Canex Announces Equity Financing and Welcomes Strategic Investor Michael Gentile, CFA

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit File an assignment in bankruptcy with a licensed trustee. The assets of the company vest in the trustee, who may sell the business or liquidate the assets for the benefit of the creditors. The company relinquishes control of its assets and decisions around recovery to the trustee.

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Executive summaryIts not a secret that resource equities were the worst-performing asset class from 2011 to 2014. In 2014, 149 mining and metals companies delisted from the Toronto Stock Exchange and Toronto Venture Exchange and in 2015 an additional 172 companies delisted. This represents in excess of 10% of the total population of mining and metals listed companies on these two exchanges. The sector also faces the increased challenges of maintaining its social license to operate, balancing its talent requirements, effectively managing its capital projects and engaging with government around revenue expectations. The Canadian stock exchanges are viewed as a place for prospective management teams to raise capital with more tolerance for risk. This capital tends to be targeted toward emerging markets, which is consistent with the data, as over 40% of the companies listed on these exchanges have properties in emerging markets.

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Receiver completed two asset sale transactions. A creditor can also petition a company into bankruptcy, appointing a trustee to take possession and control of the assets. In 2015, 12 transactions included some form of cash consideration, with six transactions including all-cash offers. This is improved over 2014, when only six transactions included any cash consideration and only one transaction was a straight cash offer.

The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres. Each Common Unit will consist of one common share and one-half of one common share purchase warrant.

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With a backdrop of resource equities as the worst-performing asset class for four years running,5 EY undertook an analysis of mining companies that delisted from the TSX and TSXV in 2015. The goal of our study was to uncover some new insights to determine whether there were common themes or characteristics of these companies that led to a delisting. Formal insolvency proceedings doubled from 2014 to 2015, but this represented only 16 companies in total. This is likely due to the capital structure of most junior mining companies and the difficulty dealing with fixed assets in various jurisdictions and remote locations. When delisting on a voluntary basis, the majority of companies determined that an alternative Canadian exchange was more appropriate for their needs (CSE or the TSXV-NEX).

Dow Jones News – 10 September 2014 – Page 27

Further to the Prior Release , MGX intends for ZincNyx to become a standalone company following the spin-out by way of a dividend in kind of ZincNyx shares by MGX. The Proposed Distribution will not occur unless or until a receipt for the final Prospectus is obtained from the Securities Regulators. Utility: Meaning, Types and Characteristics A report by the Royal Society of Chemistry describes in detail the current issues the industry is in. “To date, Li-ion batteries have been the most successful energy storage solution and widely used in portable electronics and electric vehicles since their first report in 1991.

Michael is currently a strategic advisor to Arizona Metals (AMC-V) and a director of Northern Superior Resources (SUP-V), Roscan Gold (ROS-V), Radisson Mining Resources (RDS-V) and Solstice Gold (SGC-V). Michael recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited. Management, including board of directors, should have adequate experience and technical expertise relevant to the companys business and industry as well as adequate public company experience. Companies are required to have at least two independent directors. As stated previously, 9% of companies that delisted in 2015 were involved in formal insolvency proceedings.

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Companies holding less than a 50% interest will be considered on a case-by-case basis looking at program size stage of advancement of the property and strategic alliances. Minimum $2.0 million working capital, but sufficient to complete recommended programs, plus 18 months G&A1, anticipated property payments and capital expenditures. CCAA/receivership Assets sold CCAA proceedings were dismissed and a Receiver was appointed in January 2014.

Canada shares higher at close of trade; S&P/TSX Composite up 0.21% – Canada equities were higher at the close on Tuesday, as gains in the Materials, Industrials and Energy sectors propelled shares higher. – Canada equities were higher at the close on Thursday, as gains in the Energy, Consumer Staples and Consumer Discretionary sectors propelled shares higher. – Canada equities were higher at the close on Friday, as gains in the Healthcare, IT and Consumer Discretionary sectors propelled shares higher. – Canada equities were higher at the close on Thursday, as gains in the IT, Consumer Discretionary and Clean Technology sectors propelled shares higher. – Canada equities were higher at the close on Monday, as gains in the Healthcare, IT and Consumer Discretionary sectors propelled shares higher.

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  • The system may be housed in a shipping container for deployment at remote locations or may be installed in free-standing racks in a warehouse or utility closet-type environment.
  • A company must hold or have the right to earn and maintain a 50% interest in the property.
  • Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies.
  • – Canada equities were higher at the close on Monday, as gains in the Industrials, REITs and Energy sectors propelled shares higher.

Recent soil and rock sampling has further expanded the target zones and has identified several parallel zones that remain to be drill tested. CANEX is waiting on the results of 28 reverse circulation drill holes. The regenerator and fuel cell parts form the nucleus of ZincNyx’s commercial mass storage system which will provide four times the capacity of earlier models. The expanded range of this system addresses the need for long duration energy storage when coupled with renewable energy sources such as wind and solar. The system may be housed in a shipping container for deployment at remote locations or may be installed in free-standing racks in a warehouse or utility closet-type environment. Since both regeneration and fuel cell modules are constructed from a number of identical cells, they constitute ideal candidates for manufacture by volume production methods such as injection molding, die casting and extrusion.

Canada shares lower at close of trade; S&P/TSX Composite down 0.09%

Several of the deals involved multiple listed companies joining together under one new public vehicle and most of the deals involved companies focused on gold. The majority of companies that delisted in 2015 were listed for 5 to 14 years. It would appear that there is a direct correlation between the commodities boom and the listing of these companies. Access our live advanced streaming chart for1911 Gold Corp Share, free of charge. This unique “area” or candle chart enables you to clearly notice the movements of this Havilah Mining share within the last hours of trading, as well as providing you with key data such as the daily change, high and low prices. – Canada equities were higher at the close on Wednesday, as gains in the Industrials, Consumer Discretionary and Materials sectors propelled shares higher.

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Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $0.18 per share for a period of two years following closing. After a 6 month non-callable period the warrants will be subject to acceleration at the Company’s discretion if at any time the Company’s 20 day volume weighted average share price trades above 25 cents. Altius Minerals (ALS-T) have recently exercised their remaining 500,000 warrants for proceeds of $40,000. Upon closing of the financing Altius Minerals will own 7.4% of CANEX and remains a key supportive and founding shareholder of the Company. Mr. Blair Schultz is joining the board of Directors.

The majority of the M&A activity was completed through an acquisition of shares, structured through plans of arrangement under the applicable corporations act. DemographicsThe study reveals that the majority of the companies that delisted in 2014 and 2015 had been listed on the relevant exchange for 5 to 14 years. In 2014, over one-third of the delisted companies were focused on the production, development or exploration of more than one commodity.

While the sector has been in decline for several years, our study shows that companies are not turning to formal insolvency proceedings to deal with the decline. Instead companies are moving to less prominent exchanges , merging with other entities to bolster balance sheets or going through an informal restructuring. Many of these companies are pre-production and dont have debt, which reduces the probability of insolvency proceedings as there are no lenders to act as a catalyst. Why are the majority of companies delisting headquartered in BC?

Faced with this situation lenders tend to pursue informal work-outs directly with companies under forbearance agreements. In 2015, several of the companies initiated proceedings in a foreign jurisdiction, which likely occurred after the lenders exhausted informal work-out opportunities. A secured creditor can also take steps to protect its security by appointing a receiver either through a private appointment or by court order. If through private appointment, the receiver would take possession and control of the assets governed by its appointment letter. If by court order, the receiver would then take possession and control of the assets and or business operations as outlined in the court order. In either scenario the company would lose control.