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Australian Finance Minister Cormann to resign at end of year

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CANBERRA, Australia — Australian Finance Minister Mathias Cormann, one of Prime Minister Scott Morrison’s most senior Cabinet members, says he is retiring from politics at the end of the year.

Belgium-born Cormann, who has been finance minister since 2013, entered federal politics in 2007 and became the leader of the government in the Senate, the upper house of Parliament, in 2017.

His decision to remove his support for former Prime Minister Malcolm Turnbull and instead support Peter Dutton was seen as a major reason for the 2018 change that led to Morrison becoming the country’s leader.

“Having decided not to re-contest the next election, I can confirm that I have advised the prime minister that the end of this year would be an appropriate time for an orderly transition in my portfolio,” Cormann said in a statement Sunday.

Cormann said he would spend the next six months working with Morrison and Treasurer Josh Frydenberg on finalizing the July economic statement, the budget in October and the half-yearly budget update in December.

The budget is usually delivered in May, but has been delayed until October because of the coronavirus.

Cormann, 49, decided to migrate to Australia permanently from Belgium after visiting Perth, Western Australia, in 1994.

The Associated Press



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Axel Merckx Granfondo bicycle event in Penticton striving forward despite financial uncertainty – Penticton News

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Tough times for Granfondo

Penticton’s annual Axel Merckx Granfondo Okanagan bicycle endurance event is facing a tough financial reckoning as they grapple with plans to bring the event back in 2021. 

The weekend-long cycling extravaganza has called Penticton home since 2011, drawing an average of 2,600 cyclists and their families to the community, filling hotels and restaurants. 

But the 2020 event was cancelled due to the pandemic, when over 1,600 people had already registered. In a presentation to Penticton council Tuesday, Granfondo event director Jeff Plant said they rolled over registration to 2021. 

“So we now have 1600-plus people with less than half their money to do it with,” Plant told council, and while he did not come with a request for a specific funding help at this meeting, they have been the recipients of City grants in the past. 

Plant pitched that the Granfondo is “the best opportunity that Penticton has to host a major event next year,” given that 97 per cent of its participants are from Canada, meaning any COVID-19 international border restrictions would not cut down on numbers. 

The Granfondo is also not a race in a traditional sense, instead offering three different distances around the South Okanagan for the challenge. Plant said that offers them flexibility to adhere to COVID-19 precautions, like staggered start times and cycling cohorts who don’t interact. 

He also hopes to spread the traditional celebrations post-event around town at various restaurants and pubs. 

Council received the presentation for information only and thanked the Granfondo for its contributions to Penticton in the past. 

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Feds working on possible aid for airlines and travel sector, says finance minister

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OTTAWA — The Canadian government is very aware of the challenges facing airlines and the travel sector during the coronavirus pandemic and is working on possible aid, Finance Minister Chrystia Freeland said on Tuesday.

Freeland said she had spoken to the heads of Canada’s major airlines and unions last week but did not give details. Carriers and travel industry executives have repeatedly urged Ottawa for assistance as passenger numbers slump.

“We are obviously aware of the particular challenges that the travel sector, the airlines are facing right now,” she told a news conference when asked about an aid package.

“It’s definitely an issue we are looking at closely and working on,” she said.

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Airlines have already received more than $1 billion from a wage subsidy program that Ottawa introduced to help businesses deal with the pandemic, she said.

Intergovernmental Affairs Minister Dominic LeBlanc told CTV on Sunday that Ottawa might take a stake in major airlines such as Air Canada and WestJet Airlines. Both carriers have suspended dozens of routes.

The Canadian branch of the International Association of Machinists and Aerospace Workers on Tuesday urged Freeland to consider partially or fully nationalizing Air Canada.

Earlier this month major labor unions said the aviation sector would suffer permanent damage unless Ottawa provided a $7 billion 10-year low-interest loan to offset the effects of the pandemic.

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Volcanic Closes $8.6 Million Financing, Silvercorp Elects to Maintain 19.9% Pro-Rata Interest | 2020-10-20 | Press Releases

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(TheNewswire)

Vancouver, Canada – TheNewswire – October 20, 2020 – Volcanic Gold Mines Inc. (TSXV:VG), (“Volcanic” or the “Company”) is pleased to announce that it has closed its previously announced over-subscribed bought deal financing (the ” Offering “), and a concurrent private placement (the ” Concurrent Private Placement “) with its largest shareholder, Silvercorp Metals Inc. (” Silvercorp “), for aggregate gross proceeds of approximately $8.6 million (the ” Financing “).

Pursuant to the Offering, Volcanic issued 12,546,500 units of the Company (the ” Units “), including 1,636,500 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) in connection with the Offering, at a price of C$0.55 per Unit (the ” Issue Price “) for aggregate gross proceeds of C$6,900,575. The Offering was completed through a syndicate of underwriters led by Haywood Securities Inc., and including Canaccord Genuity Corp. (collectively, the ” Underwriters “).

Pursuant to the Concurrent Private Placement, Volcanic issued 3,117,100 Units to Silvercorp at the Issue Price for aggregate gross proceeds of C$1,714,405. Silvercorp, which held approximately 19.9% of the issued and outstanding shares of Volcanic prior to the Offering, exercised its participation right to maintain its 19.9% interest upon closing of the Financing. The securities issued to Silvercorp are subject to a four month hold period which will run until February 21, 2021.

Each Unit consists of one common share in the capital of the Company (a ” Common Share “) and one-half of one Common Share purchase warrant (a ” Warrant “). Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.70 until April 20, 2022.

In connection with the Offering, the Underwriters received a cash commission of 6.0% of the gross proceeds of the Offering, subject to a reduced cash commission paid on sales to members of the president’s list (the ” Presidents List Sales “) and were issued compensation options (the ” Compensation Options “) exercisable at any time prior to October 20, 2022 at a price of C$0.55 per Compensation Option to purchase such number of units (the ” Compensation Units “) as is equal to 6% (reduced in the case of President’s List Sales) of the aggregate number of Units issued pursuant to the Offering. Each Compensation Unit is comprised of one Common Share and one-half of one Common Share purchase warrant (a ” Compensation Warrant “). Each whole Compensation Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.70 until October 20, 2022.

In connection with the Concurrent Private Placement and a portion of the Offering, the Company will pay a finder’s fee to Roth Capital Partners LP of C$133,098.35 cash and 241,997 finder’s warrants with the same terms as the Warrants and subject to a four month hold period which will run until February 21, 2021.

The Company intends to use the net proceeds from the Financing for the exploration and advancement of the Company’s principal assets in Guatemala and for general corporate purposes.

Because Silvercorp is a “related party” to the Company, the Concurrent Private Placement constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61 101 Protection of Minority Security Holders in Special Transactions (” MI 61 101 “). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61 101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61 101.

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ” U.S. Securities Act “) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Volcanic

Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multi-million ounce gold and silver resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold-silver company. For further information, visit our website at www.volgold.com .

Volcanic Gold Mines Inc.

Charles Straw, Director/CEO

Neither the TSX-V nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Company’s current expectations on future exploration plans, and the expected use of proceeds of the Financing. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether exploration on the Company’s principal assets in Guatemala will proceed as planned; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; risks associated with COVID-19 including adverse impacts on the world economy, exploration efforts and the availability of personnel; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Copyright (c) 2020 TheNewswire – All rights reserved.

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