Design and Site Work Underway for Company’s First Commercial Lithium Plant
EL DORADO, Ark., Dec. 06, 2022 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), a leading near-commercial lithium company, is pleased to announce it has completed all necessary agreements with LANXESS Corporation to secure access to the proposed commercial lithium plant site (the “Site Access Agreement”) and conduct all required fieldwork to support the Definitive Feasibility Study (DFS) underway. Standard Lithium is also pleased to report that subsequent to signing the Site Access Agreement, the Company has commenced the site work necessary for the design of its first commercial lithium plant.
Dr. Andy Robinson, President of Standard Lithium commented, “The Company is pleased to reach this important milestone. Our team has successfully negotiated and agreed to a key agreement with Lanxess, the site owner, to exclusively secure the required property for our commercial facilities and allow us to start working on the ground at the proposed location of the first commercial lithium project. The data gathered over the next few months will be vital to allow the OPD team to design the plant and locate key equipment on the large land area available to Standard Lithium at Lanxess’ South Plant facility. Once the important ground conditions are determined, and the location of key equipment can be fixed, then the engineering work to allow for connection between the Standard Lithium plant and Lanxess’ existing brine infrastructure present at the site can begin. We look forward to announcing more developments as the design towards the Company’s first commercial lithium project unfolds.”
The Site Access Agreement also establishes fundamental commercial plant development parameters and secures the lease area for commercial development (pending key milestones, such as a positive DFS). This first project, designated as Phase 1A, is located at the Lanxess South Facility. The fieldwork is being supervised by the Company’s Front End Engineering Design (FEED) contractor, Optimized Process Designs LLC (OPD), a Koch Industries EPC contractor (see news release September 7, 2022). OPD and their design partners have developed a scope of work that will allow them to understand all necessary site conditions (e.g. geotechnical and environmental baseline conditions etc.), and have awarded the site investigation work to a series of Arkansas-based contractors. The contractors are currently completing the site clearing required for access to the greenfield property and will be executing the intrusive field investigation program over the next 1-2 months. This essential design data will then be used by OPD and their team to assist in designing the commercial plant (e.g. foundation design for tanks/buildings etc.).
About Standard Lithium Ltd.
Standard Lithium is a leading pre-commercial lithium development company with a portfolio of projects in process. The Company’s flagship projects, the LANXESS Property Project and the South West Arkansas Project, are located in southern Arkansas near the Louisiana stateline. The Company is focused on the evaluation and testing of commercial lithium extraction and purification from brine sourced from approximately 180,000 acres of unitized leases across these two projects. The Company operates a first-of-a-kind industrial-scale Direct Lithium Extraction (DLE) Demonstration Plant at the LANXESS Property Project. The scalable, environmentally friendly process eliminates the use of evaporation ponds, reduces processing time from months to hours and greatly increases the effective recovery of lithium. A Definitive Feasibility Study (DFS) and Front-End Engineering Study (FEED) for Phase 1A of the LANXESS Property Project commenced in September 2022. A Preliminary Feasibility Study (PFS) of the South West Arkansas Project commenced in May 2022. The Company is also pursuing the resource development of approximately 45,000 acres of mineral leases located in the Mojave Desert in San Bernardino County, California.
Standard Lithium is jointly listed on the TSX Venture Exchange and the NYSE American under the trading symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at https://www.standardlithium.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to development of a commercial lithium plant, completion of definitive feasibility study, future prices of commodities, accuracy of mineral or resource exploration and drilling activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Successful scale-up of Pomacle commercial unit
Evry, 06 December 2022 – Global Bioenergies announces the successful scale-up of production at its Pomacle commercial unit. All sub-units are now up and running, a few weeks ahead of schedule.
Global Bioenergies announces that its first commercial production unit is now fully operational. All units (biological isobutene production, purification, condensation and packaging) have been validated and are now in operation.
Frédéric Ollivier, Global Bioenergies’ Chief Technical Officer, said: “An industrial project is invariably an adventure. This is especially so in these troubled times. Nevertheless, we were able to successfully build and commission the unit in very good conditions. We are now producing about 1 tonne of isobutene per week. I would like to congratulate the entire Global Bioenergies team, who made this success possible.”
Global Bioenergies plans to sell purified isobutene for use in cosmetics and high value-added fuel applications that can cover what remains a very high production cost.
Global Bioenergies will also convert some of the isobutene produced, via an established chain of tollers, into cosmetic-grade isododecane for sale to major cosmetic companies under the trademark Isonaturane® 12. The scale-up of this downstream chain was executed in parallel to the start of operations at the Pomacle unit.
Daphne Galvez, Global Bioenergies’ Head of Sales, said: “We will produce Isonaturane® 12 by campaigns. The first batch, which will be delivered in a few months, has already been sold in full, and our commercial discussions are now focusing on subsequent batches.”
Marc Delcourt, Global Bioenergies’ Chief Executive Officer, said: “The primary purpose of this unit is to generate revenue. Its second purpose is to pave the way in commercial, technical and regulatory terms for the 2025 launch of a new unit destined to produce 2,000 tonnes of isobutene and derivatives per year.”
About GLOBAL BIOENERGIES
Global Bioenergies converts plant-derived resources into compounds used in the cosmetics industry, as well as the energy and materials sectors. After launching the first long-lasting and natural make-up brand LAST® in 2021, Global Bioenergies is now marketing Isonaturane® 12, its key ingredient, to major cosmetics companies to improve the naturalness of their formulas whilst improving their carbon footprint. In the long run, Global Bioenergies is also aiming at cutting CO2 emissions in the aviation and road sector and thereby curb global warming. Global Bioenergies is listed on Euronext Growth Paris (FR0011052257 – ALGBE).
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The experienced boutique law firm, GZ Legal, offers a variety of services, including the affordable filing of patents in the United Kingdom. This service saves businesses money while putting the filing into experienced and trusted hands.
Filing patents in any country can be incredibly time-consuming and expensive. The process is complex, especially if it’s in a country the business isn’t familiar with or hasn’t worked in before. Filing a single patent typically costs £4,000 in the United Kingdom and anywhere from $10k-20k in the United States. This difficult and pricey legal process is necessary for many companies, regardless of whether they have the budget for the cost or the expertise to file the patent themselves.
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(Alliance News) – Serica Energy PLC on Monday said initial analysis has detected hydrocarbons at the North Eigg exploration well, but commercial quantities have not been established.
The London-based oil & gas company focused on the UK North Sea said well 3/24c-6B was drilled to a total depth of 16,728 feet, discovering 16 feet of hydrocarbon-bearing sands and confirming the presence of hydrocarbons at a deeper depth than the adjacent Rhum field.
Serica will suspend the well pending the results of the analysis, and the determination of whether a sidetrack location can be designed to “better evaluate the volumes of hydrocarbon in this new discovery,” the company said. The net post-tax final well cost is likely to be around GBP13 million, Serica said.
“Although the North Eigg exploration well has not delivered the result we had hoped for, it has demonstrated the presence of hydrocarbons and provided a huge amount of high-quality data,” Serica Chief Executive Officer Mitch Flegg said.
Serica reported that net production in barrels of oil equivalent per day was up 2.3% to 28,997 in November, from 28,331 in October.
The average market oil price had dropped 1.3% in November, the company said, at USD92.1 per barrel of oil, down from USD93.3 in October. Average monthly gas prices, meanwhile, were up 15% at 119.90 pence per therm, up from 103.90p.
Serica shares were down 6.6% at 296.00p per share on Monday morning in London.
By Harvey Dorset; firstname.lastname@example.org
Copyright 2022 Alliance News Limited. All Rights Reserved.
Australian developers are nervously watching the outcomes from recent major cyber security breaches on home soil.
Of course, cybercrime has been a real and present danger for developers for many years, but the rise of embedded building technology presents some serious challenges for the industry, according to Mirvac’s chief digital officer, William Payne.
“Buildings are becoming smarter through both ground-up software development and modernisation,” he says.
“Developers and asset managers must now apply cyber security disciplines, tools and continuous improvement techniques more commonly seen in traditional corporate IT environments. There must be an ongoing strategy to protect assets and support customers’ cyber security standards.”
Those with long memories will recall the poster child cyber incident in 2013 involving the US consumer goods behemoth, Target.
The breach happened after hackers got into the system through the air-conditioning system connected to Target’s main IT network. It sent chills down the spines of development firm principals and asset owners given it could happen to any business that owns real estate.
Today, smart buildings are more connected than ever. So, understanding what data is being collected and retained during the development process and beyond is crucial, says Lara Paholski, chief executive of property and legal technology development company, thelawstore.com.au.
Some of the data collected when developing smart commercial buildings includes identity documents, financial documents, as well as personal information such as contact numbers, address and next of kin details. The question is once collected, whether this data really needs to be stored longer term.
“Personal information may be captured via photo, which is texted or emailed back to developers’ offices. This creates an identity honeypot. Hackers can get all this personal information simply by gaining access to emails,” Paholski says.
HopgoodGanim lawyer Steven Hunwicks says developers and managers may quickly find they have become custodians of great volumes of deeply personal information about behaviours.
“But they may not have governance arrangements and practical controls in place to manage and mitigate the risks arising from the data,” Hunwicks says.
As a result, developers need to think about whether they really need to be storing this information long-term. Because the consequences if they are hacked and the data is stolen and sold on the dark web are serious.
In a sign that the people and parliament are increasingly losing patience with corporate data breaches, new legislation that dramatically increases penalties for serious or repeated privacy breaches passed both houses on Monday, November 28, with bipartisan support.
The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 raises the financial penalties from $2.5 million to $50 million, three times the value of any benefit obtained through the misuse of data, or 30 per cent of a company’s adjusted turnover in the relevant period, whatever is larger.
Personal data aside, technology consultancy Waterstons’ head of security, Ryan O’Kell, says property firms are often vulnerable to a hack attack due to outdated and unmanaged tech systems.
“Without a solid cyber security plan in place, your threats and vulnerabilities increase.”
In addition to heating, ventilation and air-conditioning (HVAC) systems, property firms are exposed to cyber risks through security cameras and employees’ own devices.
“One infiltration scenario could be adversaries watching security cameras, gathering information and potentially locking people inside, controlling the HVAC systems to inflict damage to those inside and demanding a ransom,” O’Kell says.
In another hypothetical scenario, hackers could access and then control the lighting or HVAC systems and blast the air-con and leave lights on all night. This is a seemingly invisible infiltration but with serious monetary consequences.
Asset managers and developers need the knowledge, resources and skills to constantly combat these threats.
Any robust cyber security strategy starts with standards and frameworks. For security reasons, Mirvac does not disclose the measures it takes to protect its assets.
But chief digital officer William Payne says they follow the National Institute of Standards and Technology (NIST) cyber security framework to manage hacking risks. This gives property managers tools to respond to and recover from cyber threats.
NIST is just one method developers can use to guide their cyber security strategy. Another common framework Aussie businesses use to is the Essential Eight mitigation strategies the federal government’s Australian Cyber Security Centre recommends putting in place to prevent attacks. These include taking away unnecessary network administration privileges from employees who don’t need them and putting in place multi-factor authentication.
Emergence Insurance head of corporate cyber Trent Nihill says the Target example was a wake-up call for developers that separating corporate networks from building management systems is critical.
“These systems should be able to run independently so an attack at the property developer’s offices should not impact buildings and tenants.”
Nihill says when assessing property risk for underwriting purposes, for many years insurers have been focusing on the robustness of policyholders’ operational technology such as building management systems. This is because these systems have been increasingly exploited by cyber criminals.
“Building management systems typically have long operational lifespans and they are not patched as often as other systems, so they can be weak assets for criminals to target.”
He notes many businesses are unable to continue trading without their operational technology up and running, in the event a major breach takes these systems down.
So it’s essential building management systems are designed with manual overrides so people can get in and out of the buildings and are not stuck in lifts and other places in the event of an attack.
Additionally, Nihill says while cyber insurance is one tool developers and asset owners require for cyber safety, it is important for them to understand and manage buildings’ specific cyber risks.
“Without adequate cyber security controls most businesses won’t be able to get cyber insurance.”
Terry Burgess, data security firm Protegrity’s Asia Pacific head, says property businesses should protect themselves by thinking about data security differently.
“Readily available data privacy technologies such as tokenisation can keep sensitive data, including personally identifiable information, hidden, even in the event of a breach.”
Tokenisation involves substituting personal information for a token in an organisation’s network, as the token has far less value to criminals.
“If this kind of technology had been applied by Optus or Medibank, the cybercriminals would have had to re-identify the data before they could derive value from it, a difficult process for those without authorisation. This makes stolen data less useful to criminals,” he says.
The property sector has a way to go upskilling IT staff, implementing the right cyber security solutions and being aware of the potential effects of a hack in the short and long term. The message is to make this a priority before a hacker takes buildings and businesses down.
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- Modelled on popular ‘Millionaire’ account, new plan enables savings of 10,000 upwards in four currencies in 3 to 5 years
The Commercial Bank of Ceylon has announced the launch of a unique investment plan that enables Sri Lankans earning foreign currency to save fixed monthly amounts and enjoy attractive interest rates to build savings of US$ 10,000 upwards or the equivalent in three other currencies, in a relatively short period.
Named ‘Millionaire Investment Plan in Foreign Currency,’ the account is modelled on the Bank’s already successful ‘Millionaire Investment Plan’ and offers interest rates that are higher than competing products in the market for tenures of three, four or five years on savings in US Dollars, Euros, Sterling Pounds and Australian Dollars.
The new plan makes it possible for customers to plan how much they want to save within a selected period based on the corresponding fixed monthly deposit they can comfortably commit to, and build an investment in US$/€/£/A$ to the value of 10,000, 25,000, 50,000, 100,000 or 250,000 in any one of these denominations at maturity.
For example, to save a lump sum of 10,000 in five years in one of the currency denominations of their choice, customers would only have to deposit monthly amounts of US$ 133.50, €146.50, £142.75, or A$139, the Bank said.
The ‘Millionaire Investment Plan in Foreign Currency,’ was introduced not only to encourage foreign currency investments and foreign remittances into the country but to also provide Sri Lankans earning in foreign currency an opportunity to save and enjoy higher returns on their hard-earned money within a short period of time, the Bank said.
This special foreign currency investment plan can be opened by Sri Lankan citizens employed overseas, Sri Lankan dual citizens residing anywhere, Sri Lankans holding Permanent Residency status or citizenship in another country, who are resident in or outside Sri Lanka, as well as by Sri Lankans residing in Sri Lanka while earning in foreign currency. To be eligible to open an account, customers should be 18 years or above and able to make monthly deposits in a foreign currency of choice.
Furthermore, these investors should maintain a Commercial Bank Personal Foreign Currency Account (PFC) from which the agreed amount in monthly deposits can be transferred to their respective Millionaire Investment Plans in Foreign Currency. At maturity, the guaranteed target investment amount will be transferred to each customer’s PFC.
Commercial Bank recently also launched ‘Forex Plus,’ another competitive and reliable instrument in the form of a special Foreign Currency Fixed Deposit scheme that offers interest rates of up to 9.5% per annum for tenures of up to five years on foreign currency term deposits in the same international currencies.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 269 branches and 943 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Stellantis and Qinomic Team Up to Develop Electric Retrofitting of Light Commercial Vehicles
- Stellantis and Qinomic signed a strategic partnership to develop a retrofit solution to convert Light Commercial Vehicles with an internal combustion engine to an electric drivetrain
- The result of a collaboration between Circular Economy and Commercial Vehicle Business Units, the retrofit solution aims to extend vehicle life and usage, ensuring sustainability and affordability at the same time
- Project part of the comprehensive Dare Forward 2030 strategic plan that accelerates the drive to electrification and strengthens Stellantis’ industry-leading decarbonization strategy
AMSTERDAM, December 2, 2022 – Stellantis N.V. and Qinomic, a high-tech company specialized in innovative and sustainable solutions for mobility, are partnering to create a proof of concept to convert internal combustion engine light commercial vehicles to electric drivetrain, while ensuring OEM quality and specifications, such as safety, durability, and type approval, are maintained.
“I am delighted that Stellantis is working with Qinomic on this development in retrofit technology,” said Alison Jones, Stellantis Senior Vice President, Circular Economy Business Unit. “This innovation gives our professional customers the choice to convert their current vans to electric, extend their vehicle’s life and meet legislative and mobility requirements.”
Extending vehicle life and usage is at the heart of the Stellantis Circular Economy Business Unit, who is leading the initiative in collaboration with the Commercial Vehicle Business Unit and the Stellantis Ventures Studio.
The electric retrofit solution aims to protect freedom of mobility with an affordable option that meets customer needs to extend the life of their vehicles and continue business activities while accessing low emissions zones (LEZ) in cities.
According to the EIT* Urban Mobility Report, the number of LEZ zones in Europe increased by 40% in the last three years and will continue to increase as part of the enforcement of urban vehicle access regulations. The driver for this increase is the European Green Deal plan, aimed at encouraging the transition to cleaner vehicles and cleaner mobility.
Electric retrofitting is both a sustainable and affordable solution for customers willing to switch to zero emissions and to reduce their total cost of ownership, while keeping their vehicles.
“Retrofitting technology will reinforce Stellantis’ leadership in zero emission mobility solutions for professional customers, complementing our full electrified van range,” said Xavier Peugeot, Stellantis Senior Vice President, Commercial Vehicle Business Unit.
The project confirms Stellantis’ commitment to innovation and willingness to rely on partners that support its electrification plan. Stellantis has an industry-leading decarbonization strategy with an ambitious goal of carbon net zero by 2038, as outlined in the Dare Forward 2030 strategic plan.
“We are excited about this new strategic partnership with Stellantis,” said Frédéric Strady, Co-founder and CEO of Qinomic. “It is an important step in Qinomic’s development, which will enable us to finalize and implement some of the innovative technical solutions we are developing for the retrofit industry.”
Successful completion of this joint development in 2023 and positive customer feedback on the demo cars’ performance will lead to implementation and commercialization starting in France in 2024.
“In a market boosted by last-mile demand, city access restrictions will soon require recent LCV owners to look for a solution to convert to zero emissions,” said Eric Laforge, Stellantis Vice President, Enlarged Europe Light Commercial Vehicles. “Retrofitting technology like this will enable Stellantis to support this trend.”
*European Institute of Innovation and Technology
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.
For more information, contact:
Fernão SILVEIRA +31 6 43 25 43 41 – email@example.com
Andrea PALLARD +39 335 873 7298 – firstname.lastname@example.org
Qinomic creates innovative solutions aimed at upgrading the existing fleet of cars with internal combustion engines, thus facilitating the emergence of a zero-emission mobility (design and integration of innovative technological building blocks for electric or hydrogen powertrains for all means of transportation). Benefiting from many years’ experience in the automobile industry, namely in electronic architecture and vehicle architecture, the Qinomic team has the ambition of becoming a leader in upcycling engineering and of accelerating the deployment of carbon-free solutions while adding value to all vehicle life cycles.
All values contained herein are in Canadian dollars unless otherwise indicated
TORONTO, Dec. 01, 2022 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces that commercial production has been achieved at the Company’s Kiena mine in Val d’Or, Quebec effective December 1st, 2022.
The commissioning of the paste fill plant has progressed well in November, with an underground test pour successfully completed on November 17th. Demonstrating the viability of the paste fill plant was the final element for Kiena to meet its commercial production criteria.
Paste fill has always been identified as a critical component to the successful mining of Kiena Deep. Now that it is available to the operation, it will help reduce stope stand-up time, minimize the risk of instability, better control dilution, and allow for a more rapid overall mining sequencing. Additionally, it will allow for re-allocation of resources (both equipment and people) that were engaged in the cemented rockfill operations. Those resources will now be available to address the meaningful development deficit accrued to date.
As expected, Wesdome has also received notice from its syndicate of credit providers of a $70 million increase to the Company’s existing $80 million-dollar revolving credit facility, for a total of $150 million.
Mr. Duncan Middlemiss, President and CEO commented, “Kiena is our second operating mine in Canada, significantly de-risking our status as a single mine operator and adding another source of revenue for the Company. Although capital spending at Kiena is expected to decline next year, due to development delays we now expect to have the development in place to access the bulk of the high-grade Kiena Deep A Zone in 2024, which will allow us to achieve positive free cash flow and an annual production run rate consistent with the 2021 Kiena Mine Complex Pre-Feasibility study (see press release dated May 26, 2021). The Company will release its 2023 production and cost guidance, which reflects this progressive ramp up of tonnes and grade in January.
“We continue to be very pleased with the exploration potential at Kiena, in particular the recent discoveries in the Footwall, Hanging wall, and South Limb zones. These zones have the potential to increase the number of ounces per vertical metre and to provide additional working faces during mining. Longer term, the Presqu’Ile discovery is shallower than the Kiena Deep A Zone, potentially accessible by ramp as another source of feed for the mill, which has a 2,000 tonnes per day capacity, currently operated at 1,000 to 1,200 tonnes per day only four days a week.”
Since 2017, the Company has invested approximately $250 million into Kiena, including exploration, development, studies, and infrastructure, primarily financed from free cash flow generated from the Eagle River mine.
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX under the symbol “WDOFF.”
The technical content of this release has been compiled, reviewed and approved by Frederic Langevin, Eng, Chief Operating Officer, a “Qualified Person” as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the benefits of achieving commercial production at Kiena, the Company’s expected capital expenditure in 2023, the timing around reaching the Kiena Deep A Zone, the Company’s ability to be cash flow positive and its annual production run rate. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
|For further information, please contact:|
|Duncan Middlemiss||or||Lindsay Carpenter Dunlop|
|President and CEO||VP Investor Relations|
|416-360-3743 ext. 2029||416-360-3743 ext. 2025|
|220 Bay St, Suite 1200|
|Toronto, ON, M5J 2W4|
|Toll Free: 1-866-4-WDO-TSX|
|Phone: 416-360-3743, Fax: 416-360-7620|
The Commercial Bank of Ceylon has announced that its Rs 10 billion debenture issue closed within hours of opening after it was oversubscribed on opening day, Thursday 1st December 2022, in a noteworthy vote of confidence from investors.
The debentures to the value of Rs 10 billion are being issued to further strengthen the Tier 2 capital base of the Bank, bridge maturity mismatches in the assets and liabilities portfolio of the Bank and raise funds for the expansion of the Bank’s lending portfolio, especially in segments such as Small and Medium Enterprises (SME) and export-oriented industries in the interest of supporting the national economy.
Commenting on the oversubscription of the Issue, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “The trust and confidence in the future prospects of the Bank implicit in the response of institutional as well as individual investors, is extremely encouraging for Commercial Bank as well as the sector in general. This injection of capital further strengthens the Bank and is expected to further stimulate growth.”
Commercial Bank’s Basel III-compliant, Tier 2, Listed, Rated, Unsecured, Subordinated Redeemable Debentures with a Non-viability Conversion feature at the value of Rs 100 each were offered in three tenures – Type A with a five-year tenure, Type B with a seven-year tenure, and Type C with a 10-year tenure.
The five-year debentures carry a fixed interest rate of 28.00% p.a. (AER 29.96%) payable semi-annually, while the seven and 10-year debentures offer a fixed interest rate of 27.00% p.a. (AER 28.82%) and 22.00% p.a. (AER 23.21%) respectively, also payable semi-annually.
The debentures are rated A (lka) on Rating Watch Negative by Fitch Ratings Lanka Limited. Commercial Bank’s National Long-Term Rating has been set at AA- (lka)/ Rating Watch Negative by Fitch. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue.
For the nine months ending September 2022 the Commercial Bank Group reported gross income of Rs 195.573 billion, total operating income of Rs 103.837 billion, profit before tax of Rs 22.036 billion and profit after tax of Rs 15.460 billion, with total assets reaching Rs 2.390 trillion, loans and advances totalling Rs 1.243 trillion and total deposits exceeding Rs 1.853 trillion as at 30th September 2022.
Skanska Commercial Property Development Nordic has divested the office building Sthlm 01 in
The 102 meter and 27 story tall building Sthlm 01 in the Hammarby Sjöstad district of
The transaction is conducted at market value and is the third with
Sthlm 01 has the highest LEED-certification, level Platinum. LEED is a global third-party certification for environmentally friendly design, construction, operation, and maintenance. The building is supplied with solar energy from an off-site solution, outside the electricity certificate market.
Sthlm 01 is one out of four office buildings in the area Sthlm New Creative Business Spaces that Skanska Fastigheter Stockholm has developed. Another office building, Sthlm 02, is under construction and two more office projects, Sthlm 05 and Sthlm 06, are planned. Approximately 10,000 new workplaces will be created in the area, which connects the Hammarby Sjöstad and Södermalm districts, to the public transport hub Gullmarsplan. In 2030, a new metro station will open in the area.
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