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Published Apr 01, 2025 • 6 minute read
TORONTO — dynaCERT Inc. (TSX: DYA) (OTC: DYFSF) (FRA: DMJ) (“dynaCERT” or the “Company”) applauds the recently announced changes of March 31, 2025, proposed for the Ontario Government Hydrogen Innovation Fund (the “HIF”) regarding the launch of a new and increased budget of $30 million with eligibility broadened to include broader sector applications.
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Foreseeable Future Economic Benefit:
The announcement of the expansion of the HIF by the Ontario Government was made at dynaCERT’s headquarters in Toronto, Ontario.
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The HIF, and its corresponding proposals for hydrogen expansion in Ontario, were acclaimed by Jim Payne, Chairman, CEO & Director, dynaCERT; Hon. Sam Oosterhoff, Associate Minister of Energy-Intensive Industries; MPP Mohamed Firin, York South-Weston; Matthew Morrish, Committee Chair, Hydrogen Ontario; IESO Representative Chuck Farmer, Vice President, Planning, Conservation and Resource Adequacy (IESO); among many other dignitaries.
Accordingly, dynaCERT welcomes the HIF Incentives as lasting strong evidence of an obvious, clear, irrefutable and unequivocal “foreseeable future economic benefit” for all Canadians and to such Canadian participants such as dynaCERT.
Successful Consultative Meetings:
dynaCERT and their principals have been meeting for more than six (6) years with cabinet ministers, elected politicians, as well as senior officials within the government to advance, and assist with, the implementation of clean technology legislation and grants, loans and tax deferrals and tax credits. In so doing, dynaCERT has had face-to-face meetings, conversations and correspondence with the Ontario Government to help bring clean technology to fruition.
Through executives Jim Payne, Chairman & CEO, and Jean-Pierre Colin, Executive Vice President & CFO, dynaCERT participated in the Hydrogen Strategy Working Group advising the Ontario government which led to the release of its Low-Carbon Hydrogen Strategy in April 2022, outlining the opportunity to draw on Ontario’s clean energy advantage and establish a leadership position in the supply, distribution, storage and use of clean hydrogen.
See: Ontario’s Low Carbon Hydrogen Strategy:
Low-Carbon Hydrogen Strategy
Support for Continued Government Consultation:
dynaCERT continues to support the government’s openness in a consultative process on the design details of supporting the hydrogen economy and see consultative measures as a rational and important step to continue to expand the HIF.
Hon. Sam Oosterhoff, Associate Minister of Energy-Intensive Industries, stated, “Ontario companies like dynaCERT are leading the way — exporting homegrown hydrogen technologies around the world and driving industrial growth here at home. This investment builds on our Hydrogen Strategy and the first round of the Hydrogen Innovation Fund, supporting a growing sector that’s creating good-paying jobs and building Ontario’s energy economy for the future.”
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Mohamed Firin, Ontario MPP for York South–Weston, stated, “York South-Weston is home to innovative businesses like dynaCERT that are driving Ontario’s clean energy future. This investment will help create good-paying jobs, grow local manufacturing, and strengthen Ontario’s position as a leader in hydrogen innovation.”
Maike Althaus, Executive Director, Hydrogen Ontario, stated, “We thank the Ontario government—and especially Minister Oosterhoff—for the ongoing support of Ontario’s growing hydrogen sector. Hydrogen is more than a clean fuel; it can be a game-changer for building independent local supply chains and creating high-quality jobs across Ontario. From hydrogen-powered vehicles and electrolysers to remote power generation and critical applications in mining, refining, steel, and cement— let’s seize Ontario’s hydrogen opportunity to strengthen our manufacturing sector and power key industries to drive a cleaner, more competitive future.”
Jim Payne, Chairman and CEO of dynaCERT, stated, “dynaCERT applauds the Ontario government for expanding its Hydrogen Innovation Fund and recognizing the critical role hydrogen can play in transforming industries in Ontario and around the world. This kind of targeted support would help companies like dynaCERT scale innovation, grow domestic manufacturing, and create good-paying jobs. By backing hydrogen, the Ontario government is not only supporting clean energy solutions but also making an initial step to advance Ontario as a global leader in the next generation of industrial technology. We, at dynaCERT, are proud to be part of this momentum.”
For Ontario Government news announcing HIF at dynaCERT,
please see: Government of Ontario YouTube Channel
For Minister’s Office Staff, please contact:
Patil Imasdounian: Patil.Imasdounian@ontario.ca
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.
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READER ADVISORY
This press release of dynaCERT Inc. contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause dynaCERT’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. In particular, information relating to the Hydrogen Innovation Fund, the Ontario Government and its elected representatives and companies, organizations and individuals providing quotes cannot be independently verified. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors.
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
View source version on businesswire.com: https://www.businesswire.com/news/home/20250401551318/en/
Contacts
For more information, please contact:
Jim Payne, Chairman & CEO
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
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As Canada moves toward stronger AI regulation with the proposed Artificial Intelligence and Data Act (AIDA), its southern neighbor appears to be taking the opposite approach.
AIDA, part of Bill C-27, aims to establish a regulatory framework to improve AI transparency, accountability and oversight in Canada, although some experts have argued it doesn’t go far enough.
Meanwhile, United States President Donald Trump is pushing for AI deregulation. In January, Trump signed an executive order aimed at eliminating any perceived regulatory barriers to “American AI innovation.” The executive order replaced former president Joe Biden’s prior executive order on AI.
Notably, the US was also one of two countries — along with the UK — that didn’t sign a global declaration in February to ensure AI is “open, inclusive, transparent, ethical, safe, secure and trustworthy.”
Eliminating AI safeguards leaves financial institutions vulnerable. This vulnerability can increase uncertainty and, in a worst-case scenario, increase the risk of systemic collapse.
AI’s potential in financial markets is undeniable. It can improve operational efficiency, perform real-time risk assessments, generate higher income and forecast predictive economic change.
My research has found that AI-driven machine learning models not only outperform conventional approaches in identifying financial statement fraud, but also in detecting abnormalities quickly and effectively. In other words, AI can catch signs of financial mismanagement before they spiral into a disaster.
In another study, my co-researcher and I found that AI models like artificial neural networks and classification and regression trees can predict financial distress with remarkable accuracy.
Artificial neural networks are brain-inspired algorithms. Similar to how our brain sends messages through neurons to perform actions, these neural networks process information through layers of interconnected “artificial neurons,” learning patterns from data to make predictions.
Similarly, classification and regression trees are decision-making models that divide data into branches based on important features to identify outcomes.
Our artificial neural networks models predicted financial distress among Toronto Stock Exchange-listed companies with a staggering 98% accuracy. This suggests AI’s immense potential in providing early warning signals that could help avert financial downturns before they start.
However, while AI can simplify manual processes and lower financial risks, it can also introduce vulnerabilities that, if left unchecked, could pose significant threats to economic stability.
Trump’s push for deregulation could result in Wall Street and other major financial institutions gaining significant power over AI-driven decision-making tools with little to no oversight.
When profit-driven AI models operate without the appropriate ethical boundaries, the consequences could be severe. Unchecked algorithms, especially in credit evaluation and trading, could worsen economic inequality and generate systematic financial risks that traditional regulatory frameworks cannot detect.
Algorithms trained on biased or incomplete data may reinforce discriminatory lending practices. In lending, for instance, biased AI algorithms can deny loans to marginalized groups, widening wealth and inequality gaps.
In addition, AI-powered trading bots, which are capable of executing rapid transactions, could trigger flash crashes in seconds, disrupting financial markets before regulators have time to respond.
The flash crash of 2010 is a prime example where high-frequency trading algorithms aggressively reacted to market signals causing the Dow Jones Industrial Average to drop by 998.5 points in a matter of minutes.
Furthermore, unregulated AI-driven risk models might overlook economic warning signals, resulting in substantial errors in monetary control and fiscal policy.
Striking a balance between innovation and safety depends on the ability for regulators and policymakers to reduce AI hazards. While considering the financial crisis of 2008, many risk models — earlier forms of AI — were wrong to anticipate a national housing market crash, which led regulators and financial institutions astray and exacerbated the crisis.
My research underscores the importance of integrating machine learning methods within strong regulatory systems to improve financial oversight, fraud detection and prevention.
Durable and reasonable regulatory frameworks are required to turn AI from a potential disruptor into a stabilizing force. By implementing policies that prioritize transparency and accountability, policymakers can maximize the advantages of AI while lowering the risks associated with it.
A federally regulated AI oversight body in the US could serve as an arbitrator, just like Canada’s Digital Charter Implementation Act of 2022 proposes the establishment of an AI and Data Commissioner.
Operating with checks and balances inherent to democratic structures would ensure fairness in financial algorithms and stop biased lending policies and concealed market manipulation.
Financial institutions would be required to open the “black box” of AI-driven alternatives by mandating transparency through explainable AI standards — guidelines that are aimed at making AI systems’ outputs more understandable and transparent to humans.
Machine learning’s predictive capabilities could help regulators identify financial crises in real time using early warning signs — similar to the model developed by my co-researcher and me in our study.
However, this vision doesn’t end at national borders. Globally, the International Monetary Fund and the Financial Stability Board could establish AI ethical standards to curb cross-border financial misconduct.
Will AI still be the key to foresee and stop the next economic crisis, or will the lack of regulatory oversight cause a financial disaster? As financial institutions continue to adopt AI-driven models, the absence of strong regulatory guardrails raises pressing concerns.
Without proper safeguards in place, AI is not just a tool for economic prediction — it could become an unpredictable force capable of accelerating the next financial crisis.
The stakes are high. Policymakers must act swiftly to regulate the increasing impact of AI before deregulation opens the path for an economic disaster.
Without decisive action, the rapid adoption of AI in finance could outpace regulatory efforts, leaving economies vulnerable to unforeseen risks and potentially setting the stage for another global financial crisis.
Sana Ramzan is assistant professor in Business, University Canada West
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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There is a lot going on at the Vancouver-based medical-clinic operator and technology developer Well Health Technologies Corp. (TSX:WELL).
For one thing, its share price plunged 16.7 per cent today, to $4.14, following news it that it would delay filing audited annual financial statements for the fiscal year ended Dec. 31, as well as all management discussion of that year. It released that news after markets closed on Friday.
It said financial statements would be delayed because the U.S. attorney’s office for the Northern District of California is investigating Well Health’s subsidiary Circle Medical Technologies Inc. for its billing practices.
Well Health said it needs more time to analyze information and determine how that investigation will impact Circle’s financial statements, and by extension Well Health’s overall financial situation.
It said it expects to be able to file its annual financial statement by April 15.
Well Health’s share price is up 12.81 per cent compared with one year ago, and is down 43.75 per cent from its all-time high earlier this year.
Separately, the company today said it is pushing ahead with its plan to buy a controlling interest in Toronto-based Healwell AI. That acquisition would be done simultaneous with Healwell AI buying New Zealand-based Orion Health effective tomorrow (April 1).
The transaction would see Well Health acquiring sufficient Class A and Class B shares in Healwell AI, through various ways, to own, on a fully diluted basis, approximately 29 per cent of Healwell by market cap. Well Health would control Healwell AI because it would own 60 per cent of the company’s voting shares on a fully diluted basis.
That stake in Healwell AI is set to add about $160 million in revenue for Well Health in the next 12 months, Well Health said this morning.
Well Health and Healwell AI have long been partners.
BIV reported in July that Well Health was leading a consortium that nabbed $15.3 million in funding for a $44-million project to develop artificial-intelligence (AI) technology that helps doctors save time. Healwell AI was part of that consortium.
That funding last summer came from the Vancouver-based organization that distributes federal government capital, now known as Digital: Canada’s Global Innovation Cluster, after rebranding from being Digital Technology Supercluster.
Some good news for Well Health is that it generated a record of more than 5.7 million patient visits in its most recent fiscal year. Patient visits were up 32 per cent, year-over-year, with organic patient visits up 30 per cent, Well Health said today.
“Our Canadian clinics, underpinned by our technology-enabled care model, continues to lead the way in driving strong organic growth,” Well Health CEO and founder Hamed Shahbazi said today in a news release.
Shahbazi is likely best known for founding Tio Networks Corp., before selling it to PayPal Holdings Inc. for $304 million in 2017.
The company’s business model is two-headed, which is why it is planning to split into two, with each entity separately trading on the Toronto Stock Exchange and better able to attract new investors.
Well Health’s dominant revenue stream is from operating approximately 175 medical clinics in Canada, while the secondary stream comes from selling health and office-management technologies to medical clinics, Shahbazi explained to BIV last year.
“About 90 per cent of our overall revenue comes from providing care to patients, and about 10 per cent, or probably less than 10 per cent now, comes from actual technology revenue,” he said in September.
The plan is for the Well Health division that runs medical clinics to own a majority stake in the technology company — newly rebranded as Wellstar. That separation and public listing could go ahead in the first half of this year, Shahbazi told BIV in September.
Shahbazi did not respond to BIV‘s request for an interview this afternoon.
Well Health topped BIV‘s 2024 Top 100 Fastest-Growing Companies list, registering a whopping 2,265.2-per-cent revenue growth between 2019 and 2023. In its 2023 fiscal year, the company generated $776,054,000 in revenue, up from $32,810,782 in 2019.
That growth has showed no sign of stopping, as sales have continued to rise throughout 2024. The three-month period up to the end of September was Well Health’s 23nd consecutive quarter of record-breaking revenue.
One of Well Health’s earlier and biggest investors is Chinese billionaire Li Ka-shing, a man likely best known to many Vancouverites as the guy whose company bought the city’s former Expo 86 site in 1988, for $320 million, to be spread over 15 years. BIV reported in 2019 that Ka-shing had an almost 11-per-cent stake in the company, while his venture capital firm Horizon Ventures owned a seven-per-cent stake. He then added to that stake in 2020.
Investors may be reconsidering their exposure to U.S. stocks given the country’s sinister profile under U.S. President Donald Trump, but is there a more powerful motivator than ethics alone? I’m reporter David Berman, filling in for Scott Barlow, and today we’re looking at why ethics could take a backseat to a far more powerful force: U.S. stocks are expensive. Also, we’ll examine why U.S. stocks have hit a weak stretch even as earnings rise by double-digits. And, Anne Murray emerges as the hero we need today.
A trader wears a hat in support of Republican Donald Trump, after he won the U.S. presidential election, at the New York Stock Exchange (NYSE) in New York City, U.S., November 6, 2024.Andrew Kelly/Reuters
Investors can avoid U.S. stocks as a protest against President Donald Trump’s belligerence toward trading partners, allies and immigrants. And Greenland. And health care. And foreign aid.
And education – okay, it’s a long list.
But there’s another reason for avoiding U.S. stocks that, while not an ethical consideration, gets to the heart of the problem: They’re expensive relative to the rest of the world.
Lofty valuations might not have been a big issue with many investors through last year, when the United States enjoyed unrivalled economic growth. Big tech stocks delivered spectacular gains, but the entire market was sizzling.
The era was known as U.S. exceptionalism.
Now, it’s looking more like expensive-ism. As the S&P 500 and the Nasdaq Composite Index decline into correction territory amid concerns about policy zigzagging and a downturn in U.S. economic activity, the valuation gap with the rest of the world is becoming harder to justify.
Savita Subramanian, equity and quant strategist at Bank of America, noted on Friday that U.S. large-capitalization stocks within the S&P 500 trade at about 20-times estimated earnings. Comparable large-cap European stocks trade at just 14-times earnings.
That means U.S. stocks trade at a 40 per cent premium, down from a peak of 69 per cent last year but well above the long-term average premium of about 20 per cent.
“The index remains statistically expensive on almost every measure we track,” Ms. Subramanian said in a note.
There’s another concern here: U.S. stocks dominate global benchmarks, making them vulnerable to a shift. For example, they account for a 65.8 per cent weighting within the MSCI All-Country World Index, where nine of the top 10 holdings are U.S.-based companies.
If global funds are now questioning their heavy tilt toward U.S. stocks, even a modest flow of money into smaller markets – including Europe, where stock prices are already outperforming the S&P 500 – could have a big impact.
Apart from Europe’s policy coherence and an improving economic outlook as fiscal stimulus kicks in, regions beyond the United States also benefit from better diversification given that indexes are less tech-heavy.
Janus Henderson Investors looked at the world’s top-performing stocks since 2022, when investors stampeded toward the Magnificent Seven U.S. tech stocks that captured the promise of artificial intelligence.
The firm found the leading seven stocks in the MSCI EAFE (Europe, Australasia and the Far East) – Novo Nordisk A/S, ASML Holding NV, SAP SE, Toyota Motor Corp., HSBC Holdings PLC, Siemens AG, and UBS Group AG – did almost as well as the Magnificent Seven over the same period but were not all tech names. They came from health care, industrials and financials as well.
“This lack of sector concentration provided investors with portfolio diversification and reflected growth drivers besides AI, including rising defence spending, rapid medical innovation and the end of zero-rate monetary policies,” analysts at Janus Henderson said in a note.
There are sound reasons for avoiding U.S. stocks. But the pull toward non-U.S. stocks is a powerful force, too.
The profit picture for the S&P 500 looks pretty good. What doesn’t: The price investors are willing to pay for those profits.
The fourth quarter reporting season for companies within the U.S. blue-chip index is just about complete, and data from LSEG I/B/E/S show that profits are on track to rise 17.1 per cent from the same period last year. Exclude the energy sector, and profit growth is even better, at 20.7 per cent.
However, valuations are falling – fast – as investors deem U.S. stocks as more risky than they once were, given the policy uncertainty from Washington and signs of rising economic stress from tariffs.
The price-to-earnings ratio for the S&P 500, based on estimated 2025 earnings, has fallen to 20.7, according to data from Bloomberg. That’s down from 24.8 at the end of 2024, when investors presumed the newly elected Mr. Trump would soften his stance on tariffs when he assumed the presidency in January.
To be clear: The lower valuation follows rising earnings and declining stock prices. The current valuation is still no bargain, though, especially as Mr. Trump suggests that nothing will dissuade him from a global trade war that few observers embrace as good policy.
Anne Murray acknowledges the crowd after receiving the Lifetime Achievement award during the Juno Awards, in Vancouver, B.C., Sunday, March 30, 2025.ETHAN CAIRNS/The Canadian Press
Canadians are finding encouraging messages about the future of the country from a lot of different sources. The latest: Anne Murray.
According to The Globe’s coverage of the Juno Awards, Ms. Murray not only appeared at the ceremony in a sequinned Team Canada jersey but also talked the walk.
“If you’ll permit me, one more thing, because the majority of my work was in the U.S., I was pressured very early in my career to move to New York or Los Angeles – and I just couldn’t do it,” Ms. Murray said during her acceptance speech after receiving a lifetime achievement award on Sunday.
“I just knew instinctively that I needed a place to go to escape when my work was done – Canada was my safe haven, my safety blanket, my light at the end of the tunnel, and it still is.”
Over to you, Wayne Gretzky.
Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page.
Looking to reinvest some money abroad? I take a look at the high-flying European financials sector. And if that whets your appetite, check out Ian Tam’s screen of TSX-listed European stock ETFs that have outperformed their peers
Economist David Rosenberg says Ottawa should make these bold moves to save the country in the trade war. Among the suggestions: bring back Canada Savings Bonds.
Gordon Pape says these three ETFs should do well in a falling market
Rob Carrick reports on a striking decline in the number of investors complaining about the suitability of their holdings
Pierre Poilievre’s switch to an all-Canadian portfolio is good politics, but an iffy investing strategy, says Tim Shufelt
Tom Bradley has some thoughts on making prudent but boring investment advice a little more engaging for the young
Liberation Day is coming on April 2, when the White House is set to announce reciprocal and industry-specific tariffs – and trading partners, presumably, following with their own announcement.
The flurry of news and reactions, threats and bluster, will no doubt drown out some of the week’s economic readings and earnings reports. But these snapshots offer valuable insights into the environment that tariffs are now set to disrupt.
On Tuesday, the ISM purchasing managers’ index of U.S. manufacturing activity will decline below 50, according to a consensus of economists – slipping below the threshold that separates expansion from contraction. Economists expect a reading of 49.8, down from 50.3 in February.
On Wednesday, look for the ADP Employment report, which will offer an initial assessment of the U.S. labour scene ahead of the non-farm payrolls report on Friday.
As for earnings, the last holdouts for companies within the S&P 500 – Conagra Brands Inc. and Lamb Weston Holdings Inc. – will report their fourth-quarter results.
See our full economic and earnings calendar here (You can bookmark the page – it gets updated weekly)
Author of the article:
Published Mar 31, 2025 • 16 minute read
Quarterly Adjusted EBITDA of $1.9 Million in Q4, a $4.9 Million Improvement YoY
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Annual Adjusted EBITDA of $(0.2) Million in 2024, a $12.8 Million Improvement YoY
Gross Margins of 76% in Q4, up 3600 bps YoY
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX), a leading gaming media and entertainment company, today announced financial results for the three months (“Q4 2024”) and year ended December 31, 2024 (“FY 2024”).
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“2024 was a milestone year for Enthusiast Gaming, as we repositioned the business for long-term, high-margin growth,” said Adrian Montgomery, Interim CEO of Enthusiast Gaming. “By streamlining operations and enhancing monetization, we have established an efficient, scalable model that delivers stronger returns. With this solid foundation in place, our focus is now on audience expansion—spending more time with more gamers across our owned and operated properties. As we enter 2025, we are positioned to drive sustained growth by deepening engagement and maximizing the value of our gaming ecosystem.”
“The Company’s realignment towards higher-margin, owned and operated revenue streams and a significantly reduced cost base has established a strong financial foundation, including profitability, expanded gross margins, and growing operating leverage,” said Alex Macdonald, Chief Financial Officer of Enthusiast Gaming. “With this structure in place, we are now focused on scaling revenue in ways that accelerate EBITDA growth and drive free cash flow. Every user is more valuable under our current monetization structure, and audience expansion is a key operational focus for 2025. We are also investing in our direct sales team to reestablish it as a meaningful driver of high-margin, top-line revenue growth. With this foundation, the business is structured for efficient growth and increasing EBITDA contribution at scale.”
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Financial Highlights for Q4 2024
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Business Highlights for Q4 2024
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Fourth Quarter 2024 Results Comparison
Revenue was $17.8 million in Q4 2024, a 62% decrease compared to $47.1 million in Q4 2023. Media and Content revenue was $12.8 million in Q4 2024, a 70% decrease from $42.6 million in Q4 2023. The Company’s strategic decision to de-prioritize the lower margin video platform revenue accounted for $24.1 million of the $29.8 million reduction in Media and Content revenue. Direct Sales (the majority of which is included in media and content revenue) decreased from $13.2 million in Q4 2023 to $5.9 million in Q4 2024 mainly due to a lower number of ramped sellers than the year ago period, contributing $7.3 million to the decline in revenue. Esports and Entertainment revenue increased to $2.0 million from $1.2 million in Q4 2023, mainly due to an increase in live events in Q4 2024 as compared to Q4 2023. Subscription revenue decreased from $3.3 million in Q4 2023 to $2.9 million in Q4 2024 largely due to the sale of certain non-core, non-profitable assets in April 2024.
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Gross profit was $13.5 million in Q4 2024, a 29% decrease compared to $18.9 million in Q4 2023. Gross margin increased to 76% in Q4 2024 from 40% in Q4 2023.
Operating expenses decreased to $15.6 million in Q4 2024, a 44% decrease from $27.8 million in Q4 2023.
Adjusted EBITDA profit was $1.9 million in Q4 2024 compared to an Adjusted EBITDA loss of $3.0 million in Q4 2023.
Net loss was $83.6 million, or $(0.53) per share, in Q4 2024, compared to $39.7 million, or $(0.26) per share, in Q4 2023.
Full Year 2024 Results Comparison
Revenue was $72.6 million in 2024, a 59% decrease compared to $178.2 million in 2023. Media and Content revenue was $51.3 million in 2024, a 67% decrease from $154.8 million in 2023. The Company’s strategic decision to de-prioritize the lower margin video platform revenue accounted for $79.4 million of the $103.5 million reduction in Media and Content revenue. Direct Sales (the majority of which is included in media and content revenue) decreased from $41.7 million in 2023 to $21.4 million in 2024 mainly due to a lower number of ramped sellers than the year ago period, contributing $20.3 million to the decline in revenue. Esports and Entertainment revenue increased to $8.5 million in 2024 from $8.3 million in 2023. Subscription revenue decreased from $15.0 million in 2023 to $12.9 million in 2024 in part due to change in mix of subscribers and lower subscriber count during portions of the year on The Sims Resource and in part due to the sale of certain non-core, non-profitable assets in April 2024.
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Gross profit was $49.1 million in 2024, a 27% decrease compared to $67.4 million in 2023. Gross margin increased to 68% in 2024 from 38% in 2023.
Adjusted EBITDA loss was $0.2 million in 2024 compared to an Adjusted EBITDA loss of $13.0 million in 2023.
Net loss $96.0 million, or $(0.61) per share, in 2024, compared to $117.7 million, or $(0.77) per share, in 2023.
Organizational Updates
The Company is pleased to announce that Alex Gonzalez has been promoted to Chief Marketing Officer for the Company, reflecting his broad range of responsibilities for the Company’s creator talent, go-to-market strategy, campaign development and overall marketing efforts across the Company. Alex has been a valued member of the leadership team at Enthusiast Gaming for the past three years, having previously served as Head of Luminosity, as well as SVP of Talent, Gaming and Marketing.
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Investor Conference Call
Management will host a conference call and webcast on Monday, March 31, 2025, at 5 p.m. ET to review and discuss its Q4 and full-year 2024 results. Conference call details:
Conference ID: 10197864
A replay will be available on Enthusiast Gaming’s website at enthusiastgaming.com/investors.
Supplemental Information
Enthusiast Gaming’s financial statements and management discussion and analysis (“MD&A”) are available at www.sedarplus.ca and enthusiastgaming.com/investors. All amounts are in Canadian dollars.
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About Enthusiast Gaming
Enthusiast Gaming is a leading gaming media and entertainment company, building the largest platform for video game enthusiasts and esports fans to connect and compete worldwide. Combining the elements of its four core pillars: creators, content, communities, and experiences, Enthusiast Gaming provides a unique opportunity for marketers to create integrated brand solutions to connect with coveted Gen Z and Millennial audiences. Through its proprietary mix of digital media, content and gaming assets, Enthusiast Gaming continues to grow its network of communities, reflecting the scale and diversity of gaming enthusiasts today.
Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding trends in certain financial and operating metrics of the Company, and expectations relating to the financial performance and the financial results of future periods.
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Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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Non-GAAP Measures
This press release references certain non-GAAP measures, including Adjusted EBITDA, as described below. These non-GAAP measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those GAAP measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.
The Company uses non-GAAP measures including:
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“EBITDA”, which is defined as earnings before interest, taxes, depreciation and amortization. Enthusiast Gaming calculates EBITDA using gross margin less total operating expenses plus share-based compensation and amortization and depreciation; and
“Adjusted EBITDA”, which is defined as EBITDA adjusted for severance and other non-recurring public company costs. These non-recurring costs include, but are not limited to, annual Nasdaq listing fees and annual directors and officers (“D&O”) liability insurance associated with the Company’s former listing on Nasdaq. Adjusted EBITDA also excludes “NFL TNG EBITDA” which is defined as EBITDA attributable to the Company’s NFL TNG program during Q4 2024, as the program became non-recurring due to its termination.
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Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the exchange) accepts responsibility for the adequacy or accuracy of this release.
| Enthusiast Gaming Holdings Inc. | ||||||||||||||
| Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||||
| For the three months and year ended December 31, 2024 and 2023 | ||||||||||||||
| (Expressed in Canadian Dollars) | ||||||||||||||
| For the three months ended | For the year ended | |||||||||||||
| December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|||||||||||
| (Unaudited) | (Unaudited) | (Audited) | (Audited) | |||||||||||
| Revenue | $ | 17,757,358 | $ | 47,141,121 | $ | 72,568,506 | $ | 178,178,127 | ||||||
| Cost of sales | 4,233,851 | 28,204,166 | 23,443,419 | 110,756,401 | ||||||||||
| Gross margin | 13,523,507 | 18,936,955 | 49,125,087 | 67,421,726 | ||||||||||
| Operating expenses | ||||||||||||||
| Professional fees | 652,249 | 596,256 | 1,843,478 | 2,413,954 | ||||||||||
| Consulting fees | 334,768 | 2,320,745 | 2,434,113 | 6,904,431 | ||||||||||
| Advertising and promotion | 163,691 | 1,386,966 | 1,105,391 | 4,335,937 | ||||||||||
| Office and general | 394,281 | 1,659,298 | 3,041,114 | 7,950,085 | ||||||||||
| Salaries and wages | 5,535,030 | 9,610,955 | 25,054,989 | 37,564,336 | ||||||||||
| Technology support, web development and content | 6,744,049 | 8,787,448 | 17,880,197 | 24,902,819 | ||||||||||
| Esports player, team and game expenses | 473,316 | 565,742 | 2,115,202 | 2,527,541 | ||||||||||
| Foreign exchange loss | 264,030 | 80,043 | 338,915 | 174,399 | ||||||||||
| Share-based compensation | 392,699 | 1,191,567 | (1,147,697 | ) | 5,474,447 | |||||||||
| Amortization and depreciation | 643,418 | 1,646,055 | 2,754,986 | 10,432,382 | ||||||||||
| Total operating expenses | 15,597,531 | 27,845,075 | 55,420,688 | 102,680,331 | ||||||||||
| Other expenses (income) | ||||||||||||||
| Goodwill impairment | 72,044,148 | 20,005,377 | 72,044,148 | 64,827,952 | ||||||||||
| Intangible asset impairment | 9,844,441 | 14,602,083 | 9,844,441 | 21,440,143 | ||||||||||
| Investment in associates impairment | – | 17,363 | 26,497 | 17,363 | ||||||||||
| Other long-term asset impairment | – | 3,364,584 | 1,098,506 | 3,364,584 | ||||||||||
| Transaction costs | 227,151 | – | 2,136,114 | – | ||||||||||
| Share of net income from investment in associates and joint ventures | – | (383,893 | ) | (18,627 | ) | (456,062 | ) | |||||||
| Interest and accretion | 453,856 | 615,761 | 2,214,340 | 2,449,139 | ||||||||||
| Loss (gain) on revaluation of deferred payment liability | 67,937 | (23,068 | ) | 44,451 | 592,053 | |||||||||
| Gain on sale of assets held for sale | – | – | (344,852 | ) | – | |||||||||
| Loss on disposal of property and equipment | – | – | 25,997 | – | ||||||||||
| (Gain) loss on revaluation of long-term debt | (478,408 | ) | – | 2,907,390 | – | |||||||||
| Loss on modification of long-term debt | – | 419,953 | 401,951 | 419,953 | ||||||||||
| Interest income | (3,077 | ) | (1,020 | ) | (8,807 | ) | (64,316 | ) | ||||||
| Net loss before income taxes | (84,230,072 | ) | (47,525,260 | ) | (96,667,150 | ) | (127,849,414 | ) | ||||||
| Income taxes | ||||||||||||||
| Current tax expense | 189,631 | (135,170 | ) | 372,160 | 261,947 | |||||||||
| Deferred tax recovery | (847,490 | ) | (7,734,130 | ) | (1,056,310 | ) | (10,437,753 | ) | ||||||
| Loss for the period | (83,572,213 | ) | (39,655,960 | ) | (95,983,000 | ) | (117,673,608 | ) | ||||||
| Other comprehensive (loss) income | ||||||||||||||
| Items that may be reclassified to profit or loss | ||||||||||||||
| Foreign currency translation adjustment | 3,514,132 | (1,107,935 | ) | 4,340,222 | (1,427,872 | ) | ||||||||
| Net loss and comprehensive loss for the period | $ | (80,058,081 | ) | $ | (40,763,895 | ) | $ | (91,642,778 | ) | $ | (119,101,480 | ) | ||
| Net loss per share, basic and diluted | $ | (0.54 | ) | $ | (0.26 | ) | $ | (0.61 | ) | $ | (0.77 | ) | ||
| Weighted average number of common shares | ||||||||||||||
| outstanding, basic and diluted | 158,748,136 | 154,393,280 | 156,481,036 | 153,191,778 | ||||||||||
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| Enthusiast Gaming Holdings Inc. | |||||||||
| Consolidated Statements of Financial Position | |||||||||
| As of December 31, 2024 and 2023 | |||||||||
| (Expressed in Canadian Dollars) | |||||||||
| December 31, 2024 |
December 31, 2023 | ||||||||
| ASSETS | |||||||||
| Current | |||||||||
| Cash | $ | 4,765,373 | $ | 6,851,966 | |||||
| Trade and other receivables | 12,351,539 | 31,502,732 | |||||||
| Income tax receivable | 12,371 | 31,251 | |||||||
| Prepaid expenses | 2,010,796 | 1,820,144 | |||||||
| Total current assets | 19,140,079 | 40,206,093 | |||||||
| Non-current | |||||||||
| Property and equipment | 187,464 | 124,640 | |||||||
| Right-of-use assets | 800,908 | 1,441,149 | |||||||
| Investment in associates and joint ventures | – | 2,888,730 | |||||||
| Long-term portion of prepaid expenses | 148,546 | 182,108 | |||||||
| Intangible assets | 71,815,485 | 85,421,227 | |||||||
| Goodwill | 36,353,244 | 105,868,081 | |||||||
| Total assets | $ | 128,445,726 | $ | 236,132,028 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current | |||||||||
| Accounts payable and accrued liabilities | $ | 15,022,630 | $ | 47,101,272 | |||||
| Contract liabilities | 5,735,275 | 6,078,950 | |||||||
| Income tax payable | 131,441 | 274,924 | |||||||
| Current portion of long-term debt | 38,990,332 | 21,888,597 | |||||||
| Current portion of deferred payment liability | 2,322,274 | 82,231 | |||||||
| Current portion of lease liabilities | 727,525 | 740,212 | |||||||
| Current portion of other long-term debt | – | 9,668 | |||||||
| Total current liabilities | 62,929,477 | 76,175,854 | |||||||
| Non-current | |||||||||
| Long-term portion of deferred payment liability | – | 2,083,262 | |||||||
| Long-term portion of lease liabilities | 295,977 | 938,845 | |||||||
| Other long-term debt | – | 140,613 | |||||||
| Deferred tax liability | 13,470,905 | 14,076,780 | |||||||
| Total liabilities | $ | 76,696,359 | $ | 93,415,354 | |||||
| Shareholders’ Equity | |||||||||
| Share capital | 461,607,373 | 444,474,076 | |||||||
| Warrants reserve | 1,823,168 | – | |||||||
| Contributed surplus | 17,596,195 | 35,877,189 | |||||||
| Accumulated other comprehensive income | 11,542,198 | 7,201,976 | |||||||
| Deficit | (440,819,567 | ) | (344,836,567 | ) | |||||
| Total shareholders’ equity | 51,749,367 | 142,716,674 | |||||||
| Total liabilities and shareholders’ equity | $ | 128,445,726 | $ | 236,132,028 | |||||
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| Enthusiast Gaming Holdings Inc. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| For the year ended December 31, 2024 and 2023 | ||||||||
| (Expressed in Canadian Dollars) | ||||||||
| December 31, 2024 |
December 31, 2023 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss for the year | $ | (95,983,000 | ) | $ | (117,673,608 | ) | ||
| Items not affecting cash: | ||||||||
| Goodwill impairment | 72,044,148 | 64,827,952 | ||||||
| Intangible asset impairment | 9,844,441 | 21,440,143 | ||||||
| Investment in associates impairment | 26,497 | 17,363 | ||||||
| Other long-term asset impairment | 1,098,506 | 3,364,584 | ||||||
| Amortization and depreciation | 2,754,986 | 10,432,382 | ||||||
| Share-based compensation | (1,147,697 | ) | 5,474,447 | |||||
| Accretion | (118,359 | ) | 191,722 | |||||
| Deferred tax recovery | (1,056,310 | ) | (10,437,753 | ) | ||||
| Share of net income from investment in associates and joint ventures | (18,627 | ) | (456,062 | ) | ||||
| Gain on sale of assets | (344,852 | ) | – | |||||
| Loss on revaluation of deferred payment liability | 44,451 | 592,053 | ||||||
| Foreign exchange (gain) loss | (507,121 | ) | 245,058 | |||||
| Loss on disposal of property and equipment | 25,997 | – | ||||||
| Gain on settlement of accounts payable | (1,384,377 | ) | – | |||||
| Loss on modification of long-term debt | 401,951 | 419,953 | ||||||
| Loss on revaluation of long-term debt | 2,907,390 | – | ||||||
| Transaction costs | 2,136,114 | – | ||||||
| Provisions | 208,553 | 105,512 | ||||||
| Changes in working capital: | ||||||||
| Changes in trade and other receivables | 19,974,940 | 2,865,276 | ||||||
| Changes in prepaid expenses | 15,812 | 289,713 | ||||||
| Changes in accounts payable and accrued liabilities | (30,702,273 | ) | 14,277,952 | |||||
| Changes in contract liabilities | 145,536 | 698,572 | ||||||
| Changes in income tax receivable and payable | 421,934 | 633,073 | ||||||
| Income tax paid | (538,682 | ) | (151,793 | ) | ||||
| Net cash used in operating activities | (19,750,042 | ) | (2,843,461 | ) | ||||
| Cash flows from investing activities | ||||||||
| Proceeds from sale of assets, net of transaction costs | 2,693,339 | – | ||||||
| Distribution from investment in associates, net of adjustments | 1,416,830 | – | ||||||
| Proceeds from redemption of investments | – | 125,000 | ||||||
| Repayment of deferred payment liability | (85,700 | ) | (844,350 | ) | ||||
| Acquisition of intangible assets | – | (27,488 | ) | |||||
| Acquisition of property and equipment | (177,844 | ) | (20,430 | ) | ||||
| Net cash from (used in) investing activities | 3,846,625 | (767,268 | ) | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from long-term debt, net of transaction costs | 20,737,490 | 8,222,904 | ||||||
| Repayment of long-term debt | (6,373,678 | ) | (4,129,561 | ) | ||||
| Repayment of other long-term debt | (173,858 | ) | (12,569 | ) | ||||
| Lease payments | (850,624 | ) | (986,802 | ) | ||||
| Net cash from financing activities | 13,339,330 | 3,093,972 | ||||||
| Foreign exchange effect on cash | 477,494 | (46,793 | ) | |||||
| Net change in cash | (2,086,593 | ) | (563,550 | ) | ||||
| Cash, beginning of year | 6,851,966 | 7,415,516 | ||||||
| Cash, end of year | $ | 4,765,373 | $ | 6,851,966 | ||||
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| Enthusiast Gaming Holdings Inc. | ||||||||||||||||
| EBITDA and Adjusted EBITDA | ||||||||||||||||
| For the three months and year ended December 31, 2024 and 2023 | ||||||||||||||||
| (Unaudited – Expressed in Canadian Dollars) | ||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||
| December 31, 2024 |
December 31, 2023 | December 31, 2024 |
December 31, 2023 | |||||||||||||
| Gross margin | $ | 13,523,507 | $ | 18,936,955 | $ | 49,125,087 | $ | 67,421,726 | ||||||||
| Operating expenses | (15,597,531 | ) | (27,845,075 | ) | (55,420,688 | ) | (102,680,331 | ) | ||||||||
| Share-based compensation | 392,699 | 1,191,567 | (1,147,697 | ) | 5,474,447 | |||||||||||
| Amortization and depreciation | 643,418 | 1,646,055 | 2,754,986 | 10,432,382 | ||||||||||||
| EBITDA | (1,037,907 | ) | (6,070,498 | ) | (4,688,312 | ) | (19,351,776 | ) | ||||||||
| Severance | 281,187 | 2,617,134 | 1,007,743 | 4,049,127 | ||||||||||||
| Listing fees & D&O insurance specific | ||||||||||||||||
| to the Company’s Nasdaq listing | 201,478 | 429,797 | 1,022,926 | 2,270,949 | ||||||||||||
| NFL TNG EBITDA | 2,504,408 | – | 2,504,408 | – | ||||||||||||
| Adjusted EBITDA | $ | 1,949,166 | $ | (3,023,567 | ) | $ | (153,235 | ) | $ | (13,031,700 | ) | |||||
Contacts Enthusiast Gaming: Alex Macdonald, Chief Financial Officer Investors: investor@enthusiastgaming.com Media: press@enthusiastgaming.com
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Published Mar 31, 2025 • 5 minute read
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
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TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Eloro Resources Ltd.
(TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce that the best efforts private placement as announced by the Company on March 27, 2025 (the “Marketed Offering“) is oversubscribed and fully allocated. Under the Marketed Offering, the Company intends to raise aggregate gross proceeds of up to C$5,000,000 from the sale of up to 5,263,158 units of the Company (the “Units”) at a price of C$0.95 per Unit (the “Offering Price”). Red Cloud Securities Inc. is acting as lead agent and sole bookrunner on behalf of a syndicate of agents including CIBC World Markets Inc., Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the “Agents”) in connection with the Offering (as defined below).
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Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.40 at any time on or before that date which is 36 months after the Closing Date (as herein defined).
The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to sell up to an additional 1,052,632 Units at the Offering Price for up to an additional C$1,000,000 in gross proceeds (the “Agents’ Option“, and together with the Marketed Offering, the “Offering”).
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), up to 5,894,737 Units that may be sold under the Offering (the “LIFE Units”) will be offered for sale to purchasers in all of the provinces of Canada other than Québec (the “Canadian Selling Jurisdictions”) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The Unit Shares and Warrant Shares underlying the LIFE Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.
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All other Units sold under the Offering (the “Non-LIFE Units”) may be issued to: (i) purchasers in the Canadian Selling Jurisdictions pursuant to the “accredited investor” and “minimum amount investment” exemptions under NI 45-106, and (ii) purchasers outside of Canada, including to purchasers resident in the United States pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The Unit Shares and Warrant Shares issuable from the sale of any Non-LIFE Units to (i) Canadian purchasers will be subject to a hold period in Canada ending on the date that is four months plus one day following the Closing Date, and (ii) to purchasers outside of Canada may be subject to resale restrictions in such jurisdictions outside of Canada pursuant to the securities laws of such jurisdictions. Purchasers are advised to consult their own legal advisors in this regard.
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The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital.
The Offering is scheduled to close on April 8, 2025 (the “Closing Date”), or such other date as the Company and the Agents may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this offering document before making an investment decision.
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The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Eloro Resources Ltd.
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Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Québec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. An NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.
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For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the anticipated closing date of the Offering and the intended use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate or that (i) the Company will be able to complete the Marketed Offering on the terms set out above, or at all, or (ii) that the proceeds of the Offering will be expended as contemplated. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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J.P. Morgan Asset Management (JPMAM) has launched its second batch of ETFs in Canada.
The JPMorgan US Value Active ETF (TSX: JAVA) and JPMorgan US Growth Active ETF (TSX: JGRO) hit the Toronto Stock Exchange on March 25. Their management fees are 0.44%.
JPMAM has promoted the products as a potential yin-and-yang combo. JAVA aims to identify companies at “attractive valuations” within a pure large-capitalization value portfolio, while JGRO seeks to identify “underappreciated growth opportunities,” primarily in large-cap companies but with flexibility to invest across the market capitalization spectrum.
Both products are actively managed, which gives their portfolio management teams the ability to be selective about the companies they invest in and how they weight the portfolios to those companies during this period of economic uncertainty and market volatility, said Travis Hughes, head of Canada with JPMAM.
“In this current environment … active management really has the opportunity to shine through,” he said in an interview.
“And it’s difficult, if not impossible, to predict the future, but both of these portfolio management teams have managed money in very volatile times, whether it be the Great Financial Crisis or the dot-com bust in the early 2000s.”
JAVA will focus on sectors such as financials, health care and industrials, where “value has been out of favour over the course of the last 10 years, as we’ve seen the growth side of the market do so well,” Hughes noted. It holds 161 stocks, including Wells Fargo & Co., Berkshire Hathaway Inc. and UnitedHealth Group Inc.
Meanwhile, JGRO will focus on sectors like tech, communication services and consumer discretionary. The fund can “move up and down the cap structure … so it gives you exposure to those more growth-centric names, but a little more diversification than what you would see in a passive Russell 1000 Growth [Index] strategy,” he said. The Magnificent Seven are among its 114 holdings.
Asked whether JPMAM is worried about launching U.S. equity ETFs at a time when there are reports of Canadian investors dumping U.S. equities amid the ongoing trade war between Canada and the U.S., Hughes said while the firm is mindful of investor sentiment in the country, it’s taking cues from its institutional and asset allocator clients.
“We’ve developed a product strategy and roadmap that was really informed by our clients of what we should bring to the market, and we’re not going to waver on that,” he said.
He also noted that U.S. equities still make up as much as 70% of the global equity market.
“So, while I do understand that some investors will be rebalancing their portfolios, for the most part, we believe that U.S. equities will continue to make up a large part of investor portfolios,” Hughes said.
The new ETFs come just months after JPMAM entered Canada’s ETF industry.
The firm plans to further grow its product offerings and headcount in the country, which currently sits at 40 JPMAM employees, Hughes said. New ETFs are also in the pipeline.
“We’ll probably add five to six [employees] over the course of the next few months, and continue to invest in the talent that will support this business,” he said.
The firm plans to “methodically and consistently bring new ETFs to market over the course of this year and next,” Hughes added. “We have some plans for the summer, some plans for the fall, as well as the spring and summer of 2026.”
JPMAM does not have specific assets under management goals, Hughes noted, but it aims “to continue to bring what we believe are best-in-class global capabilities to the Canadian market.”
CI Global Asset Management (CI GAM) has tweaked to two of its private markets funds in hopes of extending their reach to more Canadian accredited investors.
As of April, the CI Private Markets Growth Fund and CI Private Markets Income Fund are to begin offering a Canadian-dollar purchase option in addition to the existing U.S. dollar purchase option.
Investments through the Canadian-dollar purchase option will not be hedged, the firm said in a release.
Also, the funds will switch to a monthly subscription schedule and monthly pricing, replacing the current quarterly schedule. This will mean that capital will be invested in the funds on the last business day of each month, otherwise known as the subscription date, and the funds will be priced monthly.
On pricing, CI GAM noted: “The net asset value (“NAV”) per unit will be struck for the last business day of each month and the NAV for each fund is expected to be available on or about the last business day of the following month. Currently, the funds are priced on a quarterly basis.”
Connor, Clark & Lunn Funds Inc. (CC&L Funds) has announced the creation of a fund as well as a name change for another fund.
In a release, the firm said its newly launched PCJ Focused Opportunities Fund is modelled after an existing institutional strategy that “seeks to deliver an attractive long-term growth profile by taking long and short positions” in North American equities. The fund is managed by PCJ Investment Counsel Ltd. and has a medium risk rating.
Also, CC&L Funds has renamed the CC&L Alternative Income Fund to CC&L Absolute Return Bond Fund.
Four fixed-income ETFs from RBC Global Asset Management Inc. (RBC GAM Inc.) are slated to mature this fall.
The RBC Target 2025 Canadian Government Bond ETF (TSX: RGQN), RBC Target 2025 Canadian Corporate Bond Index ETF (TSX: RQN) and RBC Target 2025 U.S. Corporate Bond ETF (TSX: RUQN) (TSX: RUQN.U) will mature on or about Sept. 12, 2025, a release said.
RBC GAM Inc. said it will confirm final maturity details around that date. Unitholders will receive further details at least 60 days before the maturity date.
ATB Investment Management Inc. has changed the risk rating for its Compass Maximum Growth Portfolio from “low to medium” to “medium.”
“The change is a result of the firm’s annual risk rating review and renewal process and not the result of any alterations to the investment objective, strategy or management of the fund,” a release said.
Two firms have announced name changes for their funds.
Desjardins Investments Inc. has renamed the Desjardins Alt Long/Short Equity Market Neutral ETF Fund to the Desjardins Market Neutral ETF Fund.
In a release, the firm said the change is part of a broader step the firm is taking to streamline its ETF names and better differentiate them within Desjardins Investments’ lineup of alternative ETFs.
This change is subject to regulatory approval.
On the other hand, Russell Investments Canada Limited said the Russell Investments Inflation Linked Bond Fund will be renamed to the Russell Investments Long Duration Bond Fund, effective April 1.
In a release, the firm said the fund’s new investment objective “will be to provide a stable level of interest income by gaining exposure primarily to longer-dated government bonds.”
The fund’s risk rating will remain the same.
Business
TSX set for monthly loss as Trump’s tariff announcement nears
(Reuters) – Canada’s main stock index fell on Monday, dragged by information technology stocks, as investors shunned risky assets amid concerns that US President Donald Trump’s upcoming tariffs will hurt the global economy.
Toronto Stock Exchange’s S&P/TSX composite index was down 0.2% at 24,686.72 points, and is poised to decline nearly 3% this month, if losses hold.
Global stocks plunged after Trump said on Sunday the reciprocal tariffs he is expected to announce on Wednesday will include all nations, adding to existing levies on aluminum, steel, autos and a range of Chinese goods.
“We’ve got that big fear that there could be a lot of tariffs implemented on Wednesday”, said Colin Cieszynski, chief market strategist at SIA Wealth Management.
While Canada had secured protections against new US auto tariffs, including a 60-day delay and annual duty-free quotas, under a 2018 trade agreement with the US and Mexico, there’s no evidence Trump will honor those commitments.
However, the Canadian government expects the US to honor the agreements on Wednesday.
Information technology led declines, down 2.6% to its lowest in five months, with electronic equipment company Celestica falling 7.2% to the bottom of the benchmark index.
Meanwhile, heavy-weight energy climbed 1.4%, tracking crude prices, spurred by Trump’s threat to impose secondary tariffs on buyers of Russian oil and a warning of possible military action against Iran.
Consumer staples gained 1.3% with Metro rising 2% after the food and pharmacy retailer said it prioritizes local products amid the “Buy Canadian” movement.
Gold prices reached a fresh record high, as worries about potential inflation pressures due to US tariffs put the safe-haven asset on track for its strongest quarter since 1986.
“Gold helps to cushion the Canadian market a bit, as we’ve seen this over the last few days that Canada has gone down less than the US as the heavily weighted gold sector benefits from this uncertainty”, Cieszynski added.
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