Fintech
Peter H. Smith Clarifies That All Votes Already Cast Will Be Counted at the 2020 Annual General Meeting of Fancamp Exploration Inc.
- Dr. Peter H. Smith once again needs to clarify misstatements made by the entrenched board and management of Fancamp.
- Dr. Peter H. Smith clarifies that Fancamp consented to a court order that the record date of May 28, 2021 would remain regardless of the date of the AGM.
- The Concerned Shareholders also express concerns with self-interested conduct of Ashwath Mehra at the expense of Fancamp and its shareholders.
Montreal, Quebec–(Newsfile Corp. – August 3, 2021) – Incumbent director of Fancamp, Peter H. Smith, who, together with joint actors James Hunter and his affiliates, Mark Fekete and Heather Hannan, (the “Concerned Shareholders”) hold in aggregate, directly and indirectly an aggregate of 22,285,597 shares, representing approximately 12.63% of Fancamp Exploration Ltd.’s (“Fancamp” or the “Company”) outstanding share capital, wishes to clarify that the record date of May 28, 2021 will remain the same for the 2020 annual general meeting (the “AGM”) regardless of the date held. All votes already cast will be counted at the AGM. As a result of the Company’s agreement to a consent court order to retain the record date, meaning that all shareholders holding shares on May 28, 2021 will be entitled to vote, it was unnecessary for the British Columbia Supreme Court to order that the AGM be held on July 26, 2021 at the hearing that occurred on July 15 and 16, 2021 of Dr. Smith’s petition. Apart from advising the parties that the AGM would not be held on July 26, 2021, the court advised that the timing of the AGM would be addressed when the court gives its reasons for its decision and the other relief sought, which decision is expected to be provided imminently. The Company stated in its July 30, 2021 news release that it obtained an extension from the registrar to hold its AGM before December 31, 2021. This extension was in fact obtained on May 27, 2021 prior to the mailing of the Company’s management information circular and prior to the filing of Dr. Smith’s petition with the court, although not disclosed to either shareholders or Dr. Smith at that time. This was obviously done by the entrenched board and management to invoke further delay if they found themselves losing the vote.
Dr. Smith also sought orders relating to the use of virtual technology so that all shareholders have an opportunity to vote for either management or dissident nominees, as management is currently weaponizing the technology to disenfranchise supporters of the Concerned Shareholders, in addition to an order to review proxies in advance of the AGM as is customary. The Company consented to these orders despite having previously refused many of the protocols proposed by Dr. Smith and only consented after the petition was filed with the court by Dr. Smith. The Company also consented to a declaration that the dissident nominees have complied with the Company’s advance notice policy, which order was necessary, in part, as despite repeated requests, the Company failed to provide the form of agreement that the advance notice policy requires the dissident nominees sign.
Dr. Smith also sought the appointment of an independent chair which the Company has steadfastly refused. Dr. Smith also requested an order that votes cast using Broadridge’s QuickVote system be disallowed and they could be re-voted. The Company advised that Broadridge had shut down the system after the filing of the dissidents’ circular (which Dr. Smith was not advised of until after the court petition was filed despite that he previously raised concerns with the utilization of such a system for a contested meeting in accordance with established court precedent).
Additionally, Dr. Smith sought an order be put in place to provide temporary relief preventing the closing of the arrangement with ScoZinc Mining Ltd (“ScoZinc”, the “ScoZinc Transaction”) so that disputes relating to the conduct of the AGM could be resolved if necessary. The dissident nominees have made it clear that they do not intend to close the ScoZinc Transaction if elected. In the Company’s July 14, 2021 news release the Company announced that it had agreed to pay ScoZinc $125,000 to extend the closing of the ScoZinc Transaction by one month from July 2, 2021 to August 2, 2021 with an option for Fancamp to pay another $125,000 to extend for another month to September 2, 2021. Unlike the prior agreement which provided for a loan from Fancamp to ScoZinc, this is straight cash being paid to ScoZinc, costing shareholders each month. At the same time the Company is seeking to delay the AGM and the ScoZinc Transaction cannot close until at least 2 days after the completion of the AGM, as ordered by the TSX Venture Exchange. As a significant shareholder in ScoZinc, Ashwath Mehra benefits from these monthly payments to extend the ScoZinc Transaction that may never occur (and which the Company is seeking to delay continually by extending the AGM date). Further, under the ScoZinc Transaction Mr. Mehra has a material interest in the ScoZinc Transaction of approximately $1.4 million.
The ScoZinc Transaction is not the only transaction that Mr. Mehra personally benefits from at the expense of the Company and its shareholders. The Concerned Shareholders objected to the transaction with Champion Iron Mines Limited (“Champion”) selling a valuable asset of Fancamp for a cash payment of $1.3 million as first announced on July 8, 2021 (the “Champion Royalty Purchase Agreement”). The Concerned Shareholders expressed strenuous opposition to the Champion Royalty Agreement that it was both well below market value and was a defensive tactic in order to buy votes. On July 15, 2021, only two days after the closing of the Champion Royalty Purchase Agreement, Mr. Mehra announced that he (through his company Astor Management AG “Astor”) acquired 22,000,000 shares of Fancamp. Although not stated in Mehra’s news release that the acquisition was from Champion, Champion issued a news release the following day announcing the sale of its entire position in Fancamp of 22,000,000 shares. Undoubtedly Mr. Mehra’s acquisition of the entire Champion position in Fancamp was negotiated along with the Champion Royalty Purchase Agreement. Only days later Mr. Mehra announced on July 19, 2021 that Astor had acquired another 6,668,000 shares in Fancamp taking its total shareholdings in Fancamp to 17.8%.
It is beyond doubt that despite the record date remaining the same, the delay in the AGM will allow the entrenched board and management to do whatever they can to try to buy more votes. Only you, the true owners of Fancamp can stop this from happening by voting the GREEN proxy and not being swayed or induced to change your vote for cash, employment or other perks that the Company offers to large shareholders.
The Concerned Shareholders will continue to solicit proxies in connection with the 2020 AGM and encourage shareholders to continue to vote the GREEN form of proxy. For those of you that have not voted or were unable to vote due to vacation etc., you can still vote your GREEN proxy. Even if you have already voted using the management form of proxy or voting instruction form you have every right to change your vote. Only the later dated proxy or voting instruction form will be counted at the AGM.
If you have any questions or require any assistance in executing your proxy or voting instruction form, please contact Gryphon Advisors Inc. at 1-833-461-3651 or email [email protected]. Shareholders are also encouraged to visit https://www.newsfilecorp.com/company/7723/Concerned-Shareholders-of-Fancamp-Exploration-Ltd to read the Concerned Shareholders press releases issued to date. The Concerned Shareholders would like to thank the true owners of the Company for their tremendous support to date. We urge you to stay the course, despite managements desperate and unethical attempts to entrench themselves at your expense, their days are numbered.
Advisors:
The Concerned Shareholders have retained Gryphon as it strategic shareholder communications and proxy advisor. Gryphon’s responsibility will include providing strategic advice and advising the Concerned Shareholders with respect to the Meeting and proxy protocol. Gryphon’s responsibilities will also include soliciting shareholders should the Concerned Shareholders commence a formal solicitation of proxies. Dr. Smith has also retained Farris LLP as legal counsel.
The registered address of Fancamp is located at 3200 – 650 West Georgia St. 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’ SEDAR profile at www.sedar.com.
For more information regarding the Concerned Shareholders’ position please contact:
Gryphon Advisors Inc.
Tel: 1-833-461-3651
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91942.
Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
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.
Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
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.
Fintech
Airtm Enhances Its Board of Directors with Two Strategic Appointments
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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