Coronavirus Erases Decades of Demand Growth for Crude Oil
Despite the agreement between OPEC and affiliates to cut oil production to record levels, oil prices still dropped to $20 per barrel, due to the inescapable drastic decline in global demand for fossil fuels. Given the grim outlook on mitigation efforts in containing the deadly coronavirus, there still could be more damage on the way […]
CARES Act Relief Program for Small Businesses Runs out of Funding Within First 2 Weeks
As part of the COVID-19 relief effort, the US government created the Paycheck Protection Program (PPP), a federally funded $350 billion loan program specifically aimed at providing small businesses with cash flow amid nationwide lockdowns. The program was launched on April 2, and is scheduled to run through to June 30; however, it has only […]
Aurora Cannabis Increases US$400 Million At The Market Offering To US$650 Million
Aurora Cannabis (TSX: ACB) (NYSE: ACB) will be increasing its recently completed US$400 million at-the-market offering as the company previously indicated earlier this week. However, instead of the expected US$350 million increase for the program, the company will only be increasing the figure by US$250 million. It’s unclear why Aurora elected to not utilize the […]
China’s Central Bank to Begin Digital Currency Trials
China’s central bank has been granted approval to begin a pilot project which will see commercial lenders using digital currency for transactions. The new trials will be conducted internally at Chinese state-owned banks, and will consist of hypothetical tests using People’s Bank of China digital currency. The digital currency test will consist of a digital […]
Lodge Resources Acquires Lower 48 Resources, Lehmi Gold Project
Lodge Resources (CSE: LDG) announced this morning that it has completed the acquisition of the parent company of Lower 48 Resources Ltd, and as a result, that of Lower 48 as well. As a result, Lodge has now acquired the Lemhi Gold project, which is located in Lemhi County, Idaho. The Lemhi Gold project consists […]
Canopy Growth Shutters Several Global Operations
Canopy Growth Corp (TSX: WEED) (NYSE: CGC) this morning announced a number of changes to its global operations this morning as the company continues to cut costs and right size its oversized operation. Changes outlined by the company include the exit from certain global as well as local operations. The changes hightlighted by Canopy this […]
US Hits Another 5.2M Jobless Claims
This morning the Department of Labor announced the Initial Jobless Claims for the week ended April 11th, the seasonally adjusted claims came in at 5,245,000, a decrease of 1,370,000 from the previous week’s revised level. The largest increases in initial claims for the week ending April 4 were in Georgia (+256,312), Michigan (+84,219), Arizona (+43,488), […]
Sundial Sees Credit Facility Waivers Extended By Two Weeks
Sundial Growers (NASDAQ: SNDL) appears to be hanging on by a thread. Last night, on the day that certain milestones were supposed to be completed by, the company issued a release indicating that its lenders had agreed to push certain waiver agreements until April 30. Referred to by the company as the “collaborative relationship between […]
Falcon Gold Acquires Land Claims Near Merritt, BC
Falcon Gold (TSXV: FG) this morning announced the expansion of its exploration portfolio, acuiring what is referred to as the Spitfire and Sunny Boy claims which are located in central BC. The claims consist of 502 hectares located 16 kilometers east of Merritt, BC. The property itself is close to excellent infrastructure, with access available […]
IMF and World Bank Issue Debt Cancellation Program for Developing Countries Amid Global Pandemic
The International Monetary Fund (IMF), alongside World Bank and G20, has made an unprecedented decision to cancel all debts owed by 111 countries effective May 1, 2020. The day before the official commencement of the Spring Meetings, the IMF’s Executive Board has decided to cancel debt owed by countries that were already subject to significant […]