HSBC Buys Silicon Valley Bank’s UK Arm for £1
HSBC has acquired collapsed Silicon Valley Bank’s UK unit for £1, in a symbolic move to rescue the tech lender following the biggest bank collapse since the 2008 Financial Crisis over the span of a weekend. On Monday, HSBC announced it had purchased SVB’s UK bank in a private sale facilitated by the British government […]
Aztec Minerals Begins 2023 Program At Cervantes Gold-Copper Project
Exploration is now underway at Aztec Minerals’ (TSXV: AZT) Cervantes project in Sonora, Mexico. The firm this morning indicated that two field crews have been mobilized to site. The field crews are said to have been mobilized in February, with the teams focused on conducting surface exploration across the gold-copper property. Current tasks included under […]
Precious Metals, Bitcoin Rally As Regional Banks Continue To Sink
Investors this morning have seemingly turned to hard assets in the wake of several banks going belly up over the course of the last week, and related government intervention on the matter. Yesterday it was announced in a joint statement by the US Treasury, the Federal Reserve, and the FDIC that the government would be […]
CZ Talks Down Bailouts Months After Putting Up A Bailout Fund
In a now-deleted tweet, Binance CEO Changpeng “CZ” Zhao warned followers about the dangers of bailouts, saying “once you do one bailout, you end up in a dilemma.” His comment is a stark reversal from just in November when he said that Binance was “forming an industry recovery fund, to help projects who are otherwise […]
West Red Lake Gold Plans To Drill Test 17,000 Metres In 2023
West Red Lake Gold (TSXV: WRLG) is starting off the 2023 exploration season with a bang, revealing this morning that it has begun a drill program at its wholly owned West Red Lake Gold Project. Exploration is set to consist of a 7,000 metre drill program, along with a LiDAR survey that will be conducted […]
Is First Republic Bank Next To Fail? Firm “Diversifies” Portfolio With Help From JPMorgan
First Republic Bank (NYSE: FRC) said that it has strengthened its financial position with new support from the Federal Reserve and JPMorgan Chase & Co. The new loan provides $70 billion in unused liquidity to the bank, which was under pressure following the collapse of SVB Financial Corp. (NASDAQ: SIVB) last week. This does not […]
AcuityAds Reveals 92% Of Cash Held At SVB, Expects Operations To Be Uninterrupted
AcuityAds Holdings (TSX: AT) (NASDAQ: ATY) is breathing a sigh of relief this morning following a decision by the US government to backstop depositors of Silicon Valley Bank. The firm on Friday revealed after halting trading that it had over US$55.0 million in cash held at the bank. The company elected to halt the trading […]
Power Nickel To Raise $5.0 Million To Further Explore Nisk Property
Power Nickel (TSXV: PNPN) is looking for further funding to continue the development of its flagship Nisk nickel-copper PGE property in Quebec. The firm last night indicated it will be raising flow through funds as a means of furthering the development of the project. The company intends to raise gross proceeds of up to $5.0 […]
Tobacco (Finally) Falls Out of Favor As Legal Marijuana Continues to Gain Public Support
American society is witnessing a remarkable shift in attitudes toward cannabis and tobacco. Once upon a time, smoking cigarettes was widely accepted and even considered a social norm. But today, the tables have turned, and more Americans favor legalizing cannabis over keeping tobacco legal. To highlight this shift in public opinion, The Hill recently compared […]
Could Silicon Valley Bank’s Failure Impact the Production of California Wines?
As has been widely reported, the failure of SVB Financial Group (NASDAQ: SIVB) may have a significant impact on venture capital (VC) and private equity firms and on the portfolio companies in which these firms have invested. According to various media reports, SIVB, known for having less stringent lending standards than money center banks, has done business with […]