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Eric Sprott Announces Holdings, Including Historical Acquisition, of Securities of Stroud Resources Ltd.

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Toronto, Ontario–(Newsfile Corp. – August 4, 2020) –  Eric Sprott announces his holdings of securities of Stroud Resources Ltd., all of which are held through 2176423 Ontario Ltd., a corporation which is beneficially owned by him.

Mr. Sprott beneficially owns and controls 20,833,333 common shares of Stroud Resources (Shares) and 8,194,444 Share purchase warrants (Warrants), representing approximately 47% of the issued and outstanding Shares on a non-diluted basis and approximately 55.3% on a partially diluted basis assuming exercise of such Warrants.

On October 30, 2019, 2176423 Ontario Ltd. acquired 9,423,394 units of Stroud Resources, at $0.15 per unit for total consideration of $1,413,509.10. Each unit consisted of one Share and 1/3 Warrant. Each such Warrant is exercisable to purchase one Share at a price of $0.15 per Share until August 30, 2020, as a result of which 2176423 Ontario Ltd. then held 13,333,333 Shares and 4,444,444 Warrants (representing approximately 36.2% of the then outstanding Shares on a non-diluted basis and 43.1% on a partially diluted basis assuming the exercise of such Warrants). Prior thereto, 2176423 Ontario Ltd. held 3,909,939 Shares and 1,303,313 Warrants (representing approximately 16.6% of the then outstanding Shares on a non-diluted basis and 21.0% on a .partially diluted basis assuming the exercise of such Warrants). As disclosed in the press release of Stroud Resources dated October 30, 2019, Stroud Resources held an annual and special meeting of shareholders on October 23, 2019 and received shareholder approval of the creation of a new control person (Mr. Sprott) in connection with this private placement, as a result of which the 9,423,394 units were issued and holdings increased by approximately 22.1% on a partially diluted basis from what was reported in the most recent early warning report. As a result of inadvertence, a news release and early warning report for this transaction was not filed.

On July 30, 2020, 2176423 Ontario Ltd. acquired 7,500,000 units of Stroud Resources at a price of $0.40 per unit for total consideration of $3,000,000 on a private placement basis. Each unit consists of one Share and one-half of a Warrant. Each such Warrant entitles the holder thereof to acquire one Share at a price of $0.60 per Share until July 30, 2021. This acquisition, together with the above October 30, 2019 acquisition resulted in Mr. Sprott’s beneficial ownership to increase by approximately 34.3% of the outstanding Shares on a partially diluted basis from what was reported in the most recent early warning report, as a result of which Mr. Sprott now beneficially owns and controls the securities mentioned in the second paragraph herein.

Mr. Sprott acquired the securities through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Stroud Resources including on the open market or through private acquisitions or sell securities of Stroud Resources including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Stroud Resources is located at 1090 Don Mills Rd., Suite 404, Toronto, Ontario, M3C 3R6. A copy of 2176423 Ontario Ltd.’s early warning report will appear on Stroud Resources’ profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott’s office at (416) 362-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario, M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61059

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Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

The post MAS launches transformative platform to combat money laundering appeared first on HIPTHER Alerts.

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