Fintech
Lions Bay Capital Inc. Enters into Loan and Option Agreement with Salamander Mining International Ltd.
Vancouver, British Columbia–(Newsfile Corp. – June 17, 2021) – Lions Bay Capital Inc. (TSXV: LBI) (“Lions Bay” or the “Company“) announces that it has entered into a loan and option agreement with Salamander Mining International Ltd. (“Salamander”) as a result of which it may earn a direct cash flow from gold processing within the next year.
Under the terms of the agreement Lions Bay will:
- Loan Salamander $US1 million over the next four months secured by a first charge over its assets;
- Receive interest of 15 per cent on the outstanding balance;
- The loan will be repaid on a monthly basis from the free cash flow from the Joyce tailings project commencing five months from the loan initiation with total term of the loan being 18 months;
- Receive a raising fee entitling Lions Bay to 25 per cent of the free cash flow of the Joyce tailings project in Zimbabwe;
- Be granted a 9-month option to acquire 100 per cent of Salamander in return for the issuance of 100 million Lions Bay shares;
- Be mandated to secure a public listing of Salamander on an appropriate recognised international stock exchange; and
- Receive a 12-month option to acquire 20 per cent of Salamander for $2 million.
Salamander is a Mauritius based mining group currently focused on tailings extraction and pyrometallurgical recovery of gold. The co-founder and CEO of Salamander is Mr Lloyd Birrell who was instrumental in the reopening of ERGO (now DRD Gold) and founded Stonewall Resources (now ASX listed Theta Mines). The other co-founder and CFO is Deon Robbertze who has extensive experience with mining projects in sub-Saharan Africa including the role of CFO at Xstrata SA (now part of Glencore).
Under the terms of the loan agreement, Salamander will use $US750,000 of the funds to build and operate a 20,000 ton per month mobile treatment plant to be initially located on the Joyce mine in Zimbabwe, some 50 kms from capital, Harare. The plant will produce a gold concentrate which will be exported and is expected to be operational before the end of 2021.
Salamander designed and constructed a 12,500 ton a month plant for Bosveld Mines in South Africa which is currently being commissioned. Salamander is entitled to 10 per cent of the profit of the operation and has a $US2.1 million loan note secured by the plant and tailings.
Salamander is also a major creditor of the Vantage Goldfields group which is currently in Business Rescue, which is similar to a receivership in Canada. Vantage was placed into business rescue in April 2016. At the time its mines and mills were producing at an annual rate of 32,400 ounces of gold. Its published reserves and resources were in the order of 4.96 million ounces.
Salamander is in negotiations with the various parties and creditors with a view to treating the tailings from the mines and using the funds to settle debts and reopen underground operations.
The Vantage gold assets are located within the Barberton Greenstone belt, a world renowned heavily mineralised zone stretching from Zimbabwe through Eastern South Africa and into north-western Eswatini (formerly known as Swaziland). Mining of the belt has been taking place for over 100 years and is home to famous gold mines such as Sheba, Consort, Fairview and Agnes. These mining areas have limited oxidised orebodies remaining but vast resources of gold that is refractory, encased in pyrite, making recovery extremely difficult.
Up until the late 1980s there were numerous roasters in South Africa which enabled the recovery of gold from concentrates produced from the Barberton sulphide ores. Environmental concerns forced the closure of these facilities and now almost all these concentrates are shipped for gold processing and recovery in China. Realizing that a roaster project is critical to unlocking the gold production potential of the Barberton resources, the Salamander team has formulated a plan to solve the environmental problems associated with roasting concentrate by securing a strategically located base metal mineral resource that utilizes the sulphuric acid produced as a by-product of roasting to produce magnesium sulphate.
Salamander has a 50 per cent interest in Kobolondo Mining Pty Ltd (KME). The remaining 50 per cent is owned 25 per cent by the Ingwenyama Trust for the Nation (administered by His Majesty, King Mswati 111) and 25 per cent the Government of Eswatini (KME has been granted a mining lease over the old Havelock chrysotile asbestos mine with 25 million tonnes of tailings containing 23 per cent magnesium. By leaching the tailings with sulphuric acid, the chemical structure of the chrysotile asbestos is destroyed thereby achieving dual objectives of rehabilitation and low-cost magnesium sulphate production. It is planned to complete a competent persons report on the project as soon as possible and a bankable feasibility study by the end of the year.
The executive chairman of Lions Bay, Mr. John Byrne, commented: “The Salamander loan transaction is the first of what I hope are several steps that transform Lions Bay from an investment company to an operating company. The loan is a normal part of our business, but it provides us with several options that will only be exercised on verification of the business case and all necessary regulatory and shareholder approvals. We look forward to working with the Salamander team to deliver the best results for our shareholders.”
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.
On behalf of the Board of Lions Bay.
John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: [email protected]
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
NEITHER THE 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 NEWS RELEASE.
Disclaimer & Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.
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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