Government-backed Indigenous entrepreneur fund receives $3-million investment from fintech company Block – The Globe and Mail
A government-backed loan fund for Indigenous entrepreneurs has received its first private-sector investment with a $3-million commitment from U.S. fintech Block Inc. SQ-N
The Indigenous Growth Fund, which was launched in the 2019 federal budget and made its first disbursements in March, is managed by the National Aboriginal Capital Corporations Association (NACCA), an umbrella group for more than 50 Indigenous-controlled lending agencies known as Aboriginal Financial Institutions or AFIs.
The fund directs capital to AFIs so they can make loans to entrepreneurs in their communities. Indigenous entrepreneurs face systemic barriers to lending at other financial institutions, such as restrictions on owning property on-reserve, that make it harder to post collateral for bank loans.
Block’s investment was announced Thursday and joins $150-million in public funds from the federal government, the Business Development Bank of Canada and Farm Credit Canada.
Shannin Metatawabin, NACCA’s chief executive, said it was important for the long-term prosperity of the fund and Indigenous communities to work with private-sector partners.
“The Government of Canada can’t be always relied on to provide all the capital to the Indigenous community,” Mr. Metatawabin said. “We need the capital market to participate and we need instruments created that allow them to participate in the ways that they understand and that they earn interest back.”
Block’s $3-million investment makes it a limited partner in the fund and allows it to redeem the investment over time.
The technology company, which also offers a range of financial products to small businesses through its Square arm, said in a news release that the money comes from a US$100-million commitment to direct money to underserved groups.
Mr. Metatawabin said the Indigenous Growth Fund is courting more private-sector investors by making the case that the fund is a good way to meet environmental, social and governance (ESG) goals.
“I think Indigenous people are a big part of the S criteria,” he said.
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Investment opportunities in precious metals: Three hot picks from David McAlvany
The Canadian Press
Gold breaking above 2000 is likely a 2023 event: CEO
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The precious metals sector could stand to benefit from renewed exploration, particularly at a time when investors are undervaluing several companies within the space, one financial expert says.
In a Thursday interview with BNN Bloomberg’s Amber Kanwar, David McAlvany, chief executive officer of McAlvany Financial Companies, said precious metals companies that specialize in mining commodities such as gold and silver are well-positioned to capture new growth through exploration, and are showing sustainable cost production.
He recommended Orla Mining Ltd. (ORLA), I-80 Gold Corp. (IAU) and MAG Silver Corp. (MAG) as his top picks in the precious metals sector.
McAlvany, his family and his firm own shares of all three companies mentioned above, however his investment banking clients do not.
Check out the full video at the top of the article to learn more.
BRAVO READY Announces Strategic Investment From Magic Eden
MONTREAL, Québec — BRAVO READY, creator of BR1: INFINITE, the world’s first pay to spawn, kill to earn shooting game, today announced a new strategic investment from Magic Eden, adding to its expanding list of investors, which includes Krafton (owners of PUBG), 6th Man Ventures, and Solana Ventures. The funding provided by this investment will be directed towards the further development and mass adoption of BR1: INFINITE.
“With the support of Magic Eden, BRAVO READY is now better positioned to provide liquidity to gamers,” said CEO and Co-Founder, Evan Ryer. “Delivering innovative and exciting gameplay experiences that leverage a risk-based model is what keeps players coming back – we are excited to keep onboarding strategic partners like Magic Eden.”
“We are excited to support BRAVO READY and their vision to bring intense competitive gameplay to Web3.” said Chris Akhavan, Chief Gaming Officer, Magic Eden. “We believe the combination of Web3 technology and skill-based player economics will create thrilling experiences for gamers.”
About BRAVO READY
BRAVO READY is a Montreal-based game publisher. In addition to producing AAA and WebGL titles like BR1:INFINITE & Mini Arena, BRAVO READY offers a range of products & services to help align games and game companies for success.
About Magic Eden
Magic Eden is the leading cross-chain NFT platform driving the next billion users to web3. Led by former crypto, tech, and hospitality leaders, Magic Eden is building a user-friendly platform powered by market-leading minting and trading solutions. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. For more information, please visit www.magiceden.io
View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005710/en/
Corey Herscu for BRAVO READY
Partners Value Investments L.P. Announces 2022 Annual Results
|For the years ended December 31
(Thousands, US dollars, except per share amounts)
|Other investment income||6,694||5,361|
|Retractable preferred share dividends||(39,753||)||(33,628||)|
|Investment valuation gains (losses)||10,653||(5,739||)|
|Amortization of deferred financing costs||(3,363||)||(4,070||)|
|Current tax (expense) recovery||(19,990||)||7,816|
|Deferred tax recovery (expense)||21,439||(15,024||)|
|Foreign currency gains (losses)||37,272||(28,706||)|
|For the years ended December 31
(Thousands, except per unit amounts)
|Total||Per Unit||Total||Per Unit|
|Net book value, beginning of period1||$||7,482,738||$||92.47||$||4,777,152||$||54.25|
|Other comprehensive (loss) income2||(3,910,893||)||2,508,092|
|Adjustment for impact of warrant3||(25,355||)||2,842|
|Equity LP repurchases||(4,224||)||(493,632||)|
|Net book value, end of period1,4||$||4,656,824||$||57.60||$||7,482,738||$||92.47|
- Calculated on a fully diluted basis. Net book value is a non-IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity and Preferred Limited Partners’ equity, plus the value of consideration to be received on exercising of warrants, which as at December 31, 2022 was $352 million (December 31, 2021 – $378 million). Opening net book values per unit have been re-casted to conform with the current year per unit presentation.
- Attributable to Equity Limited Partners.
- The basic weighted average number of Equity Limited Partnership (“Equity LP”) units outstanding during the year ended December 31, 2022 was 66,169,783 (December 31, 2021 – 72,953,504). The diluted weighted average number of Equity Limited Partnership (“Equity LP”) units available and outstanding during the year ended December 31, 2022 was 80,877,206 (December 31, 2021 – 87,662,153); this includes the 14,707,424 Equity LP units (December 31, 2021 – 14,708,648) issued through the exercise of all outstanding warrants.
- At the end of the year, the diluted Equity LP units outstanding were 80,844,367 (December 31, 2021 – 82,171,127).
The Partnership’s principal investments are an ownership interest in approximately 132 million Class A Limited Voting Shares of the Corporation and approximately 33 million Class A Voting Shares of the Manager. These holdings represent an 8% interest as at December 31, 2022 in both entities. In addition, the Partnership owns a diversified investment portfolio of marketable securities.
The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
(Thousands, US dollars)
|Cash and cash equivalents||$||185,722||$||80,704|
|Accounts receivable and other assets||31,270||65,418|
|Deferred tax asset||1,604||—|
|Investment in Brookfield Corporation1||4,149,188||7,869,681|
|Investment in Brookfield Asset Management Ltd.2||934,183||—|
|Other investments carried at fair value||328,264||344,983|
|Liabilities and equity|
|Accounts payable and other liabilities||$||36,860||$||7,693|
|Deferred tax liability||—||23,431|
|Equity Limited Partners||4,304,516||7,105,075|
|Preferred Limited Partners||153,049||153,054|
- The investment in Brookfield Corporation (formerly known as Brookfield Asset Management Inc.) consists of 132 million Corporation shares with a quoted market value of $31.46 per share as at December 31, 2022.
- The investment in Brookfield Asset Management Ltd. consists of 33 million Manager shares with a quoted market value of $28.67 per share as at December 31, 2022.
- Represents $680 million of retractable preferred shares less $13 million of unamortized issue costs as at December 31, 2022 (December 31, 2021 – $611 million less $13 million) and $152 million of three series of preferred shares (December 31, 2021 – $152 million) and $84 million of three series of preferred shares (December 31, 2021 – $84 million) of a subsidiary of the Partnership, issued in December 2021.
For further information, contact Investor Relations at email@example.com or 416-956-5141.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Forward-looking information in this news release includes statements with regard to the Partnership’s potential future income taxes.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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