sold the fund in this negative book value situation? Would it reduce my gain?

The negative book value will not affect the proceeds you receive from selling your shares. Assuming you enter a market order to sell (as opposed to a limit order that specifies your asking price), the price will be determined by the bids available at the time.

Keep in mind that, because bid and ask prices are constantly changing, the price you receive may differ slightly from the price of the previous trade.

Nor will the negative book value have any tax consequences in your case. Because you hold the shares in a registered account, you will not face any taxes on capital gains or investment income.

The only time an investment’s book value – also known as adjusted cost base (ACB) – comes into play for tax purposes is when the securities are held in a non-registered account. In such cases, you would calculate your capital gain (or loss) by subtracting the book value from the sale proceeds.

Hypothetically speaking, say your shares were held in a non-registered account and you sold them for proceeds of $31,814. You would have a realized capital gain of $35,361 (calculated as $31,814 minus the ACB of negative $3,547, which is the same as adding $3,547).

You may be wondering where the negative book value came from. Well, if you own an investment that distributes return of capital (ROC), as LBS and many other high-yielding funds do, each ROC distribution must be subtracted from your ACB. (Evidently, your broker has been doing this for you.) If you receive enough ROC over the years, your book value can drop to zero.

In a non-registered account, once the ACB or book value hits zero, any subsequent ROC distributions are taxed in the same year as capital gains and are no longer deducted. So, in a non-registered account, the book value cannot technically drop below zero. But as you’ve discovered, in a registered account it can and does happen.

Disclosure: The author owns PZA, BPF.UN and KEG.UN personally.

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.

 Gulf Network

Sayward Capital Corp., a capital pool company listed on the TSX Venture Exchange (TSXV), has announced the signing of a definitive share exchange agreement with Technosteel Construction, a leading structural steel firm based in the UAE. This milestone transaction represents a historic first for Canadian capital markets, marking the debut of a UAE-headquartered operating company on a Canadian stock exchange.

Signed on March 26, 2025, the agreement outlines the terms of Sayward’s Qualifying Transaction in accordance with TSXV Policy 2.4. Upon completion, the resulting issuer is expected to be named Technosteel Corp. The transaction will be accompanied by a private placement of up to US$4 million, which will be used to support Technosteel’s continued expansion, automation initiatives, and general working capital requirements.

Founded in 1992, Technosteel has established itself as a dominant force in structural steel fabrication and erection across the UAE and the broader Middle East. The company has delivered more than 86 major projects, including iconic developments such as the Princess Tower, the Ferrari and Maserati Showroom, and the Abu Dhabi Link Bridge.

With a monthly installation capacity of 2,000 tons and a workforce exceeding 1,200 employees, Technosteel serves an expansive clientele spanning governmental bodies, private developers, and multinational corporations.

“This is more than a transaction—it’s a transformation. We’re proud to take a homegrown UAE engineering leader to the global capital stage. The TSXV listing will accelerate our expansion plans, drive innovation in construction automation, and open new frontiers for investor and client engagement across Canada, the GCC, and beyond,” said Shyamrup Roy Choudhury, who will serve as CEO of the resulting issuer.

Dr. Ahmed Abdul Rahman Albanna, Co-Managing Director of Technosteel, added, “This milestone is not only a first for Technosteel, but for the UAE. For the first time in history, a UAE operating company will be listed on the Canadian stock exchange. It’s a moment of immense pride for our nation and testament to the maturity, credibility, and global ambition of UAE enterprises. We are honoured to carry that flag.”

Under the agreement, each Technosteel share will be exchanged for 711.11111 common shares of Sayward. The post-transaction leadership team will include Shyamrup Roy Choudhury as Chief Executive Officer and Director, Aaron Meckler as Chief Financial Officer, and board members Dr. Ahmed Abdul Rahman Albanna, Dana Ahmed Albanna, and Chittransh Verma.

Barrick Gold Corporation recently announced that it plans to change its name to Barrick Mining Corporation and from « Société aurifère Barrick » to « Société minière Barrick » in French, subject to shareholder approval at its upcoming Annual and Special Meeting of Shareholders on May 6, 2025.

In connection with its name change, the Company also plans to change its ticker symbol for the Barrick common shares listed on the New York Stock Exchange from ‘GOLD’ to ‘B’, to become effective at the start of trading on May 9, 2025.  The Barrick common shares will continue to trade under the ‘ABX’ ticker symbol on the Toronto Stock Exchange.  The new CUSIP number for the Barrick common shares effective at the start of trading on May 9, 2025 will be 06849F108.

“Barrick’s vision is to be the world’s most valued gold and copper exploration, development and mining company.  Along with our world-class portfolio of six Tier One gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond,” says Barrick president and chief executive Mark Bristow. “Barrick Mining Corporation and our new stock symbol, ‘B’, better reflect Barrick’s current business and our mission to achieve sustainable and profitable gold and copper growth.  Gold remains core to our foundation and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold,” Bristow said.

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 8, 2025) – TriStar Gold Inc. (TSXV: TSG) (” TriStar ” or the “Company” ) is pleased to announce that it has entered into a letter agreement with Paradigm Capital Inc. (” Paradigm “) as lead agent and sole bookrunner, for and on behalf of a syndicate of agents (collectively, the ” Agents “), in connection with a proposed best efforts private placement financing (the ” Offering “) for total proceeds of up to $10 million, consisting of up to 62,500,000 units of the Company (the ” Units “) at a price of $0.16 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a ” Unit Share “) and one-half of one common share purchase warrant of the Company (each whole warrant, a ” Warrant “). Each Warrant will be exercisable to acquire one additional common share in the capital of the Company (a ” Warrant Share “) for 24 months from the Closing Date (as defined below) at an exercise price of $0.25 per Warrant Share.

The Company will also grant the Agents an option (the ” Agents’ Option “) to sell up to that number of additional Units equal to 15% of the base Offering size, being 9,375,000 additional Units for additional gross proceeds of up to $1,500,000, exercisable, by notice in writing to the Company, at any time not less than 48 hours prior to the Closing Date.

The Agents will be paid by the Company on closing of the Offering a cash commission equal to 6% of the gross proceeds of the Offering, including on any exercise of the Agents’ Option.

The Agents will also receive on the Closing Date compensation options (the ” Compensation Options “) entitling the Agents to acquire that number of common shares equal to 6% of the number of Units issued pursuant to the Offering, including on any exercise of the Agents’ Option, at an exercise price of $0.16, exercisable for a period of 24 months following the Closing Date.

The net proceeds from the Offering will be used for exploration and development, and general working capital purposes.

The Offering will be conducted in all provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the ” U.S. Securities Act “), and in such other jurisdictions as are agreed to by the Company and the Agents. The Offering is expected to close on or about May 29^th, 2025 (the ” Closing Date “) and will be subject to regulatory approvals and customary closing conditions, including the listing of the Unit Shares and Warrant Shares on the TSX Venture Exchange (” TSXV “). All securities issued pursuant to the Offering will have a hold period of four months and one day.

The securities have not been, and will not be, registered under 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 compliance with the requirements of an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor may there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About TriStar Gold Inc.

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is the Castelo de Sonhos gold project in Pará State, Brazil. TriStar has completed a pre-feasibility study and is now working to advance the project towards a feasibility study while evaluating optimization options. The Company’s shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF . Further information is available at .

On behalf of the board of directors of the Company:

Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
Nick Appleyard
President and CEO
480-794-1244
…

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the “safe harbour” provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements in this press release include statements regarding the completion of the Offering. Such forward-looking statements are based upon the Company’s reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company’s plans to change include changes in the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approvals; in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit

SOURCE: TriStar Gold Inc.

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