Centamin shares will trade for the last time on the London and Toronto exchanges on 21 and 20 November 2024, respectively. Credit: Aleksandar Grozdanovski/Shutterstock.
AngloGold Ashanti’s scheme to acquire Centamin, which owns Egypt’s largest gold mine, Sukari, has been sanctioned by the Jersey Court.
This approval moves the recommended cash and share acquisition of Centamin’s issued share capital by AngloGold Ashanti closer to completion.
The transaction remains subject to the conditions outlined in the scheme document released on 30 September 2024.
The scheme document, approved by Centamin shareholders on 28 October 2024, details the terms of the acquisition. The deal will become effective upon the court order’s registration with the Registrar of Companies, expected on 22 November 2024.
The last day for trading Centamin’s shares on the London and Toronto stock exchanges will be 21 and 20 November 2024, respectively.
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Following the suspension, Centamin shares will be removed from the official list and trading on both the London Stock Exchange’s main market and the Toronto Stock Exchange (TSX).
Centamin has applied for the suspension of trading on the London Stock Exchange to commence at 7.30am on 22 November 2024, with the cancellation of the listing on the official list scheduled for 8.00am on 25 November 2024.
The delisting of Centamin shares from the TSX has received conditional approval and is set to occur at 4.30pm Toronto time on 25 November 2024. The timeline for these principal events remains consistent with the schedule announced by Centamin on 28 October 2024.
Groupe Dynamite Inc. kicked off its first day of trading on the Toronto Stock Exchange.
Shares in the Montreal-based retailer behind the Dynamite and Garage stores were priced at $21 in their initial public offering.
They were down 95 cents at $20.05 in early trading on the Toronto market.
The IPO included more than 14 million subordinate voting shares.
The offering was made through a syndicate of underwriters including Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc.
The sale was expected to generate gross proceeds of about $300 million for the selling shareholders.
This report by The Canadian Press was first published Nov. 21, 2024.
Groupe Dynamite, the Montreal company behind women’s fashion retailers Dynamite and Garage, has launched a $300-million initial public offering on the Toronto Stock Exchange.
The company starts trading subordinate voting shares on Thursday under the ticker GRGD, having signed an agreement with its underwriters to trade at $21 per share, according to a news release. The IPO closes on Nov. 26.
Groupe Dynamite is set to have a market capitalization of $2.3 billion. That would make its CEO and owner Andrew Lufty a billionaire, according to Bloomberg. The executive will retain 87 per cent of the company.
The underwriting group — led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., among others — will have the option of issuing an additional 2.14 million shares up to 30 days after the IPO closes.
Groupe Dynamite is one of the first major Canadian companies to go public after a years-long IPO drought in the Canadian market.
The company was founded in 1975 with a single store in Montreal, and has since grown its footprint to nearly 300 stores across Canada and the United States. It has 6,000 employees.
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
ROUYN-NORANDA, Quebec, Nov. 21, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that O3 Mining Inc. (OIII-TSXV, OIIIF-OTCQX) have initiated a two drill, 8,000 metre exploration program on the Cameron and Florence sections of their Kinebik Project which straddles over 55 kilometres strike of the auriferous Casa Berardi trend in Quebec, northwest of Lebel-sur-Quevillon. The Casa Berardi trend is the location of several large gold deposits including the +5-million-ounce Casa Berardi gold deposit.
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O3 Mining, in yesterday’s press release, has reported that the current drill program will focus principally on the Cameron and Florence areas which in large part were purchased from Globex (see Globex press release dated December 22, 2023). Globex sold 156 claims to O3 Mining for $2,000,000 payable, $150,000 in cash and 1,185,897 O3 Mining common shares. Globex retains a 2.5% Gross Metal Royalty on 104 claims and 1% Gross Metal Royalty on 52 claims. O3 Mining assumed responsibility for a pre-existing underlying 2% Net Smelter Royalty on the 52 claims purchased from Globex.
Globex Mining Enterprises Inc. Properties Outlined in Red Sold to O3 Mining
Current O3 Mining Map of Kinebik Project – Globex Royalty Claims Outlined in Blue and Priority Drill Areas in Red
The eight claim blocks that Globex sold to O3 Mining include numerous gold intersections in drill holes as well as surface showings. Previous geophysics, geologic mapping and prospecting and follow-up drilling demonstrated the yet to be adequately defined potential of the areas. Globex has full confidence in O3 Mining’s team of first-class explorationists to carry the projects forward.
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The Cameron area, designated for initial exploration in this drill program, straddles the east extension of the gold bearing horizon of the Flordin Gold Mine (per Abcourt Mines, May 2023 NI 43-101 Report by Oliver Vadnais-Leblanc P.Geo., Carl Pelletier P.Geo., Eric Lecomte P.Eng., and Simon Boudreau P.Eng. from InnovExplo Inc., 1,530,000 tonnes grading 2.18 g/t Au measured and indicated and 244,000 tonnes grading 2.38 g/t Au Inferred) and the Cartright Gold Zone (recent channel sampling up to 10.4 g/t Au over 12m) close to the Cameron claim blocks west boundary. The Florence claim block straddles a parallel series of gold bearing geological rock units. And, is east-northeast of the Discovery Gold Zone (Measured and Indicated Resource 1,186,000 tonnes grading 4.66 g/t Au and Inferred Resource 1,970,000 tonnes grading 4.80 g/t Au, March 28, 2023, NI 43-101, by Olivier Vadnais-Leblanc, P.Geo., Simon Boudreau, P.Eng., and Eric Lecomte, P.Eng. of InnovExplo Inc. per Abcourt Mines).
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
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We Seek Safe Harbour.
Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDARplus.ca.
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
(all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)
TORONTO, Nov. 21, 2024 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2024.
“Consolidated revenue increased 8% year-over-year to $45.6 million in the fourth quarter, and we posted positive Adjusted EBITDA(A) of $0.6 million. U.S. Title Net Revenue(A) increased 30% sequentially on stronger market volumes and market share increases. This growth in Net Revenue(A) coupled with disciplined cost management allowed us to convert 100% of the increase to Adjusted EBITDA(A),” said Real Matters Chief Executive Officer Brian Lang. “We launched six lenders in the fourth quarter, three of which were new U.S. Title clients, including one Tier 2 lender. Increases in our market share with our clients continue to underpin our performance, offsetting some of the impact of variable mortgage market conditions.”
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“Looking back at our fiscal 2024 performance, we delivered Adjusted EBITDA(A) of $1.9 million – a significant improvement from a loss of $2.4 million in fiscal 2023, as we continued to prudently manage our cost base throughout the year in line with the variability in mortgage origination volumes. We grew our market share with our clients across all three segments, launched a total of 16 clients and four new channels during the year, delivering consolidated revenue growth of 5% in a record-low market. Net Revenue(A) was up 8% from fiscal 2023 and we improved Net Revenue(A) margins in all three segments,” added Lang.
“Heading into fiscal 2025, we are optimistic about the potential for growth as pent-up demand continues to build. Today, there are eight million outstanding mortgages with interest rates above 6% which represents a significant pool of potential refinance candidates. According to our Future Plans of Homeowners Survey, 40% of future buyers plan to buy a primary home when rates decline. These tailwinds, coupled with our market leadership in appraisal and the significant potential for expanding our U.S. Title business, position us well for growth. We continue to maintain a readiness posture to flex the business based on market dynamics and lender positioning. As we drive more transaction volumes on our platform, we expect to expand our margins and profitability in line with our long-term operating model,” concluded Lang.
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Q4 2024 Highlights
Consolidated revenues of $45.6 million, up 8% year-over-year
Consolidated Adjusted EBITDA(A) of $0.6 million and net loss of $0.2 million
Year-over-year market share gains with 3 of our top U.S. Appraisal clients
Year-over-year market share gains with Tier 1 lender and launched 3 new clients in U.S. Title
Launched 3 new clients in Canada and one new channel
Fiscal 2024 Highlights
Consolidated revenues of $172.7 million, up 5% year-over-year
U.S. Appraisal Net Revenue(A) margin of 27.6% – in our target operating model range
Positive consolidated Adjusted EBITDA of $1.9 million up from $(2.4) million in fiscal 2023
Positive consolidated net income in fiscal 2024, up from a loss of $6.2 million in fiscal 2023
Year-over-year market share gains in all three segments
Launched 2 new lenders, 1 new channel in U.S. Appraisal
Launched 7 new lenders and 1 new channel in U.S. Title
Launched 7 new clients in Canada and 2 new channels in Canada
Cash and cash equivalents of $49.1 million and no outstanding debt
Financial and Operational Summary
Quarter ended
Year ended
%
2024
2024
2024
2024
2023
% Change1
2024
2023
Change1
Q4
Q3
Q2
Q1
Q4
Quarter over Quarter
Year over Year
September 30
September 30
Year over Year
Consolidated
Revenue
$
45.6
$
49.5
$
42.2
$
35.4
$
42.2
-8
%
8
%
$
172.7
$
163.9
5
%
Net Revenue(A)
$
12.0
$
13.1
$
11.5
$
9.7
$
11.2
-9
%
8
%
$
46.4
$
43.0
8
%
Adjusted EBITDA(A)
$
0.6
$
1.7
$
0.7
$
(1.1
)
$
0.6
-66
%
-6
%
$
1.9
$
(2.4
)
178
%
Net (loss) income
$
(0.2
)
$
1.7
$
2.1
$
(3.6
)
$
1.6
-109
%
-110
%
$
–
$
(6.2
)
100
%
Net income (loss) per diluted share
$
0.00
$
0.02
$
0.03
$
(0.05
)
$
0.02
-100
%
-100
%
$
0.00
$
(0.08
)
100
%
Adjusted Net income (loss)(A)
$
0.9
$
1.7
$
1.3
$
(1.2
)
$
0.8
-45
%
13
%
$
2.7
$
(2.2
)
223
%
Adjusted Net income (loss)(A) per diluted share
$
0.01
$
0.02
$
0.02
$
(0.02
)
$
0.01
-50
%
0
%
$
0.04
$
(0.03
)
233
%
U.S. Appraisal segment
Revenue
$
33.8
$
37.5
$
32.6
$
26.8
$
31.2
-10
%
8
%
$
130.7
$
120.8
8
%
Net Revenue(A)
$
9.0
$
10.3
$
9.2
$
7.5
$
8.6
-13
%
6
%
$
36.1
$
33.1
9
%
Net Revenue(A) margin
26.7
%
27.6
%
28.3
%
27.9
%
27.5
%
27.6
%
27.4
%
Adjusted EBITDA(A)
$
4.1
$
5.5
$
4.4
$
2.7
$
3.9
-26
%
4
%
$
16.7
$
14.1
18
%
Adjusted EBITDA(A) margin
45.2
%
53.2
%
47.9
%
35.8
%
46.0
%
46.2
%
42.8
%
U.S. Title segment
Revenue
$
2.4
$
2.1
$
2.0
$
2.0
$
2.3
14
%
4
%
$
8.6
$
9.6
-9
%
Net Revenue(A)
$
1.2
$
0.9
$
0.9
$
1.0
$
1.0
30
%
15
%
$
4.0
$
3.9
3
%
Net Revenue(A) margin
49.8
%
43.6
%
44.0
%
47.3
%
45.0
%
46.3
%
40.6
%
Adjusted EBITDA(A)
$
(1.6
)
$
(1.9
)
$
(1.7
)
$
(1.6
)
$
(1.6
)
18
%
-1
%
$
(6.8
)
$
(8.3
)
18
%
Adjusted EBITDA(A) margin
-131.4
%
-209.8
%
-184.8
%
-167.9
%
-150.4
%
-170.4
%
-215.6
%
Canadian segment
Revenue
$
9.4
$
9.9
$
7.6
$
6.6
$
8.7
-5
%
8
%
$
33.4
$
33.5
0
%
Net Revenue(A)
$
1.8
$
1.9
$
1.4
$
1.2
$
1.6
-5
%
14
%
$
6.3
$
6.0
5
%
Net Revenue(A) margin
18.9
%
19.0
%
18.9
%
18.8
%
17.9
%
18.9
%
18.0
%
Adjusted EBITDA(A)
$
1.2
$
1.3
$
0.9
$
0.7
$
1.2
-7
%
6
%
$
4.1
$
4.2
-4
%
Adjusted EBITDA(A) margin
67.7
%
69.3
%
62.3
%
56.8
%
72.9
%
64.8
%
70.5
%
Corporate segment
Adjusted EBITDA(A)
$
(3.1
)
$
(3.2
)
$
(2.9
)
$
(2.9
)
$
(2.9
)
2
%
-8
%
$
(12.1
)
$
(12.4
)
3
%
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Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.
Conference Call and Webcast A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, November 21, 2024, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.
The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.
(A)Non-GAAP Measures The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by International Financial Reporting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three months and year ended September 30, 2024 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.
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Real Matters financial results for the three months and year ended September 30, 2024 are included in the annual audited consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.
Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:
Quarter ended
Year ended
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
September 30, 2024
September 30, 2023
Net (loss) income
$
(0.2
)
$
1.7
$
2.1
$
(3.6
)
$
1.6
$
–
$
(6.2
)
Operating expenses
12.6
11.8
11.2
11.6
10.9
47.3
46.8
Amortization
0.8
0.8
0.8
0.8
0.9
3.2
3.9
Restructuring expenses
–
–
–
–
–
–
1.7
Interest expense
0.1
0.1
0.1
0.1
0.1
0.3
0.3
Interest income
(0.5
)
(0.5
)
(0.4
)
(0.4
)
(0.3
)
(1.8
)
(0.8
)
Net foreign exchange loss (gain)
1.3
(0.9
)
(2.2
)
2.0
(1.8
)
0.2
1.0
(Gain) loss on fair value
of derivatives
(1.9
)
(0.1
)
0.1
(0.2
)
(0.1
)
(2.0
)
(0.8
)
Income tax (recovery) expense
(0.2
)
0.2
(0.2
)
(0.6
)
(0.1
)
(0.8
)
(2.9
)
Net Revenue
$
12.0
$
13.1
$
11.5
$
9.7
$
11.2
$
46.4
$
43.0
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Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:
Quarter ended
Year ended
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
September 30, 2024
September 30, 2023
Net (loss) income
$
(0.2
)
$
1.7
$
2.1
$
(3.6
)
$
1.6
$
–
$
(6.2
)
Stock-based compensation expense
1.2
0.4
0.4
0.8
0.3
2.8
1.4
Amortization
0.8
0.8
0.8
0.8
0.9
3.2
3.9
Restructuring expenses
–
–
–
–
–
–
1.7
Interest expense
0.1
0.1
0.1
0.1
0.1
0.3
0.3
Interest income
(0.5
)
(0.5
)
(0.4
)
(0.4
)
(0.3
)
(1.8
)
(0.8
)
Net foreign exchange loss (gain)
1.3
(0.9
)
(2.2
)
2.0
(1.8
)
0.2
1.0
(Gain) loss on fair value
of derivatives
(1.9
)
(0.1
)
0.1
(0.2
)
(0.1
)
(2.0
)
(0.8
)
Income tax (recovery) expense
(0.2
)
0.2
(0.2
)
(0.6
)
(0.1
)
(0.8
)
(2.9
)
Adjusted EBITDA
$
0.6
$
1.7
$
0.7
$
(1.1
)
$
0.6
$
1.9
$
(2.4
)
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The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:
Quarter ended
Year ended
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
September 30, 2024
September 30, 2023
Net (loss) income
$
(0.2
)
$
1.7
$
2.1
$
(3.6
)
$
1.6
$
–
$
(6.2
)
Stock-based compensation expense
1.2
0.4
0.4
0.8
0.3
2.8
1.4
Amortization of intangibles
0.5
0.4
0.4
0.4
0.4
1.6
1.6
Restructuring expenses
–
–
–
–
–
–
1.7
Net foreign exchange loss (gain)
1.3
(0.9
)
(2.2
)
2.0
(1.8
)
0.2
1.0
(Gain) loss on fair value
of derivatives
(1.9
)
(0.1
)
0.1
(0.2
)
(0.1
)
(2.0
)
(0.8
)
Related tax effects
–
0.2
0.5
(0.6
)
0.4
0.1
(0.9
)
Adjusted Net Income
$
0.9
$
1.7
$
1.3
$
(1.2
)
$
0.8
$
2.7
$
(2.2
)
Forward-Looking Information This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.
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The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.
The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2023, which is available on SEDAR+ at www.sedarplus.ca.
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Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
About Real Matters Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.
For more information: Lyne Beauregard Vice President, Investor Relations and Corporate Communications Real Matters lbeauregard@realmatters.com
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Serabi Gold Files NI 43-101 Technical Report for the Coringa Gold Project
Serabi Gold (AIM:SRB, TSX:SBI; OTCQX: SRBIF) the Brazilian focused gold mining and development company, is pleased to announce that it has publicly filed its detailed Technical Report (the “Technical Report”) of its updated preliminary economic analysis (“PEA”) and updated mineral resource estimate (“Mineral Resource Estimate”) for its 100% owned Coringa Gold Project (the “Project”), located in Pará State, Brazil, within the Tapajós region. The Technical Report is dated November 13, 2024, effective April 16, 2024, and supports the scientific and technical disclosure in the PEA and Mineral Resource Estimate (see October 7, 2024, press release).
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The Technical Report is titled “Coringa Project, Preliminary Economic Assessment, NI 43-101 Technical Report, Pará State, Brazil” and was prepared by NCL Ingeniería y Construcción SpA (“NCL”) of Santiago, Chile for the Project and has been reviewed and approved by the following qualified persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in accordance with the rules of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), which is an internationally recognised standard pursuant to the AIM Rules.
Qualified Persons
Mr. Carlos Guzmán, RM CMC, FAusIMM, Principal/Project Director, NCL
Mr. Gustavo Tapia, RM CMC, Metallurgical and Process Consultant, GT Metallurgy
Mr. Nicolás Fuster, RM CMC, MAusIMM, Geologist
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development.
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About Serabi Gold plc Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.
Enquiries
SERABI GOLD plc Michael Hodgsont +44 (0)20 7246 6830 Chief Executive m +44 (0)7799 473621
Clive Linet +44 (0)20 7246 6830 Finance Director m +44 (0)7710 151692
Andrew Khovm +1 647 885 4874 Vice President, Investor Relations & Business Development e contact@serabigold.com
BEAUMONT CORNISH Limited Nominated Adviser & Financial Adviser Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP Joint UK Broker Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP Joint UK Broker Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
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CAMARCO Financial PR – Europe Gordon Poole / Emily Hall t +44 (0)20 3757 4980
HARBOR ACCESS Financial PR – North America Jonathan Patterson / Lisa Micali t +1 475 477 9404
Copies of this announcement are available from the Company’s website at www.serabigold.com.
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold
Assay Results Assay results reported within this release include those provided by the Company’s own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company’s activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company’s management are satisfied that the Company’s own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.
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Forward-looking statements Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
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Qualified Persons Statement The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years’ experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Notice Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release
Mike Novogratz, the founder and CEO of Galaxy Digital Holdings—a leading crypto investment firm listed on the Toronto Stock Exchange—has signaled a significant shift in the global adoption of Bitcoin. In a post on Tuesday via X, Novogratz declared that countries are already purchasing Bitcoin.
Nation-State Bitcoin FOMO Is Real
“Countries are already buying BTC in huge volumes—these are massive pools of capital entering the market. We’re witnessing global adoption at scale and the next rally could be massive. Buckle up. Caught up last week with Bloomberg TV, he stated via X.
In the Bloomberg interview, Novogratz elaborated on the unprecedented interest from sovereign entities. He mentioned a close associate—the person who introduced him to BTC in 2013—who is currently in the Middle East. “He’s never seen anything like it,” Novogratz said. “He’s convincing more people to buy Bitcoin in the three days he’s been there than any time in his whole career, and they’re huge pools of capital. And so we’re seeing something globally.”
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Novogratz noted that when former President Donald Trump advocated in Nashville that he intended to be a “crypto president” and a “Bitcoin president,” it caught the attention of international leaders. “Other leaders heard that,” he remarked, suggesting that geopolitical factors could contribute to an “amazing rally” in the Bitcoin market.
When questioned about the likelihood of the United States establishing a Strategic BTC Reserve under a Trump presidency, Novogratz remained cautious. “I still think it’s a low probability,” he stated. He cited the complexities of US legislative processes, emphasizing that while the executive branch or the House might show enthusiasm, the Senate often urges restraint. “That’s the role of the Senate,” he said, pointing out that Republicans do not hold a 60-seat majority necessary to push through such initiatives unilaterally.
Nonetheless, Novogratz acknowledged the potential benefits of the US embracing Bitcoin at a strategic level. “It would be very smart for the United States to take the Bitcoin they have and maybe add some to it,” he suggested, adding that it would signal a commitment to being a “technology-first country, a crypto and digital asset-first country.” While he doesn’t believe the US dollar requires backing by Bitcoin, he admitted that if a Strategic Bitcoin Reserve were established, “Bitcoin heads to $500,000.”
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He added: “If it happens in the short term without a Strategic Bitcoin Reserve, it’s going to mean six, seven, eight years,” Novogratz cautioned. “Then it’s just a scramble to get the hot commodity.” He expressed concerns that such a scenario could be indicative of hyperinflation, which historically leads to societal instability. “In every country that experiences hyperinflation, the results are really crappy,” he noted.
Discussing Bitcoin’s potential to rival gold as a store of value, Novogratz highlighted a generational shift in investment preferences. “The total market cap of gold is like $16 trillion,” he explained, which translates to approximately $800,000 per BTC if it were to reach parity. “When does Bitcoin become gold?” he asked rhetorically. Novogratz, who is turning 60 next week, admitted he still owns gold, calling himself “an old guy.”
However, he pointed out that younger generations are less inclined to invest in gold. “Forty-year-olds own no gold. Thirty-year-olds own none,” he observed. “As we see this generational shift, Bitcoin should match gold within five or ten years, and that gets you to $800,000.”
NEW YORK, Nov. 20, 2024 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (“GDH Ltd.” or the “Company”) is pleased to announce that Galaxy Digital Holdings LP (the “Issuer,” and together with GDH Ltd., “Galaxy”) has priced its offering of $350 million (upsized from previously announced $300 million) aggregate principal amount of 2.50% exchangeable senior notes due 2029 (the “Notes”). The Issuer intends to use the net proceeds from the offering to support the build-out of high-performance computing infrastructure at its Helios data center in West Texas and for general corporate purposes, including potential repurchases of its existing indebtedness.
The Issuer granted to the initial purchasers of the Notes an option to purchase up to an additional $52.5 million aggregate principal amount of the Notes during a 13-day period beginning on, and including, the first day on which the Notes are issued. The offering is expected to close on November 25, 2024, subject to customary closing conditions, including the approval of the Toronto Stock Exchange (“TSX”).
As previously announced, the Company’s board of directors has approved a proposed corporate reorganization (the “Reorganization”) whereby Galaxy intends to consummate a series of related transactions in connection with its re-domiciliation to the United States, as a result of which the ordinary shares of GDH Ltd. (“ordinary shares”) outstanding immediately prior to such transactions will automatically convert into shares of Class A common stock (the “Class A shares,” and, together with ordinary shares, the “Common Stock”) of Galaxy Digital Inc., a Delaware holding company (“GDI”). Prior to September 1, 2029, the Notes will be exchangeable only upon satisfaction of certain conditions and only during certain periods, and thereafter, the Notes will be exchangeable at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture for the Notes into cash, ordinary shares if the exchange occurs prior to the Reorganization or Class A shares if the exchange occurs after the Reorganization, or a combination of cash and ordinary shares or Class A shares, as applicable, in each case, at the Issuer’s election. The exchange rate will initially be 10,497.5856 shares of Common Stock per $250,000 principal amount of Notes, equivalent to an initial exchange price of approximately USD$23.81 (CAD$33.30 equivalent based on the November 20, 2024 exchange rate) per share of Common Stock. The initial exchange price of the Notes represents a premium of approximately 37.50% to the CAD$24.22 closing price of the ordinary shares on the TSX on November 20, 2024. The exchange rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date or the Issuer’s delivery of a notice of redemption, the Issuer will increase, in certain circumstances, the exchange rate for a holder who elects to exchange its Notes in connection with such a corporate event or a notice of redemption, as the case may be.
The Notes will be general unsecured obligations of the Issuer, will accrue interest at a rate of 2.50% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2025. The Notes will mature on December 1, 2029, unless earlier repurchased, redeemed or exchanged. The Notes will not be redeemable by the Issuer at any time before December 6, 2027, except in certain circumstances set forth in the indenture. The Notes will be redeemable, in whole or in part, for cash at the Issuer’s election at any time, and from time to time, on or after December 6, 2027 and prior to the 41st scheduled trading immediately before the maturity date, but only if the last reported sale price per Common Stock exceeds 130% of the exchange price for a specified period of time. The redemption price for any Note called for redemption will be the principal amount of such Note plus accrued and unpaid interest on such Note to, but not including, the redemption date.
If a “fundamental change” (as defined in the indenture) occurs, then, subject to certain conditions, noteholders may require the Issuer to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but not including, the applicable repurchase date.
The Notes and any Common Stock issuable or deliverable upon exchange of the Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any applicable state or foreign securities laws, or qualified by a prospectus in Canada. The Notes and any Common Stock issuable or deliverable upon exchange of the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. Following the Reorganization and subject to certain conditions, holders of the Notes are expected to have the benefit under a registration rights agreement to require GDI to register the resale of any Class A shares issuable upon exchange of the Notes on a shelf registration statement to be filed with the U.S. Securities and Exchange Commission. The Notes will only be offered and sold to persons who are both reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and are “qualified purchasers” for purposes of Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended, and the rules thereunder. Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.
This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
The information in this press release may contain forward looking information or forward looking statements, including under Canadian securities laws (collectively, “forward-looking statements”). Our forward-looking statements include, but are not limited to, statements regarding the closing of this offering and the use of proceeds therefrom, our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy’s business pipelines for banking, expectations for increased load capacity at the Helios site, mining goals and our ability to capture adjacent opportunities, including in high-performance computing and the Helios transaction, focus on self-custody and validator solutions and our commitment to the future of decentralized networks and the pending Reorganization, and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed Reorganization, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the Reorganization that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the Reorganization; (3) the ability to meet and maintain listing standards following the consummation of the Reorganization; (4) the risk that the Reorganization disrupt current plans and operations; (5) costs related to the Reorganization, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that Galaxy may be adversely affected by other economic, business, and/or competitive factors; (8) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (9) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (10) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; and (11) the possibility that there is a disruption in mining impacting our ability to achieve expected results or change in power dynamics impacting our results or our ability to increase load capacity; (12) any delay or failure to consummate the business mandates or achieve its pipeline goals in banking and Gk8; (13) liquidity or economic conditions impacting our business; (14) regulatory concerns, technological challenges, cyber incidents or exploits on decentralized networks; (15) the failure to enter into definitive agreements or otherwise complete the anticipated transactions with respect to the non-binding term sheet for Helios; (16) TSX approval of the offering and (17) those other risks contained in the Annual Information Forms for GDH Ltd. and the Issuer for the year ended December 31, 2023 available on their respective profiles at www.sedarplus.ca and their respective Management’s Discussion and Analysis, filed on November 7, 2024. Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving our banking and Gk8 mandates; delays or other challenges in the mining business related to hosting, power or our mining infrastructure, or our ability to capture adjacent opportunities; any challenges faced with respect to decentralized networks, considerations with respect to liquidity and capital planning and changes in applicable law or regulation and adverse regulatory developments. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
OtherDisclaimers
The TSX has neither approved nor disapproved the contents of this press release.
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