Fintech
Concerned Shareholders Respond to Fancamp’s Termination of Peter H. Smith’s Consulting Contract
• Concerned Shareholders respond to Fancamp’s press release dated April 1, 2021 regarding the termination of the Consulting Agreement with Peter H. Smith, and the groundless and inflammatory allegations made against him.
• Concerned shareholders renew their demand that the entrenched board and management start acting in the best interests of the Company by calling the long overdue AGM as soon as possible and allowing shareholders to vote on the ScoZinc Transaction.
Montreal, Quebec–(Newsfile Corp. – April 9, 2021) – Incumbent director of Fancamp, Dr. Peter H. Smith, who, together with joint actors, holds directly and indirectly an aggregate of 15,854,097 shares, representing approximately 9.55% of the Company’s issued and outstanding common shares of Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (the “Concerned Shareholders”), regards the Company’s press release dated April 1, 2021 as a preemptive smear campaign to tarnish the reputation of its co-founder, Dr. Peter H. Smith, and punish him for actually acting in the best interest of the Company. The fact that since Dr. Smith first requested and demanded that the board and management of Fancamp consider shareholders’ interests and rights with respect to the highly dilutive plan of arrangement with ScoZinc Mining Inc. (“ScoZinc”), Fancamp board and management stopped paying him as per the terms of the consulting agreement (“Consulting Agreement”) as a part of their continued bully tactics and threats that verge on intimidation if he was not to align himself with the Fancamp board and management. The actions taken on April 1, 2021 are not only deplorable, they show the lack of respect for an individual that has given more than half of his life to the betterment of the Company. Dr. Smith has been at Fancamp for over 35 years and has steered the Company in the right direction to the best of his abilities and it is now the current board and management’s desire to put their own interests first through this ScoZinc transaction. There was no just cause for the termination of Dr. Smith’s Consulting Agreement. The truth is this action has been taken as manner in which to avoid a discussion of the real issues of bad corporate governance, poor disclosure and lack of transparency.
The allegations made in Fancamp’s April 1, 2021 press release are groundless, inflammatory and wrongfully portray Dr. Smith’s character, motives and actions inside and outside the boardroom. Board and management’s so called “multiple attempts to reason” have consisted of stonewalling on the long overdue annual general meeting (“AGM”), disclosure and transparency issues surrounding the proposed ScoZinc transaction, and threats and intimidation which have culminated in the unjustified termination of his Consulting Agreement because Dr. Smith will not play ball with the Fancamp board and management.
Corporate and securities laws demand that all the directors of Fancamp, including Dr. Smith, have a duty to act honestly and in good faith for the best interests of the Company and to avoid situations where that duty comes into conflict with their other obligations or personal interests. The record shows that during his last 35 years, Dr. Smith has consistently put Fancamp’s interests ahead of his own. He has always understood that the responsibility of corporate governance is given to directors and must be confirmed by a vote of shareholders at each annual general meeting. The last annual general meeting was held 17 months ago. Dr. Smith has repeatedly stated that the mandate of the current board has lapsed, that the board should call the long overdue AGM and that the board should not approve any transactions that will fundamentally change the share capital or the business of the Company.
In contrast, the current board stubbornly continues to deny shareholders their right to an AGM citing the COVID-19 pandemic repeatedly as the reason, which is disingenuous given all the steps the Company has taken when it suits it, including entering into the ScoZinc Transaction. This reckless disregard for good corporate governance is not in the best interests of the Company, has created uncertainty about Fancamp in the markets and has led to widespread shareholder dissatisfaction. This problem has been exacerbated by the murky circumstances surrounding timing, due diligence, disclosure, transparency and related party issues related to the ScoZinc transaction.
Dr. Smith has repeatedly stated that shareholders should be entitled to vote on the proposed arrangement with ScoZinc. In response, the Company has given Dr. Smith threats of financial ruin and humiliation in a clear attempt to intimidate him. All of the steps taken by Dr. Smith have been in good faith and in the Company’s and shareholders’ best interests.
The April 1, 2021 press release demands that Dr. Smith resign as a director of the Company. Dr. Smith will not be resigning his position as a director of the Company, nor does the board have the lawful authority to remove him. If the current board and management wish to see Dr. Smith replaced on the board that, they can do so by calling the long-awaited AGM and let the true owners of Fancamp – YOU, the shareholder make the final determination as to whom shareholders wish to steward the Company now and in the future.
Advisors
The Concerned Shareholders have retained Gryphon Advisors Inc. as its strategic shareholder services advisor. Farris LLP is acting as legal counsel to Dr. Smith.
For more information regarding the Concerned Shareholders’ position please contact:
Gryphon Advisors Inc.
Tel: 1-833-461-3651
Email: [email protected]
Information in Support of Public Broadcast Solicitation
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although the Concerned Shareholders have approached several nominees for election to the Company’s board of directors at the company’s next general meeting of shareholders, there is currently no record or meeting date set and shareholders are not being asked at this time to execute a proxy in favour of any matter. In connection with the meeting, the Concerned Shareholders may file a dissident information circular in due course in compliance with applicable securities laws.
The information contained herein, and any solicitation made by the Concerned Shareholders in advance of any general meeting of shareholders, or will be, as applicable, made by the Concerned Shareholders and not by or on behalf of the management of Fancamp. All costs incurred for any solicitation will be borne by the Concerned Shareholders, provided that, subject to applicable law, the Concerned Shareholders may seek reimbursement from Fancamp of the Concerned Shareholders’ out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Company’s board of directors. The Concerned Shareholders are not soliciting proxies in connection with a general meeting of shareholders of the Company at this time.
The Concerned Shareholders may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on behalf of the Concerned Shareholders. Any proxies solicited by or on behalf of the Concerned Shareholders, including by any other agent retained by the Concerned Shareholders, may be solicited pursuant to a dissident information circular or by way of public broadcast, including through press releases, speeches, or publications and by any other manner permitted under Canadian corporate and securities laws. Any such proxies may be revoked by instrument in writing executed by a shareholder or by his or her attorney authorized in writing or, if the shareholder is a body corporate, by an officer or attorney thereof duly authorized or by any other manner permitted by law.
The registered address of Fancamp is located at 3200 – 650 West Georgia Street, 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’s SEDAR profile at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79959
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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