Business
Lions Bay Capital Inc. Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Lions Bay Capital Inc. (TSXV:...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Capital Inc. Provides Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Lions Bay Capital Inc. (TSXV: LBI) (\"Lions Bay\" or the \"Company\") is pleased to provide the following update on its investment portfolio. The current market value of Lions Bay's listed share portfolio stands at $5.6 million. In addition, the Company has loans of $1.4 million to non-affiliated groups bringing the value of its book to $7 million or $0.05 per common share.The Company`s largest single investment is a holding of 42.5 million shares in Fidelity Minerals Corp. In recent weeks FMN has announced it is transitioning from gold and copper exploration in Peru to organic fertilizer as a result of its 50% acquisition of Greensands Australia Pty Ltd. (\"GAL\"). The remaining 50% of GAL was acquired by Lions Bay. GAL has applied for a large glauconite deposit near Katherine in the Northern Territory, Australia. The vendors had successfully produced a concentrate grading 9.2 per cent K2O and 3.9 per cent P2O5. This material was then calcined to produce an \"activated\" product, through a patented process, that testing showed was significantly more soluble and hence far more attractive as an organic fertilizer. The CEO of Lions Bay, Mr. John Byrne, commented: \"We are confident that drilling and further testing of the GAL Florina project will be successful in establishing it as a significant potash and phosphate resource in the current year. The potential of this type of resource has been underlined by the exceptional growth rate in both earnings and production by Verde AgriTech Ltd. in Brazil.The Florina deposit is located on the doorstep of Asia where potash use and demand growth could provide an ideal market. We view FMN as both a resource play and a technology play as the process for activating the glauconite could unlock value in other deposits around the world. Lions Bay has two other technology focused resource investments which it expects to mature over the next year.Parkway Corporate Ltd. - Lions Bay owns 167 million shares in PWN which is an advanced industrial water treatment technology company working to provide a solution for the mining and energy sectors. PWN has been awarded a contract from Queensland Gas Corporation (a Shell Group company) to carry out a feasibility study to provide solutions for ...