Category: Canada

Australian digital currency exchange Banxa slashes headcount by 30%

Australia’s Banxa digital currency exchange is the latest to join firms in the industry cutting down their workforce. The publicly listed company said it has laid off 70 employees, representing 30% of its staff.

The Australian Financial Review (AFR) reports that the message was conveyed to the employees via a letter from Banxa’s CEO, Holger Arians. Arians stated that the company is anticipating another “crypto winter” and needs to reduce costs, or else its success could be threatened in the long run.

“Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run… Like many others in our industry [we] are anticipating another crypto winter, with trading volumes declining significantly,” he said in the letter, as reported by AFR.

The chief executive added that the company grew too quickly, so further staff cuts may be necessary if market conditions worsen. Among the employees affected is the exchange’s European managing director Jan Lorenc.

Founded in 2014, Banxa has employees across seven countries, including Australia, Lithuania, the Netherlands, the Philippines, the U.S., the U.K., and Canada. The firm began being publicly traded on the Toronto Stock Exchange’s early-stage TSX Venture Exchange in January 2021.

Banxa has not fared well this year as a public company and in its earnings from digital currency trading fees. Per data from CNBC, the company’s shares are down 59.66% year to date.

Banxa not the only cautious digital assets firm

The situation with Banxa is not peculiar as several other established digital currency firms have also announced staff redundancies amidst the price decline of digital currencies that have affected investor sentiment and led to reduced market activity.

June has seen Coinbase (NASDAQ: COIN), Crypto.com, Gemini, and BlockFi disclose that they are cutting down their workforce to better weather the storm. Coinbase cut down about 18% of its employees—or around 1,100 people— globally. While BlockFi gave 20% of its employees the boot.

Other smaller players in the market have not been left out of the layoff spree across the market. BitOasis and Rain Financial in the Middle East have also cut staff to stay profitable in the current market.

The market has taken severe hits from the prevailing global macroeconomic environment. Rising inflation, geopolitical tension, and policies being made to combat them, including the U.S. Federal Reserves rate hikes, have all played roles in the digital currency market decline.

Watch: The BSV Global Blockchain Convention presentation, BSV Blockchain: A World of Good

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

Spectra7 Microsystems : Q1 2022 MD&A

Spectra7 Microsystems Inc.

Management’s Discussion & Analysis

For the Three Months Ended

March 31, 2022

May 29, 2022

Spectra7 Microsystems Inc.

Management’s Discussion and Analysis

For the Three Months Ended March 31, 2022

This management’s discussion and analysis (“MD&A”) of financial condition and results of operations of Spectra7 Microsystems Inc. (“Spectra7” or the “Company”) was prepared by management as at May 29, 2022. Throughout this MD&A, unless otherwise specified, “Spectra7”, “the Company”, “we”, “us” or “our” refer to Spectra7 Microsystems Inc. and its subsidiaries. This MD&A should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto as at December 31, 2021 (the “Annual Financial Statements”) and the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2022 and 2021 (the “Interim Financial Statements” and, together with the Annual Financial Statements, the “Statements”). In preparing this MD&A, we have taken into account information available to us up to May 29, 2022 unless otherwise stated.

The Financial Statements have been prepared by management in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). All amounts are expressed in U.S. dollars unless otherwise noted. Other information contained in this document has also been prepared by management and is consistent with information included in the Financial Statements. You will find the Financial Statements on SEDAR at www.sedar.com.

This MD&A contains commentary from the Company’s management regarding the Company’s strategy, operating results, financial position and outlook. Management is responsible for the accuracy, integrity, and objectivity of the MD&A, and develops, maintains and supports the necessary systems and controls to provide reasonable assurance as to the accuracy of the comments contained herein.

The Audit Committee and the Board of Directors provide an oversight role with respect to all public financial disclosures by the Company. The Board of Directors approves the Financial Statements and MD&A after the completion of its review and recommendation for approval by the Audit Committee, which meets periodically to review all financial reports, prior to filing.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This MD&A contains certain forward-looking information and statements relating, but not limited to, the Company’s future financial position and results of operations, strategies, plans, objectives, goals, targets, and future developments in the markets where the Company participates or is seeking to participate. Forward-looking information typically contains statements with words such as “consider”, “anticipate”, “believe”, “expect”, “plan”, “intend”, “may”, “likely”, or similar words suggesting future outcomes or statements regarding an outlook, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to differ materially from those suggested by the forward-looking information and statements, some of which may be beyond the control of management.

Although the Company believes that the expectations, estimates, and projections reflected in such forward-looking information and statements are reasonable, such forward-looking information and statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward- looking information and statements. On this basis, readers are cautioned not to place undue reliance on such forward looking information and statements.

Factors which could cause actual results to differ materially from current expectations include, but are not limited to:

  • the adverse impact of COVID-19 on our staffing, revenue, operations, manufacturing supply chain, project development and customer demand;
  • availability of adequate product supplies and third party manufacturing in an environment of semiconductor industry supply shortages;
  • our reliance on a limited number of third party manufacturers;

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  • the degree of competition in the business areas in which we operate;
  • our ability to secure orders from a limited number of customers;
  • the absence of long-term supply contracts with any of the Company’s third-party vendors and potential disruption in supply of products or materials;
  • our ability to make the substantial research and development investments required to remain competitive;
  • our ability to charge prices that will result in favorable gross margins;
  • our ability to introduce new or enhanced products on a timely basis;
  • market demand and penetration of new markets for our products and services;
  • our ability to contain and appropriately budget expenses, due to our limited operating history;
  • the length of the sales cycle required to establish design wins and bring design wins to production;
  • reliance on distributors;
  • our ability to deliver our products in the correct product mix required by our customers and ability to control order and shipment uncertainties;
  • the substantial quarterly and annual fluctuations in our operating results;
  • our dependence on existing members of the senior management team;
  • our ability to attract and retain qualified employees and contain payroll costs;
  • unforeseen delays, expenses and damage to reputation caused by defects or bugs;
  • potential claims of intellectual property infringement;
  • our ability to protect our intellectual and intangible properties;
  • the use of open source software;
  • reliance on third parties to provide services and technology;
  • going concern risk;
  • impact of negative cash flow from operating activities;
  • potential losses to our facilities or distribution system due to catastrophes;
  • compliance with various governmental regulations and related costs of compliance;
  • cyclicality in the semiconductor industry;
  • conformity of the Company’s products to industry standards;
  • unanticipated changes in our tax rates;
  • fluctuation of share price;
  • decline in share price due to the absence of, or negative reports, about the business by securities or industry analysts;
  • adverse international economic conditions that adversely affect consumer spending;
  • general political and economic conditions in the countries in which we operate;
  • strain on our resources as a result of the requirements of being a public company;
  • litigation risk;
  • market price volatility and potential impact on share price;
  • our potential need for additional financings in order to meet future capital requirements for our operations;
  • our potential to breach certain covenants, representations and warranties in our loan arrangements;
  • our ability to repay the Convertible Debentures (as defined below)
  • our ability to declare dividends;
  • our ability to meet significant research and development milestones; and
  • our ability to enter into agreements with CRX Consortium members or the adoption of interconnects that use the Company’s active copper cable technology.

We caution that this list is not exhaustive of all possible factors. For a detailed description of risk factors associated with the Company, refer to the “Risks Factors” section of the Company’s Annual Information Form filed on May 2, 2022, which is available on SEDAR at www.sedar.com.

The forward-looking information and statements in this MD&A are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations as well as our objectives and strategic priorities, and may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or to revise any forward-looking information and statements, whether as a result of new information, future events or otherwise, except as required by law.

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OVERVIEW OF THE COMPANY

Background

The Company delivers high performance analog semiconductors at unmatched bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in data centers, Virtual Reality (“VR”), Augmented Reality (“AR”), and other connectivity markets.

The Company was incorporated on October 12, 2010 as a capital pool company named “Chrysalis Capital VIII Corporation” (“Chrysalis”) pursuant to the filing of articles of incorporation under the Canada Business Corporations Act. The articles of incorporation of the Company were amended by the filing of articles of amendment dated April 19, 2011 to remove certain provisions. On February 5, 2013, the Company consolidated its common shares (the “common shares”) by a ratio of 3.86364:1 and to change its name to “Spectra7 Microsystems Inc.”. On July 16, 2021, the Company continued its corporate existence from the Canada Business Corporations Act to the Business Corporations Act (Ontario).

On February 5, 2013, the Company, then named Chrysalis Capital VIII Corporation, completed a reverse takeover transaction whereby Chrysalis acquired all of the issued and outstanding shares of Spectra7 Microsystems Corp. (formerly Fresco Microchip Inc.) (“Fresco”), a company incorporated in Ontario, and Spectra7 Microsystems (Ireland) Limited (formerly RedMere Technology Limited), a company incorporated in Ireland. As a result of such transaction, which constituted the Company’s qualifying transaction under the policies of the TSX Venture Exchange (the “TSXV”), the former shareholders of Fresco acquired control of the Company. From February 19, 2013 until July 22, 2015, the common shares of the Company were listed for trading on the TSXV under the symbol “SEV”. From July 23, 2015 to May 21, 2020, the common shares were listed for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “SEV”. As of May 22, 2020, the common shares were again listed for trading on the TSXV under the symbol “SEV”. On June 21, 2021, the Company’s common shares commenced trading on the OTCQB Venture Market under the symbol “SPVNF”.

The registered office of the Company is located at 181 Bay Street, Suite 1800, Toronto, Ontario Canada, M5J 2T9 and its head office is in San Jose, California. The Company also has a design center in Cork, Ireland and a sales office in Dongguan, China. The Company is currently a reporting issuer in each of the provinces of Canada, excluding Québec.

Products

The Company’s family of products features a patented signal processing technology used in the design of active cables and specialty interconnects which enable longer, thinner and lighter interconnects in data centers, for VR, AR, and other connectivity products. The Company holds approximately 55 patents relating to its products.

Data Centers

GaugeChanger™ is an innovative and disruptive silicon technology that allows copper to extend much longer lengths without the cost and power penalty of optics that are used in data centers today. It works equally well at 25 Gbps NRZ, 50 Gbps PAM-4 and 112 Gbps PAM-4 enabling new connector standards of 100, 200, 400 and 800 Gbps.

At present, passive copper cables are struggling to meet the high speed connectivity demands of new data centers. Fiber optics are the primary alternative for data centers seeking high speed, at lengths longer than a few meters. GaugeChanger™, however, extends the use of copper with interconnects that are as fast and as thin as fiber optics, but at dramatically lower cost and power consumption. GaugeChanger™ enabled cables have a reach of up to seven meters to allow for top-of-rack and rack-to-rack applications in data centers.

Virtual Reality (VR)

The Company’s next-generation VR products include the VR7050 which the Company believes to be the industry’s first chip capable of enabling lightweight, ultra-thin active interconnects for gesture recognition and motion control backhaul. When used in conjunction with Spectra7’s VR7100 high speed video chip, the chipset delivers ultra- high bandwidth data, video, audio and power in a unified, ultra-light,super-thin wearable interconnect while

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achieving the low latency for a truly immersive VR experience.

Augmented Reality (AR)

The Company has also developed AR products that provide similar benefit to the VR products on thinner, shorter ‘wearable’ interconnects.

AR-Connect™ is an AR interconnect product line that is powered by the Company’s patented wearable network signal processing technology. The Company believes its patented AR-Connect™ is the industry’s first integrated cable, connector and embedded chipset product line for AR vision systems and wearable computing devices. AR- Connect™ enables AR glasses to connect to a smart phone, proprietary processing device or a desktop GPU/laptop processing unit, with a single unified and ultra-thin link.

DreamWeVR

DreamWeVR is an extensive product line targeted at next generation 4K Ultra-HD and 5K resolution VR and AR platforms for gaming, health care, architecture and business telepresence applications. The product line includes four new chips (VR8181, VR8050, VR8200 and VR8300) featuring SpectraLinear™ technology, new VR-specific connectors and three new head-mounted display (“HMD”) interconnect configurations to support high-bandwidth (up to 50Gbps), near-zero latency VR HMDs and AR glasses with reduced weight and complexity.

USB 3.2 consumer interconnects

The Company’s active VR8050 and VR8051 chips are the industry’s first for ultra-thin implementations of USB

3.2 consumer interconnects, reducing the conductor cross section by up to 90% compared to passive cable implementations. Applications for this interconnect implemented with the new Type-C connector include ultra-thin laptops, tablets, mobile devices, solid state disks and wearable computing devices. The resulting ultra-thin cable enabled by this new Spectra7 technology allows the cable to transfer data at supercomputer speeds (up to 10 times faster) with a plug shell or over-mold and cable strain relief dimension that is thinner than the mobile device itself, a critical dimension when implementing Type-C connectors in tablets and smart phones, and up to 90% lighter than passive cable conductors that would need to be much larger in diameter.

Overall Financial Performance

Net loss for the three months ended March 31, 2022 was $2.8 million compared to a net loss of $1.1 million in the same period in the prior year. Revenue for the three month period ended March 31, 2022 increased by 275% compared to the same period in the prior year. The increased revenue was driven primarily by the ramping product demand on our GaugeChanger™ products from hyperscaler data center operators and our DreamWeVR product.

Gross margin percentage for the three month period ended March 31, 2022 decreased from the same period in 2021 by approximately 14%, due mainly to premiums paid to secure wafers and supply chain availability as well as additional fees to expedite delivery in order to meet customers’ demand for data center and VR products. Expenditures during the three month period ended March 31, 2022 are approximately $3.7 million representing a increase of 158% from the same period in the prior year due to higher personnel costs compared to the prior year in which employees were furloughed, higher consulting fees for IT and investor relations, and costs to support customers’ ramp to production for our DreamWeVR products. This led to increases in research and development, sales and marketing and general and administrative expenditures. In addition, shared-based compensation also increased as more equity awards were issued to existing and new employees.

Impact of COVID-19 outbreak

We rely on third-party suppliers and manufacturers. Currently, the Company’s silicon products are manufactured at foundries by companies in Taiwan and the United States, and are packaged and tested in Taiwan and China. PCBs for active cable products are manufactured by a corporation in Hong Kong, China. The Company also uses third-party contractors for assembly of active cable products including contractors in China and Taiwan. This pandemic has resulted in the extended shutdown of certain businesses in certain jurisdictions, which have resulted in disruptions or delays to our supply chain. These include disruptions from the temporary closure of third-party supplier and manufacturer facilities, interruptions in product supply or restrictions on the export or shipment of our products. As a result of COVID-19, we have been unable to satisfy certain customer orders on a timely basis, with some customers experiencing delays in receiving our products. There is uncertainty around the duration and

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This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Disclaimer

Spectra7 Microsystems Inc. published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 23:32:10 UTC.

On Canada Day, Here Are The 5 Biggest Canadian-Based Gainers, Losers Trading On CAD Stock Exchanges

Canada is celebrating its national day on Friday, in honor of Confederation, which took place on July 1, 1867. The day is a statutory holiday and the Canadian stock market is closed, making it a good time to check in on the five biggest gainers and losers so far this year.

Brief History: Founded on Oct. 25, 1861, Canada’s first exchange, the Toronto Stock Exchange (TSX), listed just 18 companies. That number has now grown to more than 1,500 and the country has developed four additional major exchanges: the Canadian National Stock Exchange (CNSX); the Montreal Exchange; the TSX Venture Exchange (Tiers 1 and 2) and the Aequitas NEO Exchange.

Three of the largest Canadian companies trading on the exchanges include Shopify, Inc SHOP SHOP, Royal Bank of Canada RY RY and Toronto-Dominion Bank TD TD.

The top five gainers and losers across Canadian exchanges year-to-date aren’t the largest companies, however, although Shopify is the ninth biggest loser, trading down 76.91% year-to-date. In fact, the biggest gainers and losers so far in 2022 are penny stocks, all trading under $4.

All prices below reference to stock performance on the Canadian exchanges.

Top 5 Canada-Based Gainers Across Canadian Exchanges:

Patriot Battery Metals, Inc PMET PMETF, up 425% year-to-date, is a Vancouver-based mineral exploration company. Patriot began trading on Jan. 3, 2022 at $0.55 and reached an all-time high of $4.50 on May 30. The stock closed Thursday’s session at $2.68.

Wescan Energy Corp WCE GPIPF, up 307% year-to-date, is a Calgary-based oil and gas company operating in Alberta and Saskatchewan. Wescan began trading on Jan. 3, 2022 at $0.065 and reached an all-time high of 48 cents on June 10. The stock closed Thursday’s session at $0.265.

Tower Resources, Ltd TWR TWRFF, up 300% year-to-date, is a Vancouver-based junior gold mining company that recently made a new gold discovery. Tower began trading on Jan. 4, 2022 at $0.085 and reached a 52-week high of $0.395 on June 22. The stock closed Thursday’s session at 34 cents.

CVW Cleantech, Inc CVW TITUF, up 250% year-to-date, a Calgary-based clean technology innovator focused on the mining sector of Canada’s oil sands industry. CVW Cleantech began trading on Jan. 4, 2022 at 39 cents and reached a 52-week high of $2 on March 17. The stock closed Thursday’s session at $1.35.

Razor Energy Corp RZE, up 231% year-to-date, is a Calgary-based junior oil and gas development and production company. Razor began trading on Jan. 4, 2022 at $0.73 and reached a 52-week high of $4.14 on March 8. The stock closed Thursday’s session at $2.32.

Top 5 Canada-based Losers Across Canadian Exchanges:

Sugarbud Craft Growers Corp SUGR SBUDF, down 90% year-to-date, is a Calgary-based cannabis company. Sugarbud began trading on Jan. 4, 2022 at $3 and at a 52-week low of 29 cents on Thursday.

Sol Global Investments Corp SOL, down 87% year-to-date, is a Toronto-based private equity firm with holdings in cannabis, esports and mobility companies. Sol began trading on Jan. 4, 2022 at $2.60 and closed at a 52-week low of 37 cents on Thursday.

Im Cannabis Corp IMCC IMCC, down 80% year-to-date, is a Vancouver-based medical cannabis company. Im Cannabis began trading on Jan. 4, 2022 at $4.25 and reached a 52-week low of 80 cents on June 20. The stock closed Thursday’s session at 82 cents.

Carbon Streaming Corporation NETZ, down 80% year-to-date, is a Toronto-based investment vehicle that offers exposure to carbon credits. Carbon Streaming began trading on Jan. 4, 2022 at $16.65 and reached a 52-week low of $3.25 on June 17. The stock closed Thursday’s session at $3.33.

Wellfield Technologies, Inc WFLD, down 78.42% year-to-date, is a Vancouver-based decentralized finance company. Wellfield began trading on Jan. 4, 2022 at $2.05 and reached a 52-week low of 38 cents on Thursday. The stock closed that session at 41 cents.

Photo via Shutterstock.

NorthStar reaches reverse takeover agreement with Baden Resources

NorthStar Gaming has reached an agreement with Baden Resources regarding a reverse takeover transaction that was first detailed last week.

The deal with the Canadian Stock Exchange listed firm will see NorthStar become a technology issuer on the exchange, subject to regulatory approval. 

Completion of the proposed transaction, which will see the resulting company operate the business of NorthStar, remains subject to a number of conditions, including completion of satisfactory due diligence by both parties, the receipt of any required regulatory approvals and completion of the concurrent offering. 

It is also a condition to completion that Baden delist from the CSE and the resulting issuer obtains conditional approval to list on the TSX Venture Exchange.

Furthermore, it is anticipated that Baden will call a shareholder meeting to approve, among other things, certain amendments to its documents necessary to complete the agreement.

“In accordance with the terms of business combination agreement, the parties will complete a three cornered amalgamation whereby NorthStar will amalgamate with a wholly owned subsidiary of Baden and the resulting amalgamated company will be a wholly owned subsidiary of Baden,” a media release issued regarding the arrangement noted.

It is a condition to completion of the proposed transaction that Baden complete a consolidation of its outstanding common shares on a 3.333333:1 basis, and that NorthStar complete an offering of up to 30,000,000 subscription receipts at a price of $0.50 each or up to 34,500,000 receipts if the agent’s over-allotment option is exercised.

Upon completion of the proposed transaction it is anticipated that existing shareholders of Baden will hold approximately 2.9 per cent of the outstanding common shares.

Link Group’s Canadian suitor has made 25 buyouts in nine years

Proud remains disciplined, and is steadfast about not over-paying. Dye & Durham walked away from a proposed $600 million-plus buyout of Idox Plc in the UK in early 2021 after a rethink about the price tag and value.

He is incredibly ambitious and has set out a broad corporate strategy for Dye & Durham with a catchcry of “build to a billion” – as in a billion dollars in profit. He hasn’t put a timeframe on when he aims to reach it. “We’d like to get there sooner rather than later,” he said.

His company, with 1500 employees, has 50,000 customers around the world in Canada, the UK, Ireland and Australia, made up of law firms, banks and government agencies.

Link Group – which operates an unwieldy array of businesses in superannuation administration, runs the share registries of 1800 companies on the ASX and has a 43 per cent stake in electronic property settlements group PEXA – received a $2.9 billion offer from Dye & Durham last December.

But on June 27, Dye & Durham substantially reduced the value it was prepared to pay by 22 per cent, cutting its takeover bid by $700 million to $2.2 billion.

The hefty cut in its offer stemmed from the overall shredding of valuations in the tech sector globally as sharemarkets slumped, and the expectation that PEXA will be less busy as the Australian real estate market softens under the weight of sharp interest rate increases.

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An Australian Competition and Consumer Commission decision on June 16, which raised concerns about Dye & Durham controlling the PEXA stake and the implications for vertical integration, also up-ended the economics.

A matter of size and scale

It’s been a whirlwind two years since Dye & Durham listed on the Toronto Stock Exchange in July, 2020. The company has spent $1.1 billion on 12 acquisitions in that time, not counting Link.

Bigger is better in his industry. “Size and scale give us the ability to weather all parts of the economic cycle,” he says.

It all started in a more modest fashion.

Proud and his younger brother Tyler in 2013 made a successful buyout of OneMove Technologies, which had been listed on Toronto’s secondary stock exchange for early stage companies. It was a specialist in web-based software for real estate transactions.

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Proud became the chief executive of OneMove in 2014. The group pounced on Dye & Durham in 2016 and merged the entities, keeping the Dye & Durham name for the wider group.

What’s in a name

There is heavy symbolism in the long journey of Dye & Durham and the transformation it has been through.

Its predecessor company was known as The Dominion Blank Form Company, founded in 1874. It provided blank legal forms to the legal fraternity.

The company was bought in 1911 by Shirley Dye and Sydney Durham and has been known as Dye & Durham since then.

Proud is a details man. He is deeply involved in doing due diligence on acquisition targets and likes to methodically go through balance sheets and forecasts line by line. Some say he is more across the details of a target company than those who actually work for the group he is trying to buy.

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It’s partly a throwback to his legal training. He ventured from Canada to the United Kingdom to study an arts degree at the University of Cambridge. He then studied law at the University of Buckingham in the UK.

Asked why he chose to head to one of the UK’s most famous universities, he says he wanted to broaden his outlook and not follow the usual path after growing up in Toronto. “I wanted to do something different,” he says. “I mean, it was Cambridge.”

Proud’s fondness for his time in the UK never left. In the same year he was making his first corporate buyout on OneMove in 2013 he made a large donation to enable the University of Buckingham to acquire a 3.6 hectare site known as Ford Meadow, which had been the home of the local soccer club, Buckingham Town Football Club. It had fallen into disrepair and was being vandalised.

It is now used by the university and local community.

Cut and thrust

Proud, who is married with a young family and lives in Toronto, loves the cut and thrust of deal-making. He occasionally finds time to head out onto a sailboat on the local lakes. “Really, it’s just work and family,” he says.

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The Link buyout deal isn’t the first time Dye & Durham has come hunting in Australia.

It bought Australian company SAI Global’s Property Division in 2020-21 and also bought the GlobalX business in Australia, spending about $280 million across both.

Link, chaired by former Macquarie executive Michael Carapiet, has been equally busy over the past two years, having fielded four buyout offers from different players in just two years. The Dye & Durham proposal is the fourth.

US private equity firm The Carlyle Group walked away after weeks of detailed due diligence late last year, following an initial offer of $5.38 a share made up of two components – $3 for the core Link business, and a pro rata distribution of Link’s 42.8 per cent stake in PEXA to Link’s shareholders.

In late 2020, Carlyle and Pacific Equity Partners pursued Link in a combined tilt in which an indicative offer reached as high as $5.40. US group SS&C Technologies made a $3 billion buyout proposal in late 2020, but pulled out after a month of due diligence.

AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND AND PROVIDES SHARE CAPITAL AND VOTING RIGHTS UPDATE

VANCOUVER, BC, June 30, 2022 /CNW/ – (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received a dividend from Prime Oil and Gas Cooperatief UA (“Prime”). The Company has a 50% shareholding in Prime. View PDF Version

Prime has distributed a $75.0 million dividend with a net payment to Africa Oil of $37.5 million related to its shareholding. This is the third Prime dividend distributed this year with Africa Oil having received an aggregate amount of $162.5 million.

Since acquiring its 50% interest in Prime for a cash consideration of $519.5 million in January 2020, Africa Oil has received 13 dividends from Prime for a total amount of $562.5 million.

Also, the Company reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

As a result of the exercise of stock options under the Company’s Stock Option Plan and return to treasury, the Company now has 477,280,774 common shares issued and outstanding with voting rights as at June 30, 2022.

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.

This information is information that Africa Oil Corp. is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out below on June 30, 2022 at 6:45 p.m. ET.

AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND AND PROVIDES SHARE CAPITAL AND VOTING RIGHTS UPDATE (CNW Group/Africa Oil Corp.)

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Field Trip Shares Fiscal Q4 And Full Year 2022 Results & Update On Court-Approved Corporate Reorganization

Psychedelic therapies developer and provider Field Trip Health Ltd. FTRP FTRP reported fiscal fourth quarter and full year 2022 results for the period ended March 31, 2022 and completed a strategic review resulting in the intention to separate the Field Trip Discovery and Field Trip Health divisions into two independent public companies.

The company’s Discovery division leads the development of next-gen psychedelic molecules and conducts research on plant-based psychedelics, and the Health division runs centers for psychedelic therapies across North America and Europe.

During the fiscal fourth quarter, Field Trip continued advancing on its drug discovery work focused on the R&A of its first drug candidate, FT-104, as well as other molecules such as the FT-200 series. Specifically, FT-104 is based on classical serotonin 2A psychedelics, like psilocybin, reported to successfully help a variety of mood disorders including depression, anxiety and substance abuse. 

While FT-104 is a proprietary clinical-stage prodrug designed to produce a short duration experience, FT-200 constitutes a family of molecules with potentially reduced cardiovascular risk profiles.

On the other hand, the Field Trip Health clinics business has increased customer reach and announced new strategic partnerships for psychedelic-assisted treatment options, recently announcing the opening of its Vancouver and Washington locations.

Financial Highlights (in Canadian dollars): 

  • For the fiscal 4Q ended March 31, 2022, a total C$1,724,102 belonged to patient services revenues from Field Trip’s twelve clinics, a 228% increase over the same period of 2021.

  • Fiscal year ended March 31, 2022 showed total revenue of C$4,860,129, a 406% increase over prior fiscal year (primarily due to seven additional operating clinics compared to 2021).

  • Fiscal fourth quarter’s net loss totaled C$14,170,285, primarily due to total operating costs of C$14,323,644, reflecting the company’s focus on growing the clinics and continued investment in its drug development pipeline. 

  • Fiscal year ended March 31, 2022’s net loss reflected C$54,691,130, considering total operating costs of C$57,902,159 and C$2,075,004 in interest expense and foreign exchange losses. 

  • Total operating expenses in the fiscal 4Q involved C$14,323,644, destined to general & administration expenses of C$7,432,602, patient services expenses of C$2,691,335, research and development (R&D) expenses of C$2,333,724, depreciation and amortization of C$1,124,854, sales and marketing expenses of C$434,781, and occupancy costs of C$306,798. 

  • Total operating costs for fiscal year 2022 reached C$57,902,159.

  • Balance Sheet: As of March 31, 2022, Field Trip had unrestricted cash and cash equivalents and restricted cash of total C$64,496,653.

Field Trip received final court approval regarding the spin-off of its clinics business to new Field Trip Health & Wellness Ltd. (Field Trip H&W).

The closing is expected to take place in August 2022. Following the arrangement, the company will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and Field Trip H&W, subject to exchange approval, will list on the TSX Venture Exchange.

Each Field Trip’s share will be exchanged for one of its common shares (to be renamed “Reunion Neuroscience Inc.” after the arrangement) and approximately 0.86 of a common share of Field Trip H&W.

The company has also announced the closing of a brokered private placement of subscription receipts of Field Trip H&W led by Bloom Burton Securities Inc., on behalf of itself and a syndicate of agents including Stifel GMP, at an issue price of C$0.50 per subscription receipt for aggregate gross proceeds of C$2,100,000. 

The net proceeds of this offering will be used by Field Trip H&W for clinic operating expenses, working capital, arrangement expenses and general corporate purposes. Upon the satisfaction of certain escrow release conditions, each subscription receipt shall automatically be exchanged into one Field Trip H&W common share.

 

Photo Courtesy of Sean Pollock on Unsplash.

Seabridge Gold : Reports on Results of Annual Meeting of Shareholders – Form 6-K

Seabridge Gold Reports on Results of Annual Meeting of Shareholders

Toronto, Canada… Seabridge Gold (the “Company”) today provided the results of its annual general meeting of shareholders held on June 29, 2022. A total of 44,498,539 common shares were represented at the meeting, representing 55.48% of the issued and outstanding common shares of the Company on the record date. All matters presented for approval at the meeting were duly authorized and approved, as follows:

  1. Increase in the number of directors to ten;
  2. Election of all of management’s nominees to the board of directors of the Company;

Director

Votes For

Votes Withheld

Percentage For

Trace J. Arlaud

32,619,829

312,505

99.05

Rudi P. Fronk

32,754,711

177,623

99.46

Eliseo Gonzalez-Urien

32,414,917

517,417

98.43

Richard C. Kraus

32,647,087

285,247

99.13

Jay S. Layman

32,458,700

473,634

98.56

Melanie R. Miller

32,637,162

295,172

99.10

Clem A. Pelletier

32,732,296

200,038

99.39

John W. Sabine

31,245,353

1,686,981

94.88

Gary A. Sugar

32,541,942

390,392

98.81

Carol T. Willson

32,641,362

290,972

99.12

  1. Appointment of KPMG LLP as auditor of the Company for the ensuing year;
  2. Authorization of the directors to fix the auditors remuneration;
  3. Amendment of the Articles of the Company to clarify the rights and restrictions attached to the Common shares;
  4. Increase in shares reserved under security-based compensation plans.

A total of 11,566,178 shares were “non-votes” under U.S. proxy rules and were not cast with respect to the election of each of the directors or the approval of the amendment of the Articles of the Company or the increase in shares reserved for issue under the Company’s security-based compensation plans.

Commenting on the AGM, Seabridge Chairman and CEO Rudi Fronk noted the addition of Carol Willson to the Board and welcomed her as a new director to the company. “We are delighted to have Carol Willson join our Board. Carol brings extensive mining industry experience in audit and risk assessment. During a 28-year career at Ernst & Young, and as a consultant, she has been involved in internal audit reviews, fraud investigations, capital projects, ESG and cyber security.” With the addition of Carol Willson to the Board, the Company has now reached its gender diversity target of 30% of its Board members being women.

Seabridge holds a 100% interest in several North American gold projects. Seabridge’s assets include the KSM and Iskut projects located in northwest British Columbia, Canada’s “Golden Triangle”, the Courageous Lake project located in Canada’s Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of Seabridge’s Mineral Reserves and Mineral Resources by category please visit the Company’s website at http://www.seabridgegold.com.

106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
416-367-9292 www.seabridgegold.com

None of the Toronto Stock Exchange, New York Stock Exchange, or their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
“Rudi Fronk”
Chairman and C.E.O.

For further information please contact:

Rudi P. Fronk, Chairman and C.E.O.

Tel: (416) 367-9292 • Fax: (416) 367-2711

Email: info@seabridgegold.com

Attachments

Disclaimer

Seabridge Gold Inc. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 21:32:10 UTC.

Cannabis producer Canopy swaps shares for $255 million of its debt 

Canadian cannabis producer Canopy Growth reached a deal with noteholders to trade 255.4 million Canadian dollars ($198 million) of debt for shares and cash, thereby reducing a substantial portion of its convertible debt set to mature next year.

According to the arrangement reached with a limited number of noteholders, including parent company Constellation Brands, Canopy will acquire the outstanding 4.25% unsecured convertible senior notes due 2023 in exchange for common shares and approximately CA$3 million in cash.

The deal effectively means Constellation will own more of Canopy and other shareholders less.

“By addressing a substantial portion of our soon-to-mature convertible debt we are deleveraging our balance sheet, preserving capital, and reducing interest payments by over C$10.9M annually,” Canopy Chief Financial Officer Judy Hong said in a statement to MJBizDaily.

“These actions are critical as we navigate broader economic headwinds and will enable us to continue investing in the highest potential areas of our business to drive future growth.”

The transaction’s initial closing is “anticipated to be June 30, 2022,” according to the release.

On closing, roughly 34,073,160 Canopy shares will be issued to the noteholders.

Constellation, via subsidiary Greenstar Canada Investment Limited Partnership (GCILP), agreed to sell CA$100 million in notes – half of its CA$200 million in convertible debt holdings.

GCILP will receive between 21,929,914 and 30,701,880 Canopy shares, effectively increasing Constellation’s position by 5.4%-7.6% of the issued and outstanding shares.

Constellation currently holds 142,253,802 Canopy shares, representing 35.3% of the Canadian company.

Earlier this week, Fitch downgraded its rating for Canopy to CCC, the agency’s fifth-lowest rating.

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Fitch said it could cut Canopy’s rating again if the Smiths Falls, Ontario-based company pursues a repayment/refinancing of notes worth roughly CA$600 million that Fitch considers a distress debt exchange.

Canopy shares trade as WEED on the Toronto Stock Exchange and CGC on the Nasdaq.

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