Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Canadian merchant bank Canaccord Financial Inc. (TSX:CF) stocks were up almost 3 percent this morning after the company announced this morning that it will partner with the Import Export Bank of China to raise a US$1-billion fund promoting Chinese investment in natural resources around the world. The statement followed Canada’s Prime Minister Stephen Harper announcement of a series of multibillion-dollar trade and business deals, setting the table for a possible free trade agreement between Ottawa and Beijing.
Canaccord said the memorandum of understanding with the Chinese bank, known as Eximbank, would create a fund to be known as the Canada-China Natural Resource Fund.
The Vancouver-based company said that the fun will be designed to invest in public and private natural resource and energy projects in Canada, as well as companies operating elsewhere that are listed — or could be listed — on Canadian stock exchanges.
“Canaccord’s deep knowledge of the resource sector and Canada’s strong natural resource industry will be highly complementary to the interests of investors and the continued demand for energy and other resources,” Canaccord president and CEO Paul Reynolds said in a statement.
“The Canada-China Natural Resource Fund demonstrates the importance of Canadian financial markets in the development of resource companies and the continued expansion of Chinese participation in natural resource projects around the world.”
The fund will be run by an independent management team, with a first closing is planned within the first half of 2012.
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