NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 20, 2020 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (TSXV:PGM, LSE:PUR) (“PureGold” or the “Company“) is pleased to announce that it has agreed to issue, on a non-brokered private placement basis, 9,868,421 charity flow through common shares of the Company (the “FT Shares”) at a price of $1.52 per FT Share (the “Financing”), for gross proceeds to PureGold of $15,000,000. Mr. Eric Sprott has agreed to be the back-end buyer of all of the FT Shares.
“PureGold has all the attributes I look for in a Company – location, grade, size and growth,” said Eric Sprott. “PureGold’s mine in Red Lake has over 7km of strike with known high grade shoots that have only been defined down to 1,200 metres compared to 2,500 metres in the neighbouring Red Lake mine complex. The ultra-high grade hits in the 8 zone remind me a lot of the HG Zone that built Goldcorp, as well as SMC at Macassa and the Swan Zone at Fosterville. These are the types of discoveries that have the potential to be company makers and tend to lead to a much higher production profile than originally given credit.”
“Mr. Sprott is a cornerstone investor of PureGold and continues to be a strong supporter of our vision to becoming a high margin, long-life gold producer uniquely positioned in the Red Lake camp,” said Darin Labrenz, President & CEO of PureGold. “We are fully funded and on-track to pour our first gold in Q4 2020 into a record high gold price environment for Canadian producers. This new investment in exploration enables us to concurrently ramp up our focus on aggressive resource growth without impacting our capital budget for final mine completion and first gold pour. We believe this combination of near-term cash flow through production and organic resource growth will create significant value for our shareholders in the near term.”
The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” and will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures”), as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2020 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each initial purchaser of FT Shares for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed
It is expected that the closing of the Financing will occur on or about June 17, 2020 (the “Closing Date”) and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The FT shares to be issued under the Financing will have a hold period of four months and one day from the applicable Closing Date in accordance with applicable securities laws.
In consideration for their services, a finders’ fee equal to 6.0% of the gross proceeds of the Financing is payable to a group of financial advisors led by Clarus Securities Inc.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the FT shares in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the FT shares in the United States of America. The FT shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Pure Gold Mining Inc.
The PureGold Red Lake Mine is Canada’s next gold mine. Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first production scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth.
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
Adam Buchanan, Manager, Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to the expected use of proceeds of the Financing, the anticipated closing date of the Financing, the production potential at the Red Lake Mine, the results of the Company’s growth program and the timing of the first gold pour at Red Lake. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, and similar expressions, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “should”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, the closing of the Financing, the satisfaction of the conditions to closing the Financing, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, the closing date of the Financing and the anticipated use of proceeds of the and the qualification of the use of proceeds as Canadian Exploration Expenditures, risks relating to the ability of the Company to obtain required regulatory approvals, complete definitive documentation, fulfill all conditions precedent and complete the Financing on the terms announced; risks related to the interpretation of results at the Madsen Gold Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled “Risk Factors”, under PureGold’s SEDAR profile at www.sedar.com.
Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Market weekly – Healthcare, an investment theme for the coming decade (podcast) – Investors' Corner BNP Paribas
Both US and global healthcare stocks have outperformed their respective broader markets during the coronavirus pandemic. This is just the start of a long-term trend, says Jon Stephenson, senior portfolio manager for US equities and specialist for healthcare innovators in our Boston office. In this week’s podcast Daniel Morris, senior market strategist, discusses with Jon why healthcare stands out as the sector that may become the investment theme for this decade.
This podcast is part of a series articulating our investment views and strategies during the COVID-19 crisis.
For more on the virus, the economic fallout, and the implications for financial markets and investors, read our series of weekly updates. If you need further information on our strategies or investment policies, please contact your dedicated client relationship manager.
Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients.
The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.
Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).
Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.
Ninepoint Partners LP Announces Proposed Fund Merger, Changes to Investment Objectives and Strategies, Name Changes and Other Changes – GlobeNewswire
TORONTO, May 25, 2020 (GLOBE NEWSWIRE) — Ninepoint Partners LP (Ninepoint Partners) announced today certain changes as described below to some of the funds that it manages.
Merger of Ninepoint Enhanced Balanced Fund into Ninepoint Enhanced Equity Class
Ninepoint Partners proposes to merge (the Merger) Ninepoint Enhanced Balanced Fund (the Terminating Fund) into Ninepoint Enhanced Equity Class (the Continuing Fund). The Terminating Fund will cease to be available for sale effective immediately. Following the Merger, pre-authorized purchase plans established for purchases of securities of the Terminating Fund will be immediately transferred to the equivalent series of securities of the Continuing Fund. Through the Merger, holders of securities of each series of the Terminating Fund will receive securities of the same series of the Continuing Fund (other than Series A1, Series F1, Series T and Series FT securityholders, who will receive Series A, Series F, Series A and Series F of the Continuing Fund, respectively), determined on a dollar-for-dollar basis.
Ninepoint Partners will seek approvals for the Merger from securityholders of the Terminating Fund at a special meeting held on or about July 20, 2020, and from the applicable securities regulator. Next month, further details of the merger and the investment objective change being proposed to the Continuing Fund (see below) will be sent to investors in the Terminating Fund who are entitled to vote. If the required approvals from the securityholders and securities regulator are obtained for the Merger, the Merger will be effective on or about July 29, 2020. As soon as practicable following the Merger, the Terminating Fund will be wound up. The Independent Review Committee has reviewed the potential conflict of interest matters related to the proposed Merger and has provided Ninepoint Partners with a positive decision having determined that the changes, if implemented, will achieve a fair and reasonable result for each of the Terminating Fund and the Continuing Fund.
Investment Objective and Investment Strategy Changes, Termination of Low Load Sales Option and U.S. Dollar Option, and Redesignation of Series of Ninepoint Enhanced Equity Class
Ninepoint Partners also announced today that it proposes to change the investment objective of the Continuing Fund to permit the Continuing Fund to replicate the daily performance, net of expenses, of the S&P 500 Index, or a successor or replacement index and provide downside protection through the use of option strategies. If this investment objective change is approved by securityholders, Ninepoint Partners will adjust the investment strategies to implement the new investment objective and change the name of the Continuing Fund to Ninepoint Risk Advantaged U.S. Equity Index Class. Ninepoint Partners will also be terminating the low load sales charge option and U.S. dollar purchase option. Investors holding units purchased under the low load option will no longer be subject to deferred sales charges effective on or about July 29, 2020 and investors holding units purchased under the U.S. dollar purchase option will receive redemption proceeds and distributions in Canadian dollars effective on or about July 29, 2020.
Additionally, Ninepoint Partners will be redesignating certain series of the Continuing Fund as follows:
|Terminating Series||Redesignated Series|
|Series A1||Series A|
|Series T||Series A|
|Series F1||Series F|
|Series FT||Series F|
Series A1, Series T, Series F1 and Series FT will cease to be offered for sale immediately and any pre-authorized purchase plans established for purchases of the terminating series will be on or about July 29, 2020 transferred to the redesignated series.
Ninepoint Partners will seek approval for the investment objective change of the Continuing Fund from securityholders of the Continuing Fund at a special meeting held on or about July 20, 2020. Next month, details of the investment objective change of the Continuing Fund will be sent to investors in the Continuing Fund who are entitled to vote. If the required approvals from the securityholders are obtained for the investment objective change, the corresponding investment strategy change, name change, termination of the low load sales charge option and U.S. dollar purchase option, and the redesignation of series of the Continuing Fund will be effective on or about July 29, 2020.
Change to Alternative Mutual Fund, Investment Objective and Investment Strategy Changes, Termination of Low Load Sales Option, Base Currency Change and Redesignation of Series of Ninepoint Enhanced U.S. Equity Class
In addition, Ninepoint Partners announced today that it proposes to change the investment objective of Ninepoint Enhanced U.S. Equity Class to permit Ninepoint Enhanced U.S. Equity Class to replicate by a multiple of 200% the daily performance, net of expenses, of the S&P 500 Index, or a successor or replacement index and provide downside protection through the use of option strategies. Ninepoint Enhanced U.S. Equity Class will also be able to use derivatives, borrow cash and sell securities short. The maximum aggregate exposure to short selling, cash borrowing and derivatives used for leverage will not exceed 300% of the fund’s net asset value, calculated on a daily basis. If the investment objective change is approved by securityholders, this fund will convert from being a traditional mutual fund to an “alternative mutual fund” as defined in National Instrument 81-102 Investment Funds. Ninepoint Partners will adjust the investment strategies to implement the new investment objective and change the name of Ninepoint Enhanced U.S. Equity Class to Ninepoint Return Advantaged U.S. Equity Index Class. Concurrently with this change, Ninepoint Enhanced U.S. Equity Class will change from a U.S. dollar-denominated fund to a Canadian dollar-denominated fund. The low load sales charge option will also cease to be available and investors holding units purchased under the low load option will no longer be subject to deferred sales charges effective on or about July 29, 2020. Additionally, Ninepoint Partners will be redesignating certain series of Ninepoint Enhanced U.S. Equity Class as follows:
|Terminating Series||Redesignated Series|
|Series AH||Series A|
|Series T||Series A|
|Series FH||Series F|
|Series FT||Series F|
Series AH, Series T, Series FH and Series FT of Ninepoint Enhanced U.S. Equity Class will cease to be offered for sale immediately and any pre-authorized purchase plans established for purchases of the terminating series will be or on about July 29, 2020 transferred to the redesignated series.
Ninepoint Partners will seek approval for the investment objective change of Ninepoint Enhanced U.S. Equity Class from securityholders at a special meeting held on or about July 20, 2020. Next month, details of the investment objective change of Ninepoint Enhanced U.S. Equity Class will be sent to investors who are entitled to vote. If the required approvals from the securityholders are obtained for the investment objective change, the corresponding investment strategy change, name change, termination of the low load sales charge option, base currency change and the redesignation of series of Ninepoint Enhanced U.S. Equity Class will be effective on or about July 29, 2020.
About Ninepoint Partners
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $6 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
Ninepoint Partners LP
Investing in Spanish Nissan factory cheaper than closing it: Spanish official – TheChronicleHerald.ca
By Isla Binnie
(Reuters) – Nissan Motor 7201.T> would find it cheaper to invest in its Barcelona factory than to close it, a senior Spanish industry ministry official said on Monday, pegging the estimated cost of a shutdown at more than 1 billion euros ($1.1 billion).
Europe has long been a difficult market for automakers due to overcapacity, stiff competition and tight regulations, and economic shutdowns to stem the spread of the coronavirus have piled on more pressure.
People with knowledge of the matter have told Reuters Nissan may be considering closing its factory in northeastern Spain, but has made no decision yet.
Spain’s secretary for industry, Raul Blanco, said he had received no official confirmation of Nissan’s plans for the plant, which along with related facilities in the area employs 3,000 people. The company is due to unveil a strategy update this week.
“It is much cheaper to invest than to leave,” Blanco said, adding it would cost the company more than 1 billion euros to settle labour and contractual issues in closing what would be its last facility in Europe outside of Britain.
The factory needs around 300 million euros in what he said was overdue investment.
“The situation is very difficult and we have to be realistic,” Blanco told reporters on a conference call. “Nissan has not invested in the plant for 10 years.”
Referring to any potential closure, he said: “This is not a friendly situation.”
The automotive industry accounts for around 10% of Spain’s economic output, according to government trade and investment body ICEX.
“The plant’s situation has worsened but it is fully competitive if it is put to work and the right investments are made for the next 10 years,” Blanco said.
(Reporting by Isla Binnie, editing by Andrei Khalip)
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