Fintech
Jabbo Capital Corp. Enters into Letter of Intent for Qualifying Transaction with BPG Metals Corp.
Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – Jabbo Capital Corp. (TSXV: JAB.P) (“Jabbo“) and BPG Metals Corp. (“BPGM“) today announced that they have entered into a non-binding letter of intent dated January 24, 2022 (the “LOI“), which outlines the general terms and conditions of a proposed business combination.
About BPGM
BPGM is a Canadian-based mineral exploration company founded by an experienced board and management team with extensive Brazilian and platinum group element (PGE) exploration, permitting, development and construction expertise. BPGM is focused on advancing the Luanga PGE + gold + nickel project in the Carajás Mineral Province, Pará, Brazil, for which BPGM is currently in the process of obtaining a technical report in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Minerals Projects.
The Board of Directors and senior management of BPGM are comprised of Luís Mauricio F. Azevedo (Chairman & CEO), Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline (Director), Anthony Polglase (Director), Stephen Quin (Director), Simon Mottram (President), Manoel Cerqueria (CFO), Alex Penha (EVP Corporate Development) and James McVicar (Corporate Secretary). It is anticipated that these individuals will comprise the Board of Directors and senior management of the Resulting Issuer (as defined below) upon completion of the Transaction (as defined below).
About Jabbo
Jabbo is a “capital pool company” that completed its initial public offering in December, 2020. The common shares of Jabbo (“Jabbo Shares“) are listed for trading on the TSX Venture Exchange (“TSXV“) under the stock symbol JAB.P. Jabbo has not commenced commercial operations and has no assets other than cash. It is intended that the Transaction, when completed, will constitute the “Qualifying Transaction” of Jabbo pursuant to Policy 2.4 – Capital Pool Companies (the “CPC Policy“) of the TSXV.
Terms of the Transaction
The proposed business combination would occur by way of an amalgamation, arrangement, take-over bid or other similar form of transaction, which will result in BPGM, and in turn its subsidiaries, at the applicable time (or successor corporation, as the case may be) becoming a wholly-owned subsidiary of Jabbo or otherwise combining its corporate existence with that of Jabbo (the “Transaction“). Jabbo, after completion of the Transaction, is referred to herein as the “Resulting Issuer“.
Pursuant to the terms and conditions of the LOI, Jabbo and BPGM will negotiate and enter into a definitive agreement (the “Definitive Agreement“) incorporating the principal terms of the Transaction as described in the LOI and this press release. There is no assurance that a Definitive Agreement will be successfully negotiated or entered into.
The LOI was negotiated at arm’s length. The terms and conditions outlined in the LOI are non-binding on
the parties and the LOI is expected to be superseded by the Definitive Agreement to be negotiated between
the parties. Pursuant to the Transaction, all of the existing Common Shares of Jabbo (“Jabbo Shares“) will be consolidated on the basis of one post-consolidated Common Share for each 2 currently existing Common Shares issued and outstanding.
Concurrent Financing
The parties currently contemplate that BPGM will complete a private placement of securities through the issuance of subscription receipts by BPGM and/or Jabbo (the “Concurrent Financing“). It is intended that the Concurrent Financing would close prior to the closing of the Transaction. Further disclosure will be provided upon the successful negotiation. There is no assurance that such negotiations will be concluded successfully.
Management of the Resulting Issuer
As a result of the Transaction, the Resulting Issuer will indirectly carry on the business of BPGM and will change the Resulting Issuer’s name to “BPG Metals Corp.” or such other name as determined by BPGM and as may be accepted by the TSXV and any other relevant regulatory authorities.
If the Transaction is completed, it is expected that the board of directors of the Resulting Issuer on closing will be comprised of suitable nominees, each of whom will be appointed by BPGM. At the closing of the Transaction, the current directors of Jabbo will resign and be replaced by the nominees of BPGM, in accordance with corporate law and with the approval of the TSXV.
Conditions Precedent
Completion of the Transaction is subject to a number of conditions including, but not limited to:
- satisfactory completion of due diligence;
- execution of the Definitive Agreement;
- completion of the Concurrent Financing;
- receipt of all director, shareholder (if necessary) and requisite regulatory approvals, including the acceptance of the TSXV; and
- preparation and filing of a management information circular or filing statement outlining the definitive terms of the Transaction and describing the business to be conducted by the Resulting Issuer following completion of the Transaction, in accordance with the policies of the TSXV.
Special Meeting of Jabbo Shareholders
The Transaction would be carried out by parties dealing at arm’s length to one another and therefore would not be considered a “Non-Arm’s Length Qualifying Transaction” as such term is defined in the CPC Policy. As a result, a special meeting of the shareholders of Jabbo is not required by the TSXV to approve the Transaction. However, the structure of the Transaction has not yet been finalized so shareholder approval under corporate law may be required in certain circumstances.
Sponsorship
Jabbo intends to make an application for exemption from the sponsorship requirements of the TSXV in connection with the Transaction; however, there is no assurance that the TSXV will exempt Jabbo from all or part of the applicable sponsorship requirements.
Trading Halt
Trading in the Jabbo shares has been halted and is not expected to resume trading until completion of the Transaction or until the TSXV receives the requisite documentation to resume trading.
Additional Information
Jabbo will provide further details in respect of the Transaction in due course by way of press release in accordance with the requirements of TSXV Policy 2.4 – Capital Pool Companies. However, Jabbo will make available to the TSXV all information, including financial information, as required by the TSXV and will provide, in a press release to be disseminated at a later date, required disclosure.
All information contained in this press release with respect to Jabbo and BPGM was supplied by the parties respectively, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.
Completion of the Transaction is subject to a number of conditions, including but not limited to, acceptance of the TSXV and if applicable pursuant to the requirements of the TSXV, majority of the minority approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information contact:
Jabbo Capital Corp.
Brian Bayley
Fax: (604) 681-4692
E-mail: [email protected]
BPG Metals Corp.
Alex Penha
E-Mail: [email protected]
Neither 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.
Notice on Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements“) within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, :would”, “will”, “estimates”, “believes”, “intends” “expects” and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the Transaction, the Concurrent Financings, the expected composition of the board of directors of the Resulting Issuer, the completion and timing of the application to the TSXV in respect of the Transaction, the proposed structure by which the Transaction is to be completed, the ability of Jabbo and BPGM to meet the conditions of the Transaction in the required timeframes, obtaining the necessary exemptions and approvals from the TSXV or other regulatory bodies, including the business, name and function of the Resulting Issuer and certain financial information and forecasts. Jabbo cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Jabbo and BPGM, including expectations and assumptions concerning Jabbo, BPGM, the Resulting Issuer, the Transaction, the negotiation of the Definitive Agreement on satisfactory terms, the timely receipt of all required shareholder, court and regulatory approvals (as applicable), including the acceptance of the TSXV, the satisfaction of other closing conditions in accordance with the terms of the Definitive Agreement, as well as other risks and uncertainties, including those described in Jabbo’s final prospectus dated November 2, 2020 filed with the British Columbia Securities Commission, the Alberta Securities Commission and the Ontario Securities Commission and available on SEDAR at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Jabbo. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Jabbo does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Not for distribution to United States newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111590
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Curated in collaboration with the London School of Economics and Political Science (LSE)
The global financial industry stands at a pivotal juncture, facing a rapidly evolving landscape shaped by technological disruption, sustainability mandates, and geopolitical uncertainties. The end of prolonged accommodative monetary policies has ushered in an era of increased scrutiny, regulatory tightening, and heightened demand for innovation. At the same time, financial technology (fintech) continues to transform the sector, driving new opportunities and challenges for traditional banking systems.
This article delves into the strategic issues currently defining Banking and Capital Markets. Drawing from expert insights curated by Lutfey Siddiqi, Visiting Professor-in-Practice at LSE, it examines the dynamic risk environment, emerging technology trends, shifts in banking business models, and the growing focus on sustainability and talent development.
Key Issues Influencing Banking and Capital Markets
- The Financial Risk Landscape: Heightened geopolitical tensions and regulatory demands are reshaping the industry.
- Financial Technology: Emerging technologies such as artificial intelligence (AI) and blockchain offer potential but also pose significant implementation challenges.
- Banking Business Models: Institutions are adopting diverse strategies to navigate competition and shifting market demands.
- Financial Talent: Attracting the next generation of banking professionals requires a clear purpose and forward-thinking policies.
- Sustainability and Finance: Balancing environmental and social goals with immediate business priorities is a growing challenge.
1. Latest Insights: Shifting the Banking Paradigm
Experts highlight the profound challenges and opportunities facing financial institutions today. From geopolitical volatility to advances in fintech, the banking landscape demands unprecedented agility. Recent developments include:
- Monetary Policy Adjustments: China’s central bank explores easing policies to boost investment.
- Regulatory Scrutiny: Global banking rules, such as Basel 3.1 reforms, are under review, signaling potential shifts in global supervision.
- Financial Inclusion: Updates from the Financial Action Task Force (FATF) aim to balance anti-money laundering standards with broader access to financial services.
These trends emphasize the need for financial institutions to anticipate disruptions while fostering resilience and innovation.
2. Strategic Context: Transforming Banking in a High-Stakes Era
2.1 The Financial Risk Landscape
Banks are grappling with an increasingly volatile environment characterized by geopolitical tensions, regulatory reforms, and market disruptions. The end of ultra-loose monetary policies has highlighted weaknesses in traditional funding models, exemplified by the high-profile collapses of Silicon Valley Bank and Credit Suisse in 2023.
Regulators are tightening oversight, expanding their focus to include non-bank institutions and fintech companies. Additionally, rising geopolitical tensions demand localized data operations, robust cybersecurity measures, and new approaches to global strategy.
Key takeaway: In an age of uncertainty, resilience and stability are essential.
2.2 Financial Technology
The Fourth Industrial Revolution continues to reshape banking through advancements like AI, blockchain, and quantum computing. However, challenges remain, such as limited real-world blockchain applications and increasing cybersecurity risks tied to digitalization.
Financial institutions must adopt technology thoughtfully, focusing on solutions that address specific operational pain points and align with organizational goals. Balancing efficiency with contingency planning for outages and cyber threats is paramount.
Key takeaway: Tech adoption must prioritize practicality, security, and alignment with purpose.
2.3 Banking Business Models
Global trends are driving a diversification of banking models. Some institutions are scaling back operations in unprofitable markets, while others are leveraging acquisitions or digital innovation to expand. The rise of big tech competitors—armed with vast behavioral data—adds a new layer of complexity to the competitive landscape.
Emerging trends include:
- Consolidation of corporate and private banking services.
- Strategic retreats from costly markets, such as HSBC’s exit from US retail banking.
- Big tech firms offering financial services as data-driven loss leaders.
Key takeaway: Differentiation and adaptability are critical in a fragmented, competitive market.
2.4 Financial Talent
The banking sector faces a mounting talent crisis, particularly among younger generations who view the industry as outdated or misaligned with their values. To attract top talent, banks must redefine their purpose and emphasize their commitment to sustainability, innovation, and career growth opportunities.
Surveys indicate that young professionals seek workplaces offering training, flexibility, and inclusive leadership. Reskilling initiatives and a focus on digital expertise will also be key to preparing employees for the future.
Key takeaway: A compelling vision for the future of banking is essential to attract and retain top talent.
2.5 Sustainability and Finance
Sustainability has become a focal point for the financial industry, driven by growing demand for ESG (Environmental, Social, and Governance) initiatives. However, backlash against greenwashing and tokenism has led banks to reevaluate their approaches.
Balancing short-term priorities like energy security with long-term goals like combating climate change requires bold leadership. Opportunities abound in areas such as carbon trading, green bonds, and sustainability-linked investment products. However, success demands authenticity and a commitment to systemic change.
Key takeaway: Embedding sustainability into core operations is vital for long-term success.
Transformation Maps: A Strategic Tool for Leaders
This analysis leverages the World Economic Forum’s Strategic Intelligence Transformation Maps, which provide an interconnected view of global trends and challenges. These tools enable leaders to explore key topics, such as cybersecurity, fintech, and sustainability, and understand how they shape the future of Banking and Capital Markets.
Conclusion
The financial industry’s journey through this transformative era requires agility, innovation, and a deep commitment to purpose. From adapting to geopolitical tensions to embracing sustainability and nurturing top talent, financial institutions must strike a delicate balance between tradition and progress.
By leveraging technology, redefining business models, and embedding ESG principles into their strategies, the sector can navigate today’s challenges and build a resilient, forward-thinking future.
For more insights and resources, visit the World Economic Forum’s Strategic Intelligence platform.
The post Banking and Capital Markets: Navigating a Complex Future appeared first on News, Events, Advertising Options.
Fintech
Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.
As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.
Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.
Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”
Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”
The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.
The post Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform appeared first on News, Events, Advertising Options.
The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.
Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet
Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.
This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.
Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.
Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital
Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.
Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.
Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.
India’s Yubi Plans a Fundraising Push
Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.
India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.
Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.
Provenir and Hastings Financial Services Win Global Recognition
Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.
Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.
Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.
Microf and Quantum Financial Technologies Forge New Alliances
Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.
This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.
Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.
Key Takeaways for the Fintech Ecosystem
- Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
- Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
- Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
- The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
- Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.
Looking Ahead: Challenges and Opportunities
The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.
This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.
The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.
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