Can Bitcoin’s True Value Be Zero?

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Tamarack Valley Energy, “Production Ahead of Forecast”

Tamarack Valley Energy (TSX:TVE) has announced that due to exceptional 2018 drilling results, current production is ahead of forecast. As a result, the company will provide its second guidance increase for 2018.

The company also announced that it will be added to the TSX Composite Index and its sub-indices effective September 24, 2018.

As quoted from the press release:

As a result of better than expected performance from its Alberta Viking drilling program thus far in 2018, production for the last four weeks has averaged over 25,000 boe/d based on field estimates. Tamarack expects third quarter 2018 production to average approximately 24,700 boe/d.

With the company’s continued out performance and operational success realized to date in 2018, Tamarack is pleased to increase production guidance for 2018 annual, 2018 exit and preliminary 2019 budget by 500 boe/d for each period with no corresponding change to the capital expenditure forecasts.  Annual production guidance for 2018 has been increased to 24,000 to 24,500 boe/d (64 to 66 percent liquids), up from 23,500 to 24,000 boe/d, while 2018 fourth quarter exit production guidance has been increased to 24,500 to 25,000 boe/d (65 to 67 percent liquids), up from 24,000 to 24,500 boe/d. Tamarack’s 2018 capital budget remains unchanged from previous guidance at C$ 223 to C$ 233 million (including C$ 28.4 million of capital accelerated from 2019 into 2018) and is expected to be fully funded from adjusted operating field netback. Approximately half of the C$ 28 million of accelerated capital will be directed to the Veteran waterflood. Tamarack plans to drill nine new injector wells and to install the associated pipe and facilities to ensure water injection can commence by early 2019. In keeping with Tamarack’s capital allocation strategy, all of the planned Veteran waterflood projects are expected to achieve a 1.5 year payout based on current strip prices.  The other half of the accelerated capital will be directed to initiate the Company’s Q1/19 drilling program in the fourth quarter, which includes de-risking lands located east of Veteran that were originally targeted for delineation in early 2019.

Annual average production volumes under its preliminary 2019 budget are increased to 25,500 to 26,500 boe/d (up from 25,000 to 26,000 boe/d) and assume a capital budget of C$ 222 million (originally C$ 250 million with C$ 28.4 million accelerated into 2018).

Click here to read the full announcement 

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ExGen: Empire Drilling Program Intercepts Copper Sulfide Mineralization

ExGen Resources (TSXV:EXG) has released an update in respect of Phoenix Global Mining’s exploration and development activities at the Empire Mine project in Idaho, which is 20 percent owned by ExGen.

As highlighted in the press release:

  • Extensive evidence of copper sulphides found below the Empire mine and to the north-west, east and south.
  • Significant high-grade copper drill intersections to upgrade the inferred resources inside the current resource.
  • Stepout drilling outside the current resource intersects high grade copper sulphide mineralization.
  •  A new zone of mineralization to be called “Red Star” has been discovered 330 metres north-west of the current resource towards the old Horseshoe mine. The outcrop is 20 metres wide and contains heavy oxide/sulphide mineralization. Trench samples have been sent for assaying.
  • Five drill hole intercepts contain predominantly chalcopyrite and bornite copper sulphide mineralization.
  • Hole KX18-47 confirms the presence of higher-grade sulfide mineralization beneath the current resource.
  • Elevated zinc, gold and silver values are associated with the copper intersections. Grades of up to 8.82 percent zinc, 7.93 grams per tonne (g/t) gold, 256 g/t silver.
  • Assay results from a further 19 drill holes and 298 surface channel samples are pending and will be reported shortly.

Click here to read the full ExGen Resources (TSXV:EXG) press release.

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Buy gold this very minute scream the headlines

Ideally ownership of gold and silver should be totally boring.

It should be akin to your homeowner’s insurance policy.

It helps you sleep at night.

Those who think Bitcoin is the new hard currency have had to contend with ongoing reports of exchange hacks and cryptocurrency thefts.

CNBC reports yet another one this morning.

How do you protect an asset that is outside of your control?

You can’t look at it, touch it or heft it like bullion.

Owning Bitcoin must be the opposite of being able to sleep at night.

Cryptocurrency theft reports are becoming as common as counterfeit coins from China.

Always take ownership of your bullion, whether it is 50 gold American Eagles or 1,000 silver Canadian Maple Leaves.

Arrange to store the bullion coins securely and then let them do their job of insurance in peace and quiet.

That is the nature of insurance.

Too often, bullion buyers want validation when they buy gold and silver.

They want to say to themselves, “Prices have risen, boy was I smart to buy.”

It’s insurance.

The only persons who should be validating your choice is your spouse and your father-in-law.

It is proof of your sense of responsibility.

It is proof of your ability to protect your family’s assets.

But no, we turn it into screaming stories about Weimar Germany set to happen again here next week.

It is now 10 years since the last financial crisis.

How did those Weimar stories of 2008, 2009, 2010 pan out?

How have they ever panned out?

But on they go.

There is something compelling about them.

We don’t daydream about our house burning down and how we will have been proved right to buy an insurance policy that protects against it.

Hey, the national debt is huge.

“It will all end badly,” say another brand of stories.

I have been reading these for 50 years.

The national debt was huge when I read my first one.

It is still huge.

These are exciting stories to be sure. They get the blood pumping.

But do they lead to good decisions on your part?

Besides the insurance function, I recommend gold coins should be collected.

I remember when I obtained my first $ 20 gold piece.

It was a BU 1924 Saint-Gaudens. It was beautiful. I was awestruck.

But that wasn’t my first gold coin.

I worked my way up.

The first gold coin I ever bought was a tiny Mexican 2 peso.

I had a paper route.

What I earned I could spend on coins.

But even when gold was $ 35 an ounce, the $ 10 a week I got from delivering papers could not get me all the coins I wanted.

Current melt value of the 2 peso is $ 57.26.

The gold weight is only 0.0476 ounce as reported by the Standard Catalog of World Coins.

Then I bought British sovereigns.

These have nearly a quarter ounce of gold in them.

I decided I most preferred the King George V portrait rather than that of Edward VII or Queen Victoria.

A half century later, I still feel that way.

My portrait preference makes no difference to the gold value.

But coin collecting made my interest in gold my own and no one else’s.

That’s the validation I wanted to feel.

It also helps me sleep at night – just like my homeowner’s insurance policy.

Gold and silver should be soothing, not a cause of high blood pressure.

For entertainment, watch a movie.

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper “Numismatic News.”

The post Buy gold this very minute scream the headlines appeared first on Numismatic News.

Buzz – Numismatic News

Cornerstone Metals to Become First Vanadium Corp

Cornerstone Metals Inc. (TSXV:CCC,OTCQX:CCCCF,FWB:1PY) has announced that it will be changing its name to “First Vanadium Corp.” effective September 25, 2018 to emphasize its focus on vanadium and on advancing the Carlin vanadium project.

According to Cornerstone, The Carlin vanadium deposit is considered one of the largest, highest grade primary vanadium deposits in North America.

As quoted from the press release:

The common shares of the company will commence trading under the new name on the TSX Venture Exchange with the new trading symbol “FVAN” at the opening of trading on September 25, 2018.

There is no change in the share capital of the company, and shareholders are not required to exchange their existing share certificates for new certificates. The company’s new CUSIP number is 33745F107 and its new ISIN number is CA33745F1071.

Vanadium’s Growing Importance for Steel Manufacturing and the Energy Sector

Vanadium is growing in importance for key industrial manufacturing sectors, most notably steel and renewable energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.

Vanadium prices for 98 percent  flake V2O5 have steadily risen from under US$ 3.00/lb less than 3 years ago, to its current price of US$ 19.30/lb.

Click here to read the full announcement 

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Gold Price Seasonal Trend Analysis – Video

Article posted at The Market Oracle http://www.marketoracle.co.uk/Article63169.html
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Triumph Gold Commences Deep Penetrating Geophysical Surveys over the Blue-Sky, Revenue and Nucleus Area Targeting a Buried Causative Porphyry

Triumph Gold Corp. (TSXV:TIG, OTCQB:TIGCF) (“Triumph Gold” or the “Company”) is pleased to announce the September 15th start of a geophysical program on its road accessible, 100% owned, Freegold Mountain property. The geophysical program encompasses the entire length of a multi-element soil anomaly that surrounds the Blue Sky, Revenue and Nucleus areas (Figure 1). The program is being conducted by SJ Geophysics and will include resistivity (DC), induced polarization (IP), magnetotelluric (MT), and ground magnetic surveys. The configuration of the IP survey is designed to provide data to a depth of 700 metres and the MT survey extends the depth of investigation to approximately 1,200 metres. The DC, IP and MT surveys will cover approximately 30 line-kilometres, with three 7 km long lines running the length of the soil anomaly from NW to SE, and three approximately 3 km long lines running across the Blue Sky Zone in a N-S orientation (Figure 1). The survey is expected to be complete by October 5 and will require several weeks for further data processing before final results will be delivered to the company.

Follow Hyperlink to Figure 1.

Age dating by the Mineral Deposit Research Unit (UBC), Yukon Geological Survey and other researchers has demonstrated that the newly discovered high-grade, gold-rich mineralization in the Blue Sky Zone (e.g. 316 m of 1.79 g/t AuEq* in RVD18-19, PR18-09) and WAu breccia (e.g. 128m of 1.27 g/t AuEq* in RVD18-08, PR18-07), as well as epithermal gold mineralization in the Nucleus area, are at least 30 million years younger than their host rocks. Therefore, the intrusive bodies, which are the cause of the mineralization, have yet to be discovered. The geophysical surveys are designed to test for an underlying intrusion that was a driver for the widespread and intense hydrothermal systems responsible for the near-surface mineralization. The surveys extend across, and up to 500 metres beyond, the full length of the six kilometre soil anomaly that encompasses the Blue Sky Porphyry, WAu breccia, Revenue, Nucleus, and numerous other showings. The length of the survey lines (7 km), and the dipole spacing (200 or 300 m), are optimized to test beneath the known, at- or near-surface zones of mineralization, to relate them to an underlying and potentially well mineralized source.

Tony Barresi, Triumph Gold Corp’s Vice President of Exploration comments: “This year’s discovery of very high-grade gold-rich porphyry style mineralization in the Blue Sky Zone has reinforced our hypothesis that the entire 6 kilometre long Revenue-Nucleus area soil anomaly is underlain by a buried causative intrusion that is responsible for all of the near-surface mineralization. If the size and pervasiveness of mineralization near surface is any indication, there could be something exceptionally large and well mineralized at depth. These geophysical surveys will be first order exploration tools as we embark on an elephant hunt.”

Notes:

* Gold equivalent [AuEq], and copper equivalent [CuEq] are used for illustrative purposes, to express the combined value of gold, silver, molybdenum and copper as a percentage of gold or copper. No allowances have been made for recovery losses that would occur in a mining scenario. AuEq and CuEq are calculated on the basis of US$ 3.00 per pound of copper, US$ 16.00 per pound of molybdenum, US$ 1,250 per troy ounce of gold and US$ 16.00 per troy ounce of silver.

** Coordinates are given in North American Datum 83 (NAD83), Zone 8.

The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., VP Exploration for the company, and qualified person as defined by National Instrument 43-101.

About Triumph Gold Corp.

Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com

On behalf of the Board of Directors

Signed “Paul Reynolds”
Paul Reynolds, President & CEO

For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
(604) 218-7400
janderson@triumphgoldcorp.com
Nancy Massicotte
IR Pro Communications Inc.
(604)-507-3377
nancy@irprocommunications.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Click here to connect with Triumph Gold Corp. (TSXV:TIG, OTCQB:TIGCF) for an Investor Presentation.

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Cryptos in Green: Ripple (XRP) and Cardano (ADA) are Leading Today but Why?

cryptos in green

Ah! Cryptocurrency. Will you ever cease to amaze investors with your volatility? When it’s bad, it can be very, very bad. But when it’s good… well, it’s confusing! Sometimes there is no real reason to see cryptos in green.

Across the top ten today most coins are in the green. But why? There has been no major news or catalyst to spur on such bullish behavior.

In the top five, Ripple (XRP) and Cardano (ADA) are leading cryptos in green, currently sporting a 4.38% and 3.78% gain respectively. So let’s see why investors are …

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Gold Stocks Remain in Downtrend but Uranium Stocks on the Cusp of New Bull Market

Article posted at The Market Oracle http://www.marketoracle.co.uk/Article63168.html
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Done Deal: CITIC Becomes Ivanhoe Mines’ Largest Shareholder

CITIC’s (HKEX:0267) cash splash on Canadian miner Ivanhoe Mines (TSX:IVN) has been completed, with the two companies announcing closure to the three-month process on Wednesday (September 19).

CITIC is now Ivanhoe Mines’ largest shareholder, having paid C$ 723 million for 19.5 percent of the company, with founder and executive chairman Robert Friedland bumped to second place with 17-percent ownership.

“After a period of extensive due diligence and multiple site visits, we are delighted to welcome CITIC Metal Africa as our new, largest shareholder,” said Friedland.

He added that CITIC’s leadership would bring valuable experience to “greatly assist (Ivanhoe) as we advance our projects to production, creating value for Ivanhoe’s stakeholders in the Democratic Republic of Congo (DRC) and South Africa, and our international shareholders.”

The funds will go towards the company’s three major projects, which are its Kipushi zinc-copper project in the DRC, the Kamoa-Kakula copper project — also in the DRC — and the Platreef platinum-group metals project in South Africa.

Together with an additional C$ 78 million from Zijin Mining (HKEX:2899), which used anti-dilution rights to maintain its share in the Kamoa-Kakula project, Ivanhoe Mines now has cash equivalents of C$ 855 million with no significant debt.

Both companies paid C$ 3.68 per share.

“With today’s closing of the private-placement financings with CITIC and Zijin, we have enhanced our strategic cooperation partnership with two of China’s leading mining companies,” said Friedland.

“Ivanhoe Mines now is in the extremely advantageous position of having current cash resources of approximately US$ 657 million. We are confident in our capacity to successfully finance all three of our mine-development projects to production.”

As first reported in June, the Ivanhoe board will be expanded to 11 members, with Ivanhoe putting out a seperate release to mark the appointment of CITIC Metals president Sun Yufeng to the company’s board, where he will sit alongside Friedland as co-chairman.

Along with Yufeng, CITIC also nominated Tadeu Carneiro to join the board. Carneiro is a former CEO of Brazil-based Companhia Brasileira de Metalurgia e Mineração, a private niobium-mining company partially owned by CITIC since 2011.

On the Toronto Stock Exchange on Wednesday, Ivanhoe Mines closed up a modest 0.39 percent at C$ 2.56.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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Gold-focused Metminco Dips Toes into Nickel

Australian explorer and miner Metminco (ASX:MNC) has announced plans to acquire the Jejovo nickel project in the Solomon Islands in a bid to tap into the lucrative and growing nickel market.

In a release on Wednesday (September 19), Metminco said it will buy private company Sunshine Metals in a scrip transaction to give it 80-percent ownership of Jejovo on Santa Isabel Island, as well as 80-percent ownership of the Tausere project — an early-stage bauxite project located on another island.

The balance of each project belongs to landowners.

For the projects, Metminco will pay Sunshine AU$ 1.5 million (minus a AU$ 50,000 non-refundable deposit) and 250 million shares valued at another AU$ 1.5 million to cover agreed debts.

The acquisition will be staged, with Metminco issuing another 250 million shares to Sunshine after it receives a JORC-compliant resource estimate for Jejovo of at least 125,000 tonnes of contained nickel metal at a 0.7 percent cut-off. A final 500 million shares will be issued after Metminco receives a mining license to proceed with the project.

Executive chairman of Metminco, Kevin Wilson, said that timing was key in the decision to acquire Jejovo, which is located on the coast and has direct shipping potential.

“The acquisition of the Jejevo nickel project, gives Metminco exposure to nickel at a time when rising battery manufacture is expected to accelerate demand for the metal. We will commence advancing Jejevo as soon as the acquisition completes.”

Metminco would be adding Jejevo to a portfolio of gold projects in Colombia, which it highlights as its focus, as well as three copper and polymetallic projects in Chile.

In order to proceed with Jejevo, Metminco must raise AU$ 3 million through equity capital raising and also successfully complete its due diligence.

To get to AU$ 3 million, Metminco said it would issue a private placement of 135 million shares at AU$ 0.4c to raise AU$ 540,000, and another AU$ 2,514,116 through a pro rata renounceable rights issue.

Jejevo is described by Metminco as having “attractive nickel grades” and a project that provides the company exposure to nickel prices “in a period when demand growth is expected to be driven by, in particular, the growing market for batteries to support increasing electric vehicle production.”

Previous owners of the project progressed it to an advanced stage, with 428 holes drilled by Sumitomo Metal Mining (TSE:5713) in the 70s.

“The nickel mineralization encountered in these holes are reported to have average grades ranging between 1.1 percent and 1.3 percent nickel over 5m to 7m in thickness,” said Metminco.

The company said that with its own analysis of Sumitomo’s data, it estimated Jejevo had an exploration target of approximately 10-15 million tonnes grading 1.1-1.3 percent nickel.

“Metminco intends to assess the existing data, and undertake any confirmatory studies with the aim of generating a JORC resource in 2019 to support economic studies on the deposit,” it said, adding that it would seek a mining license in the same year.

On Tuesday (September 18), nickel was valued at US$ 12,310 per tonne on the London Metal Exchange. While 2018 has seen the metal reach four-year highs — trading at US$ 15,754 in early June — nickel has seen a yearly low this month, down at US$ 12,200 a tonne on September 10, as trade war jitters ravage base metal values.

So far, nickel has proven the most resilient, losing only 2.9 percent of its value year-to-date — compared to zinc, which was down 32 percent year-to-date as of Monday September 17.

On the Australian Securities Exchange, Metminco was down 20 percent to AU$ 0.004 when share trading resumed for the company on Wednesday.

The company has also announced it would be delisting from the London Stock Exchange in October, citing high costs and low activity.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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Crypto Mining Malware Up Nearly 500% in 2018

Crypto Mining Malware

According to a crypto jacking report published by the Cyber Threat Alliance (CTA), crypto mining malware infections are up nearly 500% in 2018.

Crypto Mining Malware Report

The threat of illicit cryptocurrency mining represents an increasingly common cybersecurity risk of enterprises and individuals. According to the report, the CTA found that malware detections were up 459% between 2017 and 2018.

“Combined threat intelligence from CTA members show that this rapid growth shows no signs of slowing down, even with recent decreases in cryptocurrency value,” the company writes in a preface.

The threat …

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Inflation Eating into 99% of Standard UK Savings Accounts

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Key Cannabis Players Launch Venture Capital Companies

Investors will gain two new options in the public cannabis space this week, and they’re backed by two of the biggest Canadian cannabis companies out there.

Canopy Rivers, a division of Canadian licensed producer behemoth Canopy Growth (NYSE:CGC,TSX:WEED), is expected to launch on Thursday (September 20), while Australis (CSE:AUSA), a spinoff of Aurora Cannabis (TSX:ACB), listed on Wednesday (September 19).

Canopy Rivers will trade under the ticker symbol “RIV” on the TSX Venture Exchange, while Australis is on the Canadian Securities Exchange under the ticker symbol “AUSA.”

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The debut of these two stocks represents a move from leading cannabis producers to seek additional entry points in the space: investment in technologies and businesses within the cannabis market.

These venture capital companies will monitor the space and seek businesses worthy of investment. A key difference between the two will be the level of involvement from the respective producers.

Australis will seek opportunities in the US market, and Aurora has announced no involvement in the management or decisions of the company. However, the cannabis producer holds the right to purchase back an ownership stake within the next 10 years.

This type of restriction is similar to the one implemented by Aphria (TSX:APH) for Liberty Health Sciences (CSE:LHS). Both Aphria and Aurora want to retain the option to enter the US market once the laws are more favorable.

“With the completion of our over-subscribed private placement, we have the funds to start executing on these opportunities immediately and deliver growth,” Scott Dowty, CEO of Australis, said in a statement.

Selected shareholders of Aurora were given one unit of Australis for every 34 outstanding Aurora shares as of August 24. The company further explained:

Each unit consists of one common share and one share purchase warrant of Australis. Each warrant entitles the holder thereof to acquire one share at an exercise price of C$ 0.25 per Australis share, on or prior to 4:00 p.m. (Eastern Time) on the date that is one year after the Distribution [September 19, 2018].

Alternatively, Canopy management will be heavily involved in decision making from Canopy Rivers. The investing venture has been operating throughout 2018, and is only now launching publicly.

Canopy Rivers completed a business combination with shell company AIM2 Ventures. The company’s subordinated shares will still give a vote per share on shareholder matters.

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Canopy will will retain 25 percent of the stock, and will control nearly 90 percent of voting power due to dual-class, multi-voting share structure in Canopy Rivers, according to the Financial Post.

Bruce Linton, co-CEO of Canopy and acting CEO for the new venture, explained that the company continues to see a pattern in the overall space in terms of the companies it wishes to invest in or that are seeking investment from Canopy:

“There was this theme that kept coming up in the cannabis space — companies that either wanted our money and help, or that we wanted a small percentage of. And they were all somewhere along the mistake-making spectrum, but some of them had really good ideas, so we thought ‘OK, how about we have a dedicated company that really tries to figure out what might work, what might not work, and become early minority investors’.”

Linton also compared the public trajectory of Canopy Rivers to an exchange-traded fund (ETF). However, he stopped short of saying the company is intending to outperform ETFs.

As part of its most recent quarterly release, Canopy said that Canopy Rivers holds a joint venture for the creation of a new company called PharmHouse, which will seek to become a cannabis licensed producer in Ontario.

“PharmHouse has also agreed to provide Canopy Rivers with a right of first offer of up to 50 [percent] to the cannabis produced by PharmHouse,” company documents state.

Investor takeaway

These new ventures open the door for investors to support investments in the cannabis space as leading companies seek to fill in the gaps with emerging businesses.

During Australis’ first day of trading, the company’s share price soared to a high price point of C$ 14.48. At market close the stock finished the day valued at C$ 2.93 per share.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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Velocity Completes PEA, Earns Large Stake in Bulgaria Project

Velocity Minerals (TSXV:VLC) has completed a positive preliminary economic assessment (PEA) for the Rozino open pit gold project, earning a 70-percent stake in the Bulgaria project, the company announced on Monday (September 17).

The PEA was based on an open pit mining operation at Rozino, which recovers gold by a combination of on-site preconcentration in a flotation plant and further processing to saleable gold doré in an existing carbon-in-leach (CIL) plant.

“We have achieved our goal of advancing Rozino from discovery and exploration drilling through to this positive economic assessment in just over one year,” said Keith Henderson, president and CEO.

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The company notes that the mine, which will require an estimated US$ 97.6 million to develop, has the potential to produce about 65,000 ounces of a gold a year at an all-in sustaining cost of US$ 543 per ounce.

On the financial side, the PEA model returned an after-tax net present value of US$ 129 million and an after-tax internal rate of return of 33.1 percent.

“We believe that there is significant potential for resource expansion at Rozino and additional exploration drilling is expected to be completed over the coming months in tandem with infill drilling of the existing mineral resource,” Henderson stated.

He explained that the work which has been completed at Rozino represents a first step in Velocity’s strategy of exploring and developing multiple satellite deposits for processing in the existing centrally located CIL plant.

The company reported that it is currently in the process of completing due diligence on other advanced properties located within the exploration and mining alliance area, with the goal to earning 70-percent interest through additional option agreements with the company’s partner Gorubso.

“The aim is to build a multi-asset production profile that maintains annual production of more than 100,000 ounces of gold over a period in excess of ten years,” Henderson said.

As of 10:52 a.m. EST on Wednesday (September 19), Velocity was trading at C$ 0.15.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.  

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