Release – Gray Sets Date For Second Quarter Earnings Release And Earnings Conference Call

Posted on July 7, 2022 by Admin

Gray Sets Date For Second Quarter Earnings Release And Earnings Conference Call

Research, News, and Market Data on Gray Television

Atlanta, Georgia – July 6, 2022 — Gray Television, Inc.
(NYSE: GTN) today announced that it will release its earnings results for the quarter ending June 30, 2022 on Friday, August 5, 2022.

Earnings Conference Call Information

Gray Television, Inc. will host a conference call to discuss its operating results for the quarter ended, June 30, 2022, on Friday, August 5, 2022. The call will begin at 11:00 a.m. Eastern Time. The live dial-in number is 1-800-289-0720 and the confirmation code is 7144937. The call will be webcast live and available for replay at www.gray.tv. The taped replay of the conference call will be available at 1-888-203-1112 Confirmation Code: 7144937 until September 4, 2022.

About Gray Television

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States that serve 113 television markets reaching approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Media Group (formerly Tupelo Honey), and PowerNation Studios, as well as studio production facilities Assembly Atlanta and Third Rail Studios.

Gray Contacts:

Website: www.gray.tv

Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Release – Labrador Gold Announces 284.1 g-t Au Over 0.58m From Big Vein Southwest the Highest Grade Intersected at Kingsway to Date

Posted on July 7, 2022 by Admin

Labrador Gold Announces 284.1 g-t Au Over 0.58m From Big Vein Southwest the Highest Grade Intersected at Kingsway to Date

News and Market Data on Labrador Gold Corp

Hole K-22-174 intersected 284.1 g/t Au over 0.58 metres from 309.47 metres and 15.05 g/t Au over 1.11 metres from 310.71.
The hole is the furthest hole drilled to the southwest at Big Vein and represents a 120 metre step out from previously reported mineralization at Big Vein.
Mineralization at Big Vein remains open along strike to the southwest and northeast.
Drilling also intersected high-grade mineralization at Golden Glove grading 20.07 g/t Au over 1 metre from 355m downhole and a longer 13.2 metre near surface interval at Midway grading 2.2 g/t Au that included 5.23 g/t Au over 4 metres.

TORONTO, July 07, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a new high grade intercept from the drilling at the southwest end of the Big Vein Zone as well as updates on drilling at Golden Glove and Midway at its 100% owned Kingsway Project. These holes were drilled as part of the Company’s ongoing 100,000 metre diamond drilling program targeting the prospective Appleton Fault Zone over a 12km strike length.

Big Vein

Hole K-22-174 is the furthest hole to be drilled to the southwest at Big Vein and intersected 284.1g/t Au over 0.58m from 309.7m downhole and represents the highest grade yet intersected on the Kingsway project. The hole also intersected 15.05 g/t over 1.11m from 310.71m just below the high-grade intercept. The hole was collared 120m to the southwest of Hole K-22-122 that intersected 54.17 g/t over 0.95m (see news release dated May 5, 2022) and the mineralization remains open to the southwest.

Golden Glove

Hole K-22-154 intersected 20.07 g/t Au over 1m from 335m downhole. This hole was drilled to test for a down plunge extension of mineralization in hole K-22-150 that intersected 6.22 g/t Au over 4m from 348m including 10.31 g/t Au over 2m (see news release dated July 5, 2022).

Midway

Hole K-22-153 intersected gabbro hosted gold mineralization grading 2.2 g/t Au over 13.2m from 45m downhole (38m vertical) that included 5.23 g/t Au over 4m.

“It is exciting to find the highest-grade mineralization drilled at Kingsway, more than a year after drilling began, in the furthest hole drilled to the southwest at Big Vein. This suggests excellent potential for further high-grade mineralization as we continue drilling to the southwest and attests to the prospectivity of the Appleton Fault Zone in this area,” said Roger Moss, President and CEO. “High-grade mineralization intersected at Golden Glove down plunge from that found in the first hole is also encouraging, especially given that these holes are approximately 160m south of the discovery outcrop. We will continue to test the extent of this mineralization both down plunge and along strike. Drilling at Midway continues to demonstrate near surface gold mineralization in gabbro which is significant given the extent of gabbro at Kingsway. We expect to continue to successfully expand these three targets as well as to begin drilling new targets, such as our current drilling at CSAMT, in the months ahead.”

Hole ID	From	To	width	Au (g/t)	Zone
K-22-174	309.47	310.05	0.58	284.1	Big Vein SW
	310.71	311.82	1.11	15.05	Big Vein SW
K-22-167	16	18	2	1.05	Big Vein
K-22-163	17	18	1	1.06	Big Vein
	50	52	2	2.06	Big Vein
	99	101	2	1.47
	301	304	3	1.39	HTC
K-22-162	84	93	9	1.1	Pristine
	108	109	1	2.33	Pristine
K-22-161	67	68	1	1.62	Midway
K-22-159	275	276	1	1.02	Golden Glove
K-22-156	117	121	4	1.53	Pristine
K-22-155	156	157	1	1.13	Big Vein
	163	164	1	1.54	Big Vein
K-22-154	242	245	3	1.95	Golden Glove
	293	294	1	2.13
	298	299	1	1.16
	335	336	1	20.07
K-22-153	45	58	13	2.2	Midway
including	45	49	4	5.23
including	45	47	2	7.36
K-22-149	13	14	1	1.27	Pristine
K-22-146	57	57.95	0.95	1.12	Pristine

Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole ID	Northing	Easting	Elevation	Azimuth	Dip	depth
K-22-174	5434927	661344.3	42	140	45	464
K-22-167	5435283	661600	42.5	130	55	296
K-22-163	5435285	661600	42.5	130	45	317
K-22-162	5436054	661817.3	61.64	300	55	251
K-22-161	5437837	661376.9	83.96	275	55	254
K-22-159	5431876	660625.7	44.37	245	45	401
K-22-156	5436055	661817	62.17	310	45	182
K-22-155	5435222	661463.7	60.72	128	62	317
K-22-154	5431776	660538.8	48.414	265	53	389
K-22-153	5437838	661376.7	83.96	300	58	146.56
K-22-149	5436021	661804.2	61.971	260	45	227
K-22-146	5436032	661802.9	63.611	260	62	176

Table 2. Drill hole collar details

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16a60559-1d01-4833-aba3-a9f0fa18aad5

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1 g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $26.5 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8 g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25
^th2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 168,889,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at:
www.labradorgold.com

Twitter @LabGoldCorp

Neither 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 .

Forward-Looking
Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

The GameStop Stock Split Dividend is More Genius than it Appears

Posted on July 7, 2022 by Admin




Image Credit: Ryan (Flickr - modifications made)

The GameStock Stock Split May Serve to Chase out Institutional Short-Sellers

GameStop announced a three-share dividend for each share held. This is somewhat different than a four-for-one stock split from a tax standpoint and for those that are short GameStop. The move has an immediate impact on those that own the stock (largely individual investors), and on the many that are still short the stock (largely institutional investors). The announced split, or the split dividend, where holders would receive three additional shares of (GME) after the market close on July 21, has caused some confusion among the retail holders of the stock – and is likely causing some pain among those that are short GameStop. Shares are up near 8% today (July 7) on the news.

Source: Gamestop.com

What to Know

GameStop shareholders voted in June in favor of allowing expanded share authorization to one billion outstanding shares from 300 million. This authorization allows for the announced split. During the spring, management asked for authorization saying the split would “provide flexibility for future corporate needs.”

The foreshadowing of this split should have made the high percentage of short-interest in GME retreat some. Recent Morningstar data shows that 21% of GameStop’s entire stock float was being shorted. A short interest percentage above 15% is generally considered to be elevated. Short-sellers are responsible for compensating the lending broker for all dividends. This is generally simple with cash dividends but could be messy when the dividend is stock shares.

The additional shares will be distributed on July 21, and Gamestop stock will begin trading on a split-adjusted basis on Friday, July 22.

The dividend will have the effect of reducing the cost of each share after the split, this will make it easier for smaller investors to purchase shares of the company. The heightened access to shares could positively impact the market value of all shares outstanding post dividend-split.

Management Difference

Ryan Cohen became the chairman of GameStop’s board a year ago. The company has been modernizing by adding executives and employees with backgrounds in technology, e-commerce, and blockchain. It’s a classic fight for survival for the company that began its lifecycle as cutting edge and later found itself stodgy and old. Newer products are being added to the company’s line-up designed to put them back as a solid competitor in today’s gaming retail world.

Following the appointment of Cohen, the company invested in fulfillment and customer care, as well as expanding its offerings to include TVs, computer supplies, and even a marketplace for NFTs.

Management’s decision to provide a split in the form of a dividend raises additional challenges for short sellers of GME. The value of stocks tend to rise after a split welcomes smaller buyers that may have been locked out. This could serve to cause a squeeze on short players already forced by rising margin interest rates. As a dividend, rather than a split, there is an obligation for short sellers to make those they borrowed the stock from whole. This could cause many short positions to be closed out before the record date of the dividend.

Paul Hoffman

Managing Editor, Channelchek

Suggested Content

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Is This Bullish for GameStop?

Placing a Bid to Own a Public Company

Sources

https://news.gamestop.com/news-releases/news-release-details/gamestop-announces-four-one-stock-split

https://www.thestreet.com/memestocks/gme/why-gamestop-stock-is-on-a-verge-of-a-short-squeeze#:~:text=Short%20interest%3A%20The%20latest%20data,stock%20float%20was%20being%20shorted.

https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638022000100/gme-20220706.htm

https://www.thestreet.com/memestocks/gme/gamestop-stock-is-there-still-short-squeeze-potential

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Release – Eskay Mining Discovers Multiple New VMS Systems across its Consolidated Eskay VMS Project, Golden Triangle British Columbia

Posted on July 7, 2022 by Admin

Eskay Mining Discovers Multiple New VMS Systems across its Consolidated Eskay VMS Project, Golden Triangle British Columbia

News and Market Data on Eskay Mining

TORONTO, ON / ACCESSWIRE / July 7, 2022 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce discovery of multiple new volcanogenic massive sulfide (“VMS”) deposits across its 100% controlled Consolidated Eskay project, British Columbia. To date, the Company has completed 5,370 m of diamond core drilling in 13 holes, approximately 18% of the 30,000 m planned meters to be drilled in 2022. Drill production is currently on target to reach this aggressive goal.

“By pushing for an early start to the 2022 Exploration Program we have been able to meet one of our major objectives, showing that the TV-Jeff VMS system extends well to the north of Jeff. Our targeting criteria built over the past two years continues to yield mineralized intercepts,” commented Dr. John DeDecker, Eskay Mining’s VP of Exploration. “Not only does the TV-Jeff VMS system appear to encompass a minimum 5 km-trend of VMS mineralization, we have also confirmed that Scarlet Ridge is host to a separate VMS system of similar size. We look forward to testing the full strike length of both of these VMS systems with aggressive drilling and Anaconda-style mapping programs in 2022. It amazes me that every day in the field we are delineating extensive VMS systems outcropping at surface. This leaves me wondering what other deposits have gone unrecognized across the property. Our expert team has done a great job making new discoveries over the past few weeks, and we are excited by the potential of them making yet more discoveries across our large property over the next several months.”

“The 2022 exploration campaign at the Consolidated Eskay project is by far the most aggressive program ever conducted on the property,” commented Dr. Quinton Hennigh, director and technical advisor to Eskay Mining. Our team is doing a remarkable job making new discoveries, a step needed to grow this remarkable story. We suspected the TV-Jeff VMS system was much larger, and now we have proof from recent drilling at Jeff North. In just one month, our field crews have more fully assessed the potential at Scarlet Ridge, and now have strong evidence the system here is of equal magnitude to that at TV-Jeff. Mineralization appears to be hosted by the same rocks found at Eskay Creek 7 km to the west. Excelsior South also displays similar stratigraphy and mineralization to the Eskay Creek deposit. We are delighted with progress made to date, but we have four more months in this season during which we expect more discoveries to be made.”

Summary of Discoveries Made at Jeff North

Drilling and geological mapping confirms that the greater TV-Jeff VMS system extends 1.5 km north of Jeff (Figures 1 and 2). A significant zone of intensely silicified peperitic basalt, dacite, and andesite hosts stockwork and semi-massive sulfide mineralization at Jeff North. This zone is evident at the surface as a topographic ridge, and in drill core, it is characterized by hydrothermal breccia with abundant silica alteration and sulfide mineralization (Figures 3-5).
Sulfide mineralization is hosted by peperitic basalt, dacite, and andesite occurring in mineralized horizons that correspond to those at Jeff 1.5 km to the south (Figure 2) indicating that VMS hydrothermal systems were active over a 5 km-strike length from TV to Jeff North, and likely beyond.
Investigations of drill core with handheld XRF units indicate presence of strong pathfinder element associations (Ag, As, Sb, and Hg) in some areas displaying sulfide mineralization.
Systematic soil sampling northwards of Jeff North has been completed, and includes a large SkyTEM anomaly of similar size and shape to those corresponding with VMS at TV, Jeff, and Jeff North discovered during the 2021 program. The results of the soil sampling program will indicate how much further north the TV-Jeff VMS system extends. So far, each large conductive SkyTEM anomaly investigated corresponds with VMS mineralization observed at surface. There are several more SkyTEM anomalies left to investigate this season, and these are the highest priority of Eskay’s 2022 drill program.
Geological Mapping conducted in 2022, led by Drs. Ben M. Frieman and Jesse Hill, has yielded the first lithological map consistent with drill core observations. This work has shown the importance of integrating drilling and mapping data sets and has yielded a new understanding of the distribution of the lower Hazelton Group volcanic rocks in the Eskay anticline region. For example, in addition to the volcanic-hydrothermal systems identified at TV, Jeff, and Jeff North, new observations suggest that mineralized volcanic rocks may occur across-strike to the west as well as within structurally juxtaposed, but correlative, rocks to the east of this area, a wholly new location identified as prospective.

Scarlet Ridge

Two extensive VMS feeder zones have been discovered at Scarlet Ridge, the Southern and Northern Feeder Zones. These feeder zones are marked by intense hydrothermal alteration, ubiquitous stockwork and replacement-style sulfide mineralization, and intensely gossanous red, orange, and yellow surficial staining of the peperitic dacite and rhyolite host rocks. The Southern Feeder Zone has been the focus of early season investigations and will be further tested by drilling in 2022 (Figures 6-8).
Scarlet Ridge is located 7 km east of the Eskay Creek deposit and occurs in a similar geologic setting to this exceptional high-grade VMS deposit.
Field investigations of stockwork sulfides from the Southern Feeder Zone using handheld XRF units indicate presence of strong pathfinder element (Ag, As, Sb, and Hg) anomalism. These pathfinder results are consistent with rock chip samples collected in the area during the early 1990’s and the 2021 program (see Eskay’s March 21, 2022 news release for more information), in which samples also yielded strongly anomalous Au assays ranging from 0.14-2.49 g/t.
Scarlet Ridge displays all the hallmarks of a large VMS system, with multiple feeder zones connected with at least three horizons exhibiting subseafloor replacement style mineralization, each of which extends along strike for hundreds of meters (Figures 6-8). It is especially encouraging that these horizons are correlative with the same units that host the Eskay Creek deposit (Figure 9) Pathfinder element associations suggest the potential for precious metal endowment.
Preparations are underway to begin drilling the feeder zones at Scarlet Ridge starting in mid-July (Figure 10).

Excelsior South

Preliminary field visits followed up on strong Au BLEG results from 2020 and strong pathfinder element anomalies evident in soil transects from 2021.
Peperitic rhyolite was discovered at Excelsior South, in rocks previously mapped as the Bowser Lake Group. Investigations with a handheld XRF confirm that this rhyolite is indeed of the same composition as the Eskay rhyolite, host to the world-class Eskay Creek VMS deposit.
A 100 m grid soil sampling program has just been completed at Excelsior South. Analyses from these soil samples are expected back in a few weeks. Subject to promising results, a limited exploratory drill program will be conducted at Excelsior South in 2022.

To date, Eskay Mining has completed 5,370 m of diamond core drilling in 13 holes, approximately 18% of planned meters to be drilled in 2022. Thus far, drilling has occurred around the area called Jeff North. The Company will soon be drilling at Scarlet Ridge as well as testing other targets along the greater TV-Jeff corridor. At present, drill production is on track to reach Eskay’s aggressive goal of 30,000 m.

Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Eskay Mining Corp:

Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.

For further information, please contact:

Mac Balkam	T: 416 907 4020
President & Chief Executive Officer	E: Mac@eskaymining.com

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 release.

Forward-Looking Statements: This Press Release
contains forward-looking statements that involve risks and uncertainties, which
may cause actual results to differ materially from the statements made. When
used in this document, the words “may”, “would”, “could”, “will”, “intend”,
“plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions
are intended to identify forward-looking statements. Such statements reflect
our current views with respect to future events and are subject to risks and
uncertainties. Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in filings made by
us with the Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such as actual results of current exploration
programs, the general risks associated with the mining industry, the price of
gold and other metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or should
assumptions underlying the forward looking statements prove incorrect, actual
results may vary materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law.
Shareholders are cautioned not to put undue reliance on such forward-looking
statements.

(Figure 1. Drill holes at Jeff North completed as of date of this release. Silver assays from soil samples from 2021, and the SkyTEM conductivity map from 2020 are shown, and have proven to be reliable vectors towards VMS mineralization during the 2022 program thus far.

(Figure 2. Preliminary geologic map of Jeff and Jeff North based on 2022 field work by the mapping team, and drilling from 2020-2022. Drilling at Jeff North has been focused on a 1 km trend of intensely silicified peperitic basalt identified during mapping, and has confirmed the presence of extensive VMS mineralization associated with the silicified basalt.)

(Figure 3. Semi-massive replacement-style sulfide mineralization hosted by an intensely silicified vesicular basalt. The intensity of replacement-style mineralization and hydrothermal alteration is consistent with a location proximal to a VMS feeder structure. Handheld XRF analyses show consistently high pathfinder elements (As, Sb, and Hg) within sulfide mineralization in this drill hole.)

(Figure 4. Polymetallic sulfide mineralization hosted by intensely silicified mudstone. Sulfide minerals present include pyrite, pyrrhotite, sphalerite, and galena, with XRF-indicated Ag-bearing tetrahedrite. Tetrahedrite is commonly associated with microscopic electrum in drill core from the 2020 and 2021 drill programs.)

(Figure 5. Semi-massive replacement-style sulfide mineralization hosted by intensely silicified and clay altered peperitic basalt. The intensity of replacement-style mineralization and hydrothermal alteration is consistent with a location proximal to a VMS feeder structure.)

(Figure 6. Intensely gossanous peperitic dacite defining the Southern Feeder Zone at Scarlet Ridge. This gossan extends approximately 600 m along strike, and cuts at least 800 m of stratigraphy. Multiple traverses across stratigraphy have confirmed that stockwork and replacement-style sulfide mineralization, and intense hydrothermal alteration are ubiquitous throughout rocks that are gossanous. Stratigraphy is steeply dipping to the east here, suggesting that these mineralized horizons could extend to considerable depth. A fence of several 800 m deep drill holes will test the heart of this intensely mineralized feeder zone. The Southern Feeder Zone is approximately 1 km south of the Northern Feeder Zone visited in 2021 (visible in the lower left image as the gossanous bluffs just left of the mountains). The two feeder zones and their along strike extensions occur within peperitic dacite and Eskay rhyolite, suggesting that these hydrothermal systems are part of one larger system that was active at the same time as the VMS system that formed Eskay Creek, just 7 km due west.)

(Figure 7. Close-up views of stockwork and replacement-style sulfide mineralization from the Southern Feeder Zone at Scarlet Ridge. This sort of sulfide mineralization is ubiquitous throughout the entire outcrop area of the Southern Feeder Zone.)

(Figure 8. Gossanous and sulfide-bearing horizons define permeable Eskay rhyolite debris flow breccia that extend several hundred meters along strike from the Southern Feeder Zone. These rocks represent horizons that underwent sub-seafloor sulfide replacement as hydrothermal fluids from the feeder zone interacted with debris piles in the near-seafloor environment. Subseafloor replacement is responsible for the largest VMS deposits on Earth. Gossanous rocks of the Northern Feeder Zone are visible to the upper left in the image at top.)

(Figure 9. Schematic geological cross-section of the Southern Feeder Zone at Scarlet Ridge, based on multiple field visits during the 2021 and 2022 seasons. This area will be the primary focus of the 2022 geological mapping program, and will be included in a 5,000 m drill program for targets at Scarlet Ridge and Tarn Lake. The feeder zone intersects several favorable horizons for lateral hydrothermal fluid flow and consequent sub-seafloor replacement-style mineralization. Of particular note, both the Southern and Northern Feeder Zones are hosted within rocks correlative to those at Eskay Creek just 7 km due west of Scarlet Ridge.

(Figure 10. An oblique view of the southern VMS feeder zone at Scarlet Ridge showing surface topography, SkyTEM conductivity data, Au assays from rock chip samples, and a conceptual drill plan. Drilling will focus on the core of the VMS feeder zone, as well as along strike extensions within horizons showing subseafloor sulfide replacement.)

SOURCE: Eskay Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/707798/Eskay-Mining-Discovers-Multiple-New-VMS-Systems-across-its-Consolidated-Eskay-VMS-Project-Golden-Triangle-British-Columbia

Release – Seanergy Announces Delivery And Employment of Recent Capesize Acquisition and New Financings of $44 million

Posted on July 7, 2022 by Admin

Seanergy Announces Delivery And Employment of Recent Capesize Acquisition and New Financings of $44 million

Research, News, and Market Data on Seanergy Maritime

July 7, 2022 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of the recently-announced Capesize vessel acquisition, M/V Honorship, and the simultaneous commencement of its period employment. Moreover, Seanergy successfully concluded a new sustainability-linked loan for the M/V Honorship and a new loan facility for the 2010-built M/V Dukeship.

Delivery & Time-charter (“T/C”) of the M/V
Honorship

As recently announced, the 180,000 deadweight-ton, Japanese-built M/V Honorship has been delivered to the Company and immediately commenced its T/C with NYK Line. The T/C has a duration of about 20 to 24 months and the daily hire is based at a premium over the Baltic Capesize Index (“BCI”). The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on the prevailing Capesize freight futures (“FFA”) and by applying the same premium. The acquisition of the vessel was financed with cash on hand and proceeds from new loan facilities discussed below.

Sustainability-linked facility for the M/V Honorship

The Company has concluded a second sustainability-linked senior credit facility with a major European bank by upsizing and refinancing the existing loan secured by the M/V Worldship at improved terms. The new sustainability-linked loan facility of $38 million is secured by the M/V Worldship and the newly acquired vessel M/V Honorship.

The $38 million principal will amortize over a five-year term through quarterly instalments averaging $1.08 million and a $16.5 million final balloon payment at maturity. The interest rate is 3.00% plus LIBOR per annum and can be further reduced based on certain emission reduction thresholds.

Financing facility of the M/V Dukeship

In addition, Seanergy concluded a senior loan facility with a major European bank and one of its existing lenders secured by the M/V Dukeship. The $21.0 million loan bears interest rate of 2.95% plus SOFR per annum, has a four-year term and will be repaid through 16 quarterly instalments averaging $0.625 million and a $11 million final balloon payment at maturity.

Stamatis Tsantanis, the Company’s Chairman & Chief
Executive Officer, stated:

“We are very pleased with the prompt delivery of our 18 th Capesize vessel, which improves the average age and the operating premium of our fleet. The M/V Honorship already commenced its period employment with one of our close partners. “Our fleet remains 100% under period employment, with the vast majority on index-linked T/Cs and most of them accompanied by the option to convert to fixed rates. “Moreover, the ability to conclude two new facilities with the Company’s existing creditors at more favorable terms attests to their confidence in Seanergy and its prospects. “Finally, we have expanded our sustainability-linked loan portfolio, reiterating our commitment to our ESG agenda.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,020,012 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including statements regarding the anticipated spin-off of United. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the impact of regulatory requirements or other factors on the Company’s ability to consummate the proposed spin-off; the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations

Tel: +30 213 0181 522

E-mail: ir@seanergy.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: seanergy@capitallink.com

Powell’s Need for Speed Attacking Inflationary Pressures

Posted on July 7, 2022 by Admin




Image Credit: Mark Stebnicki (Pexels)

Fed Chairman Powell Attacks the Core of Persistent Inflation

Economics is a social science; as such, it deals with human behavior. While economists are best known for reviewing statistics and plotting data points, those stats and chart plots all represent behavioral trends. Federal Reserve Chair Jay Powell is an economist that understands human behavior; that’s why he is resolved to get inflation back down to “acceptable levels” quickly. He knows what happens if higher price trends remain in place for too long.

The Fed Chair had been guiding the markets and businesses to expect a 50bp increase following the last FOMC meeting. When an inflation report a few days earlier indicated no lessening of the upward price trend, he became comfortable that moving 75bp instead of 50bp would not be going too far.

Federal Reserve officials have indicated they accept the risks of tightening to the point of causing a recession. This is because they are determined to prevent something they view as more difficult to treat. A prolonged upward spiral in prices would change consumer thinking and expectation. An expectation of ever-increasing prices could become self-fulfilling. Higher inflation at times is caused by expectations that prices and wages are going up, not by other underlying dynamics.

Inflation was part of the mindset of anyone who lived through the 1970s, increased costs were expected, and it was prepared for. Since the 1990s, when technology advanced at a rate where we became conditioned to wait for prices to come down, the risk of deflation had been the greater concern. Not today, a number of factors, including fiscal and monetary reactions to the pandemic, sanctions against Russia, and supply chain disruptions, have ignited inflation over the past year. Should it last long enough to become “the new normal,” it will be far more difficult to extinguish.

Powell said that people still expect inflation to come down in the medium and long run. He also said, the longer it takes to restore price stability, the greater the risk that those future expectations could rise. If that happens, he indicated, the U.S. could shift to a high-inflation regime. That could force the Fed to raise interest rates to even higher levels to break the stronger binds.

“We have high inflation running now for more than a year,” Powell said. “It would be bad risk management to just assume that those long-term inflation expectations will remain anchored indefinitely in the face of persistently high inflation. So we’re not doing that.” He asked, “Is there a risk that we would go too far? Certainly, there’s a risk, but I wouldn’t agree that’s the biggest risk to the economy.”

Take Away

Chairman Powell said at a central banking forum in Portugal. “The biggest mistake to make…would be to fail to restore price stability.” Inflation rises when demand for goods and services exceeds what is available, the pandemic lockdowns created shortages. Prices also rise when there is too much money chasing those goods. Again, the reaction to the pandemic created another key ingredient. Powell has little control over the supply of goods, but he does have the ability to control the amount of money and the cost of that money. And he intends to make it tight.

His approach is to kill the “cancer” before it becomes pervasive – even if the effort knocks the patient for a painful but survivable loop. At the root of this approach is the fear that households and businesses will come to expect high inflation to persist, which then can cause it to continue. That scenario would require the Fed to increase rates even more. Instead, he thinks it best to rid the country of it ASAP.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.politico.com/newsletters/morning-money/2022/06/30/where-jay-powell-draws-the-line-00043362

https://www.postgrad.com/subjects/social_sciences/overview/

https://www.wsj.com/articles/why-consumers-inflation-psychology-is-stoking-anxiety-at-the-fed-11657013400

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Ayala Pharmaceuticals (AYLA) – Interim Data From RINGSIDE Phase 2/3 Trial Indicate Efficacy

Posted on July 6, 2022 by Admin

Wednesday, July 06, 2022

Ayala Pharmaceuticals (AYLA)
Interim Data From RINGSIDE Phase 2/3 Trial Indicate Efficacy

Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma, Triple Negative Breast Cancer (TNBC), T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM) (in collaboration with Novartis). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations. AL102 is currently in a Pivotal Phase 2/3 clinical trials for patients with desmoid tumors (RINGSIDE) and is being evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. For more information, visit www.ayalapharma.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Interim Analysis Of The Phase 2/3 RINGSIDE Trial Announced. Ayala reported encouraging results from the interim analysis from Part A of the RINGSIDE trial testing AL102 in desmoid tumors. The RINGSIDE trial is a two-part trial testing AL102, Ayala’s oral gamma secretase inhibitor. Part A tests three dosing regimens to determine safety, tolerability, and change in tumor volume by MRI scans. These data will be used to select a dose for Part B, the double-blind placebo-controlled portion.

Interim Data Appears Favorable. The announcement summarized the interim results, with full data to be presented at an upcoming medical meeting. The company stated that AL102 demonstrated substantial anti-tumor activity, was well tolerated, and it reiterated plans to initiate Part B in 3Q22. We expect the full results to meet efficacy expectations and provide the information needed to select the dose for Part B….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Alliance Resource Partners (ARLP) – Updating Estimates and Increasing our Price Target

Posted on July 6, 2022 by Admin

Wednesday, July 06, 2022

Alliance Resource Partners (ARLP)
Updating Estimates and Increasing our Price Target

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating estimates. We have updated our 2022 revenue, EBITDA and EPS estimates to $2.362 billion, $759.2 million, and $3.45 from $2.391 billion, $744.6 million, and $3.40. Our respective second quarter estimates are $588.7 million, $190.8 million, and $0.88. While our 2022 revenue estimate was trimmed about $30 million to reflect modest changes in our production estimates, we anticipate stronger margins than previously forecast. Coal prices have strengthened since the beginning of June, and we have increased our 2023 revenue, EBITDA and EPS estimates to $2.6 billion, $799.4 million, and $3.65, respectively.

A win for coal-producing states. In a win for coal-producing states last week, the U.S. Supreme Court ruled that the Environmental Protection Agency (EPA) does not have the authority to set limits on carbon emissions from existing power plants. In our view, the outcome limits federal agencies from exercising broad regulatory power beyond what is authorized by Congress and could lead to a longer transition to lower carbon fuels using a more thoughtful and balanced framework….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Voyager Digital (VYGVF) – Files Chapter 11

Posted on July 6, 2022 by Admin

Wednesday, July 06, 2022

Voyager Digital (VYGVF)
Files Chapter 11

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Chapter 11. This morning, Voyager commenced a voluntary Chapter 11 process to maximize value for all stakeholders. As part of this process, the Company and its main operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York. The Company intends to seek recognition of the Chapter 11 case of Voyager in the Ontario Superior Court of Justice pursuant to the Companies’ Creditors Arrangement Act.

Business Resumption. According to the press release, the proposed Plan of Reorganization would, upon implementation, resume account access and return value to customers. Under the Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval, customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens. The plan contemplates an opportunity for customers to elect the proportion of common equity and crypto they will receive, subject to certain maximum thresholds….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Tonix Pharmaceuticals Announces Presentation at the World Orphan Drug Congress USA

Posted on July 6, 2022 by Admin

Tonix Pharmaceuticals Announces Presentation at the World Orphan Drug Congress USA

CHATHAM, N.J., July 06, 2022 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced it will present at the World Orphan Drug Congress USA 2022 being held July 11-13, 2022 at the Hynes Center in Boston, MA. The presentation will take place on Monday, July 11, 2022 at 2:00 p.m. ET.

Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals will deliver a presentation titled, “TNX-2900 (Intranasal Oxytocin + Magnesium) in Development for the Treatment of Hyperphagia in Adolescents and Young Adults with Prader-Willi Syndrome.”

Presentation Details
Date: Monday, July 11, 2022
Time: 2:00 p.m. ET
Conference website: World Orphan Drug Congress USA 2022

A copy of the Company’s presentation will be available under the Presentations tab of the Investors section of the Tonix website at www.tonixpharma.com following the conference.

About Tonix Pharmaceuticals Holding Corp.^*

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022 and interim data expected in the first quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the third quarter of 2022. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication that is Phase 2 ready and has been granted Breakthrough Therapy Designation by the FDA. TNX-1900 (intranasal potentiated oxytocin), a small molecule in development for chronic migraine, is expected to enter the clinic with a Phase 2 study in the second half of 2022. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s infectious disease pipeline consists of a vaccine in development to prevent smallpox and monkeypox called TNX-801, next-generation vaccines to prevent COVID-19, and a platform to make fully human monoclonal antibodies to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-1850, which are live virus vaccines based on Tonix’s recombinant pox live virus vector vaccine platform.

^*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2022, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 799-8599

Olipriya Das, Ph.D. (media)
Russo Partners
Olipriya.Das@russopartnersllc.com
(646) 942-5588

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Release – Voyager Digital Commences Financial Restructuring Process to Maximize Value for All Stakeholders

Posted on July 6, 2022 by Admin

Voyager Digital Commences Financial Restructuring Process to Maximize Value for All Stakeholders

Research, News, and Market Data on Voyager Digital

Files Voluntary Petitions for Chapter 11
Protection to Implement Restructuring; Proposed Plan of Reorganization Creates
Efficient Path to Resume Account Access and Return Value to Customers

Voyager Has Approximately $1.3 Billion of
Crypto Assets on the Platform, More Than $350 Million of Cash Held in
the FBO Account for Customers at Metropolitan Commercial Bank, and Claims
Against Three Arrows Capital of More Than $650 Million¹

NEW YORK, July 5, 2022 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), today announced that it has commenced a voluntary Chapter 11 process to maximize value for all stakeholders. As part of this process, the Company and its main operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York (the “Court”). The Company intends to seek recognition of the Chapter 11 case of Voyager in the Ontario Superior Court of Justice (Commercial List) pursuant to the Companies’ Creditors Arrangement Act.

“This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers,” said Stephen Ehrlich, Chief Executive Officer of Voyager. “Voyager’s platform was built to empower investors by providing access to crypto asset trading with simplicity, speed, liquidity, and transparency. While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital (“3AC”) on a loan from the Company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery.”

The proposed Plan of Reorganization (“Plan”) would, upon implementation, resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval, customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens. The plan contemplates an opportunity for customers to elect the proportion of common equity and crypto they will receive, subject to certain maximum thresholds.

Customers with USD deposits in their account(s) will receive access to those funds after a reconciliation and fraud prevention process is completed with Metropolitan Commercial Bank.

The Company continues to evaluate all strategic alternatives to maximize value for stakeholders.

The Company has over $110 million of cash and owned crypto assets on hand, which will provide liquidity to support day-to-day operations during the Chapter 11 process, in addition to more than $350 million of cash held in the For Benefit of Customers (FBO) account at Metropolitan Commercial Bank. Voyager also has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital (“3AC”) of more than $650 million.

Voyager previously announced that its subsidiary, Voyager Digital LLC, issued a notice of default to 3AC for failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC. Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-supervised processes in the British Virgin Islands and New York.

The Company also announced the appointment of a four new independent directors: Matthew Ray at Voyager Digital Ltd.; Scott Vogel at Voyager Digital Holdings, Inc.; and Jill Frizzley and Timothy Pohl at Voyager Digital LLC. Information regarding their backgrounds and relevant experience is included at the end of this release.

As part of the reorganization process, the Company will file customary “First Day” motions to allow it to maintain operations in the ordinary course. Voyager intends to pay its employees in the usual manner and continue their primary benefits and certain customer programs without disruption. The Company expects to receive court approval for all these routine requests. Trading, deposits, withdrawals and loyalty rewards on the Voyager platform remain temporarily suspended.

Parties with questions about the chapter 11 process may contact the Company’s Claims Agent, Stretto, at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271-6507 (for parties outside the U.S.). They have also set up a website at
http://cases.stretto.com/Voyager, which includes court documents and other information.

To effectuate the restructuring process, the Company has engaged Moelis & Company and The Consello Group as financial advisors, Kirkland & Ellis LLP as legal advisors, and Berkeley Research Group, LLC, as restructuring advisor.

New Independent Directors
to Provide Additional Leadership and Expertise

Matthew Ray joins as an independent director of Voyager Digital Ltd. Mr. Ray is the Founder and Managing Partner of Portage Point Partners where he has served as Chief Restructuring Officer (CRO), Chief Executive Officer (CEO), Chairman, Lead Independent Director, Special Restructuring Committee Chairperson and Strategic Advisor leading wide-ranging transformations and restructurings for both private and public companies.

Scott Vogel joins as an independent director of Voyager Digital Holdings, Inc. Mr. Vogel has broad experience sitting on numerous boards of directors for financially distressed companies in a diverse set of industries. Mr. Vogel carefully and skillfully manages complex situations, develops restructuring plans and post-restructuring organizational priorities, builds consensus amongst and between stakeholders and management, executes complex capital market and corporate transactions, facilitates clear lines of communication, and aligns management incentives to ensure accountability.

Jill Frizzley joins as an independent director of Voyager Digital LLC. Ms. Frizzley is a corporate governance expert with significant experience serving on boards of directors and advising on corporate governance, restructuring, bankruptcies, and mergers and acquisitions. Leveraging over two decades of legal practice in financial restructuring and insolvency, Ms. Frizzley has a deep wealth of knowledge encompassing corporate, financial, and governance matters across a wide range of industries.

Timothy Pohl joins as an independent director of Voyager Digital LLC. Mr. Pohl has extensive experience and expertise in all aspects of corporate restructurings and financing, mergers and acquisitions, valuation, liquidity and balance sheet assessment and analysis, capital markets, corporate law, restructuring law, and litigation. Mr. Pohl currently serves as a Senior Advisor in a number of situations, as well as an Independent Director for a number of corporations. Mr. Pohl has also advised across a wide range of industries and has provided expert testimony on valuation and corporate and restructuring matters.

About Voyager Digital
Ltd.

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Forward
Looking Statements

Certain information in this press release, including, but not limited to, statements regarding the restructuring process, the restructuring Plan, available remedies for recovery from 3AC, intended filings as part of the restructuring process, resumption of account access, return of value to customers, the ability of Voyager to continue as a going concern, exploration of strategic alternatives, discussions with third parties in respect of strategic alternatives and the results of those discussions, the temporary nature of the suspension of the platform, future growth and performance of the business, the exploration of strategic alternatives, future adoption of digital assets, anticipated trends and challenges in our business and industry, the regulation of digital assets offerings, the impact of the 3AC default on the Company, the Company’s liquidity and ability to satisfy customer orders and withdrawals and the Company’s anticipated results may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. It is uncertain as to the timing or results of the restructuring process or the terms of the final restructuring plan, when account access will resume, the value to be returned to customers, what amount Voyager will be able to recover from 3AC for non-payment or the legal remedies available to Voyager in connection with such non-payment or the impact on the future business, cash flows, liquidity and prospects of Voyager as a result of 3AC’s non-payment. Forward looking statements are subject to the risk that the global economy, industry, or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that parties to whom the Company lends assets are able to repay such loans in full and in a timely manner, that trading momentum does not continue or the demand for trading solutions declines, customer acquisition does not increase as planned, product and international expansion do not occur as planned, risks of compliance with laws and regulations that currently apply or become applicable to the business and those other risks contained in the Company’s public filings, including in its Management Discussion and Analysis and its Annual Information Form (AIF). Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, the results of the restructuring process and the terms of the restructuring plan, if such a plan is ultimately agreed to, the results from the exploration of strategic alternatives, the inability to resume trading, deposits, withdrawals and rewards on the platform in a timely manner, an inability to drawdown under the credit facility or access other sources of financing, an increase in customer demands for withdrawals from the platform, any insolvency or similar proceedings with respect to 3AC, our ability to find a strategic alternative, a decline in the digital asset market or general economic conditions; changes in laws or approaches to regulation, the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; changes in the volatility of crypto currency, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, a delay or failure in developing infrastructure for the trading businesses or achieving mandates and gaining traction; failure to grow assets under management, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. Readers are cautioned that Assets on Platform and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties relating to the Company are contained in its filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events, except as required by law. The Company assumes no obligation to provide operational updates, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance. There is no assurance that the funds available under the loan agreement will be available or, even if available will, together with any other assets of Voyager be sufficient to safeguard assets.

The TSX
has not approved or disapproved of the information contained herein.

__________________

¹The amounts are as of June 30, 2022, and are preliminary, non-reviewed and unaudited, and subject to final adjustments following completion of quarterly and year-end close procedures.

SOURCE Voyager Digital Ltd.

Energy Stock Investors Still in Very Interesting Sector

Posted on July 6, 2022 by Admin




Image Credit: It’s Our City (Flickr)

Monitoring the Gusher of Cross Currents in the Energy Industry

A plan from the White House to allow drilling in the Gulf of Mexico. Calls for a crude export ban. A Biden tweet asks companies running gas stations to drop prices. A proposed price cap on Russian oil. And OPEC-plus output is expected to remain steady. These are just some of the events impacting energy company stocks. Meanwhile, travel in the U.S. skyrocketed to levels not seen in years to kick off the summer vacation season. For their part, oil industry stocks, as measured by the XLE, are down 25% from their high a month ago (June 8), and are approaching their 200-day moving average. Is the cooling off in oil company stocks temporary? Could the recent sell-off attract dip buyers, and what is the overall health of the industry beyond the outside noise?

Source: Koyfin

Selling Gulf Drilling Leases

On July 1, in a disappointment to some environmental groups, the Biden administration made two moves to open public lands to fossil fuel extraction. The administration held its first onshore lease sales, and it released a proposal for offshore drilling that could open parts of the Gulf of Mexico and Alaska’s Cook Inlet to leasing through 2028.

Oil industry officials said the action would do little to help counter high energy prices. This is important to the President as gasoline prices have been a daily reminder for voters of how life has changed since the President has taken office. Biden’s taking action against higher fuel prices could be seen as a political move aimed at helping the mid-term elections come out in favor of the President’s party. The oil industry officials throw cold water on any thinking that it would change prices, they say there will be a months-long gap before a new plan can be put in place. The oil industry spokespersons say the delay could cause problems in planning new drilling and potentially lead to decreased oil production. Overall, oil companies are hesitant to go all out and bid for leases and commit extraordinary resources to projects when the administration’s commitment is uncertain.

The administration had already suspended lease sales earlier in 2022, citing climate concerns. As a result of a court order by a U.S. district judge in Louisiana, the company involved was cleared to resume.

There is a long start-up time between the bidding process and the developing drilling operations. In the meantime, there is no sign for the oil companies to feel comfortable committing to long-range projects because the administration has not shown unwavering commitment. Resources allocated to what the administration says it is committed to, that is a move away from fossil fuels, would seem more appropriate in the long run for energy companies.

Export Ban Feasibility

The Biden administration wants to potentially place an outright ban on U.S. exports of oil and refined products. Speaking to reporters during a tour of the Strategic Petroleum Reserve in Louisiana, Energy Secretary Jennifer Granholm said that the administration was “not taking any tools off the table” in its effort to reduce prices at the pump, including reimposing the 1970s ban on oil exports that was lifted in 2015. This is confusing to consumers and oil companies alike as it was just last December that Granholm said an export ban was not under consideration. Secretary Granholm’s comments seem to mark a significant shift in energy policy for the administration.

A ban would have to take into account the complex global oil market. Each country does not produce the quality of crude oil or refined petroleum products used in its country. For many, imports from the U.S. have no substitutes. This would force them to find other providers, or do without. The highly advanced U.S. refining capabilities allow it to take low-cost heavy oil from Central America and Canada and turn it into high-grade gasoline. This ability to input low-cost crude and export high-value refined products is a net positive for the U.S. when measuring trade surplus’/deficits.

While an export ban may score points politically, it may not accomplish a useful goal. In January, the Dallas Federal Reserve released a study on the potential impacts of a crude oil export ban. It measures possible consequences on worldwide energy prices and their impact on Americans. The study concluded that a halt of U.S. exports “would lower the supply of oil in global markets and raise its price” and “one would expect global fuel prices, if anything, to increase as a result.”

Image: A tweet from @POTUS draws a snarky reply from the domestic oil and gas advocate USOGA.

OPEC-Plus Output Decision

OPEC+ is the name given to the combined oil-producing countries that include the 13 members of OPEC, and 10 other oil-producing countries including Russia. On Thursday (June 30) OPEC+ confirmed it would not increase output for the month of August any more than previously announced. The group had concerns about oversupplying in the face of mounting factors that could lead to a recession. Ironically, one of those factors is the tight global supply of oil.

Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (BPD) in July and August. The OPEC+ group of producers ended the meeting by agreeing to stick to its output strategy. The producers did not discuss policy for September or beyond.

Analysts Report

“Energy industry fundamentals remain strong.” Wrote Noble Capital Markets, Senior Energy Analyst Michael
Heim, in his quarterly
report on the industry released this week. Heim went on to write that cash flow levels are envious in the industry, and debt levels are being pared down. He maintains his positive bias toward the sector and favors small-caps within the sector “with the ability to expand operations.”

Take Away

Energy companies’ performance, particularly those involved in oil or natural gas, have had excellent performance over the past two years – they have been the top-performing sector so far this year. However there has been a bit of a dip, and there are many crosscurrents that could make a continued rise a bit choppier than it had been.

The outlook on the industry is positive as the companies are faced with an enviable number of options and opportunities to rework their finances and perhaps move into new projects, both traditional and future-looking.

They, however, need to pin down the administration on whether it is committed to their products long term. This nod to the future could open the door to more investment in production. Alternatively, if they are caught in political positioning that may not carry any weight six months down the road, wrong decisions now could be expensive.

Read Michael Heim’s Energy Industry Report – The Outlook for Energy Stocks Remains Favorable
here.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://insideclimatenews.org/news/01072022/public-lands-fossil-fuel-drilling-leases-biden/

https://www.whitehouse.gov/briefing-room/statements-releases/2021/01/27/fact-sheet-president-biden-takes-executive-actions-to-tackle-the-climate-crisis-at-home-and-abroad-create-jobs-and-restore-scientific-integrity-across-federal-government/

https://www.npr.org/2022/07/02/1109552068/a-biden-administration-offshore-drilling-proposal-would-allow-up-to-11-sales

https://www.forbes.com/sites/daneberhart/2022/06/07/banning-us-exports-would-be-bidens-ultimate-energy-folly/

https://www.thehindu.com/news/international/opec-plus-the-cartel-and-its-allies-that-keep-oil-on-the-boil/article65493511.ece#:~:text=OPEC%20Plus%20refers%20to%20a,%2C%20Azerbaijan%2C%20Bahrain%2C%20Brunei%2C

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Release – Eagle Bulk Shipping Inc. to Issue Second Quarter 2022 Results and Hold Investor Conference Call

Posted on July 6, 2022 by Admin

Eagle Bulk Shipping Inc. to Issue Second Quarter 2022 Results and Hold Investor Conference Call

Research, News, and Market Data on Eagle Bulk Shipping

STAMFORD, Conn., July 06, 2022 (GLOBE NEWSWIRE) — Eagle Bulk Shipping Inc. (Nasdaq: EGLE), one of the world’s largest owner-operators within the midsize drybulk segment, announced today that it will report its financial results for the second quarter ending June 30, 2022, after the close of stock market trading on August 4, 2022. Members of Eagle Bulk’s senior management team will host a call at 8:00 a.m. ET on Friday, August 5, 2022 in order to discuss company results and provide an update on market fundamentals.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at ir.eagleships.com. To access the call by phone, please register at https://register.vevent.com/register/BI942c4261331c44f1b09f9d991f2d27ed and you will be provided with dial-in details. A replay of the webcast will be available on the Investor Relations page of the Company’s website.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile midsize drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Company Contact

Eagle Bulk Shipping, Inc.

investor@eagleships.com

+1 203-276-8100

Media Contact

ICR, Inc

+1 203-682-8396

Source: Eagle Bulk Shipping Inc

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