CHF WEEKLY ROUND-UP: February 19-23, 2024

This was a shortened trading week, with Canadian Markets closed for Family Day and U.S. Markets closed for Presidents’ Day on Monday. 
 
The latest inflation numbers for Canada’s economy came out, and the headline number fell by much more than expected, with prices increasing at a 2.9 percent annual pace in the year up to January, down from December’s 3.4 percent level and much lower than the 3.3 percent pace that economists were expecting. The Bank of Canada is likely waiting for the U.S. Fed to move before cutting interest rates in Canada.
 
The S&P 500 index was at 5000, testing that level. Seasonally, the second half of February is the worst time of year, and momentum has been slowing. On Wednesday the big tech names sold off. Then on Thursday, Nvidia reported Q4 2023 earnings, massively beating all expectations and re-igniting the bull market, lifting the index to near 5100. Artificial Intelligence (AI) continues to drive the investing activity. U.S. Federal Reserve will likely delay interest rate cuts by at least another couple of months following the recent uptick in U.S. inflation.
 
The U.S. dollar weakened, and precious metals returned to their trading ranges. Base metals were a bit stronger, with Copper and Nickel leading the gains. Battery materials remained under pressure. Uranium continues to hold above $100/lb. Crude oil remains in a trading range near $77/bbl.
 
This week our clients completed some important tasks, and we are pleased to present to you our round-up for February 19-23, 2024.
 

 
On February 22, 2024, Visionstate Corp. (TSXV: VIS) announced that it has closed the Company’s non-brokered private placement of $400,000, announced on November 23, 2023. The fully subscribed financing resulted in the issuance of 20,000,000 units at $0.02 per unit, with each unit consisting of one common share and one full warrant exercisable at $0.05 for two years, subject to an acceleration clause. The units issued from the placement are subject to a 4-month hold from the date of issuance. The financing included investments from beneficial shareholders, including Company directors and officers, and a Company insider.
 
The funds raised will be allocated to expand the Company’s product marketing efforts in the United States, where Visionstate IoT Inc., the Company’s main operating division, has already established a strong presence with several prominent customers. The targeted focus will be on resellers of the WANDA™ product. Visionstate Corp. will also allocate resources to enhance its ViCCi 2.0 product which leverages artificial intelligence (AI) and employs conversational interfaces to provide advanced virtual customer assistance in brick-and-mortar settings.
 
Visionstate invests in the research and development of promising new technology in the realm of the Internet of Things (IoT), big data and analytics, and sustainability. Visionstate IoT Inc. is a wholly-owned division of Visionstate Corp. that helps businesses improve operational efficiencies, reduce costs, and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres, and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact, and transform consumer experiences.
 


On February 22, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) and the Killick Lithium Agreement was mentioned in a Press Release by Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL), where they announced their fourth quarter and full-year financial results for 2023.
 
“In October 2023, Piedmont paid $1.5 million for a 19.9% equity interest in Vinland Lithium, a Canadian-based entity jointly owned with Sokoman Minerals and Benton Resources. Vinland Lithium owns the Killick Lithium Project, a large exploration property prospective for lithium located in southern Newfoundland, Canada. Piedmont also into an earn-in agreement with Vinland Lithium to acquire up to a 62.5% equity interest in Killick Lithium through staged-investments. Part of our investment includes a marketing agreement with Killick Lithium for 100% marketing rights and right of first refusal to purchase 100% of all lithium products produced by Killick Lithium on a life-of-mine basis at competitive commercial rates.”
 

 
The PDAC Convention is just around the corner, March 3-6, 2024, and the CHF Capital Markets team is excited to be participating in this year’s lineup of activities. Hope to meet you there. 

Sokoman Minerals’ Tim Froude, President & CEO, will be attending PDAC 2024 along with Ryan Newman, Exploration Manager, Brian Bursey, Senior Technician, and several directors. We look forward to seeing you at Booth 2432!

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