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Dolly Varden Announces Strategic Investment by Eric Sprott Increasing His Holdings to 19.9% – Canada NewsWire

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, May 19, 2020 /CNW/ – Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce its plans to undertake a private placement financing (the “Offering”) to a single subscriber, Mr. Eric Sprott, to raise gross proceeds of up to CAD$2.3-million from the sale of up to 7 million common shares of the Company at a price of $0.33 per share that qualify as “flow-through shares”, as defined under the Income Tax Act (Canada).

“With so many investment choices available, we are pleased that Eric Sprott will be taking a substantial position in Dolly Varden by increasing his strategic investment to 19.9%. This is a strong endorsement of our current high-grade silver resource and the substantial growth potential of our assets in the prolific Golden Triangle of British Columbia. With Eric’s investment, we are in a very strong cash position of just under CAD$6 million that will allow the Company to continue expanding its silver mineral resource with new high-grade silver discoveries on the property,” commented Shawn Khunkhun, Chief Executive Officer of Dolly Varden.

The Company has agreed to pay a finder’s fee in respect of the single subscriber under the Offering. The finder will receive non flow-through common shares in the Company equal to 6 per cent of the gross proceeds received from the investor.

The issuance of the flow-through shares under the Offering and non flow-through shares as a finder’s fee are subject to the approval of the TSX Venture Exchange, receipt of any other required regulatory approvals and other customary closing conditions. Closing of the Offering is anticipated to occur on or about June 5th, 2020. Securities issued under the Offering will be subject to a four-month-and-one-day statutory hold period.

The net proceeds of the Offering will be used for further exploration, drilling, and mineral resource expansion at the Dolly Varden silver property in northwestern British Columbia, Canada, as well as for working capital as permitted.

Pursuant to the Ancillary Rights Agreement (the “ARA”) between Hecla Canada Ltd. and the Company, dated September 4, 2012, Hecla will be entitled to acquire non flow-through common shares of the Company at a price of $0.33 cents per share to maintain its pro rata equity interest in the Company. If Hecla exercises its pro rata rights under the ARA, any common shares issued to Hecla will be in addition to those issued as part of the Offering.

Mr. Sprott, the subscriber in the Offering, is considered a related party of the Company under Multilateral Instrument 61-101 as a result of him owning more than 10% of the currently issued and outstanding common shares of the Company. As a result, the issuance of common shares to Mr. Sprott, pursuant to the Offering, will be considered a related party transaction. The Company will be relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the Offering by Mr. Sprott does not exceed 25% of the fair market value of the Company’s market capitalization.

This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.

About Dolly Varden

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Dolly Varden is also a member of the British Columbia Regional Mining Alliance, a cooperative effort between First Nations, Industry and the BC Provincial Government, to promote mining activities and investment in the northwestern region.

Additional information about the Company and its activities may be found on the Company’s website www.dollyvardensilver.com and under the Company’s profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the completion of the Offering, the receipt of TSXV and other regulatory approval with respect to the Offering, and the successful start of the 2020 exploration program, managing disruption from COVID-19 guidelines, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our beliefs about the unexplored portion of the property. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com and on the Company’s website at www.dollyvardensilver.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Dolly Varden Silver Corp.

For further information: Dolly Varden Silver Corporation, Shawn Khunkhun, CEO & Director, [email protected], Phone: 604-602-1440, www.dollyvardensilver.com

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More cash, less buzz for 2020 investment bank interns – The Journal Pioneer

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By Elizabeth Howcroft

LONDON (Reuters) – Buzzing trading floors, classrooms and networking drinks have been replaced by online projects, ‘hackathons’ and fitness sessions for the class of 2020 investment banking interns.

Goldman Sachs , Morgan Stanley , Barclays , JP Morgan , UBS , RBC and Citi have all held internships virtually this year as they adapt to the restrictions imposed by the coronavirus pandemic.

Schmoozing with executives and fellow interns has been via virtual coffees and quizzes, while Goldman Sachs laid on Zoom networking lunches, hackathons and fitness and cooking classes.

“We couldn’t have big parties or anything like that but we did work with a music start-up – there was a battle of the bands competition where the interns could vote,” Helena Sharpe, JP Morgan’s head of campus recruiting for EMEA, said.

Although many of the highly sought after schemes were cut to 5 weeks from the usual 8 or 10, most interns lucky enough to secure a place still received full pay while working from home.

Investment bank interns in London are usually paid around 10,000 pounds ($13,034) for a 10-week programme, financial careers website efinancialcareers.co.uk estimates.

Such internships offer the potential to kick start lucrative banking careers, but have come under scrutiny in the past for the long hours some students work in their effort to impress.

“Some of them probably still work relatively long days because they want to make a good impression and do the best they can on their projects,” Sharpe said.

How well virtual internships work-out is being closely watched by banks assessing the long-term future of remote working, particularly for new joiners, with Barclays and RBC considering keeping some elements for future programmes.

Banks have supplied the necessary kit for working from home. Goldman Sachs, which had around 380 interns in Europe, Middle East and Africa (EMEA), even sent electricity generators to those who needed them. “It’s one big experiment, but it feels great and the feedback’s been very positive,” Rob Ager, head of programmatic talent acquisition at Barclays, adding that although “authenticity” could get lost in the virtual world, working from home had created a more collaborative culture.

‘BUZZ AND VIBE’

There are limitations to the work banks can offer this year, with interns at JP Morgan working on case studies and projects rather than on placements within teams, while Morgan Stanley offered business simulations and work-related projects.

At Barclays, there were two weeks of classroom learning, and while some parts involved a real-life teacher others required watching videos on an online portal.

“You can’t really get the full buzz and vibe of the trading floor in a virtual setting, which is a bit disappointing,” an intern at one firm who asked not to be named said.

“I don’t think you get the true feel of work when you’re working from home and for me personally it would be easier to network in person and get to know people more genuinely.”

But working virtually has made interns less competitive with each other and more willing to help, the intern said, adding they were able to call each other to ask questions.

Citi has guaranteed all of its around 200 London interns a graduate job offer for 2021 so long as they meet the minimum requirements, easing the competitive dynamic.

For staff supervising the programmes, the virtual internship is not without challenges.

“I have to describe things over email and stuff or get on Zoom calls and all of these things that are just easier if it’s done live,” an associate at a U.S. investment bank said.

And while it is harder to monitor interns remotely, banks say they do their best to ensure hours are kept in check.

“We do encourage them to have a good work life balance and take regular breaks,” JP Morgan’s Sharpe said.

($1 = 0.7672 pounds)

(Reporting by Elizabeth Howcroft; Additional reporting by Imani Moise in New York; Editing by Rachel Armstrong and Alexander Smith)

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You can invest in this local property for as little as $1 | Urbanized – Daily Hive

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It’s no secret — real estate is not nearly as accessible as it was for our parents and even our grandparents. Especially in Vancouver, the price of ownership is high, and for many millennials, owning property or a piece of real estate is unattainable. 

According to a study done by Generation Squeeze, young Canadians in Vancouver need to save for 27 years in order to have enough money for a proper down payment — that’s more than five times as long as our parents.

The study also noted that even though COVID-19 has tempered the housing market, the housing affordability crisis will still be in full swing when the pandemic is over. Pre-COVID, more than half of the people under 30 living in Canada’s major cities spent 30% to 50% of their monthly paycheques on rent. Not only does this leave very little room to save for things, such as a down payment, but now that the pandemic has hit, this percentage has increased for many. 

This is why addy, a real estate crowdfunding platform, is making investing in real estate more accessible by reducing barriers to entry. And all it takes is $1.

45604 Airport Rd, Chilliwack/addy

So how does addy do it? 

It’s impossible to cut the high costs of the market. Instead, the company’s mission is to redefine what it means to be a homeowner, while providing younger investment seekers with a new avenue into the game. 

First, addy does their due diligence by scoping out the properties with the most potential to provide the highest return on investment (ROI). Once these properties have been identified and approved by the executive team, investment committee, and Board of Directors, they’re broken down into investment units starting at $1. 

On launch day, addy releases the property on their platform, and qualified members have the opportunity to purchase as many shares in the property as they desire. Investors who have bought in on a specific property can make money from rental income in the form of distributions or as a lump sum when the property is finally sold.

45604 Airport Rd, Chilliwack/addy

The first property launched by addy is located in Vancouver’s charming Trout Lake neighbourhood; it was sold out to 305 investors, the lowest investment being $1 and the largest being $95,000. 

This crowdfunding investment model reduces (but doesn’t eliminate) the overall risk, while giving millennials and Gen Zs an opportunity to get some skin in the game at a price point they’re able to afford. It also means investors aren’t responsible for managing tenants and other logistics associated with the property.

If you’re already getting out your pocketbook, addy is launching its next investment opportunity (only available to BC residents over 19 years of age) on August 11, 2020, with a minimum investment of $1 and a maximum investment of $1,500. 

This commercial property is a free-standing building with more than 2,100 sq ft of retail space located in the heart of Chilliwack, BC, on the southwest corner of Airport Road and Yale Road. Currently, the space is occupied by Starbucks and features a drive-thru plus 12 owned parking stalls. 

According to addy, the estimated timeline for return on your investment of this property is approximately five years. Any appreciation will be paid out at the end of the term, and investors can expect annual distributions from any excess cash flow.

If you’re interested in investing in this Chilliwack property or staying up-to-date on addy’s next property announcements, sign up for a free addy account wallet so you’re ready to invest when the right property comes along.

This content was created by Hive Labs in partnership with a sponsor

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More cash, less buzz for 2020 investment bank interns – TheChronicleHerald.ca

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By Elizabeth Howcroft

LONDON (Reuters) – Buzzing trading floors, classrooms and networking drinks have been replaced by online projects, ‘hackathons’ and fitness sessions for the class of 2020 investment banking interns.

Goldman Sachs , Morgan Stanley , Barclays , JP Morgan , UBS , RBC and Citi have all held internships virtually this year as they adapt to the restrictions imposed by the coronavirus pandemic.

Schmoozing with executives and fellow interns has been via virtual coffees and quizzes, while Goldman Sachs laid on Zoom networking lunches, hackathons and fitness and cooking classes.

“We couldn’t have big parties or anything like that but we did work with a music start-up – there was a battle of the bands competition where the interns could vote,” Helena Sharpe, JP Morgan’s head of campus recruiting for EMEA, said.

Although many of the highly sought after schemes were cut to 5 weeks from the usual 8 or 10, most interns lucky enough to secure a place still received full pay while working from home.

Investment bank interns in London are usually paid around 10,000 pounds ($13,034) for a 10-week programme, financial careers website efinancialcareers.co.uk estimates.

Such internships offer the potential to kick start lucrative banking careers, but have come under scrutiny in the past for the long hours some students work in their effort to impress.

“Some of them probably still work relatively long days because they want to make a good impression and do the best they can on their projects,” Sharpe said.

How well virtual internships work-out is being closely watched by banks assessing the long-term future of remote working, particularly for new joiners, with Barclays and RBC considering keeping some elements for future programmes.

Banks have supplied the necessary kit for working from home. Goldman Sachs, which had around 380 interns in Europe, Middle East and Africa (EMEA), even sent electricity generators to those who needed them. “It’s one big experiment, but it feels great and the feedback’s been very positive,” Rob Ager, head of programmatic talent acquisition at Barclays, adding that although “authenticity” could get lost in the virtual world, working from home had created a more collaborative culture.

‘BUZZ AND VIBE’

There are limitations to the work banks can offer this year, with interns at JP Morgan working on case studies and projects rather than on placements within teams, while Morgan Stanley offered business simulations and work-related projects.

At Barclays, there were two weeks of classroom learning, and while some parts involved a real-life teacher others required watching videos on an online portal.

“You can’t really get the full buzz and vibe of the trading floor in a virtual setting, which is a bit disappointing,” an intern at one firm who asked not to be named said.

“I don’t think you get the true feel of work when you’re working from home and for me personally it would be easier to network in person and get to know people more genuinely.”

But working virtually has made interns less competitive with each other and more willing to help, the intern said, adding they were able to call each other to ask questions.

Citi has guaranteed all of its around 200 London interns a graduate job offer for 2021 so long as they meet the minimum requirements, easing the competitive dynamic.

For staff supervising the programmes, the virtual internship is not without challenges.

“I have to describe things over email and stuff or get on Zoom calls and all of these things that are just easier if it’s done live,” an associate at a U.S. investment bank said.

And while it is harder to monitor interns remotely, banks say they do their best to ensure hours are kept in check.

“We do encourage them to have a good work life balance and take regular breaks,” JP Morgan’s Sharpe said.

($1 = 0.7672 pounds)

(Reporting by Elizabeth Howcroft; Additional reporting by Imani Moise in New York; Editing by Rachel Armstrong and Alexander Smith)

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