VANCOUVER, May 5, 2020 /CNW/ – Minco Silver Corporation (the “Company” or “Minco Silver”) (TSX: MSV OTCQX: MISVF; WKN: A0ESX5) today reported that it has reduced the size of its private placement investment in HempNova Lifetech Corporation (“HempNova“) from 10,000,000 common shares of HempNova to 7,950,000 common shares at a price of $0.40 per share. As a result, the aggregate amount of the Company’s investment in HempNova has been reduced from $4,000,000 to $3,180,000.
The shares purchased by the Company pursuant to the reduced investment represents approximately 12.80% of the issued and outstanding common shares of HempNova after closing of the HempNova private placement. The Company has filed an amended early warning report to reflect its reduced investment in HempNova. A copy of the amended early warning report is available for review on HempNova’s SEDAR profile.
The private placement in HempNova was reduced to ensure that it did not exceed 10% of the Company’s market capitalization on the date the investment was first announced. Pursuant to TSX policies, the approval of the investment in the original amount, which exceeded 10% of the Company’s market capitalization, would have required shareholder approval. To avoid the delays and expense of convening a shareholder meeting for purposes of seeking shareholder approval, the Company elected instead to reduce the amount of its investment.
As part of its due diligence review of HempNova, the Company has satisfied itself that the business of HempNova does not violate U.S. federal law regarding marijuana and is operated legally in all jurisdictions in which it operates. The tests regarding such compliance are set forth in TSX Staff Notice 2017-0009. Specifically, the Company has satisfied itself that HempNova (1) has no direct or indirect ownership of, or investment in any entities engaging in activities related to the cultivation, distribution or possession of marijuana in the United States (“Subject Entities”), (2) has no commercial interests or arrangements with Subject Entities that are similar in substance to ownership of, or investment in Subject Entities, (3) does not provide services or products that are specifically designed for, or targeted at, Subject Entities, and (4) has no commercial interests or arrangements with entities engaging in the business activities described above.
ON BEHALF OF THE BOARD
“Ken Z. Cai“ President
About Minco Silver
Minco Silver Corporation is a TSX and OTCQX listed company focusing on the exploration and development of mineral resource projects. The Company’s primary focus is to advance our properties, the Fuwan Silver Project and the Changkeng Gold Project, towards production. The Fuwan Silver Project and the Changkeng Gold Project are adjoined and are located approximately 45 kilometres southwest of Guangzhou City, China. We also seek to identify and acquire additional precious metal dominant projects that we believe will enhance shareholder value. For more information on Minco Silver, please visit the Company’s website at www.mincosilver.ca or contact Jennifer Trevitt, at 1-888-288-8288 or (604) 688-8002 [email protected]
SOURCE Minco Silver Corporation
For further information: 2060 – 1055 W. Georgia St., Vancouver, BC, Canada V6E 3R5, Tel: (604)688-8002, Fax: (604)688-8030, Toll Free: (888)288-8288, E-mail: [email protected], Website: www.mincosilver.ca
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
