Fintech
HB2 Origination Announces Financing in Connection with Proposed Reverse Takeover of Red Pine Petroleum
Calgary, Alberta–(Newsfile Corp. – May 6, 2021) – HB2 Origination, LLC (“Origination“) is pleased to announce that it has entered into an engagement letter with Eight Capital (the “Agent“) as lead agent and sole bookrunner in connection with a private placement of subordinated voting subscription receipts (the “Subordinated Voting Subscription Receipts“) at a price of $4.01 per Subordinated Voting Subscription Receipts and multiple voting subscription receipts (the “Multiple Voting Subscription Receipts”, and together with the Subordinated Voting Subscription Receipts, the “Subscription Receipts“) at a price of $401.29 per Multiple Voting Subscription Receipts of Alpine Summit Energy Partners Finco, Inc. (“Finco“), a special purpose company incorporated solely for the purposes of the Offering (as defined below). The Offering will be conducted on a “best efforts” agency basis for total gross proceeds of the Canadian dollar equivalent to US$3 million, which may be upsized to US$5 million (the “Offering“). The Offering is being undertaken in connection with the previously announced business combination (the “Proposed Transaction“) between Origination and Red Pine Petroleum Ltd. (“Red Pine“) and is expected to close on or about May 27, 2021. In connection with the Proposed Transaction, the shareholders of Red Pine will be asked to approve a change of the name of the Resulting Issuer (as defined below) to “Alpine Summit Energy Partners, Inc.“.
The Subscription Receipts will be created and issued pursuant to the terms of a subscription receipt agreement (the “Subscription Receipt Agreement“) to be entered into among the Agent, Finco and Odyssey Trust Company to act as the subscription receipt agent (the “Subscription Receipt Agent“). Each Subordinate Voting Subscription Receipt and each Multiple Voting Subscription Receipt will entitle the holder thereof to receive, without payment of any additional consideration and without further action on the part of the holder, one Class A common share of Finco (a “Class A Finco Share“) and one Class B common share of Finco (a “Class B Finco Share“), respectively, upon satisfaction of the Escrow Release Conditions (as will be defined in the Subscription Receipt Agreement). Each Class A Finco Share and each Class B Finco Share will be exchanged for one subordinate voting share and one multiple voting share, respectively, of Red Pine following the completion of the Proposed Transaction (the “Resulting Issuer“).
In consideration for its services in connection with the Offering, the Agent will be paid a cash commission equal to 6% of the gross proceeds raised in the Offering, 50% of which commission will be paid on the closing date of the Offering and the remaining 50% of which commission will be deposited in escrow pending satisfaction or waiver of the Escrow Release Conditions.
Upon closing of the Offering, the aggregate gross proceeds of the Offering less 50% of the cash commission and the Agent’s expenses (the “Escrowed Funds“) will be deposited in escrow with the Subscription Receipt Agent pending satisfaction or waiver of the Escrow Release Conditions, in accordance with the provisions of the Subscription Receipt Agreement. If the Escrow Release Conditions are not satisfied at or before 5:00 p.m. (Toronto time) on the prescribed date determined by Origination and the Agent, each acting reasonably, the Escrowed Funds together with accrued interest thereon will be returned to the holders of Subscription Receipts on a pro rata basis and the Subscription Receipts will be cancelled. To the extent that the Escrowed Funds are insufficient to refund such amounts to each holder of the Subscription Receipts, Finco shall be liable for and will contribute such amounts as are necessary to satisfy the shortfall.
The net proceeds of the Offering will be used by the Resulting Issuer for corporate and general working capital purposes.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities under the Offering 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 U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Origination
HB2 Origination, LLC is a US-based company that operates oil and gas assets in the Austin Chalk and Eagle Ford formations in the Giddings Field near Austin, Texas.
Further Information
For further information, please contact:
HB2 Origination, LLC
Chris Nilan, Head of Capital Markets
Phone: 615.488.0087 x1104
Email: [email protected]
Forward-Looking Information and Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Origination’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Origination’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or the negative or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Proposed Transaction and the Offering, expectations regarding whether the Proposed Transaction will be consummated, including whether conditions to the consummation of the Proposed Transaction will be satisfied, the terms and conditions of the Offering, the timing for completing the Offering and the use of net proceeds of the Offering.
By identifying such information and statements in this manner, Origination is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Origination (or the Resulting Issuer) to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this news release, Origination has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability to consummate the Proposed Transaction and the Offering; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other conditions to the consummation of the Proposed Transaction on the proposed terms and schedule; the ability to satisfy the conditions to the consummation of the Offering or to the conversion of the Subscription Receipts; the ability to close the Offering on the proposed terms or at all; the potential impact of the announcement or consummation of the Proposed Transaction on relationships, including with regulatory bodies, employees, suppliers, contractors and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Origination believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Origination does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Not for distribution to United States newswire services or for release publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83184
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.
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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.
Fintech
Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub
The Fintech Latvia Association has launched the latest edition of its annual publication, Fintech Pulse 2024, unveiling insights and resources that position Latvia as a thriving hub for European fintech.
Announced at this year’s Fintech Forum, the magazine is now available in digital format, offering a comprehensive guide for fintech professionals and entrepreneurs navigating the Latvian market and exploring its advantages.
This issue covers essential topics, from support tools provided by Latvijas Banka and newcomer roadmaps to Riga’s investor resources and fintech education opportunities. Readers will find the latest fintech news from Latvia, coverage of this year’s key industry events, and member insights on the future of fintech. The Fintech Landscape section provides a comprehensive overview of the Latvian fintech ecosystem.
Tina Lūse, Managing Director of Fintech Latvia Association, expressed excitement about the ecosystem’s growth: “We are excited to unveil the third annual edition of Fintech Pulse. This year has been pivotal for our ecosystem, and together with public sector stakeholders, we are enhancing financial inclusion, democratizing investments, and driving innovation throughout the sector. This is a testament to Latvia’s emergence as a fintech hub, establishing itself as an equal partner in innovation and support within the Baltic region.”
Minister of Finance Arvils Ašeradens highlighted Latvia’s fintech potential in the magazine, stating: “Latvia has already made strides in adapting its regulatory framework to support a stable financial system. Now, we encourage financial market players to invest in modern technologies to meet the growing demand for inclusive financial services and solidify Latvia’s position in the fintech landscape. We are confident that with the combined offer of the government, Latvijas Banka and Riga city, we are a great place to start your next scalable European FinTech!”
Minister of Economics Viktors Valainis expressed Latvia’s ambition in the magazine, stating: “Latvia wants to become a WEB 3.0. innovation hub and solidify itself as one of the leaders of a newly regulated EU crypto-asset market. We welcome international companies to choose Latvia, a flexible and fast-paced country, where you can obtain a MICA license in just 3 months. Open your office in Latvia, receive a MICA license and serve the whole EU market!”
The Fintech Latvia Association brings together fintech and non-banking financial service providers to represent their interests at both the national and international levels. It promotes sustainable development in Latvia’s financial sector by fostering reliable, responsible, and long-term industry practices that earn trust from consumers and regulatory authorities. The association is committed to supporting innovation and growth opportunities within the fintech landscape.
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