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Mining & Metals
Lysander Funds Limited Announces Disposition of Units of Canso Credit Income Fund
Lysander Funds on Friday said sold of 48,100 Class A units of Canso Credit Income Fund (PBY-UN.TO) at a weighted average price of $16.32 per unit for gross proceeds of $785,173 through the facilities of the Toronto Stock Exchange.As a result of the disposition, Lysander said it now has direct and indirect ownership and control of 742,002 Class A Units, representing approximately 8.16% of the 9.09-million issued and outstanding Class A Units on a non-diluted basis, and 575 Class F Units, representing approximately 0.57% of the 101,599 issued and outstanding Class F Units.
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Mining & Metals
Allied Gold C$5.5-Billion Sale to Zijin Gold Wins Canadian Approval; Closing Deadline Extended to July
Allied Gold (AAUC.TO) said Friday that Zijin Gold received approval under the Investment Canada Act for its C$5.5-billion acquisition of the company, completing the Canadian regulatory review process for the deal.Zinjin, which offering C$44.00 per share per Allied share, has also received merger approvals from regional regulators in West, Eastern and Southern Africa, while other required approvals in African host countries are either completed or in advanced stages, the company added.The companies are also working on amendments to a related credit facility to help finalize the transaction. The deal still requires remaining regulatory approvals and other closing conditions, and the deadline to complete the transaction has been extended to July 29.Allied shares closed closed down C$2.41 to C$34.90 on the Toronto Stock Exchange.Price: $35.74, Change: $-1.57, Percent Change: -4.21%
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Mining & Metals
RBC Maintains 1.3500-1.3900 USD/CAD Trading Range
RBC Capital Markets said USD/CAD has been choppy over the past week amid ongoing Iran-related headlines and month-end flows, with the currency pair showing a muted reaction to Canada's latest GDP data.In its CAD Weekly Soundbites report, RBC said that if the U.S. and Iran were to agree to the 60-day memorandum of understanding, an initial selloff in the U.S. dollar on "risk-on" sentiment would further drag USD/CAD lower.Having said that, the bank noted that Canada's weaker-than-expected first-quarter GDP, albeit somewhat tempered by the revision-prone strong April estimate, reinforces that the Bank of Canada is likely to be on hold for the foreseeable future.RBC added that even if a deal were to be reached, the Federal Reserve is still likely to hold rates."This means U.S.-Canada rate differentials remain relatively wide in the coming months and the USD retains its status as a higher-yielder in G10 (i.e. not providing a clear reason to sell the USD apart from initial euphoria on any potential deal) - this acts as a floor under USD/CAD," RBC said.The bank added that the Canadian dollar also faces the upcoming USMCA Joint Review."We have been citing a trading range of 1.3500 to 1.3900 for the coming months. That continues to hold, but there is risk that we may have to shade that range higher," RBC said.George Davis of RBC Capital Markets said the rally in USD/CAD has stalled against resistance at 1.3869 after the daily RSI study moved to overbought levels."Nonetheless, prices will have to pierce trendline support at 1.3737 to just neutralize the topside risks that are present. Above 1.3869, an area of strong congestion at 1.3932 serves as strong resistance," Davis said.
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