Fintech
The Concerned Shareholders of FAR Resources Ltd. Respond to the Company’s Press Release Dated December 6th, 2021 Announcing a Private Placement of Units
- The Concerned Shareholders strongly condemn the highly dilutive private placement and believe it is totally inappropriate for the Company to be diluting long-suffering existing shareholders less than one week before the shareholders meeting.
- Overwhelming amount of long-term FAR Shareholders are outraged by the continuing self-serving behavior of the incumbent Board.
- The Concerned Shareholders strongly recommend all shareholders vote only the GOLD proxy FOR all three (3) of the Concerned Shareholders’ Nominee’s Slate of exceptionally qualified director nominees no later than 5:00 pm (Vancouver Time) on December 7th, 2021.
- Shareholders who have submitted a proxy in support of current management, may revoke their proxy and change their vote in support of the Concerned Shareholders nominees – it is not too late.
Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – This release is provided by Scott Taylor, who, together with joint actors Christina Barnard, Jason Barnard and affiliates (collectively, with Mr. Taylor, “we” or the “Concerned Shareholders”), hold directly and indirectly approximately 7.7%% of the issued and outstanding common shares of FAR Resources Ltd. (CSE: FAT) (FSE: F0R) (OTC Pink: FRRSF) (“FAR” or the “Company”) that are entitled to be voted at the Company’s annual general meeting (“AGM”) to be held on December 10th, 2021. As a result of discussions with shareholders who are supportive of change at FAR, the Concerned Shareholders, have already received expressions of support from shareholders (themselves included) holding over 45% of the shares entitled to be voted at the AGM.
The Concerned Shareholders strongly condemn the highly dilutive private placement which resulted in the Company raising $250,950.00 upon issuance of 2,380,952 units at a price of $0.105 per unit. The Company reported that each unit consists of one common share and one 24 months share purchase warrant. The warrant entitles the holder to purchase one common share, excisable at a price of $0.13 per share for 24 months from the date of issue. The warrants expire December 3rd, 2023.
The current Board comprised of Mssrs. Gammack and Dinning have proven once again they do not understand or know how to properly value the Company’s Lithium assets. Far Resources is at a critical stage in its evolution which requires a Board with the requisite skills to engage investors and conduct financings that position the Company to deliver maximum shareholder growth. Clearly this dilutive private placement was completed by current management exercising zero care over the treasury of the Company. The Board failed to meet its duty of care to protect the investment of all shareholders with a massive discount private placement that appears to have been done with no apparent rational or strategy. Offering such an attractive pricing scheme to a select few shareholders calls into question whether the Board recognizes its fiduciary obligations to protect the interests of all shareholders.
Pricing on the private placement was particularly egregious given the current market valuations other companies’ Lithium assets are receiving including a Company with assets contiguous to FAR’s Manitoba Lithium assets. Long term shareholders believe the Company’s lithium assets are significantly undervalued, due to weak oversight by the Board and they are telling us that they are voting out the current Board at the December 10th AGM.
It is notable that FAR’s stock price closed at $0.215 on December 6th, 2021 down 14% on the day. This single day share price drop occurred on the same day as the Company’s private placement press release. Given the Company had no other significant news on December 6th, it is reasonable to conclude that the market reacted quite negatively to the private placement. Once again the Board has demonstrated their lack of awareness to market sensitivity.
The Concerned Shareholders believe it is totally inappropriate for the Company to be diluting long-suffering existing shareholders one week before the shareholders meeting which will most certainly see the replacement of the incumbent Board and Management team.
Importantly the Concerned Shareholders are being bombarded with telephone calls from long term shareholders who are outraged by the continuing self-serving behavior of the incumbent Board. In response we strongly recommend all shareholders vote only the GOLD proxy FOR all three (3) of the Concerned Shareholders’ Nominee’s Slate of exceptionally qualified director nominees no later than 5:00 pm (Vancouver Time) on December 7, 2021. Shareholders are encouraged to remain attentive to developments at FAR Resources by visiting the Concerned Shareholders website www.farbetterforall.com where you will find the latest news on plans to replace the Board and where we anticipate posting overwhelming vote results announcing the election of the Concerned Shareholders nominees.
While the Board’s latest hijinks seem patently unfair and inappropriate given the incumbent Board will not be in place beyond December 10th, 2021, we remind all shareholders that there is much to be excited about with the prospects for the Company. The Concerned Shareholders proposed slate of Director nominees have developed a comprehensive plan to change the direction of FAR and create shareholder value.
It is not too late to change your vote. Shareholders who have submitted a proxy in support of management, may revoke their proxy and change their vote in support of the Concerned Shareholders nominees. Shareholders requiring assistance to do so should contact Gryphon Advisors at the number provided below.
Shareholders with questions on voting should contact Gryphon Advisors Inc. at 1.833.292.5847 toll-free in North America (1.416.902.5565 by collect call) or email us at [email protected] or visit www.Farbetterforall.com for up-to-date information and assistance in voting.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106932
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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