First Published Dec 23, 2024, 7:51 PM IST | Last Updated Dec 23, 2024, 7:51 PM IST
Fiserv, Inc. (FI) shares were in the spotlight early on Monday after the payments and financial services technology firm announced its intent to acquire Payfare Inc, an earned wage access company that powers instant access to earnings and digital banking solutions for workforces.
Fiserv said Payfare’s offerings, combined with the firm’s strengths in processing, bank ledgers and integrated value-added services, enhance the company’s solution in embedded banking, payments and lending and help meet needs of large enterprises and financial institutions.
Under agreement terms, an affiliate of Fiserv will acquire all of the issued and outstanding common shares of Payfare for C$4 (US$2.77) in cash per share for a total consideration of approximately C$201.5 million (US$139.71).
The purchase price represents a premium of approximately 90% to the closing price of Payfare’s stock on the Toronto Stock Exchange on Dec. 20, 2024, the last trading day prior to the announcement of the transaction. The deal is expected to close in the first half of 2025.
Payfare CEO Marco Margiotta believes joining Fiserv is a “tremendous” opportunity for the company.
“Our board conducted a thorough strategic review process together with our financial advisors, having evaluated numerous acquisition, commercial partnership, and other opportunities, and concluded that the Transaction is in the best interests of the company, its various stakeholders and its shareholders with certainty of value with an all-cash offer,” Margiotta said.
Payfare’s board has unanimously recommended that shareholders of the company vote in favor of the transaction.
Following the announcement, retail sentiment on Stocktwits climbed into the ‘bullish’ territory (57/100) compared to the ‘neutral’ zone seen a month ago.
FI’s Sentiment Meter and Message Volume as of 8:30 a.m. ET on Dec. 23, 2024 | Source: Stocktwits
Fiserv’s shares have gained over 54% since the beginning of the year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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Published Dec 23, 2024 • 1 minute read
TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) — Real Matters Inc. (“Real Matters”), a leading network management services provider for the mortgage lending and insurance industries, will announce its first quarter fiscal 2025 financial results via news release on Thursday, January 30, 2025, before market open.
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Conference Call and Webcast
A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, January 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor Relations section of our website shortly before the call.
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To access the call:
To listen to the live webcast of the call:
The webcast will be archived and a transcript of the call will be available in the Investor Relations section of our website following the call.
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 and mortgage closing 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
416.994.5930
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Published Dec 23, 2024 • 2 minute read
ROUYN-NORANDA, Quebec, Dec. 23, 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 report additional drill intersections from the 19 drill hole program at Globex’s 100% owned Ironwood Gold Zone located 2.6 km east of the town of Cadillac, Quebec.
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The currently reported four holes were focused toward locating the western boundary of the gold mineralization at vertical depths between 25m and 115m unlike previous drill-hole SIW 24-04 which was targeted at the center of the mineralized zone and returned 23.82 g/t Au over a true width of 23.22 metres.
Drill results are the following:
| Hole Number | From (m) | To (m) | Au (g/t) | True Width (m) | True Width (ft) | Vertical Depth (m) |
| NWI-24-05 Including |
42.5 | 54.2 | 8.10 | 3.58 | 9.84 | 46 |
| 42.5 | 45.0 | 22.77 | 0.76 | 2.49 | 42 | |
| 51.4 | 54.2 | 12.64 | 0.88 | 2.89 | 53 | |
| NIW-24-06 | 29.8 | 31.9 | 7.74 | 1.34 | 4.40 | 27 |
| NIW-24-07 | 81.5 | 83.0 | 1.63 | 0.83 | 2.72 | 65 |
| 98.0 | 101.0 | 1.96 | 1.69 | 5.54 | 78 | |
| NIW-24-08 | 136.0 | 137.8 | 3.10 | 1.01 | 3.31 | 108 |
| 143.3 | 146.1 | 21.39 | 1.58 | 5.18 | 114 |
The Ironwood gold zone is located on Globex’s wholly owned Central Cadillac Mine/Wood Mine gold property north of the gold localizing Cadillac Break. The mineralization is principally pyrite with some pyrrhotite and arsenopyrite as a sulphide replacement at the nose of a folded oxide iron formation.
Lab information
The samples were crushed to a particle size of 70% passing through a two-millimeter sieve, and then a 500-gram portion was taken for gold analysis by gamma ray (photon assay). According to MSALABS’ internal procedure, blank samples and certified reference materials are systematically inserted into the analysis sequence. Globex procedures also used blank and duplicate sample as well as certified reference materials. MSALABS operates several laboratories worldwide and holds ISO-17025 accreditation for numerous metal determination methods, including the photon assay method.
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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 with technical input from Pierre Riopel, P.Geo.
| 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 |
Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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.
56,065,836
shares issued and outstanding
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Published Dec 23, 2024 • 4 minute read
TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) is pleased to announce that the previously announced reorganization of PIMCO Tactical Income Fund (TSX: PTI.UN), PIMCO Tactical Income Opportunities Fund (TSX: PTO.UN) and PIMCO Multi-Sector Income Fund (TSX: PIX.UN) (collectively, the “Funds”) with PIMCO Monthly Enhanced Income Fund (“PMEI”) (the “Mergers”) was completed following the close of business on December 20, 2024.
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Pursuant to the Mergers, PMEI acquired all of the outstanding units of each Fund in exchange for Class A units (the “PMEI Units”) of PMEI. Each unitholder of each Fund received, as of the close of business on December 20, 2024, such number of PMEI Units as is equal to the number of units of the applicable Fund held multiplied by the exchange ratio noted in the table below (the “Exchange Ratios”). The Exchange Ratios were calculated based on the relative net asset values of the units of each Fund and the PMEI Units.
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| Fund | Ticker | Exchange Ratio |
| PIMCO Tactical Income Fund | PTI | 0.74905 |
| PIMCO Tactical Income Opportunities Fund | PTO | 0.82962 |
| PIMCO Multi-Sector Income Fund | PIX | 0.89435 |
As a result of the Mergers, PMEI issued an aggregate of 79,688,842 PMEI Units, which are listed on the Toronto Stock Exchange under the symbol PMEI.UN.
About PIMCO
PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50+ years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today PIMCO has offices across the globe and 2,500+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.
Forward-Looking Statements
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “anticipate”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect the Fund’s, PIMCO Canada and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.
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You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment funds on Toronto Stock Exchange. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
A word about risk: All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed.
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PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2024, PIMCO
The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.
PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.
PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2 is a company of PIMCO, 416-368-3350
Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: agnes.crane@pimco.com
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Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with 1517452 B.C. Ltd. the “Purchaser”), an affiliate of Fiserv, Inc. (NYSE: FI) “Fiserv”) a leading global provider of payments and financial services technology, whereby the Purchaser will acquire the Company, subject to obtaining shareholder and other customary approvals (the “Transaction”). Under the terms of the Arrangement Agreement, the Purchaser will acquire all of the issued and outstanding common shares of the Company for CA$4.00 in cash per share (the “Purchase Price”), for total consideration of approximately CA$201.5 million.
The Purchase Price represents a premium of approximately 90% to the closing price on the Toronto Stock Exchange (the “TSX”) of the common shares on December 20, 2024, the last trading day prior to the announcement of the Transaction, and a premium of approximately 92% to the 60-day volume weighted average trading price of common shares as at that date.
“Our Board conducted a thorough strategic review process together with our financial advisors, having evaluated numerous acquisition, commercial partnership, and other opportunities, and concluded that the Transaction is in the best interests of the Company, its various stakeholders and its shareholders with certainty of value with an all-cash offer,” said Marco Margiotta, Payfare CEO, and Founding Partner. “This Transaction represents tangible recognition of the value and strength of what Payfare has built as we embark on this exciting new chapter.”
“Payfare has built a reputation as an innovator in workforce payments for gig-economy companies,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success. We look forward to welcoming the talented Payfare team to Fiserv.”
Transaction Details
The Company’s board of directors (with conflicted directors abstaining) (the “Board”), after receiving the unanimous recommendation of a committee of independent directors (the “Special Committee”), has unanimously determined that the Transaction is in the best interests of the Company. The Arrangement Agreement was the result of a comprehensive negotiation process that was undertaken with the oversight and participation of the Special Committee advised by legal and independent financial advisors.
The Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and will require the approval of 66 2/3% of the votes cast by shareholders, and, in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the approval of a majority of votes cast by shareholders, excluding certain directors and officers, at a special meeting of shareholders of the Company. In addition, the Transaction is subject to the receipt of court approval, certain third-party approvals, and other customary closing conditions for transactions of this nature.
The Arrangement Agreement includes customary non-solicitation provisions applicable to the Company and provides for the payment of an approximately CA$10 million termination fee to the Purchaser if the Transaction is terminated in certain circumstances. The Arrangement Agreement also provides for reimbursement of the expenses of the Purchaser in certain circumstances.
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The Company intends to hold a special meeting of its shareholders (the “Shareholders’ Meeting”), where the Transaction will be considered and voted upon by shareholders of record.
The Transaction is not subject to a financing condition and is expected to close in the first half of 2025. Upon closing of the Transaction, the Purchaser intends to cause the issued and outstanding shares of the Company to cease to be listed on the TSX and the OTCQX, and to cause the Company to submit an application to cease to be a reporting issuer under applicable Canadian securities laws.
In addition, all of the directors and senior officers of the Company have entered into voting support agreements, pursuant to which they have agreed to, among other things, vote in favour of the Transaction.
Unanimous Board Approval
The Board, upon the recommendation of the Special Committee, unanimously recommends that shareholders of the Company vote in favour of the Transaction. In making its determination to unanimously recommend approval of the Transaction to the Board, the Special Committee, and in the Board’s determination to approve the Transaction and recommend that shareholders of the Company vote in favour of the Transaction, considered, among other things, the following reasons for the Transaction:
Opinions
In connection with their review and consideration of the Transaction, the Company engaged KBW as its financial advisor, and the Special Committee engaged Blair Franklin as its independent financial advisor in respect of the Transaction. KBW provided an opinion to the Board, and Blair Franklin provided an opinion to the Special Committee that, based upon and subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by shareholders pursuant to the Transaction is fair, from a financial point of view, to shareholders.
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[To share your insights with us, please write to psen@itechseries.com ]
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Published Dec 23, 2024 • 3 minute read
CALGARY, Alberta, Dec. 23, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy or the Company) today announced that 42,200 of its 14,577,184 fixed rate Cumulative Redeemable First Preferred Shares, Series 1 (Series 1 Shares) have been elected for conversion on Dec. 31, 2024, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 2 (Series 2 Shares); and 3,889,020 of its 7,422,816 Series 2 Shares have been elected for conversion, on a one-for-one basis, into Series 1 Shares.
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As a result of the conversions, TC Energy will have 18,424,004 Series 1 Shares and 3,575,996 Series 2 Shares issued and outstanding. The Series 1 Shares and Series 2 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbols TRP.PR.A and TRP.PR.F, respectively.
The Series 1 Shares will pay on a quarterly basis for the five-year period beginning on Dec. 31, 2024, as and when declared by the Board of Directors of TC Energy, a fixed dividend at an annualized rate of 4.939 per cent.
The Series 2 Shares will pay a floating rate quarterly dividend for the five-year period beginning on Dec. 31, 2024, as and when declared by the Board of Directors of TC Energy. The dividend rate for the Series 2 Shares for the first quarterly floating rate period commencing Dec. 31, 2024 to but excluding Mar. 31, 2025 is 5.401 per cent and will be reset every quarter.
Holders of Series 1 Shares and Series 2 Shares will have the opportunity to convert their shares again on Dec. 31, 2029 and in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 1 Shares and the Series 2 Shares, please see the prospectus supplement dated Sept. 22, 2009 which is available on sedarplus.ca or on our website.
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About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.
-30-
Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522
PDF available: http://ml.globenewswire.com/Resource/Download/4311d849-2771-488f-9221-617500731acf
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Oliver Kazunga, Senior Business Reporter
CALEDONIA Mining Corporation, angling to become a multi-asset gold producer in Zimbabwe, says a new feasibility study on its Bilboes Gold Project, expected to become the countryls largest gold asset, will be published early next year.
The Toronto Stock Exchange (TSX)-listed group, which has a secondary listing on the Victoria Falls Stock Exchange (VFEX), owns Matabeleland South Province-based Blanket Mine, one of Zimbabwe’s major gold mining assets.
It is also the proprietor of the Motapa gold project situated adjacent to the Bilboes mine in Matabeleland North Province, Maligreen Goldfields, and Glen Hulme projects in Gweru, in the Midlands Province.
In 2022, Caledonia acquired the Bilboes project for US$53,3 million from businessman Mr Victor Gapare.
The mining group is on record saying that judging from its findings of a Preliminary Economic Assessment (PEA), Bilboes holds huge potential to become a transformative asset and Zimbabwe’s biggest gold mining operation producing, 150 000 ounces annually.
The PEA confirmed the results of a feasibility study carried out by the previous owner of the Bilboes, which detailed strong potential from a potentially luctrative open-pit project.
“The company intends to publish a new feasibility study for the project in the first quarter of 2025,” Caledonia said in its latest update.
Caledonia says the project may have its first gold pour by 2028, according to the firm’s PEA. The Bilboes project is expected to produce 1,52 million ounces of the yellow metal over a 10-year mine life.
“On June 3, 2024, Caledonia published a new technical report for Bilboes, which superseded prior technical reports and technical report summaries for Bilboes.
“The new Bilboes technical report was a preliminary economic assessment prepared in accordance with Canada’s National Instrument 43-101 and did not comply with S-K 1300.
“The purpose of the technical report summary filed yesterday is to report mineral resources for the project in accordance with S-K 1300, to present the results of an initial assessment for the implementation of open pit mining to recover the gold mineralisation and to propose additional work required for feasibility level studies,” said the mining group.
Meanwhile, gold output at Blanket Mine in the nine months to September this year was 56 815 ounces up from 55 244oz in the comparable period in 2023.
Caledonia has reiterated its production guidance for this year at between 74 000 and 78 000oz at Blanket.
Gold is Zimbabwe’s biggest single export. Fidelity Gold Refinery, the country’s sole buyer of gold produced locally, said production reached 32 tonnes in the first 11 months of this year.
During the period under review, the artisanal and small-scale mining sector delivered 20,3 tonnes while primary producers or the large-scale miners produced 11,7 tonnes.
Last year, Zimbabwe produced 30,1 tonnes of the bullion and this year the Government targets 35 tonnes.
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