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Turkey Poised to Revise Bank Rule Aimed at Fueling Credit Growth

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(Bloomberg) — Turkey’s banking regulator agreed to revise a rule aimed at compelling lenders to boost credit at a meeting with the industry’s top executives.

A revision to the asset-ratio rule by the regulator would be in line with requests from the banks, the people said, who asked to speak on condition of anonymity. The central bank was present at the meeting held on Thursday night.

The asset-ratio rule was introduced earlier this year to push financial institutions to step up lending, purchase government bonds and engage in swap transactions with the central bank. The regulation allowed the government to fine banks who can’t maintain an asset ratio of at least 100%.

The revision could mark an end to Turkish authorities’ push for loan growth, the people said. The regulator, known as BDDK, declined to comment.

Turkey Announces New Regulation To Boost Lending, Bond Purchase

The decision comes after the lira tumbled to a record low against the dollar on Thursday even though the central bank had spent billions over the past year propping it up. A series of jumbo-sized interest rate cuts and a campaign to get credit flowing to the economy to support growth has pushed the nation’s current account into a deficit, while risking a fresh bout of inflation.

Turkey’s Perilous Game With Financial Markets Reaches Crossroads

President Recep Tayyip Erdogan and Treasury and Finance Minister Berat Albayrak have repeatedly slammed private banks for failing to support companies even before the coronavirus outbreak paralyzed economic activity and curtailed the movement of people.

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Financial fallback plan in place for Mills Memorial replacement – Terrace Standard

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Planners working on the Mills Memorial Hospital replacement project have crafted a fallback position should the provincial government turn down a first attempt to finalize a construction contract.

As it stands now, the hospital project board is to consider the final plan in late November, submit it to the province and then, if approved, to sign the contract with an eye to construction commencing in December.

But should the Province turn that first submission down, planners will regroup to make a second submission next March and if approved, for construction to start next April.

Planners from Northern Health are now working through design and financing details with multi-national PCL Construction, the only company that expressed an interest in building a new Mills on the site that contains the current hospital. At $447.5 million, the planned project also calls for demolishing the adjacent Seven Sisters mental health residential building to make room for the new hospital and then building a replacement at the same location.

The North West Regional Hospital District, a regional taxing authority which helps pay for major health equipment purchases and construction projects, was updated via a virtual meeting with Northern Health officials Aug. 14.

It has committed just over $110 million, or approximately 25 per cent, of the overall budget.

“The timeline is dependent on the acceptability of the first design/financial submission from the proponent,” said Yvonne Koerner, the Kitimat-Stikine regional district’s chief financial officer who also has responsibility for the hospital district’s functions.

”We are not concerned at this point as we know there is a two-month space in the schedule in case there is need to wait for a second submission.”

An August briefing document from Northern Health indicated the $447.5 million budget, for now, remains unchanged to add 34 beds in different departments to the 44 beds at the current Mills.

The main medical ward is to increase to 36 beds from the current 24, five new beds will make up a northwest orthopedic ward by consolidating that service from other facilities, the intensive card ward will be eight beds, up from the current five, and the regional psychiatric unit will double in size from 10 beds to 20 beds.

Instead of rooms containing four beds and inadequate washrooms, patients will now have their own rooms, meeting a standard that’s now accepted in other new hospitals.

Plans also call for a doubling of the emergency department from 10 to 20 treatment spaces and four operating rooms, up from three. The new Seven Sisters will have 25 beds, an increase of five.

Koerner said it was important that the design of the new Mills be done correctly prior to the project being submitted for approval.

To that end planners, and PCL Construction representatives, met with hospital staffers and others over the summer to nail down requirements for services ranging from the emergency department to cancer care to the renal unit to birthing rooms to CT and MRI operations.

Key to the new Mills will be its designation as a Level III trauma centre for the region, enabling it to care for patients who now have to be transported to other facilities.

The August briefing document from Northern Health did list what it called key project risks including construction cost escalation, shortage of worker accommodation for the large out-0f-town workforce that will be needed and potential COVID-19 impacts such as securing construction materials and labour availability and productivity.

Intensive lobbying for a new Mills to replace the current one in the middle part of the last decade with the regional hospital district and local government representatives calling the current 60-year old facility one that is well past its prime.

A series of encouraging moves from the provincial government culminated in May 2019 with the announcement that the money was in place to enable construction planning.

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Portofino Announces $1 Million Flow-Through Financing

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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.

Qualified Person

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,
Director 604-683-1991

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.

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Pasofino Gold Announces Closing of $10.02 Million Bought Deal Financing

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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
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

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