Category: Canada

JOHANNESBURG (miningweekly.com) – Diversified mining company African Rainbow Minerals (ARM) has entered into a subscription agreement for a private placement financing with Surge Copper, a Canadian company that is advancing an emerging critical metals district in British Columbia.

ARM will subscribe for 39 608 708 common Surge shares for C$3.8-million through its wholly-owned subsidiary ARM Copper.

The Johannesburg Stock Exchange-listed ARM, headed by executive chairperson Dr Patrice Motsepe, will own 15% of Surge’s shares on completion of the placement, which is subject to TSX Venture Exchange and South African Reserve Bank approval.

As a member of the International Council on Mining and Metals, ARM is a steward of minerals and metals that are critical to decarbonisation and sustainable development.

Surge’s contiguous mineral claim package hosts multiple advanced porphyry deposits with compliant resources of copper, molybdenum, gold and silver – metals which are described as being critical inputs to the low-carbon energy transition and associated electrification technologies.

Surge’s 100%-owned Berg project has copper, molybdenum, silver and gold in measured, indicated and inferred categories. It also owns the Ootsa Property exploration project, which encompasses the Seel and Ox porphyry deposits that are located next to Imperial Metals’ opencast Huckleberry copper mine. Ootsa has copper, gold, molybdenum and silver in measured, indicated and inferred categories.

The compliant preliminary economic assessment on the Berg project announced by Surge in June 2023 outlined a greenfield critical metals development project highlighted by a 30-year mine life.

Total payable production was calculated to be 2.6-million tonnes of copper equivalent and 1.7-million tonnes of copper.

The mineral resource estimate showed a combined measured and indicated resource of one-billion tonnes with gradings given as 0.23% copper, 0.03% molybdenum, 4.6 g/t silver and 0.02 g/t gold.

TORONTO – Indigo Books & Music Inc. has agreed to be taken private after agreeing to a sweetened offer from a holding company connected to its largest shareholder.

The retailer says its agreement will see Trilogy Retail Holdings Inc. and Trilogy Investments L.P. pay $2.50 per share in cash for the stake in Indigo they do not already own.

The Trilogy companies, owned by Gerald Schwartz, the spouse of Indigo chief executive Heather Reisman, offered Indigo $2.25 per share in cash in February.

Indigo did not say what caused Trilogy to boost its offer but noted the new price reflects a 69 per cent premium on the share price of $1.48 that Indigo had when Trilogy first made its bid.

Indigo says an independent committee of its board of directors recently unanimously recommended the company accept Trilogy’s latest offer.

If shareholders agree to the deal during a May vote, Indigo expects the transaction to close in June and its shares to be delisted from the Toronto Stock Exchange sometime after.

“We believe that this transaction will provide minority shareholders with a substantial premium for their shares following some challenging years for the business, while also ensuring a strong future for Indigo with full ownership by a team that has demonstrated a deep commitment to Indigo’s mission,” Indigo board chair Markus Dohle said in a statement.

The last two years have seen Indigo encounter a ransomware attack that downed its website for a lengthy period and the departure of several board members, including one who said she experienced a “loss of confidence in board leadership.”

Amid these challenges, Indigo’s founder, Reisman, returned to the company’s helm after retiring in the summer of 2023.

This report by The Canadian Press was first published April 2, 2024.

Companies in this story: (TSX:IDG)

Denarius Metals Corp. (OTCQX: DNRSF) has announced that effective as of market open on 27 March 2024, the company’s common shares (CUSIP 248233207) and certain common share purchase warrants (CUSIP 248233116) will commence trading on Cboe Canada under the symbol “DSLV” and “DSLV.WT”, respectively. The common shares and warrants have been delisted from the TSX Venture Exchange.

Serafino Iacono, executive chairman and CEO of Denarius Metals, commented, “Since our inception in 2021, we have successfully created an emerging metals producer from our portfolio of high-grade projects focused on in-demand critical minerals in Spain and Colombia. Our Zancudo Au-Ag Project in Colombia is starting production this year and our recently acquired Aguablanca Ni-Cu Project in Spain is expected to commence production in 2025. Cboe’s global exchange platform and increased investor reach were major considerations in our decision to graduate our securities to Cboe Canada to support the continuing growth in our Company and the expansion of our global investor base.”

Cboe Canada is Canada’s Tier 1 stock exchange for the purpose-driven innovation economy, providing a best-in-class listing experience for issuers that are shaping the economies of tomorrow. Fully operational since 2015, Cboe Canada lists investment products and companies seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.

Cboe Canada is part of the Cboe Global Markets network, leveraging deep international expertise, industry-leading market intelligence and technology, and unparalleled service to deliver what stakeholders and the world need now, and for the future.

To read more about this, please visit www.denariusmetals.com

To read more news like this, please visit www.theassay.com/news

TORONTO — Shares of some of Canada’s big telecommunications companies fell as BMO Capital Markets cut its share price targets for several names in the sector.

The firm also lowered its ratings on both BCE Inc. and Quebecor Inc. to market perform from outperform on a slower growth outlook based on competitive pressures.

The move came as BMO lowered its target price for BCE shares to $46 from $54, while its target for Quebecor shares fell to $33 from $42.

It also cut its share price target for Rogers Communications Inc. to $65 compared with $80. Its target for Telus Corp. shares went to $24, from $26. 

BCE shares were down $1.77 at $44.12 in trading on the Toronto Stock Exchange, while Quebecor class B shares were down $1.00 at $28.72. 

Rogers class B shares fell $2.09 to $53.19, while Telus shares dropped 27 cents at $21.32.

This report by The Canadian Press was first published April 2, 2024.

Companies in this story: (TSX:BCE, TSX:QBR.B, TSX:RCI.B, TSX:T)

The Canadian Press

This deal was first rumored to be happening in mid-March. 

Yesterday, it became official. Private equity firm Advent International has agreed to acquire Nuvei in an all-cash deal valued at $6.3 billion.

The payments technology giant has been a public company since listing on the Toronto Stock Exchange in 2020 (it is also listed on Nasdaq).

Nuvei made headlines last year when celebrity entrepreneur Ryan Reynolds invested in the company and became the frontman in a series of witty TV ads.

With the Capital One-Discover deal that made huge headlines a month ago, could we be starting to see some serious M&A activity? 

Watch this space.

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> Nuvei Goes Private in $6.3 Billion Sale to Advent International

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Canadian payments FinTech Nuvei is set to become a private company. Nuvei announced the $6.3 billion deal with private equity firm Advent International on Monday, three weeks after reports of a possible acquisition emerged.

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