Latest news with #SEDAR+
Cision Canada
2 days ago
- Business
- Cision Canada
High Tide Tops 2 Million Cabana Club Members and 100,000 ELITE Members Nationwide
The Company Also Files a Preliminary Base Shelf Prospectus CALGARY, AB, July 28, 2025 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it has officially surpassed 2 million Cabana Club members, solidifying its position as the largest and most robust bricks-and-mortar cannabis loyalty program in Canada. In addition, the Company's paid loyalty tier, ELITE, has exceeded 104,000 members nationwide—a major milestone in the growth of its innovative discount club model. "Crossing 2 million Cabana Club members and surpassing 100,000 ELITE members are landmark achievements for High Tide and clear proof points of the power behind our unique discount club model," said Raj Grover, Founder and Chief Executive Officer of High Tide. "Our rapidly growing membership base fuels the loyalty engine that drives traffic, margin, and differentiation. As we continue our expansion towards over 300 Canna Cabana locations across the country, I'm confident our Cabana Club and ELITE programs will remain key drivers of growth as we expand our national footprint and continue elevating the cannabis retail experience." Base Shelf Prospectus High Tide is also pleased to announce that it has filed a preliminary short form base shelf prospectus (the "Prospectus") to replace its final short form base shelf prospectus dated August 3, 2023 in anticipation of its expiry on September 3, 2025. The Prospectus will provide the Company with the flexibility to take advantage of financing opportunities and favourable market conditions, if and when needed, during the 25-month period that the Prospectus, once made final, remains effective (the "Effective Period"). The Prospectus has been filed in each of the provinces and territories in Canada. The Prospectus, when final and effective, will enable the Company to offer, issue and sell, from time to time: common shares, warrants, units, subscription receipts, debt securities, convertible securities, or any combination of such securities (collectively, the "Securities") for up to an aggregate offering price of C$100,000,000 (or its equivalent), in one or more transactions during the Effective Period. A copy of the Prospectus may be obtained under the Company's SEDAR+ and EDGAR profiles at and The Company has also filed a corresponding shelf registration statement relating to the Securities with the United States of America Securities and Exchange Commission (the "SEC") under the U.S. Canada Multijurisdictional Disclosure System. The Company may also use the Prospectus in connection with an "at-the-market distribution" in accordance with applicable securities laws, which would permit securities to be sold on behalf of the Company through the TSX Venture Exchange (the "TSXV"), Nasdaq Stock Exchange (or other existing trading markets), as further described in the applicable prospectus supplement. To date, no agreement has been entered into with respect to such distribution. The Company may use the net proceeds from the sale of the Securities for general corporate purposes, capital projects, internal expansion, or for the acquisition of other businesses, assets or securities by the Company or one of its subsidiaries. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such jurisdiction. The Company currently has no immediate plans to issue any Securities under the Prospectus at this time and may never proceed with any such issuance. If any Securities are offered under the Prospectus, the terms of any such Securities and the intended use of the net proceeds resulting from such offering would be established at the time of any offering and would be described in a prospectus supplement filed with the applicable securities regulatory authorities at the time of such offering and would be made available by High Tide. ABOUT HIGH TIDE High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including: Bricks & Mortar Retail: Canna Cabana™ is the largest cannabis retail chain in Canada, with 202 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. Retail Innovation: Fastendr™ is a unique and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup. Consumption Accessories: High Tide operates a suite of leading accessory e-commerce platforms across the world, including and Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™, Hue™, Evolution™ and more. CBD: High Tide continues to cultivate the possibilities of consumer CBD through and Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™. Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name. High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2024 for the fourth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. CONTACT INFORMATION Media Inquiries Carter Brownlee Communications and Public Affairs Advisor High Tide Inc. [email protected] 403-770-3080 Investor Inquiries Vahan Ajamian Capital Markets Advisor High Tide Inc. [email protected] CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release may contain "forward-looking information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding: the effectiveness of the preliminary and final prospectus and registration statement, the Company filing a final base shelf prospectus, the approval of the preliminary and final prospectus and registration statement, the use of proceeds, future financing opportunities, the Company offering, issuing and selling, from time to time, the Securities, the Company using the Prospectus in connection with an "at-the-market distribution", specific terms of future offerings being set forth in a prospectus supplement to the final base shelf prospectus, and market conditions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at and which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Hamilton Spectator
4 days ago
- Business
- Hamilton Spectator
Kinross announces sale of shares of White Gold
(All dollar amounts are expressed in Canadian dollars, unless otherwise noted.) TORONTO, July 25, 2025 (GLOBE NEWSWIRE) — Kinross Gold Corporation ('Kinross' or the 'Company') (TSX: K, NYSE: KGC) announced today that it has sold an aggregate of 23,681,160 common shares of White Gold Corp. ('White Gold') representing all of the common shares held by Kinross. The shares represent approximately 12% of the outstanding White Gold common shares. The shares were sold at an average sales price of $0.29 (excluding commission), representing an aggregate sale price of $6,869,905.51. A copy of the early warning report filed by Kinross in connection with the investment will be available on White Gold's profile on SEDAR+ at . Alternatively, you may contact Luke Crosby, Senior Vice President, General Counsel and Corporate Secretary at 647-788-4478 to obtain a copy of the report. Kinross is organized under the laws of the Province of Ontario and its head office is located at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. White Gold's head office is located at 82 Richmond Street East, Toronto, Ontario, M5C 1P1. About Kinross Gold Corporation Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC). Media Contact Samantha Sheffield Director, Corporate Communications phone: 416-365-3034 Investor Relations Contact David Shaver Senior Vice-President, Investor Relations & Communications phone: 647-365-2854 investorrelations@ Source: Kinross Gold Corporation
Cision Canada
6 days ago
- Business
- Cision Canada
Orla Mining Reports Pit Wall Event at Camino Rojo
VANCOUVER, BC, /CNW/ - Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) ("Orla" or the "Company") reports that an uncontrolled material movement event occurred today on the pit wall at its Camino Rojo Oxide Mine in Zacatecas, Mexico. The event occurred along the temporary north wall of the open pit, which included ore material expected to be mined as part of the ultimate open pit. There were no injuries or equipment damage as a result of the material movement, which was detected early by the pit monitoring systems. The event was caused by significant rain. There was no environmental damage resulting from the incident; however, rainwater diversion channels will need to be re-established to prevent further material subsidence in the pit. While the main access throughout the pit was not affected, mining in the pit has been temporarily suspended. Pit access has been restricted to the necessary technical and operating personnel to support the appropriate geotechnical assessments required for safe remediation and resumption of mining activities. Crushing and stacking of stockpiled material onto the heap leach will continue in the interim. The Company is currently assessing any potential impact of the pit wall event on its full-year production guidance for Camino Rojo. The relevant authorities are being notified as appropriate, and Orla is implementing appropriate remediation measures. The safety of all personnel remains the Company's top priority as it undertakes a comprehensive analysis to ensure the ongoing stability of mining operations. About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the impact of the pit wall event on the Company's operations, the Company's ability to remediate the same, and the Company's ability to continue crushing and stacking stockpile material. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the impact of the pit wall event on the Company's operations at Camino Rojo; the Company's ability to carry on mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; that all conditions of the Company's credit facility will be met; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for operation of projects; the Company's ability to operate in a safe, efficient, and effective manner; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the Company's ability to remediate the pit wall event, risks associated with mining operations, risks associated with receipt and compliance with government permits, reclamation costs, environmental and other regulatory requirements; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. SOURCE Orla Mining Ltd.
Business Wire
17-07-2025
- Business
- Business Wire
Choice Properties Real Estate Investment Trust Reports Results for the Six Months Ended June 30, 2025
TORONTO--(BUSINESS WIRE)--Choice Properties Real Estate Investment Trust ('Choice Properties' or the 'Trust') (TSX: today announced its consolidated financial results for the three and six months ended June 30, 2025. The 2025 Second Quarter Report to Unitholders is available in the Investors section of the Trust's website at and has been filed on SEDAR+ at 'Choice Properties delivered another solid quarter, reflecting the strength of our portfolio and disciplined financial strategy,' said Rael Diamond, President and Chief Executive Officer of the Trust. 'Robust demand for our grocery-anchored retail and well-located industrial assets supported our performance, and we advanced our strategic priorities through $427 million in transactions that further strengthened our position.' 2025 Second Quarter Highlights Reported a net loss for the quarter of $154.2 million compared to net income of $513.2 million in the same prior year period. The loss in the current quarter is primarily due to an unfavourable fair value adjustment in the Trust's Exchangeable Units (1). Reported FFO (2) per unit diluted of $0.265, an increase of 3.9% compared to the same prior year period. Period end occupancy remained strong at 97.8%: Retail at 97.8%, Industrial at 98.0%, and Mixed-Use & Residential at 95.4%. Achieved leasing spreads (3) on long-term renewals of 13.2% and 38.9% in the Retail and Industrial portfolios, respectively. Same-Asset NOI on a cash basis (2) increased by 1.4% compared to the same prior year period. Retail increased by 1.7%; Industrial increased by 0.2%. Growth in the industrial segment was impacted by a bad debt provision reversal in the prior year following the resolution of a tenant dispute. Excluding bad debt expense, industrial increased by 4.2%; Mixed-Use & Residential increased by 1.6%. Completed $427.1 million of transactions in the quarter: Acquired an industrial distribution centre in Ajax, ON from Loblaw for a purchase price of $182.9 million. Concurrent with the transaction, the property was leased back to Loblaw. Acquired eight industrial outdoor storage sites located across Canada for a purchase price of $162.0 million. Disposed of nine industrial sites located in Calgary, AB for proceeds of $73.4 million. Acquired a mixed-use parcel in Toronto, ON for $6.0 million and disposed of a retail property in Halifax, NS for $2.8 million. Transferred $13.9 million of properties under development to income producing status, delivering approximately 30,900 square feet of new commercial GLA (including 6,900 square feet associated with a ground lease) on a proportionate share basis (2) through retail intensifications. Invested $34.2 million of capital in development projects on a proportionate share basis (2). Maintained healthy and stable debt metrics with Adjusted Debt to EBITDAFV (2) of 7.2x, Adjusted Debt to Total Assets (2) at 40.8%, and Interest Coverage ratio (2) of 3.3x. Maintained a strong liquidity position with approximately $1.3 billion of available credit and a $13.5 billion pool of unencumbered properties. Subsequent Events Subsequent to quarter end, Choice Properties and Loblaw renewed 39 of a tranche of 41 leases expiring in 2026, comprising 2.52 million of 2.62 million square feet, at a weighted average spread of 8.6% and a weighted average extension term of 5.0 years. Summary of GAAP Basis Financial Results ($ thousands except where otherwise indicated) Three Months Six Months Net (loss) income $ (154,247 ) $ 513,231 $ (667,478 ) $ (250,480 ) $ 655,510 $ (905,990 ) Expand (i) Exchangeable Units are required to be classified as financial liabilities at fair value through profit and loss under GAAP. They are recorded at their fair value based on the market trading price of the Trust Units, which results in a negative impact to the financial results when the Trust Unit price rises and a positive impact when the Trust Unit price declines. (ii) Fair value gains (losses) excluding Exchangeable Units includes adjustments to fair value of investment properties, investment in real estate securities, and unit-based compensation. (iii) Includes Trust Units and Exchangeable Units. Expand Quarterly Results Choice Properties reported a net loss of $154.2 million for the second quarter of 2025 compared to net income of $513.2 million in the same prior year period. The decrease of $667.5 million was primarily due to changes in certain non-cash adjustments to fair value including: a $736.2 million unfavourable change in the adjustment to fair value of the Trust's Exchangeable Units due to the increase in the Trust's unit price; partially offset by a $65.5 million favourable change in the adjustment to fair value of investment properties; and a $37.0 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied's unit price in the quarter. In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $9.4 million. Year-to-Date Results Choice Properties reported a net loss of $250.5 million for the six months ended June 30, 2025 compared to net income of $655.5 million in the same prior year period. The decrease of $906.0 million was primarily due to changes in certain non-cash adjustments to fair value including: a $1,040.9 million unfavourable change in the adjustment to fair value of the Trust's Exchangeable Units due to the increase in the Trust's unit price; partially offset by a $96.8 million favourable change in the adjustment to fair value of investment properties; and a $57.6 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied's unit price in the quarter. In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $15.4 million. Quarterly and Year-to-Date Results For the three and six months ended June 30, 2025, Same-Asset NOI, Cash Basis (2) increased by $3.4 million and $10.1 million, respectively, compared to the same prior year primarily due to increased revenue from higher rental rates on renewals, new leasing, and contractual rent steps mainly in the retail and industrial portfolios. The increase was partially offset by the impact of a bad debt provision reversal in the prior year in the industrial portfolio following the resolution of a tenant dispute. In addition, the increase for the six month period included a property tax incentive recognized in the mixed-use and residential portfolio in the first quarter of 2025. FFO (2) increased by $6.9 million and $10.6 million for the three and six months ended June 30, 2025, respectively. The increase was primarily due to an increase in net operating income and lower general and administrative expenses, partially offset by higher interest expense and lower interest income. AFFO (2) decreased by $9.7 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The decrease was primarily due to the earlier commencement of maintenance capital projects in the current year, partially offset by the increase in FFO (1) as noted above. AFFO is impacted by the seasonality inherent in the timing of executing capital projects. Outlook We are focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Our high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to our overall portfolio. We will continue to advance our development program, with a focus on commercial developments, which provides us with the best opportunity to add high-quality real estate to our portfolio at a reasonable cost and drive net asset value appreciation over time. We are confident that our business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit us. In 2025, Choice Properties is targeting: Stable occupancy across the portfolio, resulting in approximately 2%-3% year-over-year growth in Same-Asset NOI, Cash Basis; Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting approximately 2%-3% year-over-year growth; and Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x. Non-GAAP Financial Measures and Additional Financial Information In addition to using performance measures determined in accordance with International Financial Reporting Standards ('IFRS' or 'GAAP'), Choice Properties also measures its performance using certain non-GAAP measures, and provides these measures in this news release so that investors may do the same. Such measures and related per-unit amounts are not defined by IFRS and therefore should not be construed as alternatives to net income or cash flows from operating activities determined in accordance with IFRS. Furthermore, the supplemental measures used by management may not be comparable to similar measures presented by other real estate investment trusts or enterprises. The non-GAAP measures included in this news release are defined and reconciled to the most comparable GAAP measure below. Choice Properties believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below. Non-GAAP Measure Description Proportionate Share Represents financial information adjusted to reflect the Trust's equity accounted joint ventures and financial real estate assets and its share of net income (loss) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the Trust's ownership percentage of the related investment. Management views this method as relevant in demonstrating the Trust's ability to manage the underlying economics of the related investments, including the financial performance and cash flows and the extent to which the underlying assets are leveraged, which is an important component of risk management. Net Operating Income ('NOI'), Accounting Basis Defined as property rental revenue including straight-line rental revenue, reimbursed contract revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property's operations before consideration of its financing or the costs of operating the entity in which it is held. Management believes that NOI is an important measure of operating performance for the Trust's commercial real estate assets that is used by real estate industry analysts, investors and management, while also being a key input in determining the fair value of the Choice Properties portfolio. NOI, Cash Basis Defined as property rental revenue and reimbursed contract revenue, excluding straight-line rental revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property's operations before consideration of its financing or the costs of operating the entity in which it is held. Management believes NOI, Cash Basis is a useful measure in understanding period-over-period changes in income from operations due to occupancy, rental rates, operating costs and realty taxes. Same-Asset NOI, Cash Basis and Same-Asset NOI, Accounting Basis Same-Asset NOI is used to evaluate the period-over-period performance of those commercial properties and stabilized residential properties, owned and operated by Choice Properties since January 1, 2024, inclusive. NOI from properties that have been (i) purchased, (ii) disposed, (iii) subject to significant change as a result of new development, redevelopment, expansion, or demolition, or (iv) residential properties not yet stabilized (collectively, 'Transactions') are excluded from the determination of Same-Asset NOI. Same-Asset NOI, Cash Basis, is useful in evaluating the realization of contractual rental rate changes embedded in lease agreements and/or the expiry of rent-free periods, while also being a useful measure in understanding period-over-period changes in NOI due to occupancy, rental rates, operating costs and realty taxes, before considering the changes in NOI that can be attributed to Transactions and development activities. Funds from Operations ('FFO') Calculated in accordance with the Real Property Association of Canada's ('REALPAC') Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022. Management considers FFO to be a useful measure of operating performance as it adjusts for items included in net income (or loss) that do not arise from operating activities or do not necessarily provide an accurate depiction of the Trust's past or recurring performance, such as adjustments to fair value of Exchangeable Units, investment properties, investment in real estate securities, and unit-based compensation. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management's review purposes. Management uses and believes that FFO is a useful measure of the Trust's performance that, when compared period over period, reflects the impact on operations of trends in occupancy levels, rental rates, operating costs and realty taxes, acquisition activities and interest costs. Adjusted Funds from Operations ('AFFO') Calculated in accordance with REALPAC's Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022. Management considers AFFO to be a useful measure of operating performance as it further adjusts FFO for capital expenditures that sustain income producing properties and eliminates the impact of straight-line rental revenue. AFFO is impacted by the seasonality inherent in the timing of executing property capital projects. In calculating AFFO, FFO is adjusted to exclude straight-line rental revenue and deduct expenditure relating to internal leasing activities and property capital projects. Working capital changes, viewed as short-term cash requirements or surpluses, are deemed financing activities pursuant to the methodology and are not considered when calculating AFFO. Capital expenditures which are not deducted in the calculation of AFFO comprise those which generate a new investment stream, such as constructing a new retail pad during property expansion or intensification, development activities or acquisition activities. Accordingly, AFFO differs from FFO in that AFFO excludes from its definition certain non-cash revenues and expenses recognized under GAAP, such as straight-line rental revenue, but also includes capital and leasing costs incurred during the period which are capitalized for GAAP purposes. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management's review purposes. AFFO Payout Ratio AFFO payout ratio is a supplementary measure used by Management to assess the sustainability of the Trust's distribution payments. The ratio is calculated using cash distributions declared divided by AFFO. Earnings before Interest, Taxes, Depreciation, Amortization and Fair Value ('EBITDAFV') Defined as net income (loss) attributable to Unitholders, reversing, where applicable, income taxes, interest expense, amortization expense, depreciation expense, adjustments to fair value and other adjustments as allowed in the Trust Indentures, as supplemented. Management believes EBITDAFV is useful in assessing the Trust's ability to service its debt, finance capital expenditures and provide distributions to its Unitholders. Total Adjusted Debt Defined as variable rate debt (construction loans, mortgages, and credit facility) and fixed rate debt (senior unsecured debentures, construction loans and mortgages), as measured on a proportionate share basis, and does not include the Exchangeable Units which are included as part of unit equity on account of the Exchangeable Units being economically equivalent and receiving equal distributions to the Trust Units. Total Adjusted Debt is presented on a net basis to include the impact of other finance charges such as debt placement costs and discounts or premiums, and defeasance or other prepayments of debt. Net Asset Value ('NAV') NAV is an alternative measurement of equity. It is calculated by summing Unitholder's Equity and the fair value of the Trust's Exchangeable Units. Under GAAP, Exchangeable Units are considered debt. The Exchangeable Units are not required to be repaid and the holder of these units has the right to convert them into Units, therefore management considers the Exchangeable Units to be equivalent to equity. NAV is a useful measure as it reflects management's view of the intrinsic value of the Trust. NAV per unit allows management to determine if the Trust is trading at a discount or premium to its intrinsic value. Expand The following table reconciles net loss, as determined in accordance with GAAP, to net loss on a proportionate share basis (2) for the three and six months ended June 30, 2025: Three Months Six Months Net Operating Income Rental revenue $ 350,779 $ 25,496 $ 376,275 $ 697,691 $ 50,630 $ 748,321 Property operating costs (99,223 ) (7,614 ) (106,837 ) (200,286 ) (15,444 ) (215,730 ) 251,556 17,882 269,438 497,405 35,186 532,591 Other Income and Expenses Interest income 9,028 (2,893 ) 6,135 20,689 (7,203 ) 13,486 Investment income 5,315 — 5,315 10,630 — 10,630 Fee income 738 — 738 3,208 — 3,208 Net interest expense and other financing charges (148,957 ) (6,818 ) (155,775 ) (295,146 ) (13,677 ) (308,823 ) General and administrative expenses (14,976 ) — (14,976 ) (29,713 ) — (29,713 ) Share of income from equity accounted joint ventures 5,720 (5,720 ) — 21,875 (21,875 ) — Amortization of intangible assets (250 ) — (250 ) (500 ) — (500 ) Adjustment to fair value of unit-based compensation (875 ) — (875 ) (893 ) — (893 ) Adjustment to fair value of Exchangeable Units (364,124 ) — (364,124 ) (601,596 ) — (601,596 ) Adjustment to fair value of investment properties 93,486 (2,451 ) 91,035 123,444 7,569 131,013 Adjustment to fair value of investment in real estate securities 9,093 — 9,093 119 — 119 Loss before Income Taxes (154,246 ) — (154,246 ) (250,478 ) — (250,478 ) Income tax expense (1 ) — (1 ) (2 ) — (2 ) Net Loss $ (154,247 ) $ — $ (154,247 ) $ (250,480 ) $ — $ (250,480 ) Expand The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basis (2) for the three and six months ended June 30, 2024: Three Months Six Months Net Operating Income Rental revenue $ 335,388 $ 22,864 $ 358,252 $ 673,346 $ 46,314 $ 719,660 Property operating costs (93,195 ) (8,041 ) (101,236 ) (191,300 ) (16,287 ) (207,587 ) 242,193 14,823 257,016 482,046 30,027 512,073 Residential Inventory Income Gross sales — — — 11,268 — 11,268 Cost of sales — — — (9,234 ) — (9,234 ) — — — 2,034 — 2,034 Other Income and Expenses Interest income 15,275 (6,147 ) 9,128 25,034 (8,075 ) 16,959 Investment income 5,315 — 5,315 10,630 — 10,630 Fee income 625 — 625 1,326 — 1,326 Net interest expense and other financing charges (146,204 ) (4,813 ) (151,017 ) (288,488 ) (11,176 ) (299,664 ) General and administrative expenses (17,200 ) — (17,200 ) (31,838 ) — (31,838 ) Share of income from equity accounted joint ventures 1,370 (1,370 ) — 6,088 (6,088 ) — Amortization of intangible assets (250 ) — (250 ) (500 ) — (500 ) Transaction costs and other related expenses 38,615 — 38,615 38,615 — 38,615 Adjustment to fair value of unit-based compensation 1,288 — 1,288 2,069 — 2,069 Adjustment to fair value of Exchangeable Units 372,039 — 372,039 439,323 — 439,323 Adjustment to fair value of investment properties 28,035 (2,493 ) 25,542 26,670 (4,688 ) 21,982 Adjustment to fair value of investment in real estate securities (27,870 ) — (27,870 ) (57,511 ) — (57,511 ) Income before Income Taxes 513,231 — 513,231 655,498 — 655,498 Income tax recovery — — — 12 — 12 Net Income $ 513,231 $ — $ 513,231 $ 655,510 $ — $ 655,510 Expand The following table reconciles net (loss) income, as determined in accordance with GAAP, to Net Operating Income, Cash Basis for the periods ended as indicated: For the periods ended June 30 ($ thousands) Three Months Six Months 2025 2024 Change $ 2025 2024 Change $ Net (Loss) Income $ (154,247 ) $ 513,231 $ (667,478 ) $ (250,480 ) $ 655,510 $ (905,990 ) Residential inventory income — — — — (2,034 ) 2,034 Interest income (9,028 ) (15,275 ) 6,247 (20,689 ) (25,034 ) 4,345 Investment income (5,315 ) (5,315 ) — (10,630 ) (10,630 ) — Fee income (738 ) (625 ) (113 ) (3,208 ) (1,326 ) (1,882 ) Net interest expense and other financing charges 148,957 146,204 2,753 295,146 288,488 6,658 General and administrative expenses 14,976 17,200 (2,224 ) 29,713 31,838 (2,125 ) Share of income from equity accounted joint ventures (5,720 ) (1,370 ) (4,350 ) (21,875 ) (6,088 ) (15,787 ) Amortization of intangible assets 250 250 — 500 500 — Transaction costs and other related expenses — (38,615 ) 38,615 — (38,615 ) 38,615 Adjustment to fair value of unit-based compensation 875 (1,288 ) 2,163 893 (2,069 ) 2,962 Adjustment to fair value of Exchangeable Units 364,124 (372,039 ) 736,163 601,596 (439,323 ) 1,040,919 Adjustment to fair value of investment properties (93,486 ) (28,035 ) (65,451 ) (123,444 ) (26,670 ) (96,774 ) Adjustment to fair value of investment in real estate securities (9,093 ) 27,870 (36,963 ) (119 ) 57,511 (57,630 ) Income tax expense (recovery) 1 — 1 2 (12 ) 14 Net Operating Income, Accounting Basis - GAAP 251,556 242,193 9,363 497,405 482,046 15,359 Straight-line rental revenue 570 1,434 (864 ) 937 1,173 (236 ) Lease surrender revenue (74 ) (1,224 ) 1,150 (158 ) (3,773 ) 3,615 Net Operating Income, Cash Basis - GAAP 252,052 242,403 9,649 498,184 479,446 18,738 Adjustments for equity accounted joint ventures and financial real estate assets 16,347 14,165 2,182 32,285 28,755 3,530 Net Operating Income, Cash Basis - Proportionate Share (2) $ 268,399 $ 256,568 $ 11,831 $ 530,469 $ 508,201 $ 22,268 Expand The following table reconciles Net Operating Income, Cash Basis to Same-Asset Net Operating Income, Cash Basis for the periods ended as indicated: The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated: For the periods ended June 30 Three Months Six Months ($ thousands except where otherwise indicated) 2025 2024 Change $ 2025 2024 Change $ Net (Loss) Income $ (154,247 ) $ 513,231 $ (667,478 ) $ (250,480 ) $ 655,510 $ (905,990 ) Add (deduct) impact of the following: Amortization of intangible assets 250 250 — 500 500 — Transaction costs and other related expenses — (38,615 ) 38,615 — (38,615 ) 38,615 Adjustment to fair value of unit-based compensation 875 (1,288 ) 2,163 893 (2,069 ) 2,962 Adjustment to fair value of Exchangeable Units 364,124 (372,039 ) 736,163 601,596 (439,323 ) 1,040,919 Adjustment to fair value of investment properties (93,486 ) (28,035 ) (65,451 ) (123,444 ) (26,670 ) (96,774 ) Adjustment to fair value of investment properties to proportionate share (2) 2,451 2,493 (42 ) (7,569 ) 4,688 (12,257 ) Adjustment to fair value of investment in real estate securities (9,093 ) 27,870 (36,963 ) (119 ) 57,511 (57,630 ) Interest otherwise capitalized for development in equity accounted joint ventures 2,340 3,069 (729 ) 4,836 5,577 (741 ) Exchangeable Units distributions 76,189 75,199 990 151,718 149,739 1,979 Internal expenses for leasing 2,163 2,579 (416 ) 4,573 5,067 (494 ) Income tax expense (recovery) 1 — 1 2 (12 ) 14 Funds from Operations $ 191,567 $ 184,714 $ 6,853 $ 382,506 $ 371,903 $ 10,603 FFO per unit - diluted $ 0.265 $ 0.255 $ 0.010 $ 0.528 $ 0.514 $ 0.014 Weighted average number of units outstanding - diluted (i) 723,810,797 723,659,539 151,258 723,790,848 723,664,669 126,179 (i) Includes Trust Units and Exchangeable Units. Expand The following table reconciles Funds from Operations to Adjusted Funds from Operations for the periods ended as indicated: For the periods ended June 30 Three Months Six Months ($ thousands except where otherwise indicated) 2025 2024 Change $ 2025 2024 Change $ Funds from Operations $ 191,567 $ 184,714 $ 6,853 $ 382,506 $ 371,903 $ 10,603 Add (deduct) impact of the following: Internal expenses for leasing (2,163 ) (2,579 ) 416 (4,573 ) (5,067 ) 494 Straight-line rental revenue 570 1,434 (864 ) 937 1,173 (236 ) Straight-line rental revenue adjustment to proportionate share (2) (1,535 ) (658 ) (877 ) (2,901 ) (1,272 ) (1,629 ) Property capital (12,171 ) (2,606 ) (9,565 ) (12,600 ) (7,000 ) (5,600 ) Direct leasing costs (2,316 ) (2,024 ) (292 ) (3,775 ) (3,196 ) (579 ) Tenant improvements (5,487 ) (1,369 ) (4,118 ) (8,814 ) (4,395 ) (4,419 ) Operating capital expenditures adjustment to proportionate share (2) (1,520 ) (312 ) (1,208 ) (3,570 ) (2,400 ) (1,170 ) Adjusted Funds from Operations $ 166,945 $ 176,600 $ (9,655 ) $ 347,210 $ 349,746 $ (2,536 ) AFFO per unit - diluted $ 0.231 $ 0.244 $ (0.013 ) $ 0.480 $ 0.483 $ (0.003 ) AFFO payout ratio - diluted (i) 83.5 % 77.9 % 5.6 % 79.9 % 78.3 % 1.6 % Distribution declared per unit $ 0.193 $ 0.190 $ 0.003 $ 0.384 $ 0.378 $ 0.006 Weighted average number of units outstanding - diluted (ii) 723,810,797 723,659,539 151,258 723,790,848 723,664,669 126,179 (i) AFFO payout ratio is calculated as cash distributions declared divided by AFFO. (ii) Includes Trust Units and Exchangeable Units. Expand The following table reconciles Net Asset Value (2) as at the dates indicated below: Management's Discussion and Analysis and Consolidated Financial Statements and Notes Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2025 Second Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust, and is available at and on SEDAR+ at Conference Call and Webcast Management will host a conference call on Friday, July 18, 2025 at 10:00 AM (EDT) with a simultaneous audio webcast. To access via teleconference, please dial +1 (240) 789-2714 or +1 (888) 330-2454 and enter the event passcode: 4788974. The link to the audio webcast will be available on About Choice Properties Real Estate Investment Trust Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive. We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. For more information, visit Choice Properties' website at and Choice Properties' issuer profile at Cautionary Statements Regarding Forward-looking Statements This news release contains forward-looking statements relating to Choice Properties' operations and the environment in which the Trust operates, which are based on management's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Management undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law. Numerous risks and uncertainties could cause the Trust's actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 12 'Enterprise Risks and Risk Management' of the Trust's MD&A for the year ended December 31, 2024 and those described in the Trust's Annual Information Form for the year ended December 31, 2024.
Cision Canada
11-07-2025
- Business
- Cision Canada
Silver Viper Closes $3.6 Million Private Placement
VANCOUVER, BC, /CNW/ - Silver Viper Minerals Corp. (the " Company" or " Silver Viper") (TSXV: VIPR) (OTC: VIPRF) is pleased to announce that it has closed its $3.6 million non-brokered private placement announced on June 18, 2025 (the " Offering"), issuing 11,993,149 units of the Company (the " Units") at a price of $0.30 per Unit for aggregate gross proceeds of $3,484,161. Each Unit consisted of one common share of the Company (each, a " Share") and one half of one warrant (each, a " Warrant"). Each Warrant entitles the holder thereof to acquire one Share from the Company at a price of $0.50 per Share for a period of 24 months from the date of issue. All Units issued in connection with the Offering bears a legend indicating that they are subject to a trading restriction for a period of 12 months following the closing of the transaction. The Issuer intends to use the proceeds from the Offering for drilling and other exploration activities at La Virginia and for working capital and other general corporate purposes. As consideration for their services in connection with the Offering, the Finders received a total cash commission of $86,484 and were issued 379,279 Finder's Units (the " Finder's Units") of the Company. The Finder's Units have the same terms as the Units issued to subscribers in the Offering and bears a legend indicating that they are subject to a trading restriction for a period of 12 months following closing. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 1,516,700 Units pursuant to the Private Placement for total consideration of $455,010.00. Prior to the Private Placement, Mr. Sprott beneficially owned or controlled 3,333,300 common shares and 1,666,650 common share purchase warrants of the Company representing approximately 6.2% on a non-diluted basis and 9.0% on a fully diluted basis assuming the exercise of such Warrants. As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 4,850,000 common shares and 2,425,000 common share purchase warrants of the Company representing approximately 7.3% on a non-diluted basis and 10.6% on a fully diluted basis assuming the exercise of such Warrants. The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of the early warning report with respect to the foregoing will appear on Silver Viper's profile on SEDAR+ at and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5). Insiders of the Company subscribed for a total of 616,667 Units. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About the Company Silver Viper Minerals Corp. is a Canadian-based junior mineral exploration company focused on precious metals exploration in Mexico. The Company is the operator and 100% owner of the La Virginia Gold-Silver Project in Sonora. The Company continues to evaluate and advance mineral exploration opportunities across key mining jurisdictions in Mexico and acquired the Cimarron Project in Sinaloa, Mexico in June 2025. ON BEHALF OF THE BOARD OF DIRECTORS, Steve Cope President and CEO Neither 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. Forward Looking Information This news release may contain forward-looking statements, including statements with respect to the terms of the Offering, closing of the Offering and use of proceeds of the Offering. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company's financial statements, management discussion and analysis and/or annual information form available on The risk factors identified in such documents are not intended to represent a complete list of factors that could affect the Company. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. SOURCE Silver Viper Minerals Corp.
