NEW YORK, Oct. 5, 2020 /PRNewswire/ — Economic uncertainty has sent precious metal prices skyrocketing and triggered a rush of activity in gold and silver investing. News that the famously gold-adverse Warren Buffett’s Berkshire Hathaway had invested in major gold company Barrick Gold(NYSE: GOLD) (TSX: ABX) grabbed international headlines and served as a bellwether for big days in the gold stock market. The Berkshire Hathaway investment has been far from the only noteworthy activity in the gold and silver stock market of late. Canadian billionaire Eric Sprott has been actively investing in companies like Vizsla Resources Corp. (TSXV: VZLA) (OTCQB: VIZSF), Orefinders Resources Inc. (TSXV: ORX) and Pure Gold Mining Inc. (OTCPK: LRTNF) (TSXV: PGM). Meanwhile, resource mogul Robert Friedland is taking a larger share of his Ivanhoe Mines Ltd (OTCQX: IVPAF) (TSX: IVN).
With the global health crisis sending the economy into a tailspin, investors are rushing to precious metals as a safe haven. Gold has hovered above $1,900 per ounce since late July and according to some analysts could reach as high as $3,000per ounce before the crisis is over. Silver has consistently outperformed gold, rising by 50% since the beginning of the year.
As long as the overall economic future remains uncertain, precious metals will likely remain high. With gold prices remaining high, the market continues to be abuzz with precious metals mining investments.
Eric Sprott Invests in Vizsla Resources
On July 30, Vizsla Resources Corp. (TSXV: VZLA) (OTCQB: VIZSF)announced that Sprott had acquired 5,348,000 Units in the company under a brokered offering for a total of C$10,000,760.
Sprott’s investment in Vizsla came after the company managed to consolidate all 9,386.5 hectares of the district-scale Panuco silver-gold epithermal vein project of southern Sinaloa, Mexico, which Vizsla has an option to acquire. The district already has infrastructure in place for production and Vizsla has the option of an accelerated $23 million pathway to production. This sort of potential might provide a clue as to why Sprott chose this silver stock.
On September 3, Vizsla Resources Corp. announced that the company had made its fourth discovery at Panuco. The company’s drilling highlights included results of 1,808 g/t silver equivalent over 4.5 meters (“m”) from 75.90m including 3,581 g/t silver equivalent over 1.15m from 78.65m.
“The Company has now made four high-grade discoveries since July 2020,” Vizsla President and CEO, Michael Konnert, said in the company’s release. “The Tajitos discovery is the latest demonstration of Panuco’s district potential. Vizsla is in a solid position to unlock significant value in a district that has never seen systematic exploration.”
With Sprott’s investment, Vizsla Resources Corp. has more than C$30 million in its treasury to continue exploration at Panuco.
But Sprott’s investing ventures haven’t stopped there. In May, Pure Gold Mining Inc. (TSXV: PGM) announced a non-brokered private placement from Eric Sprott. As per the agreement, Sprott received 9,868,421 charity flow-through common shares at a price of $1.52 per FT Share for a total of $15,000,000.
In March, Orefinders Resources Inc. (TSXV: ORX) announced that the company had closed the flow-through portion of its non-brokered private placement from Eric Sprott. Sprott acquired 8,842,856 units from Orefinders at a price of $0.07 per Flow-Through Unit for a total of $618,999.92.
Warren Buffett Shocks the Investing World
In mid-August, Warren Buffett’s Berkshire Hathaway revealed that the firm had made a sizable investment in Barrick Gold (NYSE: GOLD) (TSX: ABX) , one of the world’s top gold companies. According to Berkshire Hathaway’s second-quarter 13F filing, the firm acquired 1.2% (20.9 million shares) of Barrick Gold stock valued at approximately $564 million.
This made analysts do a double-take because the famed hedge fund manager had not been shy about his disdain for gold investing in the past. The fact that Berkshire is putting money in gold now can be taken as an indication that Buffett expects gold prices to stay high in the long-term because Berkshire Hathaway is not known for quick flip investments.
Robert Friedland Regains Shares in Ivanhoe Mines
Billionaire financier Robert Friedland announced in December that he has regained control over a sizable portion of shares in Ivanhoe Mines Ltd (TSX: IVN). Friedland regained direction and control over 25m common shares, valued at $63 million that were previously pledged as security for a loan. This timing is fortunate for Friedland, as the company owns the gold-producing Platreef Project in South Africa.
Precious metals are the investing story of 2020, hence the interest from billionaire investors like Warren Buffett and Eric Sprott. This is a highly advantageous set of circumstances for gold and silver explorers like Vizsla Resources Corp.
For more information about Vizsla Resources Corp. (TSXV: VZLA) (OTCQB: VIZSF), click here.
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Date closed: 10/14/2020
Value: See below
On October 14, 2020, Toronto-based FinTech startup Wealthsimple
announced that it had raised C$114 million in equity financing.
Following the raise, Wealthsimple claims it has reached a unicorn
valuation of C$1.4 billion.
The investment was led by TCV, a growth equity investor focused
on technology. Other participants included Greylock, Meritech, Two
Sigma Ventures, and existing investor Allianz X.
The new financing comes on the heels of a busy year for
Wealthsimple, which began expanding into new financial services
verticals, including crypto assets as well as saving and
Our firm’s June 21, 2010 blog (yes, that’s over two years ago), discussed the CRA’s domestic trust audit project. Our February 9, 2011 blog discussed the CRA’s high net worth audit initiative (or what the CRA calls the “Related Party Initiative” or “RPI” for short).
Toronto, ON, Oct. 26, 2020 (GLOBE NEWSWIRE) — Traditional Territories of multiple Indigenous Nations, including the Haudenosaunee and the Treaty Territory of the Mississaugas of the Credit/Toronto, ON – Vancity Community Investment Bank (VCIB), in partnership with Parkdale Neighbourhood Land Trust (PNLT), today announced a new financing solution to increase community access to affordable rental housing in Parkdale, Toronto. The first-of-its-kind Preserve and Protect Guarantee Program will support the Neighbourhood Land Trust (NLT) – PNLT’s charitable arm – to rapidly acquire at-risk affordable rental buildings in Parkdale, helping to fill a gap in existing funding for the preservation of affordable housing.
“Affordable rentals provide crucial housing for our communities. Yet over the past decade, Parkdale has lost 28 rooming houses to gentrification and renoviction, displacing hundreds of renters – many of whom have now been pushed into homelessness – and disproportionately impacting BIPOC people and working class residents,” saidJoshua Barndt, Executive Director of Parkdale Neighbourhood Land Trust.
“The new Preserve and Protect Program is a solution to this problem as we fight for a just recovery,” Joshua Barndt continued. “It will allow the Neighbourhood Land Trust to respond quickly to acquire at-risk properties that are put up for sale, protecting our supply of affordable rental housing and tackling Toronto’s affordability crisis head-on.”
To date, over $4 million has been committed from five investors, with the Atkinson, Metcalf, ECHO and Fairmount Foundations providing the anchor investments to kickstart the Preserve and Protect Program – and progress is already being made. The NLT is currently monitoring 59 at-risk rental properties in Parkdale, with the objective of protecting over 40 units of affordable rental housing in the first round of the program. This initiative builds on the success of the NLT’s Rooming House Acquisition Pilot Project in 2019, which saw the preservation of a 15-unit building as permanently affordable housing and involved financing from VCIB.
“We’re inspired to see impact investors across sectors coming together to support an innovative solution that addresses the affordability crisis and helps facilitate an inclusive recovery for all,” said Jay-Ann Gilfoy, CEO of VCIB. “Following VCIB’s support for PNLT’s first acquisition in 2019, we’re pleased to now be able to co-develop a program that allows them to replicate that success and secure as many homes as possible, as quickly as possible.”
Colette Murphy, CEO of the Atkinson Foundation, said: “The Atkinson Foundation’s commitment to the residents of Parkdale goes back four decades. In recent years, we’ve backed the efforts of the Parkdale Activity Recreation Centre and the Parkdale People’s Economy project to enact their exciting vision for equitable local economic development that centres on residents’ well being. As an anchor investor in the Preserve and Protect Program, we can see how our support for the Neighbourhood Land Trust and VCIB will preserve affordable rental housing in Parkdale in perpetuity. That’s an outstanding return on investment!”
As Canada’s first and only values-driven bank, VCIB is committed to driving positive social and environmental change within the communities in which it operates. The Preserve and Protect Guarantee Program signals the bank’s ongoing commitment to use the tools of finance to create innovative, long-lasting solutions to address Toronto’s housing crisis.
The Preserve & Protect Program remains open to additional investment, with a first close scheduled for December this year. Under the Program, VCIB will hold funds from investing organizations in a VCIB Impact GIC that will be used to guarantee a loan to the NLT for the acquisition of at-risk properties.
About Vancity Community Investment Bank (VCIB) VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancouver City Savings Credit Union (Vancity). As Canada’s first values-driven bank, VCIB partners exclusively with organizations that drive social, economic, and environmental change. The bank is committed to connecting these visionary enterprises with financial solutions that allow them to create, grow, and foster change. VCIB’s primary focus is lending for social purpose real estate (affordable housing, co-op housing, co-working spaces, green and heritage buildings), as well as meeting the needs of non-profit organizations, foundations, and social enterprises. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us at Facebook.com/BankVancity.
About Parkdale Neighbourhood Land Trust Parkdale Neighbourhood Land Trust (PNLT) is a community land trust in Parkdale led by a group of residents and organizations trying to protect the social, cultural and economic diversity of Parkdale by redefining how land is used and developed. The Neighbourhood Land Trust is the charitable arm of the PNLT. Through the community land trust model, PNLT and NLT will acquire land and use it to meet the needs of Parkdale by leasing it to non-profit charitable partners who can provide affordable housing, supportive housing and community economic development.
About Atkinson Foundation The Atkinson Foundation is a Canadian charitable foundation committed to social and economic justice. We are part of a global movement that believes income, wealth and democractic inequality are not inevitable. As a grantmaker, investor and advocate, we work alongside community organizers, workers, policy innovators and investors who are creating more decent work and a fair economy.
The City of Windsor has launched a new investment map for residents to understand some of the many investments being made in the community each year.
The new tool shares information on projects ranging from neighbourhood sidewalk improvements to master plans that impact the entire city, and all of it is conveniently mapped out so users can see exactly where the investment is located.
“We take great pride in the number and variety of investments undertaken in our community each year,” said Windsor Mayor Drew Dilkens. “This web portal and the mapping you see are our latest efforts to provide information on many of those investments. And while these are by no means all of the investments laid out in the City’s annual capital budget or all of the assets funded, we hope you’ll find it an easy way to explore some of the great work being done in our community.”
Key investment categories targeted for the launch of the new mapping tool include parks, facilities, art, culture and sidewalks. With just a few clicks, users can search the entire city or zoom in on their neighbourhood. Filters can be applied to focus on specific categories, or the map can be viewed without filters to include the entire investment picture.
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