Fintech
Lions Bay Capital Inc. Provides an Update on the Loan and Option Agreement with Salamander Mining International Ltd.
Vancouver, British Columbia–(Newsfile Corp. – October 1, 2021) – Lions Bay Capital Inc. (TSXV: LBI) (“Lions Bay” or the “Company“) announces that it has advanced USD $510,000 to Salamander Mining International Ltd. (“Salamander”) as part of the previously announced loan and option agreement (see news release on June 17, 2021) of up to USD $1 million it has agreed to provide. Lions Bay expects to provide a minimum of a further USD $300,000 over the next few months which will enable Salamander to commission a new plant capable of processing 20,000 tonnes a month of gold tailings. Should Lions Bay advance the full USD $1 million it will be entitled to 25 per cent of the cash flow in addition to priority repayment of the loan. If only USD $800,000 is advanced the Lions Bay share of cash flow will reduce to 20 per cent. The plant is expected to be commissioned by December 2021.
Salamander has also advised that it expects to commence trials on the production of magnesium sulphate from the tailings of the Havelock chrysotile asbestos mine this month. This work will form part of the competent persons report on the Kobolondo project at Bulembu in the North-west of Eswatini. Salamander holds a 50 per cent interest in Kobolondo Mining Eswatini (KME) with the remaining 50 per cent owned by the Government of Eswatini. KME has been granted a mining lease to rehabilitate the tailings and extract, process and upgrade commercially viable minerals of magnesium, nickel and iron over 20 years.
KME plans to do this by erecting a roaster plant to treat sulphur rich concentrates. The roaster has the potential to unlock the economic potential of massive refractory gold reserves in South Africa, Zimbabwe and Eswatini. Almost all the roasters in South Africa have been closed for environmental reasons. KME plans to convert the sulphur dioxide gas from its proposed roaster into low cost sulphuric acid and then use this acid to leach the magnesium and other minerals from the magnesium sulphate tailings. An orphanage which currently occupies the old township adjacent to the asbestos tailings facility. The Salamander plan envisages a new orphanage being built prior to the operation of the roaster and magnesium sulphate leach plant. It is planned to have a conceptual economic model for review in the next three months and this will form the basis for the public listing of Salamander. As previously advised, Lions Bay has been mandated to assist with this and has an option to acquire 20 per cent of Salamander for USD $2 million. It also has an option to acquire 100 per cent of Salamander by issuing 100 million common shares of Lions Bay.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98236
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
The post MAS launches transformative platform to combat money laundering appeared first on HIPTHER Alerts.
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