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Olive Resource Capital Announces Agreement to Acquire C$2.5M Portfolio of Assets



Toronto, Ontario–(Newsfile Corp. – May 18, 2022) – Olive Resource Capital Inc. (TSXV: OC) (“Olive” or the “Company”) is pleased to announce that it has entered into an agreement with CannaIncome Fund Corporation (“CiF”) to acquire a portfolio of assets (the “Transaction”) consisting of public equities, private equities, debt, convertible debt and warrants, having a deemed value of C$2,459,122.70 in exchange for 25,831,231 common shares of Olive (each a “Common Share”), representing a deemed issue price of $0.095 per Common Share, subject to adjustment. The Common Shares being issued to CiF are to be transferred to CiF’s securityholders immediately following closing as part of the wind-up of CiF’s business. The number of Common Shares to be issued remains subject to adjustment on a basis to be agreed 10 days prior to closing, if the relative value of the CiF portfolio has changed by more than 10%. The Transaction remains subject to a number of conditions, including receipt of the approval of the CiF shareholders and of the TSX Venture Exchange (the “TSXV”) and receipt of certain consents and approvals required to transfer some of the assets.

Derek Macpherson, Executive Chairman and Director stated; “We are pleased to execute on this first step, albeit a small one, in our strategy to expand Olive’s asset base with this net asset value based transaction. We would like to thank the management team at CannaIncome Fund for working with us to reach this agreement. We plan to continue to pursue accretive acquisitions to expand our asset base.”

Samuel Pelaez, President, CEO, CIO, and Director stated; “We are adding quality assets to our portfolio, while reducing the portfolio weight of our largest holdings. The resulting portfolio is more diversified and retains exposure to near-term catalysts, both for the legacy assets and for some of the assets acquired.”

Benefits of the Transaction

Acquiring Quality Assets – The Transaction will result in the acquisition by Olive of quality convertible debentures, along with private and public equities, a number of which have near-term catalysts which could present upside for shareholders of Olive.

Expanding Olive’s Asset Base – One of Olive’s stated goals is to expand its investable assets, such that the operating costs of Olive, relative to its assets are more in line with traditional investment vehicles. While this is a small step towards achieving that goal, it is an important one.

Diversification – The investments proposed to be acquired provide diversification to Olive’s current portfolio. Included are a number of income generating securities, providing diversity to Olive’s majority equity portfolio. While Olive continues to be resource-focused and the majority of its investments continue to be in resources, the acquired assets add several quality non-resource investments. In addition, the acquired assets reduce the weight of and exposure to single investments in Olive’s portfolio.


The C$2,459,122.70 value determined for CiF’s assets was based on arm’s length negotiations between the parties based on observable metrics (e.g. share price for public equities or face value plus accrued interest for convertible debentures) with some adjustments based on multiple factors including liquidity and the quality of the underlying assets.

The 25,831,231 Common Shares to be issued in connection with the Transaction represent a deemed price per Common Share of C$0.095.

The terms of the Transaction (value of CiF portfolio and shares issued by Olive) are subject to a valuation test 10-days before closing. Should the relative value of the portfolios change by more than 10%, the value ascribed to CiF’s assets and the Common Shares to be issued by Olive would be adjusted based on good faith negotiations at the time. If Olive and CiF are unable to reach agreement on the value of the assets and number of Common Shares to be issued as consideration, either of Olive or CiF will have the ability to terminate the agreement upon written notice.

Assets Acquired

The assets acquired are a combination of public equities, including common shares and common share purchase warrants in five public companies, including Guided Therapeutics (OTCQB:GTHP), Canadian Premium Sand (TSXV:CPS), Tag Oil (TSXV:TAO), Gold79 Mines (TSXV:AUU) and Radio Fuels Energy (CSE: CAKE) representing approximately 16% of the ascribed value; convertible debentures and debt instruments in three public companies including Guided Therapeutics, Stem Holdings ((OTCQX: STMH) (CSE: STEM)) and Discover Wellness (CSE:WLNS), representing approximately 24% of the ascribed value; and common shares and convertible debentures in a number of private companies, including The Newly Institute, Maack Capital, Black Sheep Income and Everyday People Financial, representing approximately 60% of the ascribed value. The public and private equities are companies in mining, oil and gas and healthcare industries. The debt is related to a real property asset held by Discover Wellness, a healthcare company. The convertible debentures are in respect of companies in the real estate, financial and healthcare industries, two of which are anticipated to convert in the near-term. A more fulsome description of the significant assets to be acquired will be provided on closing.

Among the assets are common shares and common share purchase warrants of Gold79 Mines Ltd. (TSXV:AUU), representing approximately 3.5% of the value ascribed to the CiF portfolio. Derek Macpherson is the Executive Chairman and a Director of Olive Resource Capital and President, CEO, and a Director of Gold79 Mines Ltd.


Since the transaction requires among other things, the approval of CiF shareholders, which is to be secured at a meeting, closing is expected to occur within approximately 60 days.

About Olive Resource Capital Inc. (formerly Norvista Capital Corp):

Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed securities issued by companies engaged in precious and base metal exploration and development. The Company’s core investments include Minera Alamos Inc., Rockcliff Metals Corporation, Great Bear Royalties Corp., and Nevada Zinc Corp.

For further information, please contact:

Derek Macpherson, Executive Chairman at [email protected] or by phone at (416)294-6713 or Samuel Pelaez, President, CEO & CIO at [email protected] or by phone at (202)677-8513. Olive’s website is located at

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward-looking information contained in this press release may include, without limitation, expected timing for closing of the Transaction, the ability of the Company to secure the required approvals and consents to close the Transaction, receipt of the approval of the TSX Venture Exchange, the ability to successfully negotiate an adjustment to the purchase price if there is significant volatility in the market prior to closing and the value and expected performance of the assets to be acquired in the Transaction.

This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Olive believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and those risks set out in the Company’s public documents filed on SEDAR. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws.

This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such.

To view the source version of this press release, please visit


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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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.


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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.


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