Finance
Kinetic Green partners with Chola to offer retail finance for EVs – Times of India
![Kinetic Green partners with Chola to offer retail finance for EVs – Times of India Kinetic Green partners with Chola to offer retail finance for EVs – Times of India](https://static.toiimg.com/thumb/msid-47529300,width-1070,height-580,imgsize-110164,resizemode-75,overlay-toi_sw,pt-32,y_pad-40/photo.jpg)
CHENNAI: Electrical automobiles producer Kinetic Inexperienced Power and Energy Options Restricted has introduced its partnership with Cholamandalam Funding and Finance Firm Restricted (Chola) to supply simple and sensible financing for his or her vary of battery-operated three-wheelers and electrical two-wheelers.
As per the MoU, Kinetic Inexperienced has nominated Chola as an ‘Accredited Financier’ for financing its clients. A press release right here on Monday stated, the collaboration goals to make Kinetic Inexperienced’s battery-operated automobiles extra reasonably priced for the discerning and value aware consumers with engaging financing options.
Commenting on the partnership, Sulajja Firodia Motwani, founder and CEO, Kinetic Inexperienced stated, this partnership will allow their sellers to supply simple and reasonably priced financing options to EV clients, which completely match their wants and reimbursement talents.
Ravindra Kundu, government director, Chola stated, “With our sturdy community of over 1145 branches throughout India, we goal to supply the purchasers a never-before expertise via customised finance packages that might include speedy, handy and clear processes.”
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Finance
Emerita Resources Announces Loan Financing With Nebari Resources to Advance IBW Project
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) — Emerita Resources Corp. (TSXV: EMO) (the “Company” or “Emerita”) announces that it has entered into a credit agreement (the “Loan Agreement”) with Nebari Natural Resources Credit Fund II, LP (the “Lender”) pursuant to which the Company will borrow up to an maximum aggregate principal amount of USD$15,000,000 from the Lender to be issued in three tranches of: (i) USD$6,000,000 (“Tranche 1”); (ii) USD$4,500,000 (“Tranche 2”); and (iii) USD$4,500,000 (“Tranche 3” and, together with Tranche 1 and Trance 2, the “Tranches” and each a “Tranche”) (the “Loan”). The Loan will provide flexible non-dilutive financial support to allow Emerita to continue to advance its wholly-owned Iberian Belt West Project (the “IBW Project”) during a difficult equity market.
David Gower, Emerita’s Chief Executive Officer, commented: “This transaction with Nebari gives Emerita access to up to USD$15M of non-dilutive capital in a challenging equity environment for resource companies and allows the Company to maintain the momentum in developing its ongoing Spanish projects. Emerita is only required to draw down on Tranche 1 as it looks forward to the continued advancement of its wholly-owned IBW Project and the resolutions of the ongoing Aznalcollar criminal and administrative cases in 2025. There are several short-term and medium-term milestones which we expect to achieve that we believe will add value to Emerita shareholders. Drawing Tranches 2 and 3 referred to above are at the Company’s discretion subject to satisfying the applicable condition precedents.”
Steven Bowles, Managing Director of the Lender, commented: “Nebari is extremely excited to partner with Emerita Resources as it advances the IBW Project. We are impressed with the experience and professionalism of the Emerita and IBW teams and have the utmost confidence in their ability to continue to unlock value at IBW and beyond.”
The proceeds of the Loan are to be used by Emerita for working capital requirements related to exploration and geological drilling, advancement of study work, environmental permitting at the IBW Project, and general and administrative costs of the Company. Interest will accrue on the advanced outstanding principal amount on the Loan based on a floating rate per annum equal to the sum of: (i) the three-month term SOFR reference rate administered by CME Group Benchmark Administration Limited (the “Term SOFR”), as determined on the first date of each calendar month; and (ii) 11.50% per annum, provided that if the Term SOFR is less than 4.0%, it shall be deemed to be 4.0%. The maturity date of the Loans will be the date that is 48 months following the closing of Tranche 1. The Loan may be repaid prior to their maturity at any time subject to the additional payment of a make-whole threshold.
The Company will issue on the closing of each Tranche a number of common share purchase warrants (the “Loan Bonus Warrants“) equal to:
a) Tranche 1: the Canadian equivalent of USD$6,000,000 divided by a Canadian dollar amount equal to a 25% premium to the lower of: (i) a 20-day VWAP of the Company’s share price on the date which the Company issues its request for the advance in respect of such Tranche; and (ii) the Market Price (as such term is defined under the policies of the TSXV) as of the date which the Company issues its request for the advance in respect of such Tranche;
b) Tranche 2: the Canadian equivalent of USD$1,687,500 divided by a Canadian dollar amount equal to a 25% premium to the lower of: (i) a 20-day VWAP of the Company’s share price on the date which the Company issues its request for the advance in respect of such Tranche; and (ii) the Market Price as of the date which the Company issues its request for the advance in respect of such Tranche;
c) Tranche 3: the Canadian equivalent of USD$1,687,500 divided by a Canadian dollar amount equal to a 25% premium to the lower of: (i) a 20-day VWAP of the Company’s share price on the date which the Company issues its request for the advance in respect of such Tranche; and (ii) the Market Price as of the date which the Company issues its request for the advance in respect of such Tranche
Each Loan Bonus Warrant will entitle the holder to purchase one common share of the Company at an exercise price equal to a 25% premium to the lower of: (i) the 20-day VWAP of the Company’s share price on the date which the Company issues its request for the advance in respect of the Tranche under which such Loan Bonus Warrant is being issued; and (ii) the Market Price (as such term is defined under the policies of the TSXV) as of the date which the Company issues its request for the advance in respect of the Tranche under which such Loan Bonus Warrant is being issued until the date that is 48 months following the closing of Tranche 1.
Upon the closing of Tranche 1, the Loan will be guaranteed by the Company’s wholly-owned subsidiary, Emerita Resources Espana SL (the “Guarantor”). The Guarantor and the Company will subsequently enter into the security arrangements described in the paragraph below with the Lender while also initially securing the Loan by way of: (i) a pledge of 100% of all shares of the Guarantor (the “Share Pledge”); and (ii) a registered, perfected first priority senior security interest in, lien on and pledge of all intercorporate debt between the Company, the Guarantor and all affiliates thereof.
Upon receipt of an exploitation concession for the IBW Project, the Share Pledge will be cancelled (unless receipt follows the closing of Tranche 2), and the following will be granted, registered and fully perfected:
a) A first lien senior security on all current and future tangible and non-tangible assets and working capital assets of the IBW Project; and
b) A first priority lien senior mortgage over and security interest in, lien on and pledge of: (i) all current and future tangible and non-tangible assets and working capital assets relating to or used in connection with the IBW Project; and (ii) all real property and mining claims, mining concessions, permits (including the exploitation permit for the IBW Project), usufructs and surface leases in which it now has and hereafter acquires rights relating to or associated with the IBW Project.
Upon the closing of Tranche 2, the Share Pledge (if it has previously been cancelled in accordance with the above) will be restored. A drawdown of Tranche 2 and Tranche 3 is at the sole discretion of the Company.
The granting of the Loan and the issuance of the Loan Bonus Warrants are subject to the approval of the TSX Venture Exchange (the “TSXV”). The Lender is at arms-length to the Company.
Upon receipt of final acceptance by the TSXV for the Loan and Loan Bonus Warrants, the Company will issue 9,963,636 Loan Bonus Warrants at an exercise price of $0.825 per common share, which will expire on the date that is 48 months from the date of issuance and will be subject to a statutory hold period of four months and one day under applicable securities laws.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.emeritaresources.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Loan and the completion thereof; the Company’s intended use of proceeds from the Loan; the approval of the Loan and Loan Bonus Warrants by the TSXV; the advancement of the IBW Project; the resolution of ongoing criminal and administrative proceedings; short and medium term milestones; the issuance of the Loan Bonus Warrants and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the negotiation of the terms of the Loan Agreement and issuance of the Loan Bonus Warrants, the repayment of the Loan, TSXV acceptance of the Loan and Loan Bonus Warrants and business prospects and opportunities of the Company. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Finance
Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2024
SALT LAKE CITY, Aug. 14, 2024 (GLOBE NEWSWIRE) — Security National Financial Corporation (SNFC) (NASDAQ symbol “SNFCA”) announced financial results for the quarter ended June 30, 2024.
For the three months ended June 30, 2024, SNFC’s after tax earnings increase nearly 15% from $6,353,000 in 2023 to $7,272,000 in 2024. For the six months ended June 30, 2024, after tax earnings increased 94% to $14,746,000 from $7,593,000 in 2023.
Scott M. Quist, President of the Company, said:
“I am quite pleased with our Company’s financial performance in the first half of 2024. To have a 95% increase in pretax income over 2023 is an excellent performance. In my view our operational income was even better. Because we have substantial real estate investments, sometimes the associated investment income can be a little “lumpy”, just given its nature. This lumpiness occurred, especially in our Life Insurance and Memorial segments, comparing 2024 to 2023. From an operational perspective our Memorial Team achieved an admirable 20% plus improvement in the first half of the year in both mortuary and cemetery operations. Our Insurance Team continued to hold costs steady in the inflationary environment and improved our premium rates significantly. The improved premium rates will not show up in the financial statement for a while since they apply only to new business, but they nevertheless represent significant effort and achievement in understanding and adapting to our changing markets. Our Mortgage Segment, through extraordinary continuous effort, achieved the first quarter of profitability in the last nine quarters. As an instructional backdrop, the Mortgage Bankers Association reports an unprecedented 8 consecutive quarters of industry-wide negative production profit. Previously the MBA had never reported 2 consecutive quarters of negative production profit and only 3 total quarters going back to Q3 2008. To say that the mortgage market has been challenged over the last two years is an understatement. Our Mortgage Team continues to tackle costs which are still arguably high, but coming down, and have attracted new top-notch talent in both production and back-office roles. To have achieved a $4,000,000 improvement in income on essentially the same loan volume is noteworthy. I believe 2024 again demonstrates the financially balanced nature of our Company and the excellent and continuously improving quality of our teams, which enable us to thrive in a variety of economic climates.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2024, as compared to 2023, for each of the three business segments:
|
|
|
|
||||||||||||||
|
Revenues |
|
Earnings before Taxes |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Life Insurance |
$ |
47,237,000 |
|
$ |
48,071,000 |
|
(1.7%) |
|
$ |
7,165,000 |
|
|
$ |
9,158,000 |
|
|
(21.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cemeteries/Mortuaries |
$ |
8,278,000 |
|
$ |
8,812,000 |
|
(6.1%) |
|
$ |
2,091,000 |
|
|
$ |
2,828,000 |
|
|
(26.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgages |
$ |
30,276,000 |
|
$ |
26,963,000 |
|
12.3% |
|
$ |
134,000 |
|
|
$ |
(3,837,000 |
) |
|
103.5% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
$ |
85,791,000 |
|
$ |
83,846,000 |
|
2.3% |
|
$ |
9,390,000 |
|
|
$ |
8,149,000 |
|
|
15.2% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
For the six months ended June 30, 2024: |
|||||||||||||||||
|
Revenues |
|
Earnings before Taxes |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Life Insurance |
$ |
97,208,000 |
|
$ |
93,486,000 |
|
4.0% |
|
$ |
15,694,000 |
|
|
$ |
12,842,000 |
|
|
22.2% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cemeteries/Mortuaries |
$ |
17,066,000 |
|
$ |
16,011,000 |
|
6.6% |
|
$ |
5,144,000 |
|
|
$ |
4,613,000 |
|
|
11.5% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgages |
$ |
52,706,000 |
|
$ |
53,850,000 |
|
(2.1%) |
|
$ |
(1,829,000 |
) |
|
$ |
(7,721,000 |
) |
|
(76.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
$ |
166,980,000 |
|
$ |
163,347,000 |
|
2.2% |
|
$ |
19,009,000 |
|
|
$ |
9,734,000 |
|
|
95.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $.62 for the six months ended June 30, 2024, compared to net earnings of $.32 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $13.91 as of June 30, 2024, compared to $14.11 as of December 31, 2023.
The Company has two classes of common stock outstanding, Class A and Class C. There were 23,413,999 Class A equivalent shares outstanding as of June 30, 2024.
If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott Quist at:
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Finance
CPI data, Mars to Acquire Kellenova: Yahoo Finance
The Consumer Price Index (CPI) for July was released this morning. Economists had expected to see an increase of 3% year-over-year, the same rate as June, with core CPI expected to fall to 3.2% from 3.3% in June, its lowest level since 2021. Family-owned candy giant Mars is set to acquire Kellenova (K) in a massive deal worth nearly $36 billion. Kellenova brands include Pringles, Eggo, and Pop-Tarts. Trending Tickers on Yahoo Finance include Starbucks (SBUX), Chipotle (CMG), and UBS Group (UBS).
Top guests today include:
8:35 AM: Nathan Sheets, Citi Chief Global Economist &
Nicholas Brooks, ICG Head of Economics and Investment Research
8:45 AM: David Rogal, BlackRock Portfolio Manager, Fundamental Fixed Income Group
9:05 AM: Mark Zandi, Moody’s Analytics Chief Economist
9:30 AM: Brent Thill, Jefferies Senior Analyst
9:45 AM: Krishna Guha, Evercore ISI Vice Chairman
9:50 AM: Bill Baer, Former US Assistant Attorney General of the Antitrust Division
10:15 AM: Aaron Alt, Cardinal Health CFO
11:00AM: Ken Mahoney, Mahoney Asset Management CEO
11:30 AM: Richard Gelfond, IMAX CEO
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