Fintech
Concept Capital Management Ltd. Acquires Units of Ucore Rare Metals Inc.
This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
Toronto, Ontario–(Newsfile Corp. – February 9, 2021) – On February 8, 2021, Ucore Rare Metals Inc. (TSXV: UCU) (the “Issuer” or “Ucore“) closed a non-brokered private placement that Ucore had announced via a press release on January 28, 2021 (the “Offering“). The closing of the Offering consisted of the issuance of an aggregate of 6,700,000 units (“Units“) at a subscription price of C$1.00 per Unit, for aggregate gross proceeds to the Issuer of C$6.7 million. Each Unit consists of one common share of Ucore (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Following the closing of the Offering, Ucore has 47,749,982 Common Shares issued and outstanding.
At the time of the previous early warning report filed by Concept Capital Management Ltd. (“CCM“) in regards to its security holdings in Ucore, which is dated November 6, 2019, CCM directly or indirectly held beneficial ownership of, and control and direction over, a total of 4,389,503 Common Shares and 25,000 Warrants (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020), representing approximately 12.02% of the issued and outstanding Shares (on a non-diluted basis) or approximately 12.08% upon exercise of the Warrants (assuming the exercise of all of the Warrants beneficially owned by CCM, and that no other securities, including those convertible into, or exercisable for, the Issuer’s securities, are issued, converted or exercised).
On May 29, 2020, Ucore announced that it had closed the second and final tranche of a non-brokered private placement of unsecured convertible debentures (“Convertible Debentures“). Pursuant to this offering of Convertible Debentures, Ucore issued 2,800 Convertible Debentures at a price of C$1,000 per debenture for aggregate gross proceeds of C$2.8 million. The Convertible Debentures bear interest at a rate of 7.5%, payable semi-annually on the last day of May and November of each year, commencing on November 30, 2020, and have a three-year term (the “Term“), with the principal amount being due to be repaid in full by the Company on May 31, 2023 (the “Maturity Date“), unless extended. In addition to annual interest at a rate of 7.5%, the Company paid to each initial holder of Convertible Debentures a one-time commitment fee comprised of 50 commitment Warrants per Convertible Debenture (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020). Each commitment Warrant entitles its holder to acquire one Common Share at an exercise price of C$1.80 per Common Share (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020) for a period of 24 months. At any time during the Term, a holder of Convertible Debentures may elect to convert the outstanding net principal amount, or any portion thereof, into units (“CD Units“) at a conversion price of $1.20 per CD Unit (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020). Each CD Unit shall consist of one Common Share and one-half of a Warrant, with each whole Warrant entitling the holder to acquire a Common Share at an exercise price of C$1.80 (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020) for a period ending on the Maturity Date.
Pursuant to the closing of the May 2020 offering of Convertible Debentures, CCM purchased 600 Convertible Debentures (including 30,000 commitment Warrants (as adjusted for the Issuer’s 1-for-10 share consolidation that occurred on December 11, 2020)). As at May 29, 2020, CCM’s percentage holding of Common Shares was 10.69% of the Company’s outstanding Common Shares on a basic undiluted basis and was 11.57% on a diluted basis. Since CCM’s acquisition of Convertible Debentures and commitment Warrants represented less than a 2% change in the holdings of the Issuer’s Common Shares, an updated early warning report regarding CCM was not triggered pursuant to CCM’s participation in the Convertible Debenture offering. Disclosure of CCM’s participation was described in the Issuer’s material change report that was filed on SEDAR on June 2, 2020.
Accordingly, on January 28, 2021, and immediately prior to the closing of the Offering, CCM directly or indirectly held beneficial ownership of, and control and direction over, 4,389,503 Common Shares, 600 Convertible Debentures (which are convertible into 500,000 CD Units), and 55,000 Warrants, on a post-consolidation basis, representing approximately 10.69% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 12.41% upon conversion of the Convertible Debentures and exercise of the Warrants (assuming the conversion of all of the Convertible Debentures and the exercise of all of the Warrants beneficially owned by CCM, and that no other securities, including those convertible into, or exercisable for, the Issuer’s securities, are issued, converted or exercised).
In connection with the Offering, Ucore issued an aggregate of 1,250,000 Units to CCM, consisting of 1,250,000 Common Shares and 625,000 Warrants.
Accordingly, immediately following the closing of the Offering on February 8, 2021, CCM directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,639,503 Common Shares, 600 Convertible Debentures (which are convertible into 500,000 CD Units), and 680,000 Warrants, representing approximately 11.81% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 14.37% upon the conversion of the Convertible Debentures and exercise of the warrants (assuming the conversion of all of the Convertible Debentures and the exercise of all of the warrants beneficially owned by CCM, and that no other securities, including those convertible into, or exercisable for, the Issuer’s securities, are issued, converted or exercised).
The Units referred to above were acquired by CCM for investment purposes.
CCM and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of the Issuer whether in the open market, by privately negotiated agreement, or otherwise.
The Issuer is located at 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, B4A 0H3. CCM is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH 96960, Majuro, Marshall Islands. A copy of the early warning report to which this news release relates can be obtained from CCM via E-mail ([email protected]) or telephone +595 2254784, or on the SEDAR profile of the Issuer at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74058
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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