Agoracom Blog

Funds, banks show keen interest in $2.5bn Oman project: Omagine

Posted by AGORACOM-JC at 5:07 PM on Monday, July 13th, 2015

 

  • With enormous liquidity available in Oman and other GCC countries, investors, funds and banks in the region have shown a high level of interest in Oman’s upcoming US$2.5bn mixed-use tourism and real-estate project knows as the Omagine Project
  • Over the past six months, Omagine LLC has conducted many presentations with sovereign funds, investment funds and high net-worth individuals in Oman, Kuwait, Saudi Arabia, Qatar and UAE, who have indicated a high level of interest in becoming equity investors in the Omagine Project

By Gulam Ali Khan

July 12, 2015

Muscat – With enormous liquidity available in Oman and other GCC countries, investors, funds and banks in the region have shown a high level of interest in Oman’s upcoming US$2.5bn mixed-use tourism and real-estate project knows as the Omagine Project.

Over the past six months, Omagine LLC has conducted many presentations with sovereign funds, investment funds and high net-worth individuals in Oman, Kuwait, Saudi Arabia, Qatar and UAE, who have indicated a high level of interest in becoming equity investors in the Omagine Project, Omagine Inc said in a filing with the US Securities and Exchange Commission (SEC) on Friday.

Omagine Inc owns a 60 per cent stake in Omagine LLC, which is developing the project.

“We have witnessed a large appetite for both investing in Omagine’s equity and for providing project financing debt facilities for project development,” said Agron Telaku, Omagine’s vice president for finance.

He said banks with which Omagine and its contracting partner CCC have met have indicated that Omagine’s usufruct rights over the project land can and will be utilised as collateral to support project financing debt facilities. “We have also met with several very high net-worth investors who have indicated a high level of interest in becoming equity investors. These investor discussions are ongoing.”

Frank Drohan, managing director and president of Omagine, said, “There is enormous banking liquidity in Oman and the GCC. Over the past six months we have conducted, and will continue to conduct, numerous meetings with major local and international banks. We have witnessed a large appetite at such banks for providing project financing debt facilities for the Omagine Project’s development.”

Omagine LLC signed the usufruct agreement with Oman on July 1, whereby the sultanate’s government granted Omagine certain rights over the 1mn sqm beachfront land, which includes the right to sell the land on freehold basis.

Omagine had contracted three real-estate valuation firms – Savills, DTZ International and JLL – to provide Omagine with the value of the usufruct rights. The average of all three valuations was recorded at RO276.66mn, according to the filing with SEC.

“The registration of the usufruct agreement with the government is a welcome milestone event. Now that we have unfettered access to the land we are rapidly progressing on the development of the Omagine Project and the finalisation of the CCC construction contract,” Drohan said.

He said that the company has conducted exhaustive interviews and has reviewed multiple iterations of proposals from key consultants. “We now expect to be making several crucial consultant appointments in the coming several months, including: A financial advisor, hospitality advisor, real-estate advisor, master planner, engineering consultant, construction management consultant and programme manager.”

Read more: http://www.muscatdaily.com/Archive/Business/Funds-banks-show-keen-interest-in-2.5bn-Oman-project-Omagine-46b4/(language)/eng-GB#ixzz3fnQdcVjG

Omagine Completes Land Rights Registration Procedures; Average Value is $718,614,000

Posted by AGORACOM-JC at 3:13 PM on Thursday, July 9th, 2015

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  • Announced that its 60% owned subsidiary, Omagine LLC, has signed and registered with the Government of Oman, a Usufruct Agreement which legally perfects Omagine’s ownership of the development rights over 245 acres of beachfront land
  • Average Value is $718,614,000

To establish the value of its Usufruct Rights Omagine contracted with three separate real-estate valuation firms, each of which is well known in Oman and Dubai and all of which have recognizable worldwide brands in the real-estate valuation business. Omagine is consulting with its IFRS accounting consultant, PriceWaterhouseCoopers LLP, and will soon determine, in conjunction with its auditors (Deloitte & Touche (M.E.) & Co. LLC) the correct method to properly record the $718,614,000 average value of its Usufruct Rights in its financial statements.

 

The shareholders of Omagine are:

i. Royal Court Affairs which owns 25%, and,

ii. Two subsidiaries of Consolidated Contractors International Company, SAL (“CCC”), which collectively own 15%, and

iii. Omagine, Inc. which owns 60%.

 

About Royal Court Affairs.

Royal Court Affairs is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.

About Consolidated Contractors.

Consolidated Contractors International Company, SAL is a multi-national construction and engineering company with over $5 billion of annual revenue, 130,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa (the “MENA Region”).

About Omagine, Inc

Omagine, Inc. is a publicly traded U.S. company (Stock Symbol: OMAG) with 17,386,111 common shares presently outstanding. The Company is focused on real-estate, entertainment and hospitality opportunities in the MENA Region and on the design and development of unique tourism destinations that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities.

V-Love(tm) Available for Canada wide Distribution through Amazon

Posted by AGORACOM-JC at 8:47 AM on Tuesday, July 7th, 2015

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  • Signed with Amazon.ca to sell V-LoveTM across Canada
  • Company’s first shipment to the Amazon.ca main distribution facility in Mississauga, Ontario has been received and V-LoveTM is ready for online consumer purchase throughout Canada

VANCOUVER, BC / July 7, 2015 – Enertopia Corporation (ENRT-OTCBB) (TOP-CSE) (the “Company” or “Enertopia”) is pleased to announce it has signed with Amazon.ca to sell V-LoveTM across Canada.

The Company’s first shipment to the Amazon.ca main distribution facility in Mississauga, Ontario has been received and V-LoveTM is ready for online consumer purchase throughout Canada. One can simply go to amazon.ca and enter vlove in the search field to locate and purchase V-LoveTM

V-LoveTM is pH balanced specifically for women and provides lubrication and a moisturizing feeling to sooth vaginal dryness.


Click Image To View Full Size

“We are very pleased to now have two major channels for online distribution in Canada as we move forward with our consumer outreach programs,” stated President Robert McAllister.

About Enertopia

The Company’s mission is to empower people with a better way of living through healthy lifestyle choices in helping you live your life your way. Our core values of honesty, integrity, and commitment help to define our corporate practices and demonstrate our dedication in helping individuals whether they are encountering health issues based on age, diet or have suffered a traumatic physical, mental or an emotional event.

Enertopia’s shares are quoted in Canada with symbol TOP and in the United States with symbol ENRT. For additional information, please visit www.enertopia.com or call Robert McAllister, the President: (250) 765-6412

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, potential and financing of its medical marihuana projects, evaluation and sale of sexual creams and other items, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions that are forward-looking statements. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements., foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities; changes in commodity prices; changes in the investments and exploration expenditure levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Enertopia Corporation operates. The User should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Enertopia Corporation from time to time with regulatory authorities. There is no assurance that V-Love TM will have any meaningful impact on the Company or the Company will be able to obtain future financings.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

East Kemptville tin mine could resume production in a few years

Posted by AGORACOM-JC at 12:28 PM on Monday, July 6th, 2015

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  • Company granted a special licence by the province in March of this year for the East Kemptville Mine formerly owned by Rio Algom.
  • If all goes as planned, the mine could resume operation within 3 to 4 years

By Yvonne Colbert, CBC News Posted: Jul 06, 2015 6:00 AM AT Last Updated: Jul 06, 2015 6:00 AM AT

Avalon Rare Metals Inc. plans to invest $1.3 million into preliminary work to determine the feasibility of re-starting the East Kemptville Mine.Avalon Rare Metals Inc. plans to invest $1.3 million into preliminary work to determine the feasibility of re-starting the East Kemptville Mine. (Adrian Wyld/Canadian Press)

 

A Canadian mining company and politicians in southwest Nova Scotia are hoping an idle tin mine in the area will help the economy rebound.

Toronto-based Avalon Rare Metals Inc. was granted a special licence by the province in March of this year for the East Kemptville Mine formerly owned by Rio Algom.

Avalon plans to invest $1.3 million into preliminary work to determine the feasibility of re-starting the mine.

The site is located about 45 kilometres northeast of Yarmouth.

Rio Algom closed the mine in 1992 because of falling tin prices, but Avalon president and CEO Don Bubar says a lot has changed since then, including a recovery in the price of tin and potentially higher prices in the future.

“There’s [also] lots of new demand for tin from its new application in the use of lead-free solders and electronics,” says Bubar.

He says the mine also contains the rare metal indium which was not previously mined at the site. Mining it could make the mine even more viable.

“In the past it had limited commercial use, but now it’s got growing application in electronics, is in demand,” said Bubar.

He expects a dozen people to be employed at the remote site this summer, the majority of them Nova Scotians.

If the project moves forward, he said as many as 200 people could be employed there.

“We know that part of the province suffers from high unemployment,” he said. “There’s a good skilled labour force there that would love the opportunity to work in an operation like that close to home, so we think we can fill most of our employment needs in Nova Scotia,” said Bubar.

An economic boon for the area

All of this is music to the ears of politicians in the nearby town of Shelburne. Mayor Karen Harris-Matattall says the prospect of that many jobs is exciting in an area that has been struggling.

“Like most rural communities, we’re losing people because they need employment and it’s a struggle to get employment in rural Nova Scotia, so this may well be something that’s going to work out very well and be very positive for this community,” she said.

The mayor said the town is also hoping to convince the company to use the port of Shelburne to ship its product.

Bubar says if all goes as planned, it will be three or four years before the mine is operating.

Source: http://www.cbc.ca/news/canada/nova-scotia/east-kemptville-tin-mine-could-resume-production-in-a-few-years-1.3137873

Urban Barns Announces Management Changes

Posted by AGORACOM-JC at 2:55 PM on Thursday, July 2nd, 2015

  • Mr. Horst Hueniken has stepped down as Chairman of the Board, although he remains a Director of the Company. Existing Director Mr. Jeremy Kendall, who takes on the additional responsibility of Chairman, replaces him.
  • Mr. Richard Groome has resigned as President and CEO but remains a Director of Urban Barns.
  • Mr. Hueniken has replaced Mr. Groome in those roles with a mandate to re-focus Urban Barns on selling premium priced Kosher-certified product and to improve the Company’s financial performance. Mr. Hueniken will also continue to act as the Company’s Secretary and Treasurer.

MIRABEL, QC / ACCESSWIRE / July 2, 2015 / Urban Barns Foods Inc. (OTCQB: URBF) (“Urban Barns” or “the Company”), a vertical farming company that produces Kosher-certified leafy vegetables using its proprietary Cubic Farming(TM) technology, has made the following changes to the Company’s management.

Mr. Horst Hueniken has stepped down as Chairman of the Board, although he remains a Director of the Company. Existing Director Mr. Jeremy Kendall, who takes on the additional responsibility of Chairman, replaces him. Mr. Richard Groome has resigned as President and CEO but remains a Director of Urban Barns. Mr. Hueniken has replaced Mr. Groome in those roles with a mandate to re-focus Urban Barns on selling premium priced Kosher-certified product and to improve the Company’s financial performance. Mr. Hueniken will also continue to act as the Company’s Secretary and Treasurer.

About Urban Barns Foods Inc.

Urban Barns uses patent pending and proprietary growing equipment to produce premium quality, chemical-free and non-GMO leafy vegetables in a secure and controlled indoor environment, including lettuce and basil that is Kosher-certified.

Forward-Looking Statements

Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as “may”, “could”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Urban Barns does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Urban Barns’ filings with the United States Securities and Exchange Commission.

For further information, contact:

Urban Barns Foods Inc.
Horst Hueniken, President and CEO
horst@urbanbarns.com
Tel: +1 (416) 569-5810
www.urbanbarns.com

OMAGINE Signs Usufruct Agreement on $2.5B Oman Beachfront Development

Posted by AGORACOM-JC at 3:06 PM on Wednesday, July 1st, 2015

Signed a Usufruct Agreement with the Government of Oman whereby the Government granted LLC certain rights over the one million square meters (approximately 245 acres) of beachfront land which rights include the right to sell such land on a freehold basis. The land in Oman will be utilized by LLC for the development in of a mixed use tourism and residential project, the Omagine Project.

About the office of Royal Court Affairs.

The office of Royal Court Affairs is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.

About Consolidated Contractors.

Consolidated Contractors International Company, SAL (“CCIC”) is a multi-national company headquartered in Athens, Greece. CCIC has approximately 5.5 billion dollars in annual revenue, 120,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa.

Hub On AGORACOM / Corporate Website / View 8-K Filing

Your Canada Day Small Cap Gift – DuSolo Fertilizers (DSF:TSXV) (ELGSF:US) (E6R:Frankfurt)

Posted by AGORACOM at 1:03 PM on Wednesday, July 1st, 2015

YOUR CANADA DAY GIFT

  • Agricultural Company Producing Fertilizer and Revenues RIGHT NOW
  • $8.5 Million In 2015 Sales Contracts
  • Supplying World’s Largest Agricultural Region
  • Doubling Capacity To 160,000 Tonnes Per Year
  • Increasing To 240,000 In 2016; 320,000 In 2017
  • Strong Institutional Financial Backing

WHO IS THIS COMPANY?


WATCH GEORGE’S INTERVIEW WITH CEO

  • George Calls DuSolo A SmallCap 2.0 Company
  • Real Products, Real Customers, Real Revenues
  • Ridiculously Low CapEx To Achieve Production

DO YOU DUE DILIGENCE … WATCH THIS INTERVIEW NOW

Hub On AGORACOM / Watch Interview Now!

Omagine In the News – Multiple Press Pieces

Posted by AGORACOM-JC at 12:49 PM on Tuesday, June 30th, 2015

http://the-mea.co.uk/news/omagine-sign-25bn-mixed-use-project-deal-july-1

http://www.gulfconstructiononline.com/stories/source/?url=/IND_285244.html

http://www.topix.com/world/oman/2015/06/1506309TH42P

http://kuwaitnris.com/agreement-on-omagine-project-to-be-signed-tomorrow/

http://timberexec.co.uk/agreement-on-omagine-project-to-be-signed-tomorrow/

http://ttnonline.com/ArticleTA/285245

http://mideaster.com/news/Agreement+on+Omagine+Project+to+be+signed+tomorrow

http://pmgulf.com/content/agreement-on-omagine-project-to-be-signed-tomorrow-construction-week-online/

http://morocco.shafaqna.com/EN/MA/200078

http://www.omanbulletin.com/story-z7174849

http://www.constructionweekonline.com/article-34235-agreement-on-omagine-project-to-be-signed-tomorrow/

http://www.arabianindustry.com/construction/news/2015/jun/30/agreement-on-omagine-project-to-be-signed-tomorrow-5083286/#.VZKi_vlVhHw

https://www.venturesonsite.com/news/key-usufruct-agreement-on-the-us-2-5-bn-omagine-project-to-be-inked-on-july-1st/

Regards,

AGORACOM

Avalon banks on new ‘blood metals’ rule for Canada’s tin mine success

Posted by AGORACOM-JC at 11:34 AM on Tuesday, June 30th, 2015

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  • Proceeding with a $1.3 million work program in South-western Nova Scotia to reopen a historic tin-indium mine.
  • Working on completing a Preliminary Economic Assessment for the project by November this year, is betting on recently approved legislation in Europe, which bans all products containing conflict minerals from war zones in Africa.

Canada’s Avalon Rare Metals (TSX:AVL), until now mostly known for its incursion in the rare earths market, is proceeding with a $1.3 million work program in South-western Nova Scotia to reopen a historic tin-indium mine.

The company, working on completing a Preliminary Economic Assessment (“PEA”) for the project by November this year, is betting on recently approved legislation in Europe, which bans all products containing conflict minerals from war zones in Africa.

Speaking at the 128th Annual Meeting of The Nova Scotia Mining Society late in June, Avalon’s President and CEO Don Bubar said the European Union anti “blood metals” rules, together with the U.S. Dodd-Frank Act, which forces US stock exchange-listed companies to disclose the use of minerals from a conflict zone in their supply chains, gives Avalon’s tin project huge advantages.

The miner was granted a special exploration licence to search 22 claims totalling 356.12 hectares. It also received a $40,000 project grant from the province earlier this year to assist with test drilling.

“We’re hopeful, at this point,” Natural Resources Minister Zach Churchill told MINING.com in an interview mid-June, adding that since market prices for tin have improved, the Nova Scotia government is optimistic about the prospects at the location.

“Any activity on that site is encouraging, but we need to wait and see what the results of the ongoing exploration drilling are before we rise our hopes too much,” Churchill said. He also noted there would have to be an environmental assessment done before any work can resume at the site.

Victim of falling prices

Avalon banks on new ‘blood metals’ rule for Canada’s tin mine success

Avalon’s President and CEO, Don Bubar, in March 2014. (Image courtesy of Avalon)

The Rio Algom tin mine in East Kemptville operated in the area from the mid-1980s to 1992, employing 200 people from Yarmouth and Shelburne counties. At the time, it was North America’s only open-pit tin mine, but it had to close after prices for the metal dropped to levels reaching well below US$3 per pound.

And while the metal used in electronics and packaging is now trading at more than double that price, it is down 23% so far this year, which makes it the worst-performing industrial metal on the London Metal Exchange.

No wonder analysts are not optimistic about the short-term outlook for it. Steve Hardcastle, head of client services for industrial commodities at Sucden Financial Ltd. in London, is one of them. He told Bloomberg last week that tin prices were set for the biggest first-half decline in 25 years because of abundant supplies and weak demand.

“The long-term future for tin is not brilliant, and it’s been reflected in the price,” Hardcastle said. “The big unknown 18 months ago was Myanmar, which is now filling the gap.”

In addition to East Kemtpville, Avalon Rare Metals has projects underway in Separation Rapids near Kenora, Ontario and Nechalacho, Thor Lake, in the North West Territories.

Source: http://www.mining.com/avalon-banks-on-new-blood-metals-rule-for-canadas-tin-mine-success/

Tin price bulls coming out of hibernation

Posted by AGORACOM-JC at 11:29 AM on Tuesday, June 30th, 2015

 

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  • Shrinking tin stocks, dwindling supplies from Myanmar and new Indonesian rules to curb exports are at last creating conditions for bulls who for some time have expected to see higher prices. 

A labourer takes down tin boxes inside a tin container recycling factory in a slum area in Mumbai January 12, 2015. REUTERS/Danish Siddiqui

A labourer takes down tin boxes inside a tin container recycling factory in a slum area in Mumbai January 12, 2015.
Reuters/Danish Siddiqui

LONDON Shrinking tin stocks, dwindling supplies from Myanmar and new Indonesian rules to curb exports are at last creating conditions for bulls who for some time have expected to see higher prices.

But the optimism is tinged with caution as much depends on whether top exporter Indonesia can limit its shipments abroad, something it has failed to do in recent months.

That’s one reason why benchmark tin prices on the London Metal Exchange (LME), at around $15,000 a tonne, are down about 25 percent since early January this year.

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Stocks of tin at 6,810 tonnes in LME-approved warehouses are about half the levels seen in December, the lowest in more than six years and only a fraction of global consumption estimated at 350,000 tonnes this year.

“There is a clear trend toward a depletion of stocks,” said Nicholas Snowdon, metals analyst at Standard Chartered.

“Indonesian exports will be increasingly constrained in the second half of the year. Chinese refined production has become more constrained with less Myanmar concentrate and altogether that points to a tightening trend in the market.”

Stronger growth in top consumer China in the second half of this year and the feed-through into demand for semiconductors and tin are also expected to be a plus for prices.

Solder used in electronics is the most important consumer of tin, accounting for about half of global use of the metal.

To halt illegal exports, Indonesian producers from Aug. 1 will need to prove that their tin comes from government-certified mines before it can be shipped.

One factor that has weighed on global prices is a surprising surge in supply as China’s imports of tin ore from Myanmar spiked, with shipments up over 80 percent so far this year.

But May imports at 21,456 tonnes are down 35 percent from April, which suggests the peak may already have been seen. Additionally, the concentrate from Myanmar is said to contain little tin.

“Some of it can be as low as 10 percent, most internationally traded concentrate has 55 to 75 percent tin,” said Peter Kettle, manager of markets at industry group ITRI.

“To some extent, people (in Indonesia) are exporting while they can … volumes will probably fall after August 1 when there will be more scrutiny of export licenses.”

However, there are doubts the new rules will be applied rigorously, and if they are, traders expect metal to be smuggled out of the country.

The country’s tin smelters in March agreed to limit monthly exports at 4,500 tonnes, which was subsequently lowered to 4,000 tonnes. But exports in April, May and June exceeded that number.

“The market needs to see exports much lower before it believes the curbs will work,” said Stephen Briggs, metals analyst at BNP Paribas. “The bullish side is low stocks.”

(Editing by Veronica Brown and Dale Hudson)

Source: http://www.reuters.com/article/2015/06/29/us-tin-supply-prices-idUSKCN0P902C20150629