Toronto Stock Exchange and TSX Venture Exchange Host Third Annual Charity Golf Tournament
July 15, 2014 (VANCOUVER) – Today, Toronto Stock Exchange and TSX Venture Exchange will host the third annual TMX Charity Golf Classic at the University Golf Club in Vancouver, B.C. The tournament has raised nearly $200,000 for the benefitting charities over the past two years.
“Now in its third year, we are pleased to once again be hosting the TMX Charity Golf Classic,” said John McCoach, President, TSX Venture Exchange. “It’s a great event that brings together friends and clients of TMX Group to participate in a fun day of golf and activities, while supporting worthwhile causes in our community and beyond.”
The proceeds raised from the event will benefit three charities: the Canadian National Institute for the Blind (CNIB), Learning Disabilities Association of Vancouver and Room to Read.
About TMX Group (TSX:X)
TMX Group’s key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha Group, The Canadian Depository for Securities, Montreal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
For more information please contact:
Catherine Kee
Manager, Corporate Communications
TMX Group
416-814-8834
catherine.kee@tmx.com
- Published in Business
Washington State Garners $148,256 in Taxes in First Three Days of Legal Cannabis Sales
In the first three days of legal recreational cannabis sales Washington State has earned nearly $150,000 in excise taxes, and that’s with just six outlets open on day one, and that number doesn’t include the money made from state and local sales taxes.
In the first day of sales on Tuesday, the state earned $61,604 in excise taxes. The number dropped to $30,924 on Wednesday, before rising to $55,728 on Thursday, bringing the total to $148,256. The figures were released Friday by the state’s Liquor Control Board, the entity tasked with regulating the new industry.
As a result of the huge introductory demand for legal cannabis in Washington State, Cannabis City, Seattle’s only cannabis outlet, has already sold out, and won’t have any more for as long as two weeks.
In total there are 334 recreational cannabis outlets approved for the state, though most won’t be ready to open until the coming weeks and months.
- Published in Medical Marijuana
Chairman Nick Brusatore of Affinor Growers, Inc. to Be Interviewed LIVE on Clear Channel Business Talk Radio – July 15th, 2014
Chairman Nick Brusatore of Affinor Growers, Inc. to Be Interviewed LIVE on Clear Channel Business Talk Radio – July 15th, 2014
- Published in Medical Marijuana
Indian gold import duty unchanged
The maiden Budget presented by the newly elected government in India disappointed the gold industry in the country. Contrary to expectations by the industry participants, the Indian Finance Minister decided to keep the import duty on gold at 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. There were widespread hopes that the gold…
The maiden Budget presented by the newly elected government in India disappointed the gold industry in the country. Contrary to expectations by the industry participants, the Indian Finance Minister decided to keep the import duty on gold at 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. There were widespread hopes that the gold import duty will be reduced by 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} during the Budget.
However, the government is willing to revise the policy once the country’s fiscal situation becomes more comfortable. He further stated that the government has carefully monitored the fiscal and current account deficit (CAD) situation. He added that there is no room for any duty cut at the moment.
The previous government had raised the gold import duty from 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in order to check the rising CAD. In addition, the Reserve Bank of India (RBI) had introduced various norms on gold imports. Consequently, the gold imports by the country had dropped significantly. According to most recent monthly import statistics, gold imports plunged by 72{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} during May. The CAD too dropped from 4.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of GDP in 2012-13 to 1.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of GDP in 2013-14.
The government decision to leave the gold import duty unchanged surprised the entire gold industry in the country. Several associations while expressing dissatisfaction warned that gold smuggling would continue to remain rampant in the country.
Article source: http://feedproxy.google.com/~r/resourceinvestornews/~3/wzZxFRCRK-Q/indian-gold-import-duty-unchanged
Read more http://financialpress.com/2014/07/13/indian-gold-import-duty-unchanged/
- Published in Mining
DUNDEE SUSTAINABLE TECHNOLOGIES INC. DEVELOPMENT IN FERTILIZER BUSINESS
MONTREAL, QUEBEC–(Marketwired – July 14, 2014) – Dundee Sustainable Technologies Inc. (“DST” or the “Corporation”) (CSE:DST), the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures, is pleased to announce its commitment in the fertilizer business.
DST has obtained patents for the production of sulfate based fertilizers. These processes are providing a new way to the industry of producing potassium sulfate (“SOP” or K2S04) and potassium magnesium sulfate (“SOPM” or K2SO4.2MgSO4). Both products are accompanied by the production of salable hydrochloric acid as a by-product.
Sulfate based fertilisers are applied at sowing time, where ions are adsorbed in the soil and remain available and protected against leaching. The growing need to do more with less, and the sulfur deficiency in particular crops have led to an increase use of sulfate based fertilisers, while excess use of chloride based fertilisers (potassium chloride or “potash”) reduces nutrient uptake and yield quantities, water soluble sulfate fertilisers such as SOP and SOPM are the most effective for growing crops.
The growing market for sulfate based fertilisers along with depleting natural sources of chloride-free potassium creates a great opportunity for DST to develop its patented processes.
DST has analyzed a project to build a plant for the production of SOP using potash and sulfuric acid. Moreover, DST has received interest from a North American distributor that is ready to market the production of 50,000 tonnes per year of SOPM and could also be interested in SOP.
Market
The current market conditions and specific demands from the fertilizer market are opening a window of opportunities to launch projects that would lead to the construction of fertilizer plants. DST’s technology allows for SOP and SOPM to be produced below current market price with profit margins preliminary estimated at $410 per tonne for SOP and $225 per tonne for SOPM.
The National Research Council of Canada granted DST a $50,000 subsidy for the assessment of its fertilizer technology.
About Dundee Sustainable Technologies, a company controlled by Dundee Corporation
The cyanide and mercury free gold extraction process developed by DST, has been recognized as a “green technology” for which DST has been awarded $5,700,000 in grants to date for a demonstration plant, presently under construction in Thetford Mines Quebec of which $700,000 has been provided by the Government of Quebec and $5,000,000 by the Government of Canada through the Sustainable Development Technology Fund. The plant is scheduled to go into operation in mid-January 2015.
Over the last ten years DST has tested over 50 different gold deposits, both oxide and sulfide ores at the lab level and at its pilot plant. These tests have, consistently achieved gold recoveries in excess of 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, using chlorination instead of cyanide. In addition, the tailings from the process are inert from toxic substances and as result meet environmental norms. An engineering study completed within the last 12 months supports DST’s claim of having operated a pilot plant showing a gold extraction yield higher than 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} using a closed-circuit chlorination process.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
The Canadian Securities Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Pierre Gauthier
President and CEO
(514) 866-6193
(514) 866-6001 # 244
- Published in Mining
Are You Ready For Doubles And Triples in Uranium Mining Stocks?
Are you brave enough to buy straw hats in winter? From uranium to oil services to lithium, savvy investors can find innovative ways to make money based on fundamental supply and demand rather than emotion and fashion. In this interview with The Energy Report, Gold Stock Trades editor Jeb Handwerger outlines the trends that will shape the future of energy commodity investing, and names some of the best examples of shabby chic stocks worth more than their current price tags.
The Energy Report: Jeb, in past interviews you have talked about the boost that the end of the Russian nuclear material purchase agreement would have on uranium prices. But lately, the price has dropped. What is causing the most recent decline?
Jeb Handwerger: The end of the Russian highly-enriched uranium (HEU) agreement did, indeed, kick off a strong Q1/14 for uranium prices. Many juniors had phenomenal returns. Some doubled, some tripled during those months. But since March, we’ve hit new lows in the uranium price, and many of the gains made in the Q1/14 rally have been given back. Some prices have even hit below the 2013 lows.
The uranium spot price has been in a seven-year downtrend. When you get to a bottom, you sometimes have false starts, and you bounce along. That’s exactly what we’re dealing with in 2014. Market sentiment is still extremely negative, but the smart, long-term investors who look at the supply/demand fundamentals over a three- to seven-year horizon have a different perspective than short-term traders looking for a quick turnaround profit. We think this is an excellent time for fundamental investors to get into the space. The longer the base, the more time investors have to acquire positions in the high-quality junior uranium miners that are literally trading for pennies.
The real concern is Japan. Many expected Japan to restart nuclear reactors faster than it has. Even though Japan has released an energy plan with nuclear as a major cornerstone, it takes time for nuclear reactors to restart. That leaves Japan, its businesses and its citizens paying ridiculously high electricity costs for imported natural gas.
TER: Have you seen any signs that Germany might restart production?
JH: The key is the battle of wills going on in Eastern Europe right now. When German Chancellor Angela Merkel had a knee-jerk reaction after the Fukushima reactor disaster, deciding to rely on renewables rather than nuclear energy, what she really did was make the large German economy dependent on nuclear power from France and natural gas from Russia, through Ukraine. The result is skyrocketing electricity costs and increased political risk.
Now we have had the wake-up call I have been warning about from Russia. President Vladimir Putin has Western Europe in a very vulnerable situation if he decides to turn off the taps. This may force a change in sentiment in Germany, which may want to rethink nuclear. It’s becoming a real energy security crisis there.
TER: In a past interview with The Mining Report, you said that China is on a commodity buying spree. Can China’s nuclear construction pull the uranium sector up without Japan and Germany?
JH: Over the long term, yes. Currently, China uses only a fraction of what the developed countries in Europe and the U.S. use. That’s going to change over the next generation. The Chinese can no longer rely on dirty coal. Coal has created environmental havoc in major cities, where it is becoming difficult to breathe.
The real concern is Japan. Many expected Japan to restart nuclear reactors faster than it has. Even though Japan has released an energy plan with nuclear as a major cornerstone, it takes time for nuclear reactors to restart. That leaves Japan, its businesses and its citizens paying ridiculously high electricity costs for imported natural gas.
TER: Have you seen any signs that Germany might restart production?
JH: The key is the battle of wills going on in Eastern Europe right now. When German Chancellor Angela Merkel had a knee-jerk reaction after the Fukushima reactor disaster, deciding to rely on renewables rather than nuclear energy, what she really did was make the large German economy dependent on nuclear power from France and natural gas from Russia, through Ukraine. The result is skyrocketing electricity costs and increased political risk.
Now we have had the wake-up call I have been warning about from Russia. President Vladimir Putin has Western Europe in a very vulnerable situation if he decides to turn off the taps. This may force a change in sentiment in Germany, which may want to rethink nuclear. It’s becoming a real energy security crisis there.
TER: In a past interview with The Mining Report, you said that China is on a commodity buying spree. Can China’s nuclear construction pull the uranium sector up without Japan and Germany?
JH: Over the long term, yes. Currently, China uses only a fraction of what the developed countries in Europe and the U.S. use. That’s going to change over the next generation. The Chinese can no longer rely on dirty coal. Coal has created environmental havoc in major cities, where it is becoming difficult to breathe
Nuclear is going to be extremely important for the Chinese over the next generation. That is where the major growth is going to be. China National Nuclear Power Co. recently announced plans to raise up to 16.25 billion yuan ($2.6 billion) in an initial public offering to fund nuclear-power projects. That’s significant news. It tells me the Chinese are willing to invest because they realize the critical nature of clean energy, of being able to provide enough energy without compromising air quality. Long-term contrarian uranium investors still see nuclear as the key clean baseload power source because renewables are not able to make that gap.
A recent documentary called “Pandora’s Promise” showed former anti-nuclear environmentalists speaking out for atomic energy because they have realized it is the only practical way to reduce fossil fuel consumption and, thus, carbon emissions. Remember, nuclear reactors today do not use the same technology as 20, 30 or 40 years ago. New nuclear will utilize small, modular reactors that are safer, more efficient and more adaptable than massive, expensive, meganuclear plants.
TER: Is the U.S. getting serious about the need for domestic sources for the uranium to feed these modular reactors?
JH: Yes. The U.S. is the largest consumer of nuclear power. It uses about 55 million pounds (55 Mlb) of uranium per year, but only about 4 Mlb are produced domestically. That has to change. It will change over the next generation, because we can’t rely on the cheap, secondary supplies that Russia gave us for close to 20 years.
Now that that cheap resource is not available, the U.S. will have to turn to domestic uranium producers, such as Cameco Corp. (CNYSE:CCJ), operating in the Powder River basin in Wyoming. For the first time in over 30 years, new nuclear reactors are being built in the U.S. Many of the older reactors will have to be replaced with newer reactors. There is going to be a need for new domestic uranium producers that can produce at a low cost.
The companies outperforming in the uranium mining space that have not hit new lows have been the lower-cost producers, the in situ miners in the U.S., such as Ur-Energy Inc. (AMEX:URG) and Uranerz Energy Corp. (AMEX:URZ). The explorers and the current higher-cost producers have been hit hard because the uranium spot has come back down.
Uranerz already has secured long-term offtake arrangements with some of the largest U.S. utilities. It is just coming into production, and is planning a third production center that will add more feed to the Nichols Ranch project. Management was smart enough to secure a long-term offtake arrangement with utilities at much higher prices.
Many of the uranium producers selling into the spot price will be under price pressure. However, new producers with attractive long-term agreements have time. The short term looks ugly, but the long term looks exceptionally exciting. This appears to be the time for contrarian value investors to continue to accumulate. It’s why we’re seeing big money, such as Uranium Participation Corp. (U:TSX), raising $58 million ($58M) to buy spot uranium. When Uranium Participation Corp. and other investors in the uranium sector begin buying again, we could once again see uranium miner stock prices double and triple, even if the uranium spot price moves just a few dollars.
TER: Uranerz actually started the year off pretty strong. Does it still have catalysts lined up for the rest of this year?
JH: The company announced in the middle of June that it sent its first resin shipment to Cameco’s Smith Ranch facility for final processing into uranium concentrate. This is very significant. The next step is making its first delivery of uranium to the conversion facility, where the customers will take ownership of the product. Uranerz stock hit a low in 2013 at around $0.85/share. It is trading currently around $1.50/share, from a high of about $1.90/share. In a space where many companies have come back to their lows, Uranerz is maintaining its uptrend, because it is one of the few uranium miners actually performing.
TER: Rick Rule has called uranium the most hated commodity, and one of the best buying opportunities. What do you tell people who are looking for the courage to be contrarian when everyone else is running the other way?
JH: Right now, being a uranium investor is extremely difficult. The spot price continues to hit lows. No one wants to touch it. There’s an old saying that to be rich in the market you have to buy straw hats in the winter and winter coats in the summer. There’s no doubt about it, the spot price has taken a nasty tumble. But this may be the shakeout that allows long-term value investors to accumulate uranium miners at exceptionally low prices. There is major capital on the sidelines. There is going to be a supply shortfall, and the uranium price is going to rally. But it takes patience and courage to look at a sector when no one else is willing to pay attention to it.
What we saw earlier this year, when some uranium miners doubled and tripled, is just the beginning. There are going to be false starts as we come off the bottom and bounce along. This is where the timid give up. Every time the price bounces and drops back, investors lose hope and get discouraged. The real winners in this game are the investors who are able to withstand the volatility.
We’re just beginning to see base metals and commodities turning the corner from the financial crisis of 2008. The overall economy is just beginning to show signs of improvement. That’s going to be good for energy and commodities. Sometimes, you have to look for the commodities that have been beaten down and are trading at decade lows, but are growing increasingly in demand. There is no doubt that uranium fits that bill.
TER: One thing people do seem to be excited about is oil and gas, particularly fracking. We recently ran an interview with T. Boone Pickens where he talked about leveraging the oil and gas renaissance for profit and national security. What is your favorite way to get exposure to the shale plays?
JH: Oil is beginning to break out. We saw it break out higher, above $105/ barrel ($105/bbl). It may eventually make a major breakout past $110/bbl. Geopolitical tensions in Iraq could send oil prices skyrocketing. That’s why we’ve seen this huge boom in shale in North America, including, most recently, in western Canada, where numerous liquefied natural gas (LNG) projects and pipelines are being planned.
Big money is coming into the energy space, because these pipelines and terminals will be able to supply Asia with cheaper oil and gas. Asian countries currently pay quadruple what North Americans pay. These infrastructure projects, such as pipelines and LNG terminals, are just beginning to be built, and western Canada could be a key area of great growth.
One of our favorite companies that could benefit from this trend is Enterprise Group Inc. (TO:E), which is a one-stop shop for the major oil exploration and production companies. It has contracts with some of the big boys, including Royal Dutch Shell Plc (NYSE:RDSa) and Encana Corp. (NYSE:ECA), and it is getting major capital. Enterprise was able to raise $27M to invest in the sector. Big money is interested in the oil and gas services business. Enterprise has an attractive balance sheet and the ability to grow. The company announced Q1/14 revenue of $21M, more than double last year’s $9M. Enterprise also recently announced its largest contract ever: $19M with Canada’s largest natural gas producer. A small-cap oil field service company with a market cap below $150M and contracts with large players planning to spend billions of dollars on drilling over the next decade is really a unique situation.
TER: Are oil services a less risky way to invest in the sector?
JH: Yes, because these companies have contracts with some of the largest companies with long-term exploration plans. The opportunity really is in the infrastructure. One of the least risky ways to make money is providing the services to the explorers and the producers. That’s what Enterprise is doing.
TER: The other thing that investors seem to be excited about is the prospect of a gigafactory for battery development. What is the best way to get exposure to the battery market? Graphite? Lithium?
JH: I have long been excited about the potential growth in the battery market for electric vehicles, grid storage and mobile electronics. Mobile phones, smartphones and laptop computers are a part of everyday life. The same is true with electric vehicles. Tesla Motors Inc. (NASDAQ:TSLA) is a huge market cap company with some very significant plans, including construction of the biggest lithium-ion (Li-ion) battery plant right here in the U.S.
Demand in the Li-ion battery market is set to grow rapidly over the next seven years. This could be a game-changer for some North American lithium and graphite miners. Battery manufacturing could be a major area of economic growth for the U.S., especially the southwestern U.S., over the coming decades. This could have the same impact as the internal combustion engine, revolutionizing transportation. President Barack Obama is pushing to reduce carbon emissions. Tesla may be in the market for lithium and graphite deposits in North America that could supply its manufacturing plants. Most of current lithium supply either comes from Chile, Argentina or Australia. A North American lithium asset could be very profitable.
TER: What are some possible companies that fit that description?
JH: One that we’ve followed for years is Western Lithium USA Corp. (TO:WLC). The company’s location in Nevada, with one of the most advanced lithium deposits, is very compelling for battery makers. In addition, Western Lithium is going to be in production shortly, producing hectorite clays used in the fracking industry for deep directional drilling. It is fully permitted for its Hectatone organoclay business, and has raised over $9M. The Hectatone business is looking good for startup in the fall; plans should be complete in the summer. The lithium demonstration plant is scheduled for launch in Germany at the end of 2014. Western Lithium has two tracks—the Hectatone business for the oil and gas industry, and lithium for Tesla. Both tracks are moving forward, and in exciting areas.
TER: It looks like the market has recognized that. The stock price had a nice little spike earlier this year.
JH: I think it’s just the beginning.
TER: Any final words of wisdom for our readers?
JH: There are still opportunities in the energy market. It’s important to focus on the market cycles, and not follow what everyone else does. People think markets go up forever, but bear markets occur and, overnight, can wipe out investment gains that took months or even years to build. In the same way, bear markets can go down for a while but, all of a sudden, things could change. It is important to understand the cyclical nature of the commodity markets, and to be able to accumulate when no one else is buying and sell when people are willing to buy at ridiculous valuations. This is part of mastering your emotions. You have to continue looking at companies with strong fundamentals.
Jeb Handwerger is an author, speaker and founder of Gold Stock Trades. He studied engineering and mathematics at University of Buffalo and earned a master’s degree at Nova Southeastern University. After teaching technical analysis to professionals in South Florida for over seven years, Handwerger began a daily newsletter, which grew to include thousands of readers from over 40 nations.
DISCLOSURE:
1) JT Long conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an employee. She owns, or her family owns, shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Enterprise Group Inc., Uranerz Energy Corp., Royal Dutch Shell plc. Streetwise Reports does not accept stock in exchange for its services.
3) Jeb Handwerger: I own, or my family owns, shares of the following companies mentioned in this interview: Uranerz Energy Corp., Enterprise Group Inc., Ur-Energy Inc., Western Lithium USA Corp. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: Uranerz Energy Corp., Enterprise Group Inc., Western Lithium USA Corp. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts’ statements without their consent.
5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer.
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.
- Published in Mining
Affinor to acquire Vancouver rooftop garden
Mr. Sebastien Plouffe reports
AFFINOR GROWERS RESCUES VANCOUVER ROOFTOP GARDEN
Affinor Growers Inc. has signed a letter of intent to acquire all the assets of 0993341 B.C. Ltd. related to the operation of the Vancouver rooftop growing facility, located at 523/535 Richards St., subject to due diligence. The intellectual property from this acquisition is very important to Affinor Growers, and will be useful in future development and production aspects.
North America’s first vertical-crop urban farming system closed operations and filed for bankruptcy after Alterrus Systems and Local Garden Vancouver failed to match their running costs. The vertical farm opened in November, 2012, in downtown Vancouver atop a parkade at 535 Richards St. According to Vancouver news sources, the 5,700-square-foot facility experienced a significant mechanical failure in late December, 2013, which impaired its ability to safely and effectively operate.
This acquisition will allow Affinor Growers to retrofit the facility and start growing strawberries immediately using the recently acquired Vertical Designs Ltd. technology. Affinor Growers will now be able to fast-track operations and demonstrate viability to the market, and add another profitable revenue stream.
This is also a great opportunity for the City of Vancouver to continue its vision of growing fresh urban food and replacing much of the imported produce that comes from 1,500 kilometres to 2,000 kilometres away. The Vancouver food strategy has a plan to create a just and sustainable food system for the city. It builds on years of food systems initiatives and grassroots community development, considering all aspects of the food system, from seed to table to compost heap and back again. Affinor Growers is excited to participate in Vancouver’s goal to become the greenest city by 2020.
Under the terms, Affinor Growers will pay a minimum of $250,000 in cash and the balance to $1.4-million in stock.
- Published in Medical Marijuana
Further declines or rebound for crude?
On Wednesday, crude oil lost 1.48{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} as the reported resumption of Libyan crude production and the EIA weekly report on U.S. inventories weighed on the price. As a result, light crude hit its lowest level since June 5 and dropped below the next downside target. Does it mean that oil bulls lost ground?
Yesterday, crude oil started the session lower…
On Wednesday, crude oil lost 1.48{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} as the reported resumption of Libyan crude production and the EIA weekly report on U.S. inventories weighed on the price. As a result, light crude hit its lowest level since June 5 and dropped below the next downside target. Does it mean that oil bulls lost ground?
Yesterday, crude oil started the session lower after Libya announced the resumption of operations at its main oil fields. However, the price decline accelerated after official weekly U.S. oil inventories data reflected a number of bearish factors. Although the U.S. Energy Information Administration reported that U.S. crude oil supplies declined by 2.4 million barrels in the week ended July 4, beating expectations for a decline of 2.2 million barrels, the report also showed a 600,000-barrel increase in the amount of refined motor gasoline in storage during a week when inventories were expected to fall in response to strong holiday driving demand. As a result, light crude hit a 5-week low of $101.85. Will the commodity drop any further from here? Let’s check what can we infer from the charts.
The medium-term outlook has deteriorated slightly as crude oil still extended losses and moved away from the upper line of the blue triangle. Taking this fact into account and combining it with the current position of the indicators, which still favors oil bears, we are convinced that our last commentary is still up-to-date:
(…) crude oil will extend the current correction and the initial downside target will be around $101.60, where the June low is. At this point it’s worth noting that slightly below this level is a strong support zone created by the 50-week moving average (currently at $101.26) and the lower line of the trend channel (and lower border of the blue triangle), which may pause further deterioraion.
Article source: http://feedproxy.google.com/~r/resourceinvestornews/~3/3L7ksSziakI/further-declines-or-rebound-for-crude
Read more http://financialpress.com/2014/07/11/further-declines-or-rebound-for-crude/
- Published in Mining
Affinor to acquire Vertical Designs for $15-million
AFFINOR GROWERS SIGNS LOI TO ACQUIRE VERTICAL DESIGNS LTD (VDL)
Affinor Growers Inc. is thrilled to reach an agreement to acquire Vertical Designs Ltd. This acquisition will give Affinor Growers a unique, technological advantage into the multibillion-dollar agricultural markets. VDL’s automated, software-driven technology is unique for its ability to grow grade A1, non-genetically modified organism crops year-round without chemicals or pesticides.
VDL offers proven technology specifically designed to help solve global food security and food shortage issues. VDL designs and builds innovative, fully sustainable and complete growing solutions which are the result of over 12 years of research and development based on predecessor systems, prototypes and significant third party validation. Vertical Designs has developed one of the most scalable and profitable vertical farming systems available.
Affinor Growers will integrate VDL’s enhanced farming methods to grow various crops year-round. These proprietary technologies control the precise combinations of light, temperature, water and nutrients to create specific growing conditions that result in optimum crop production of leafy green vegetables like lettuce, spinach and herbs, as well as plants that require pollination such as strawberries and marijuana. VDL has pioneered a proprietary mechanical pollination system that allows food to be grown indoors year-round, regardless of seasonality with near-zero water waste.
Under the letter of intent terms, Affinor is acquiring 100 per cent of VDL shares for an aggregate purchase price of $15-million, payable by the issuance of 17,857,143 common shares of Affinor Growers at a deemed price of 84 cents per share, subject to due diligence and regularity approval.
Sebastien Plouffe, president and chief executive officer, comments: “This acquisition will position Affinor Growers as one of the world’s most profitable vertical farming companies. On closing of the transaction and after construction of the first production facility, Affinor Growers will gain additional income streams from equipment sales, royalties on licence agreements, consulting and profits from selling crops. We intend to become the world’s solution for food security.”
- Published in Medical Marijuana
Highmark closes first placement tranche for $349,862
HIGHMARK MARKETING INC. CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Highmark Marketing Inc. has completed the first tranche of a non-brokered private placement by issuing 999,607 units at a price of 35 cents per unit for gross proceeds of $349,862.45. The private placement, which was announced on June 9, has a total offering of up to 1.5 million units, which are available at a price of 35 cents per unit. Each unit consists of one common share and one full share purchase warrant. Each warrant is non-transferable and is exercisable into one common share for a period of 12 months from the date of issuance at a price of 60 cents per share. The common share and full share purchase warrant are each subject to a hold period expiring on Nov. 8, 2014.
Highmark also announces that, pursuant to the terms and conditions of a non-brokered private placement agreement entered into between Highmark and Wolverton Securities Ltd., and a referral fee agreement entered into between Highmark and Mackie Research Capital Corp., Highmark has paid an aggregate cash commission of $32,086.25 to the agents, representing 10 per cent of the gross proceeds received from subscribers introduced to Highmark by the agents. In addition, Highmark has issued an aggregate of 91,675 non-transferable warrants to the agents, representing 10 per cent of the number of units sold to subscribers introduced to Highmark by the agents. Each agent’s warrant entitles the holder to purchase one share of Highmark at an exercise price of 60 cents until July 7, 2015. The agent warrants will also be subject to a hold period ending on Nov. 8, 2014.
Net proceeds of the first tranche of the private placement will be used for working capital.
We seek Safe Harbor.
Mr. Marc Branson reports
- Published in Medical Marijuana