LONDON, ONT —
A financial lifeline is on the way for municipalities after the Federal announcement of a $2.2 billion dollar “first step”.
At London City Hall, the mounting financial pressure caused by the pandemic has politicians waiting for details of a potential bailout.
The Prime Minister’s daily briefing Monday included a commitment to help Canadian municipalities.
Roughly $2.2 billion dollars of gas tax revenue will be distributed earlier this year and they will work with provinces to provide financial assistance to municipalities facing massive budget deficits caused by the pandemic.
Budget chair councillor jJosh Morgan believes it is an encouraging sign.
“To have the Prime Minister saying that the federal government will be there to help, we have the province and premiere saying they’ll be there to help. We have to turn those words now into action,” said Morgan.
City Hall is projecting a budget deficit between $23 and $33 million dollars this year with the biggest losses at London Transit, water and wastewater treatment, and lost investment revenue.
Deputy Mayor Jesse Helmer emphasizes the need for both senior governments to come together on behalf of cities.
“They seem to be talking which is great, because I think it’s going to require the same kind of intergovernmental cooperation we saw at the beginning of the pandemic and the public health emergency,” said Helmer.
Two of the biggest questions at city hall following the Prime Minister’s comments are how much money will be available and when?
Later this month city council will receive an updated estimate of the budget shortfall caused by the pandemic.
“We’re running out of time and we are running out of options and we have already made a lot of changes to try to contain costs and those have been pretty painful,” said Helmer.
Portofino Announces $1 Million Flow-Through Financing
Vancouver, British Columbia–(Newsfile Corp. – September 22, 2020) – PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) (“Portofino” or the “Company”) announces that it is arranging a private placement financing for up to $1,000,000 priced at $0.15 per (Flow-Through) common share Unit. Each Unit will consist of one (Flow-Through) common share and one-half share purchase warrant. Each full Warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder to purchase one common share at a price of $0.25 during the term. Closing will be subject to TSX Exchange approval and any shares issued will be subject to a four-month hold period.
Proceeds from the financing shall be used to incur “Canadian Exploration Expenses” (within the meaning of the Canadian Income Tax Act), related to exploration activities on its Canadian gold projects. The focus of exploration will be on its Red Lake and Atikokan, Ontario properties which will include an initial drilling program on Portofino’s South of Otter, Red lake property.
Portofino’s initial gold discovery on the South of Otter property contained high-grade gold mineralization of up to 16 grams per tonne gold (News release – Aug. 26th, 2020). Additional gold values uncovered during its recently completed trenching program (News release – Sept. 15th, 2020) indicate the existence of wide-spread gold mineralization within the South of Otter property.
About the South of Otter Property
The 5,363 hectares Property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the outstanding Dixie project currently being drilled by Great Bear Resources Ltd. (“GBR”). GBR has reported over the past 2 years company-building drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino’s South of Otter Property is situated approximately 8 km east of GBR’s claims. In addition, GBR announced (September 9, 2020) the discovery of another significant gold target called the “Sobel” in the Red Lake gold camp, located approximately 10km northeast of, and in the same greenstone belt as, the South of Otter.
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned “Lithium Triangle” in Argentina. For further information on the Company, please visit: https://www.portofinoresources.com/.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
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.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the “Company”). All forward- looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Pasofino Gold Announces Closing of $10.02 Million Bought Deal Financing
All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.
Vancouver, British Columbia–(Newsfile Corp. – September 22, 2020) – Pasofino Gold Limited. (TSXV: VEIN) (FSE: N07) (“Pasofino” the “Company“) is pleased to announce that it has completed its previously announced bought deal private placement of special warrants of the Company (the “Special Warrants) raising gross proceeds of $10,020,000 (the “Offering“). The Offering was led by Stifel GMP, on its own behalf and on behalf of a syndicate of underwriters including Beacon Securities Limited, Clarus Securities Inc., PI Financial Corp., Eight Capital and Haywood Securities Inc. (together with Stifel GMP, the “Underwriters“).
Pursuant to the Offering, the Company issued 33,400,000 Special Warrants at a price of $0.30 per Special Warrant. Each Special Warrant, subject to the Penalty Provision (as defined below) and subject to adjustments in certain circumstances, will be exercisable into one unit of the Company (each, a “Unit“) without payment of any additional consideration. Each Unit consists of one (1) common share of the Company, (each, a “Unit Share“) and one‐half of one (0.5) common share purchase warrant (each whole common share purchase warrant, a “Warrant“), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share“) at an exercise price of $0.40 per Warrant Share for a period of 12 months following the closing of the Offering (the “Closing Date“).
All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) on the earlier of (the “Automatic Exercise Date“):
(i) The second business day following the date on which a final receipt is obtained from the British Columbia Securities Commission, as principal regulator on behalf of the securities regulatory authorities in each of the qualifying jurisdictions (the “Final Receipt“), for a (final) short form prospectus (the “Qualifying Prospectus“) qualifying for distribution the Unit Shares and Warrants underlying the Special Warrants (the “Qualification Date“); and
(ii) 4:59 p.m. (Vancouver time) on January 23, 2021.
The Company has agreed to use its commercially reasonable efforts to qualify in Canada the distribution of (i) the Unit Shares and Warrants issuable upon exercise of the Special Warrants, and (ii) the Broker Warrants issuable upon exercise of the Broker Options (each as defined below) and to obtain the Final Receipt therefor, on or prior to December 22, 2020. In the event the Qualification Date has not occurred on or before December 22, 2020, each Special Warrant and Broker Warrant shall thereafter entitle the holder to receive, upon the exercise or deemed exercise thereof, as applicable, 1.1. Units (the “Penalty Provision“).
The Company plans to use the net proceeds from the Offering to fund exploration and development work at the Dugbe gold Project in Liberia in connection with the earn-in arrangement with Hummingbird Resources PLC and for working capital and general corporate purposes.
As consideration for its services in connection with the Offering, the Company has paid to the Underwriters a cash commission and advisory fee equal to $646,799.10 and issued to the Underwriters a total of 2,171,000 broker option (the “Broker Options“). Each Broker Option will entitle the holder thereof to automatically receive one broker warrant of the Company (a “Broker Warrant“), without any additional consideration, on the Automatic Exercise Date, with each Broker Warrant entitling the holder thereof to acquire, subject to the Penalty Provision and subject to adjustments in certain circumstances, one Unit at a price of $0.30 per Unit for a period of 12 months following the Closing Date.
The securities issued in connection with the Offering (including the underlying securities) are subject to a hold period under Canadian securities laws until January 23, 2021, unless the Final Receipt (as defined below) is obtained prior to that time. The Offering has been conditionally approved by the TSX Venture Exchange (the “TSXV“) and remains subject to final acceptance by the TSXV.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws and may not be offered or sold in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements of the 1933 Act and application U.S. state securities laws.
About Pasofino Gold Limited
Pasofino Gold Ltd. is a Canadian-based mineral exploration company. Through its recently announced acquisition of ARX Resources Limited Pasofino has an option to earn a 49% economic interest (prior to accounting for the Government of Liberia’s 10% carried interest) in the Dugbe Gold Project in Liberia
Pasofino is also earning a 50% interest in the advanced-stage Roger Gold-Copper Project located in Quebec’s prolific Abitibi Greenstone Belt.
For further information, please visit www.pasofinogold.com or contact:
Steve Dunn, President & CEO
T: (416) 361-2827
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 press release.
Cautionary Statements Regarding Forward-Looking Statements.
This news release contains “forward-looking statements” that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “seek”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the timing for filing and final clearance of the Qualifying Prospectus, the use of proceeds of the Offering, the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such 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 future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the ability to successfully file and obtain approval for the Qualifying Prospectus, the ability to obtain all requisite regulatory approvals in respect of the Qualifying Prospectus, the ability to apply the proceeds of the Offering as intended, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Barings and Mubadala Form Strategic Partnership Focused on Financing Solutions for European Middle-Market Businesses | 2020-09-22 | Press Releases
CHARLOTTE, N.C. and ABU DHABI, UAE, Sept. 22, 2020 /PRNewswire/ — Barings, one of the world’s leading financial services firms, today announced that it has formed the Barings Mubadala Enterprise (BME) – an evergreen origination platform seeking to provide financing solutions to European middle-market businesses.
BME and its capital partners aim to provide $3.5 billion in financing over the next 18 months to help meet growing corporate demand for flexible capital solutions in Europe . The partnership is anchored by Mubadala Investment Company (Mubadala), and will invest alongside MassMutual and Barings’ capital. This initiative continues to build on Barings’ base of long-term, strategic partnerships and its position as a leading institutional capital provider across the European middle market landscape.
Barings’ Chairman and CEO Tom Finke said: “This partnership will leverage our significant capabilities in origination and alternative credit to help strategic capital partners such as Mubadala invest with scale. We are looking to take advantage of middle-market direct lending opportunities, focusing on senior secured loans as borrowers shift focus from traditional bank financing to institutional capital providers to fund acquisitions and growth projects.”
Waleed Al Mokarrab Al Muhairi , Mubadala’s Deputy Group CEO and CEO of Alternative Investments & Infrastructure said: “Mubadala has a long history of establishing strong, value-creating partnerships with leading global organizations. The partnership with Barings, through the establishment of BME, is very consistent with this approach. We look forward to deepening our collaboration with Barings over the coming years. BME will draw from the experience and global network of Mubadala and the deep expertise from Barings to deliver value to all stakeholders.”
BME will focus particularly on opportunities in the United Kingdom , France , Benelux and the Nordics.
Adam Wheeler , Co-Head of Barings’ $14.2 billion Global Private Finance Group, added: “We are incredibly proud to be partnering with Mubadala, one of the world’s leading sovereign investors and one of the pillars of Middle-East finance. This represents an important step in Barings’ efforts to expand its global footprint.”
Barings is a $346+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a global presence across North America , Europe and Asia Pacific .
*As of June 30, 2020
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi . Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes.
Mubadala’s financial investment arm, Mubadala Capital was established in 2011 and operates six integrated businesses focused on various asset classes and geographies that include private equity, public equities, ventures capital and credit, in addition to a Brazil focused investment business and certain sovereign investment partnerships. The unit invests globally across the capital structure in both public and private securities. In addition to managing its own balance sheet investments, Mubadala Capital invests third-party capital on behalf of institutional investors in four of its six businesses.
For more information, please visit www.mubadala.com , follow @mubadala on Twitter.
Media Relations, Barings
Brunswick for Mubadala:
Alex Blake-Milton +971 50 694 7589
Tom Drummond +971 54 305 6609
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