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Indiva files for creditor protection

Indiva Limited (TSXV: NDVA) is the latest cannabis operator to obtain creditor protection. The company has been granted an order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act.

PricewaterhouseCoopers Inc has been appointed as monitor in connection with the filing, while Bennett Jones LLP is acting as counsel. The initial order under the filing permits a stay of proceedings against the company, and the approval of debtor in possession financing among other items. Details of the financing, and whom it was provided by, however were not provided.

You can read more on the matter here.

What’s going on?

• Russia’s Exchange Halts Dollar and Euro Trading After Latest US Sanctions (theDeepDive)

• Pentagon ran secret anti-vax campaign to undermine China during pandemic (Reuters)

• US and G7 Partners to Build Transcontinental African Rail Line (theDeepDive)

• Singh ‘more alarmed’ about foreign interference allegations after reading unredacted report (Globe)

• Is the Disney-DeSantis Feud Really Over? Disney Resumes Donating to Florida Lawmakers (theDeepDive)

• Tiff Macklem says things are going to be difficult if productivity doesn't grow (FP)

• Estonian Parliament Clears the Path for Nuclear Power (theDeepDive)

• Nicolas Maduro Is Making TikTok Memes to Shed His Brutal Image (Bloomberg)

• Canada’s Trans Mountain Pipeline: Government Proposes 30% Indigenous Ownership (theDeepDive)

• Canada has become the fifth largest recipient country of asylum seekers (NP)

• Ahead of peace summit, Putin demands to keep parts of Ukraine (Globe)

What’s the latest?

• Manufacturing Sales: Statistics Canada reports that manufacturing sales increased by 1.1% to $70.8 billion in April, driven by higher sales in transportation equipment, primary metals, and chemical products. This rise follows a 1.8% decline in March. In constant dollars, manufacturing sales rose 0.4%, indicating a higher volume of goods sold.

• China Vax Op: During the COVID-19 pandemic, the U.S. military conducted a covert campaign aimed at undermining China's influence in the Philippines by discrediting Chinese-provided vaccines and medical supplies. The operation involved the use of fake social media accounts impersonating Filipinos to promote anti-vaccine sentiments and distrust towards China's Sinovac vaccine and other aid. Reuters identified around 300 accounts on X linked to this campaign, which were later removed for being part of a coordinated bot effort.

• Gold Heist: Simran Preet Panesar, a former Air Canada manager wanted on a Canada-wide warrant for his alleged involvement in the largest gold heist in Canadian history, is preparing to turn himself in, according to his lawyer. Panesar faces charges including theft over $5,000 related to the April 2023 theft of more than $20 million in gold from Toronto's Pearson International Airport.

• Vanguard Support: Tesla's largest outside investor, Vanguard, voted in favor of CEO Elon Musk's $56 billion pay package, contributing to its passage at Tesla's annual meeting. Despite initially voting against the package in 2018 due to its potential size, Vanguard cited Tesla's strong alignment of executive pay with shareholder returns since then as justification for their support.

• Banking Shrinks: Raymond James Financial Inc. has cut banking jobs in Toronto, Vancouver, and Montreal, following the closure of its Calgary investment-banking office last year due to a decline in energy deals. The recent layoffs affected at least seven roles in investment banking and sales and trading. This move is part of a broader trend in Canada's banking industry, with Stifel Financial Corp. also closing its Calgary office and cutting staff in Toronto. The slowdown in activity in Canada's oil and gas sector has contributed to these closures, as the TSX has not seen a significant corporate IPO in over a year.

$18,000 a tonne copper?

The stock market and stuff

• Powell’s Remark On “Overstated” Payroll Numbers Questions Accuracy of U.S. Employment Figures (theDeepDive)

• French stocks head for worst week since 2022 over fears of populist election win (FT)

• Tesla investors get behind Musk’s fight for US$56B pay package (FP)

• Ex-SpaceX Employees Sue Elon Musk Over Alleged Discrimination And Harassment (theDeepDive)

• Competition Bureau investigating if Amazon 'wilfully' turning blind eye to fake reviews (NP)

In the juniors

• Frontier Lithium Intersects 1.32% Li2O Over 136.7 Metres While Conducting Geotechnical Drilling (theDeepDive)

• enCore Energy Begins Uranium Production At Alta Mesa (theDeepDive)

• Neo Performance Materials To Undertake Strategic Review (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.