The week is ending on a tragic note with our thoughts going out to those affected by the floods in B.C.
One person has died, with the toll expected to rise, while approximately 18,000 people have been displaced after heavy rains – equivalent to one month’s worth over two days – damaged highways, roads, rails and vast swathes of farmland in the coastal province.
The devastation also cut off access between the Port of Vancouver and the rest of the country, which will aggravate supply chain constraints beyond the burden of the COVID pandemic. Vancouver’s port is by far the most important in terms of national imports. Many ships are currently sitting idle, as the perishable nature of their goods, and the Port of Vancouver’s unmatched capacity precludes unloading through the U.S.
Beyond bare grocery shelves and delayed Christmas wares, Vancouverites, in particular, may be faced with higher fuel prices, as the Trans Mountain pipeline was forced to shut down and the situation on the ground remains too dangerous to assess necessary repairs. Additionally, commodity and agricultural exporters are likely to take a hit as they reroute products to other ports for international shipping.
Canadian Pacific Railway and Canadian National Railway have both been affected by the disaster but have yet to confirm a timeline to return to full operations.
The TSX is reflecting the dire situation in B.C. down 0.66 per cent for the week as of 12:34 pm ET.
Short-term government bonds are also responding with caution with yields hovering around the 1-per-cent mark throughout the month, up over 100 per cent since September.
The Market Herald Canada, based partly out of Vancouver, recognizes the incredible loss thousands of B.C. natives are facing and our hearts go out to them, and to the many volunteers and emergency personnel working to deliver essential supplies and get people to safety.
With that said, here are your top five stories of the week.
Argentina Lithium (TSXV:LIT) acquires Rincon West and Pocitos properties
Argentina Lithium & Energy has signed a definitive agreement to acquire the Rincon West and Pocitos properties in Salta Province.
The Rincon West prospect is a single mining concession covering 2,370 hectares on the west side of the Rincon Salar.
The Pocitos prospect is a group of eleven contiguous mining concessions totalling 15,857 hectares on the western side of the Pocitos Salar.
VP of Exploration Miles Rideout spoke with Dave Jackson to discuss the acquisition.
Argentina Lithium & Energy (LIT) is down by 12.73 per cent over the past week trading at $0.48 per share as of 10:55 am ET.
Xali Gold (TSXV:XGC) reports that El Oro tailings reprocessing will be operational mid-2022
Xali has been advised by Sun River Gold that the El Oro tailings reprocessing will be operational by Q2 2022.
Sun River has secured financing, procured the majority of the reprocessing equipment and expects to receive permits within one month.
It has the option to acquire the tailings project from a Xali subsidiary.
The mine tailings contain an inferred resource of 119,900 ounces of gold and 3,061,200 ounces of silver.
Joanne Freeze, Xali’s President and CEO, joined Caroline Egan to discuss the arrangement.
Xali Gold (XGC) is up by 16.67 per cent over the past week trading at $0.07 per share as of 11:29 am ET.
Nextech AR Solutions (CSE:NTAR) is rebranding as a metaverse company
Nextech AR will henceforth be known as “Nextech AR Solutions, A Metaverse Company”.
The rebranding seeks to align with industry leaders such as Facebook, Epic Games, Microsoft and Unity, who have identified the metaverse as the future of the internet and computing itself.
Nextech CEO Evan Gappelberg sat down with Caroline Egan to discuss the rebranding.
Nextech AR (NTAR) is down by 6.11 per cent over the past week trading at $1.69 per share as of 11:31 am ET.
Prophecy DeFi (CSE:PDFI) announces private placement of unsecured convertible debentures
Prophecy DeFi has entered into an agreement with Canaccord Genuity to sell up to C$25,000,000 of unsecured convertible debentures.
The debentures will mature 36 months following the closing and will bear interest at a rate of 10 per cent per annum from the date of issue, payable quarterly in cash.
The debt is convertible into common shares at a price of $1 per share.
The offering is expected to close on or about December 7, 2021.
Prophecy DeFi CEO John McMahon spoke with Caroline Egan about the details behind the financing.
Prophecy DeFi (PDFI) is down by 7.04 per cent over the past week trading at $0.66 per share as of 11:29 am ET.
Sprout AI (CSE:BYFM) distributor TheraCann Australia and Ivory Medical break ground on new cultivation facility
TheraCann Australia and Ivory Medical have begun preparations for a new 54,000 sq. ft. purpose-built cultivation facility.
The facility, commissioned by Ivory Medical, has been designed to produce up to 163 kg of dried cannabis flower (biomass) per year. The biomass will then be extracted into oil to make cannabis oil-based products.
Sprout AI’s version 2 automated vertical indoor rolling rack enclosed plant habitat will serve as the facility’s cultivation technology.
TheraCann Australia will provide technical and operational support.
Chris Bolton, Founder and CEO of TheraCann, sat down with Caroline Egan to shed light on the announcement.
Sprout AI (BYFM) is down by 23.08 per cent over the past week trading at $0.20 per share as of 11:46 am ET.
We’ll see you next Friday afternoon for a survey of the week’s market-moving news on The Market Herald Canada.