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First Phosphate (Canada: PHOS)(Frankfurt: KD0.F) is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate (LFP) battery industry.
Recently, First Phosphate announced the closing of its oversubscribed private placement.
Here are the highlights:
💰 First Phosphate’s offering was oversubscribed for gross proceeds of $2,339,151.90.
💎 The funds will cover “Canadian exploration expenses” related to its mineral exploration projects, primarily for drilling at the Company’s Bégin-Lamarche and Lac à l’Orignal properties—a portion will be used to pay for general corporate expenditures as well.
⚡️ In return for the investments, investors received a total of 1,205,217 HD Units (hard dollar units) for gross proceeds of $843,651.90, and 1,869,375 FT Units (flow-through units) for gross proceeds of $1,495,500.00—click here for more details.
🧠 The Offering was led by First Phosphate’s management, board of directors, and chief geologist of the Company.
Want more? Click the button below to learn more about First Phosphate (Canada: PHOS)(Frankfurt: KD0.F) and its oversubscribed private placement.
| FIRST PHOSPHATE (Canada: PHOS.CN)(Frankfurt: KD0.F) |
QUICK MARKET RECAP
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“Ah s*@#, here we go again.” – US Regional Banks
If you haven’t already heard, Jerome Powell and the US Federal Reserve raised interest rates by 25 basis points once again.
And with it, comes new pressures for lenders and borrowers who may be dealing with credit risks they failed to foresee.
At the current rate of 5%-5.25%, the cost of borrowing sits at its highest level since September 2007.
This is also the 10th consecutive rate hike made by the Fed over the past two years.
While inflation does appear to be normalizing, hovering around 5%, it is still a large leap from the benchmark rate of 2% set by the central bank.
Moreover, it seems that Powell believes that, “inflation is going to come down not so quickly.”
As such, he argues that “It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates.”
For now, all we can do is sit back and watch how this roller coaster of a market unfolds.
Here is How Major Indexes Performed this Week:
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Adastra Holdings Reports Record-Breaking Year.
The Company achieved record revenues, gross profits, and operating cash flows.
Click to learn more!
| ADASTRA HOLDINGS (Canada: XTRX.CN) |
TOP NEWS
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AMD Reports First Loss in Years
It’s been a rough start to chip-maker AMD’s 2023 after the company suffered its first losing quarter since 2017.
👾 However, after starting the week down 9.32%, $AMD has recovered its losses and now sits at 0.53% over the past 5 days, trading at a market cap of $159.27 billion and a P/E of 116.68.
🚢 The volatility comes after the company reported a deep slump in its business during Q1 2023, with shipments dropping 30% overall.
💥 AMD reported Q1 revenues of $5.35 billion, down 9% YoY, a net loss of $139 million, down 118% YoY, and cash flows from operations of $486 million, down 51% YoY.
📊 The company posted an operating margin of -3%, down 19 percentage points, and currently sits on $3.83 billion in cash & equivalents, while owing $2.47 billion in long-term debt.
💽 When discussing the quarter, AMD CEO Dr. Lisa Su said, “Longer-term, we see significant growth opportunities as we successfully deliver our roadmaps, execute our strategic data center and embedded priorities and accelerate the adoption of our AI portfolio.”
Want to invest in unicorn startups but don’t know how?
Check out this article to learn more!
| UNICORNS HERE |
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Shopify Soars on Staff Cuts & Earning Beat
Big news coming out of Canada’s most beloved tech stock as the company posted strong earnings and took drastic measures to cut costs.
🚀 $SHOP is up 28.03% this week after the company announced that it’s cutting 20% of its 11,600 staff members, and beating Wall Street’s expectations.
🤑 The company reported $1.51 billion (vs. $1.43 billion) in revenues, up 25% YoY, and earnings of $68 million, or 5 cents per share (vs. a loss of 4 cents per share), compared to a net loss of $1.5 billion last year.
🧠 CEO Tobi Lütke said Shopify is slimming down its operations in order to focus on its core business, which is making tools for companies to sell products online.
🤖 The company is selling 6 River Systems, the warehouse robot maker it acquired in 2019 for $450 million, to U.K. retail tech company Ocado, bringing an end to its own logistics business.
👁️🗨️ When discussing AI during its earnings call, Lütke said, “Shopify has the privilege of being amongst the companies with the best chances of using AI to help our customers.”
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JP Morgan Chase Acquires Failing First Republic
Down goes another one! First Republic becomes the latest victim in the US regional banking crisis.
😱 This comes after regulators took possession of First Republic, following the revelation that the bank’s clients withdrew more than $100 billion in deposits in Q1.
🤝 In an effort to contain the fear from spreading, JPMorgan has acquired all of First Republic’s deposits ($92 billion), and its assets made up of $173 billion in loans and $30 billion in securities.
🦸♂️ When discussing the transaction, JP Morgan CEO Jamie Dimon said, “Our government invited us and others to step up, and we did. […] This acquisition modestly benefits our company overall.”
🏦 First Republic is the second largest bank to fail in US history with $229.1 billion in assets at the time of failure—3 of 4 largest bank failures in US history have happened in 2023.
📉 $JPM is down -1.09% this week, trading at a market cap of $408.23 billion and a P/E of 10.08.
Want to Hear Our Thoughts on Shopify?
Check out this article!
| SHOPIFY STOCK ANALYSIS |
DID YOU KNOW?!
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Berkshire Hathaway’s Annual Shareholder Meeting is this Weekend
Want to receive a world-class investment education far better than any university institution will provide you?
Warren Buffett’s Berkshire Hathaway (BRK-B) hosted its annual shareholder meeting this Saturday, May 6.
Though it may be too late to attend now, the good news is that the entire meeting was broadcasted on CNBC, and uploaded to YouTube for free.
During the event, Berkshire shareholders can ask hard-hitting questions directly to the Oracle of Omaha and his esteemed partner Charlie Munger.
If you want to up your investment game and learn from the best to ever do it, do not miss out on this extraordinary event.
To access the full meeting, click the link below…
| 2023 BERKSHIRE HATHAWAY ANNUAL SHAREHOLDER MEETING |
Disclosure/Disclaimer:
We are not brokers, investment or financial advisers, and you should not rely on the information herein as investment advice. If you are seeking personal investment advice, please contact a qualified and registered broker, investment adviser or financial adviser. You should not make any investment decisions based on our communications. Our stock profiles are intended to highlight certain companies for YOUR further investigation; they are NOT recommendations. The securities issued by the companies we profile should be considered high risk and, if you do invest, you may lose your entire investment. Please do your own research before investing, including reading the companies’ public filings, press releases, and risk disclosures. Information contained in this profile was provided by the company, extracted from public filings, company websites, and other publicly available sources. We believe the sources and information are accurate and reliable but we cannot guarantee it. The commentary and opinions in this article are our own, so please do your own research.
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