TORONTO/VANCOUVER/SYDNEY, Aug XX (Reuters) – Many of the
world’s junior miners are laying down their picks and shovels to
start new ventures ranging from egg exporting to medical
marijuana farming, as they as try to survive a crash in metals
prices by shifting away from exploration.
Prices for copper, gold, iron ore, coal and almost every
other metal have collapsed, stalling exploration work and
hitting early stage miners particularly hard. These firms
typically find the deposits that larger miners often then go on
to acquire and develop into mines. But there’s scant demand for
new sources of metal now.
TORONTO, Aug 17 (Reuters) – OMERS Ventures, one of Canada’s
biggest venture-capital firms, said on Monday it has raised
about C$260 million ($200 million) for a second fund to invest
mainly in early-stage technology companies.
Lead investors in the fund are Bank of Montreal,
Cisco Systems and the Ontario Municipal Employees
Retirement System (OMERS), parent of OMERS Ventures.
TORONTO, Aug 17 (Reuters) – Barrick Gold Corp said
on Monday Jim Gowans, a veteran miner and one of its
co-presidents, was retiring from the company, and appointed his
partner as the sole president.
Kelvin Dushnisky, who has served as co-president with Gowans
for a year, has been appointed president and will continue to
report to Executive Chair John Thornton, a former Goldman Sachs
TORONTO, Aug 11 (Reuters) – Canada’s Fairfax Financial
Holdings Ltd said on Tuesday it has added investor
safeguards to a plan to preserve founder Prem Watsa’s voting
stake, a move aimed at assuaging the concerns of minority
shareholders who had opposed the proposal.
The plan, which must be put to a shareholder vote, would
ensure that the family of Watsa, who is Fairfax’s chairman and
chief executive, maintains at least 41.8 percent voting control
via the multiple voting shares it owns.
TORONTO, Aug 10 (Reuters) – Telus Corp announced a
surprise change in its leadership on Monday, with former Chief
Executive Officer Darren Entwistle returning as CEO of the major
Canadian telecoms company a little over a year after handing the
reins to Joe Natale.
Telus, which is based in Vancouver on Canada’s West Coast,
said it made the change after Natale said he would not move to
Western Canada by 2017, sparking an “extensive review.”
TORONTO (Reuters) – A Canadian law firm said it filed a lawsuit against Fiat Chrysler Automobiles (FCHA.MI: Quote, Profile, Research, Stock Buzz) on Wednesday seeking about $4 billion in damages, in connection with the massive recall announced by the automaker earlier in July.
Merchant Law Group said the lawsuit, which seeks class action status, was filed in the Superior Court in Montreal. It said it plans to file claims later this week in courts in Ontario, British Columbia, Saskatchewan and Nova Scotia.
TORONTO, July 27 (Reuters) – Deal-making activity in
Canada’s venture capital and private equity arena surged in the
first half of 2015, driven by a spate of financings in the tech
start-up space and large investments in energy assets, data from
Thomson Reuters showed on Monday.
The data indicates there was C$636 million ($488.48 million)
in venture capital invested in 143 deals in the second quarter,
a sum that was 15 percent higher than that invested by VC firms
in the first quarter.
TORONTO, July 24 (Reuters) – Canadian mining-focused
investment bank Edgecrest Capital has put itself on the auction
block, hurt by a prolonged downturn in the natural resource
sector that has hit fees and activity, according to two sources
familiar with the situation.
The move comes two years after Toronto-based Edgecrest,
which is led by investment banker David Beatty, opened shop. The
company acquired boutique dealer Stonecap Securities Inc and its
U.S. unit last year and made some hires earlier this year.
NEW YORK (Reuters) – BlackBerry Ltd on Thursday showcased a suite of security products that safeguard everything from medical devices to Hollywood movie scripts, though its CEO acknowledged that his effort to transform the company remains a work in progress.
The Waterloo, Ontario-based company, whose smartphone market share has dwindled, is attempting to morph into a more software-focused entity.
TORONTO (Reuters) – BlackBerry Ltd (BBRY.O: Quote, Profile, Research, Stock Buzz) said on Wednesday it is buying privately-held AtHoc, a provider of secure, networked crisis communications, as it moves to broaden its software offering and generate revenue from its BBM messaging service.
San Mateo, California-based AtHoc’s services are used by a number of top clients including the U.S. Department of Defense, Homeland Security and a host of blue-chip companies, to provide software that seamlessly allows them to reach staff via their smartphones, or via digital displays, radios, and even sirens, in times of crisis. Its services help organizations and people share information during business continuity and rescue efforts.