Fintech
Fancamp Concerned Shareholders Condemn Excessive Spending – Q1 Financial Statements
- Net loss from operations explodes to $1,987,061 for first quarter, a 925% increase over the same period in 2020
- Monthly burn rate of $662,354 for general and administration
- Insiders paid aggregate of $78,913 per month but do nothing to increase share price
- Only $50,880 spent exploring Fancamp properties for entire quarter
- VOTE only the GREEN proxy FOR all five of the Concerned Shareholders’ Nominee’s Slate no later than FRIDAY, OCTOBER 1, 2021 AT 10:00 A.M. ET
- VOTE for the Concerned Shareholders’ Nominee’s Slate AGAINST the dilutive ScoZinc Transaction which may have been postponed but not cancelled
- VOTE for the Concerned Shareholders’ Nominee’s Slate FOR good corporate governance and a clear strategy for exploration, marketing and value accretion
- Shareholders with questions on voting should contact Gryphon Advisors Inc. at 1-833-461-3651 toll free in North America (1-416-902-5565 by collect call) or email us at [email protected].
Montreal, Quebec–(Newsfile Corp. – September 30, 2021) – Incumbent director of Fancamp, Peter H. Smith, who together with joint actors James Hunter and his affiliates, Mark Fekete and Heather Hannan, (the “Concerned Shareholders”) hold directly and indirectly an aggregate of 22,285,597 shares, representing approximately 12.63% of Fancamp Exploration Ltd.’s (“Fancamp” or the “Company”) outstanding share capital, have the following comments on the first quarter interim financial statements filed on SEDAR on September 29, 2021. All shareholders are advised to read these very damaging statements to see how their money is being misused and wasted.
Net losses from operations for the three-month period ending July 31, 2021 have exploded to a whopping $1,987,061 from $193,817 for the same period ending July 31, 2020. Exceptional increases to expenses year over year are noted for:
| Expenses | 3-Months Ended July 31 2021 |
3-Months Ended July 31 2020 |
Increase $ | Increase % |
| Accounting and Audit | 63,978 | 19,450 | 44,528 | 229% |
| Directors and Committee Fees | 115,500 | 18,000 | 97,500 | 542% |
| Legal Fees | 870,314 | 130 | 870,184 | 669,372% |
| Management and Consulting | 379,958 | 36,000 | 343,958 | 955% |
| New Project Examinations | 254,200 | 27,233 | 226,967 | 833% |
| Office Rent, Supplies and Services | 226,025 | 22,121 | 203,904 | 922% |
The most disgraceful expense is the $870,314 for Legal Fees much of which are related to the various, malicious lawsuits filed against Peter H. Smith to intimidate him, disparage his reputation and ruin him financially all in an effort to discourage the Concerned Shareholders from proceeding with the proxy fight. Including the $596,317 spent in the fourth quarter of 2020, the Entrenched Board and Management has blown $1,466,661 on Legal Fees for the six-month period ending July 31, 2021 largely to maintain their positions with Fancamp at the expense of the Company and shareholders.
Notes accompanying the financial statements indicate that Directors and Committees Fees have become a free-for-all with Mark Billings collecting $12,000 per month, Paul Ankcorn $9,500, Rajesh Sharma $7,500, Debra Chapman $7,500 and Ashwath Mehra $2,000. Sharma is also paid $17,500 per month for management fees, Chapman $5,000, Enrico Di Cesare $8,000 and Francois Auclair almost $10,000 per month. The Entrenched Board and Management is collecting an average of $78,913 per month but are doing nothing to create value in the company or increase the share price.
The notes also show that total exploration work done on Fancamp’s properties amounted to only $50,880 for the entire first quarter. A total of $254,200 was spent on New Project Examinations (presumably ScoZinc) meaning that five times more money was spent on outside projects than on Fancamp’s own properties. Office Rent, Supplies and Services is averaging over $75,000 per month!
The Entrenched Board and Management have run amok in an unfettered, self-enriching spending spree with Fancamp’s money. Shareholders sickened by this vast and destructive misuse of Company funds can do something by voting at the 2020 annual general meeting of Fancamp shareholders to take place on Tuesday, October 5, 2021 at 10:00 a.m. ET.
If you have not already done so, please VOTE the GREEN form of proxy. For those of you that have not voted, you can still vote your GREEN proxy. Even if you have already voted using the gold proxy but you are disgusted by sheer magnitude of the looting of Fancamp’s assets, you have every right to change your vote to GREEN. Only the later dated proxy or voting instruction form will be counted at the AGM.
The excessive expenses noted above highlight how much shareholder money the Entrenched Board and Management are willing to squander to maintain their positions with no care about the financial damage to the Company or the downward pressure on the share price. They have manipulated the rules, regulations and policies that are there to protect shareholders to contemptuously deny you the true owners of Fancamp the right to have your voices heard at a timely and fair AGM.
The Concerned Shareholders would like to thank the true owners of the Company for their tremendous support to date. We urge you to stay the course despite the desperate and unethical attempts of the Entrenched Board and Management to enrich themselves at your expense. Their days are numbered.
VOTE YOUR GREEN PROXY – DEADLINE: FRIDAY, OCTOBER 1, 2021 AT 10:00 A.M. ET
If you have any questions or require any assistance in executing your proxy or voting instruction form, please contact Gryphon Advisors Inc. at 1-833-461-3651 or email [email protected] Shareholders are also encouraged to visit https://www.newsfilecorp.com/company/7723/Concerned-Shareholders-of-Fancamp-exploration-Ltd to read the Concerned Shareholders press releases issued to date.
Advisors:
The Concerned Shareholders have retained Gryphon as its strategic shareholder communications and proxy advisor. Gryphon’s responsibility will include providing strategic advice and advising the Concerned Shareholders with respect to the Meeting and proxy protocol. Gryphon’s responsibilities will also include soliciting shareholders should the Concerned Shareholders commence a formal solicitation of proxies. Dr. Smith has also retained Farris LLP as legal counsel.
The registered address of Fancamp is located at 3200 – 650 West Georgia St. Vancouver, BC, V6B 4P7. The mailing and head office address of Fancamp is 7290 Gray Avenue, Burnaby, British Columbia V5J 3Z2. A copy of this press release may be obtained on Fancamp’ SEDAR profile at www.sedar.com.
For more information regarding the Concerned Shareholders’ position please contact:
Gryphon Advisors Inc.
Tel: 1-833-461-3651
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98131.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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