TSXV: RKR
Frankfurt: 1RR
OTC Pink: RKMSF
VANCOUVER, May 25, 2020 /CNW/ – Rokmaster Resources Corp. (“Rokmaster” or the “Company“) is pleased to announce that it has closed the first tranche of the non-brokered financing (the “Financing“) involving the issuance of flow-through units (the “Flow-Through Units“) and non-flow-through units (the “Non-Flow-Through Units” and together with the Flow-Through Units, the “Units“).
Pursuant to the Financing, the Company issued a total of 8,888,889 Flow-Through Units at $0.225 per unit, for gross proceeds of $2,000,000, and 10,663,637 Non-Flow-Through Units at $0.22 per unit, for gross proceeds of $2,346,000, for aggregate gross proceeds from the Financing of $4,346,000.
Each Flow-Through Unit is comprised of one flow-through common share of the Company (a “Flow-Through Share“) and one transferrable share purchase warrant to purchase one non-flow-through common share of the Company (a “Warrant Share“) at a price of $0.30 per Warrant Share for a period of three years.
Each Non-Flow-Through Unit is comprised of one common share of the Company (a “Common Share“) and one transferrable share purchase warrant (a “NFT Warrant“) to purchase one Warrant Share at a price of $0.30 for a period of three years, subject to an acceleration provision (the “Acceleration Provision“). If at any time after September 23, 2020, the Company’s common shares have a closing price equal to or greater than $0.60 per common share for ten (10) consecutive trading days on the TSX Venture Exchange, the Company shall thereafter be entitled to give notice to the holders of the NFT Warrants, by news release, that such warrants will expire at 5:00 p.m. (Vancouver time) on that date which is 20 days after the date of such news release unless exercised before the expiry of that period.
In connection with the closing of the first tranche of the Financing, the Company paid cash finder’s fees of $343,472, and issued 1,545,075 finder’s Compensation Options, in aggregate, to Ascenta Finance Corp. (“Ascenta“) and Mackie Research Capital Corporation (“Mackie“). Each Compensation Option issued in respect of the Non-Flow-Through Units entitles Ascenta and Mackie to purchase one Non-Flow-Through Unit at a price of $0.22 per Non-Flow-Through Unit for a period of three years expiring on May 22, 2023, and each Compensation Option issued in respect of the Flow-Through Units entitles Ascenta to purchase one unit comprised of one Common Share and one NFT Warrant at a price of $0.225 per unit for a period of three years expiring on May 22, 2023. The share purchase warrants issued to Ascenta and Mackie are not subject to the Acceleration Provision.
The securities issued pursuant to the Financing are subject to a four-months and one day hold period expiring September 23, 2020 and were not offered or registered in the United States.
The gross proceeds raised from the sale of the Flow-Through Shares will be used by the Company for exploration financing that will qualify as “Canadian Exploration Expenses”, as that term is defined in the Income Tax Act (Canada) only. The net proceeds raised from the sale of the Non-Flow-Through Units will be used by the Company for exploration of the Company’s Revel Ridge project, as well as for general working capital purposes.
John Mirko, Rokmaster’s President and CEO, stated “We are pleased to close this first round of financing with the strategic investment in the Flow-Through Units by the Palisades Goldcorp syndicate and by DELPHI Unternehmensberatung AG in the Non-Flow-Through Units. This puts us on a solid footing to sharply focus on increasing resources at our Revel Ridge Project.”
Rokmaster expects the balance of the financing to close on or about June 11, 2020.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd., who led the syndicate making the 8,888,889 Flow-Through Units strategic investment in Rokmaster as reported in the Company news release dated April 27, 2020, is Canada’s newest resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
About Rokmaster
Rokmaster’s focus is on exploring for base and precious metals, and its flagship asset is its option to earn 100% of the Revel Ridge polymetallic precious metals project situated in the prolific Kootenay Arc. Please refer to the technical report titled “Updated Technical Report on the Revel Ridge Property (formerly J&L Property), Revelstoke Mining Division, British Columbia, Canada” dated February 25, 2020 with an effective date of January 29, 2020, which the Company has filed on SEDAR.
On behalf of the Board of Directors,
“John Mirko”
John Mirko, President and Chief Executive Officer.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:
This news release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” ‘projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Rokmaster’s operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
The numbers from the Department of Finance suggest they have struck taxation gold. But they’ve been wrong before
Published Apr 19, 2024 • Last updated 8 hours ago • 5 minute read
“99.87 per cent of Canadians will not pay a cent more,” the prime minister said this week, in reference to the budget announcement that his government will raise the inclusion rate on capital gains tax in June.
The move will be limited to 40,000 wealthy taxpayers. “We’re going to make them pay a little bit more,” Justin Trudeau said.
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But it’s hard to see how that number can be true when the budget document also says 307,000 corporations will also be caught in the dragnet that raises the inclusion rate on capital gains to 66 per cent from 50 per cent.
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Many of those corporations are holding companies set up by professionals and small-business owners who are relying on their portfolios for their retirement.
The budget offers the example of the nurse earning $70,000 who faces a combined federal-provincial marginal rate of 29.7 per cent on his or her income. “In comparison, a wealthy individual in Ontario with $1 million in income would face a marginal rate of 26.86 per cent on their capital gain,” it says.
Policy wonks argue that the change improves the efficiency and equity of the tax system, meaning capital gains are now taxed at a similar level to dividends, interest and paid income. The Department of Finance is an enthusiastic supporter of this view, which should have set alarm bells ringing on the political side.
That’s not to say it’s not a valid argument. But against it you could put forward the counterpoint that capital gains tax is a form of double taxation, the income having already been taxed at the individual and corporate level, which explains why the inclusion rate is not 100 per cent.
The prospect of capital gains is an incentive to invest particularly for people who, unlike wage earners, usually do not have pensions or other employment benefits.
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That was recognized by Bill Morneau, Trudeau’s former finance minister, who said increasing the capital gains rate was proposed when he was in politics but he resisted the proposal.
Morneau criticized the new tax hike as “a disincentive for investment … I don’t think there’s any way to sugar-coat it.”
Regardless of the high-minded policy explanations that are advanced about neutrality in the tax system, it is clear that the impetus for the tax increase was the need to raise revenues by a government with a spending addiction, and to engage in wedge politics for one with a popularity problem.
The most pressing question right now is: how many people are affected — or, just as importantly, think they might be affected?
One recent Leger poll said 78 per cent of Canadians would support a new tax on people with wealth over $10 million.
But what about those regular folks who stand to make a once-in-a-lifetime windfall by selling the family cottage? We will need to wait a few weeks before it becomes clear how many people feel they might be affected.
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The numbers supplied to Trudeau by the Department of Finance suggest they have struck taxation gold: plucking the largest amount of feathers ($21.9 billion in new revenues over five years) with the least amount of hissing (impacting just 0.13 per cent of taxpayers).
The worry for Trudeau and Finance Minister Chrystia Freeland is that Finance has been wrong before.
Political veterans recall former Conservative finance minister Jim Flaherty’s volte face in 2007, when he was forced to drop a proposal to cancel the ability of Canadian companies to deduct the interest costs on money they borrowed to expand abroad.
“Tax officials vastly underestimated the number of taxpayers affected when it came to corporations,” said one person who was there, pointing out that such miscalculations tend to happen when Finance has been pushing a particular policy for years.
Trudeau’s government has some experience of this phenomenon, having been obliged to reverse itself after introducing a range of measures in 2017, aimed at dissuading professionals from incorporating in order to pay less tax. It was a defensible public policy objective but the blowback from small-business owners and professionals who felt they were unfairly being labelled tax cheats precipitated an ignoble retreat.
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Speaking after the budget was delivered, Freeland was unperturbed about the prospect of blowback. “No one likes to pay more tax, even — or perhaps more particularly — those who can afford it the most,” she said.
She’d best hope such sanguinity is justified: failure to raise the promised sums will blow a hole in her budget and cut loose her fiscal anchors of declining deficits and a tumbling debt-to-GDP ratio.
That probably won’t be apparent for a year or so: the government projected that $6.9 billion in capital gains revenue will be recorded this fiscal year, largely because the implementation date has been delayed until the end of June. We are likely to see a flood of transactions before then, so that investors can sell before the inclusion rate goes up.
After that, you can imagine asset sales will be minimized, particularly if the Conservatives promise to lower the rate again (though on that front, it was noticeable that during question period this week, not one Conservative raised the new $21 billion tax hike).
The calculated nature of the timing is in line with the surreptitious nature of the narrative: presenting a blatant revenue grab as a principled fight for “fairness.” The move has the added attraction of inflicting pain on the highest earners, a desirable end in itself for an ultra-progressive government that views wealth creation as a wrong that should be punished.
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Trudeau’s biggest problem is that not many voters still associate him with principles, particularly after he sold out his own climate policy with the home heating oil exemption.
The tax hike smacks of a shift inspired by polling that indicates that Canadians prefer that any new taxes only affect the people richer than them.
Success or failure may depend on the number of unaffected Canadians being close to the 99.87-per-cent number supplied by the Finance Department.
History suggests that may be a shaky foundation on which to build a budget.
National Post
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Like a bad houseguest, hotter-than-expected inflation continues to linger in the US.
Traders had hoped by now the Federal Reserve would be free to start cutting interest rates — boosting rate-sensitive stocks and unlocking a largely frozen real estate market. Instead, stubborn price growth has some on Wall Street rethinking whether the central bank will lower rates at all this year.
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