Latest news with #CGF
New Indian Express
14-06-2025
- Business
- New Indian Express
CGF committee approves 297 works worth Rs 72.47 crore
HYDERABAD: The Common Good Fund (CGF) committee, which met here on Friday, approved 297 works to be taken up with an estimated cost of Rs 72.47 crore. Endowments Minister Konda Surekha, who attended the meeting, directed the executive officers (EOs) of various temples to follow the guidelines issues by the state government while executing the works. 'There should not be any negligence in grounding the works,' he said while directing the officials to send all necessary proposals for the works at one go. The minister also said that estimates received from local leaders or people's representatives should not be forwarded as it is. The EOs should conduct comprehensive field visits and prepare realistic project assessments after thoroughly inspecting the proposals received from the people's representatives, she added. Instructing the officials to utilise CGF funds judiciously, she opined that the efforts of executive officers and senior officials were crucial in developing the temples. The officials briefed the minister about the funds needed for small temples. She held a detailed discussion with them regarding budget approvals and the requests received for CGF allocations.
Hans India
14-06-2025
- Hans India
Temple tourism in state will get a shot in the arm: Surekha
Hyderabad: The Telangana government has decided to place a significant focus on temple tourism across the state. Endowments Minister Konda Surekha on Friday instructed departmental officials to prioritise this area and to develop concrete proposals. The Minister affirmed the state government's commitment to the initiative, announcing that this year, the Ashadha Masam Bonalu Jatara at the Bhadrakali Temple in Warangal would be organised in a truly grand manner. She expressed her desire to bring every festival and cultural tradition of the state closer to the people, stating that her government would make every effort to guide the populace towards a devotional path. Minister Surekha directed officials to ensure transparent utilisation of Common Good Fund (CGF) monies for the comprehensive development of temples. The Endowment Department CGF Committee meeting took place at the Secretariat on Friday, where Minister Surekha conducted a review of the funds earmarked for the development of smaller temples across the state. The Minister opined that the dedication of Executive Officers (EOs) and senior departmental officials was crucial for temple development. As part of the CGF discussions, officials presented information to the Minister regarding the funds allocated for the development of minor temples. The Minister directed officials to proceed with a plan to enhance facilities for devotees in temples across the state and to increase the income streams of these religious institutions. She called for more extensive work on developing temple tourism circuits. The government, she revealed, plans to combine three major temples within a district into a single circuit, with this process to be implemented in three phases. The aim is to transport devotees and tourists to famous temples, while also allowing them to visit other tourist spots along the designated routes.
Cision Canada
03-06-2025
- Business
- Cision Canada
Canada Growth Fund announces additional investment in Eavor Technologies, a Calgary-based advanced geothermal technology company Français
CALGARY, AB, June 3, 2025 /CNW/ - Canada Growth Fund Inc. (" CGF") and Eavor Technologies Inc. (" Eavor" or the " Company") announced today a financing commitment by CGF of up to ~C$138 million to accelerate the development and commercial deployment of Eavor's geothermal technology. Founded in 2017, Eavor is an advanced geothermal technology company based in Calgary, Alberta. Eavor has proven pilot versions of its proprietary closed-loop geothermal system (" Eavor-Loop™") and a first commercial project is under construction in Geretsried, Germany. In connection with the transaction, CGF executed a definitive agreement committing it to invest up to ~C$138 million: ~C$89 million on financial close and ~C$48 million upon the achievement of certain milestones. Eavor-Loop™ leverages Canada's talent and expertise to build the next generation of geothermal innovation. CGF first invested C$90 million in Eavor in October 2023, through a direct commitment in its Series B preferred equity fundraise. Since CGF's initial investment, Eavor has progressed construction of its first commercial-scale facility in Geretsried and achieved major milestones including successfully intersecting wells using its new Eavor-Link™ Active Magnetic Ranging (" AMR") system; deploying its proprietary insulated drill pipe to enable well construction in high-temperature environments; setting, sidetracking, and retrieving whipstocks to drill deep multilateral wells; and implementing its proprietary Rock-Pipe™ technology to seal the multilateral wells. CGF's scaling capital will continue to facilitate the Company's Canadian presence by ensuring the majority of its leadership and employee base remain in Canada and leverage Canada's drilling knowledge and know-how to catalyze the next generation of global geothermal innovation. Eavor's continued growth will secure its innovation and employment footprint in Canada at its Calgary, Alberta headquarters. "Our continued investment in Eavor, as the company completes the first commercial-scale application of its technology, is a prime example of CGF's steadfast commitment to scaling up Canadian companies and investing at a critical stage of their development," said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (" CGFIM"). "CGF was established to drive innovation and competitiveness across new and traditional sectors of Canada's industrial base, and Eavor is well aligned with our mandate." "We are grateful for CGF's continued commitment to our Canadian company, which uses Albertan expertise to drive innovation in the development of new advanced geothermal technologies," said John Redfern, Co-Founder and CEO of Eavor. "Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power using its proprietary closed loop geothermal system, and we look forward to building on this progress in the months ahead." CGF has announced 13 investments since its launch in June 2023 and has committed approximately $2.7 billion to Canadian projects and companies. It has a mandate to invest in Canadian clean technology businesses that are scaling innovative technologies at the demonstration or commercialization stages of development. About the Canada Growth Fund CGF is a $15 billion arm's length investment vehicle that helps attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in efficient low carbon projects, technologies, businesses, and supply chains. Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on For CGF's Media relations, contact [email protected]. In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly-owned subsidiary, would act as the asset manager for CGF. CGFIM has been incorporated to act as the independent and exclusive asset manager for CGF. About Eavor Technologies Inc. Eavor (pronounced "Ever") is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor's solution (Eavor-Loop™) represents the world's first truly scalable form of clean, dispatchable, baseload capable, and flexible heat and power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Temasek, BHP Ventures, OMV, Canada Growth Fund, Kajima Corporation, and Microsoft Climate Innovation Fund. Learn more at For Eavor's Media Relations, contact [email protected]. Advisors Davies Ward Phillips & Vineberg LLP acted as legal advisor to CGF and CGFIM in connection with CGF's investment. Morgan Stanley & Co. LLC and National Bank Financial Inc. acted as placement agents to Eavor and DS Lawyers Canada LLP acted as legal advisor to Eavor. A&O Shearman acted as counsel to the placement agents. Disclaimer This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Yahoo
15-05-2025
- Business
- Yahoo
Canada Growth Fund commits $111m for Foran Mining's McIlvenna Bay project
Canada Growth Fund (CGF) has committed approximately C$156m ($111.6m) in a C$350m strategic non-brokered private placement by Foran Mining, a Canadian copper mining company. The commitment has been made in partnership with co-investors such as Agnico Eagle Mines, which is committing C$90m, and C$75m committed by certain affiliates of Fairfax Financial Holdings, a Canadian holding company. Additionally, an institutional equity investor is also participating in this offering, committing C$28m. This investment by CGF and its partners will support Foran's efforts to develop its flagship asset, the McIlvenna Bay project in Saskatchewan, Canada. The offering will be completed in two tranches, with Foran issuing 116.6 million common shares at $3 each for gross proceeds of around C$350m. The first tranche of approximately C$296m is expected to close around 28 May 2025, pending customary conditions and Toronto Stock Exchange approval. Dan Myerson, Foran's executive chairman and CEO, will also personally invest approximately C$1m in the offering. Proceeds from the offering are earmarked for the construction completion at McIlvenna Bay and for advancing exploration at nearby and regional targets. Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, the exclusive investment manager of CGF, said: "Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use." McIlvenna Bay is a polymetallic deposit located along the Flin Flon Greenstone Belt. It is currently the only copper and zinc deposit under construction in Canada. The project will contribute to local job creation and increase Canadian copper and zinc production by up to 4% and 22%, respectively. Myerson said: "Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability and a long-term view. We are committed to making the right decisions to create lasting value – prioritising smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction." In July 2024, Foran Mining announced a financial package of up to C$315m to support the initial phase of the McIlvenna Bay project. "Canada Growth Fund commits $111m for Foran Mining's McIlvenna Bay project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Canada Growth Fund announces strategic investment in Foran Mining, a Western Canadian-based critical minerals mining company
VANCOUVER, BC, May 14, 2025 /CNW/ - Canada Growth Fund Inc. ("CGF") is pleased to announce its cornerstone participation in a $350M strategic non-brokered private placement (the "Private Placement" or "Offering") by Foran Mining Corporation (TSX: FOM) ("Foran" or the "Company"), a Saskatchewan-operating copper mining company involved in the exploration, development and operation of mineral properties. CGF has agreed to commit approximately $156M alongside co-investors including Agnico Eagle Mines Limited (TSX: AEM) ("Agnico"), a blue-chip Canadian mining company, certain affiliates of Fairfax Financial Holdings Limited (TSX: FFH) (collectively, "Fairfax"), a Canadian holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management, as well as a significant institutional equity investor. Foran's flagship asset is the 100%-owned McIlvenna Bay Project (the "Project"), a polymetallic deposit along the Flin Flon Greenstone Belt and is Canada's only copper and zinc deposit currently under construction. CGF has a mandate to leverage Canada's abundance of natural resources in order to strengthen critical supply chains and support the country's long-term prosperity. Foran's McIlvenna Bay Project is well aligned with CGF's investment mandate as it will drive economic growth and local job creation in northern Saskatchewan and Manitoba and will support the construction of a polymetallic mine that, upon completion, will unlock new critical mineral production in Canada. The Project will support up to 400 permanent jobs and could boost the production of Canadian copper and zinc by up to 4% and 22%, respectively, upon commercial operation. "Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use," said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management Inc. ("CGFIM"), the exclusive investment manager of CGF. "CGF is pleased to participate in this investment alongside top-tier investors and mining operators who share CGF's ambition to better leverage Canada's abundance of natural resources and improve Canada's competitiveness." CGF's flexible and innovative mandate enables it to invest in projects and companies that advance the development of new or existing supply chains of critical minerals, including through direct equity and debt investments in mining activities and related infrastructure, including processing, manufacturing, and recycling. This commitment to Foran marks CGF's second transaction in the mining sector in less than 6 months, as it looks to accelerate its critical minerals investment strategy to support Canada's national and strategic objectives. At this juncture, CGF is primarily seeking to advance direct equity investments in targeted mining projects and companies well aligned with Canada's Critical Minerals Strategy. "Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability, and a long-term view. We're committed to making the right decisions to create lasting value - prioritizing smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction." said Dan Myerson, Executive Chairman & CEO of Foran. "Every step forward brings us closer to that vision, and today's financing marks another key milestone. Fairfax and Agnico Eagle are existing cornerstone investors and we are proud and grateful to welcome Canada Growth Fund as a new strategic shareholder of Foran." The Offering will be completed in two tranches, with details on sizing and closing timing to be provided in due course, and subject to certain customary conditions including, but not limited to, TSX approval. The completion of the second tranche is also subject to approval of the shareholders of Foran. Transaction Highlights The Offering will consist of the issuance of 116,666,667 common shares of Foran ("Common Shares") at a price of $3.00 per Common Share for gross proceeds of approximately $350 million. The Offering will consist of a subscription for approximately $156 million from CGF, approximately $90 million from Agnico Eagle, approximately $75 million from certain affiliates of Fairfax, and approximately $28 million from a significant institutional equity investor. As part of the Private Placement, Foran's Executive Chairman & Chief Executive Officer Dan Myerson will subscribe for approximately $1 million of the Offering. The net proceeds from the Offering will be used to complete construction at McIlvenna Bay, as well as for advancing exploration at near-mine and regional targets. The Offering will result in the issuance of a number of common shares that exceeds 25% of the Company's currently issued and outstanding common shares, and as such, is subject to shareholder approval in accordance with the rules of the Toronto Stock Exchange ("TSX"). As a result, the Offering is expected to be completed in two tranches, with the first tranche of approximately $296 million expected to close on or about May 28, 2025. Closing of the first tranche is subject to customary conditions, including but not limited to the conditional approval of the TSX. About the Canada Growth Fund CGF is a $15 billion arm's length public investment vehicle that helps attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in efficient low carbon projects, technologies, businesses, and supply chains. Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on About Canada Growth Fund Investment Management In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly-owned subsidiary, would act as the asset manager for CGF. CGFIM has been incorporated to act as the independent and exclusive asset manager for CGF. About Foran Mining Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future and empowering communities while creating value for our stakeholders. The McIlvenna Bay project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also owns the Bigstone Deposit, a resource-development stage deposit located 25 km southwest of the McIlvenna Bay Property. The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba, and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 km. The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company filed its NI 43-101 compliant 2025 Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada (the "2025 Technical Report") on March 12, 2025, with an effective date and report date of March 12, 2025, outlining a mineral resource in respect of the McIlvenna Bay Deposit estimated at 38.6 Mt grading 2.02% CuEq in the Indicated category and an additional 4.5 Mt grading 1.71% CuEq in the Inferred category. Investors are encouraged to consult the full text of the 2025 Technical Report which is available on SEDAR+ at under the Company's profile. The Company's head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol "FOM" and on the OTCQX under the symbol "FMCXF". Advisors Stikeman Elliott LLP, Wood Mackenzie, and SRK Consulting (Canada) Inc. acted as legal, commercial, and technical advisors to CGF and CGFIM in connection with CGF's investment. McCarthy Tétrault LLP acted as legal advisors to Foran with the transaction. PSP Investments' Conflict of Interest Policy PSP Investments has established a policy to address the risk of any real, potential or perceived conflicts of interest in the context of the services provided by CGFIM to CGF, requiring PSP Investments and CGF to disclose where they have overlapping investments. At the time of the approval of the transaction, PSP Investments held an ownership stake in Agnico, a substantial minority shareholder of Foran, of less than 0.10% through (a) an externally managed portfolio over which PSP Investments has no oversight or discretion and (b) an internally managed benchmark allocation portfolio. PSP Investments also held an ownership stake in Fairfax, a substantial minority shareholder of Foran, of less than 0.05% through an externally managed portfolio over which PSP has no oversight or discretion. The foregoing is being disclosed in accordance with PSP Investments' Conflicts of Interest Policy. Early Warning Information Canada Growth Fund Announces Acquisition of Common Shares of Foran Mining Canada Growth Fund Inc. ("CGF") announces that it has entered into a subscription agreement dated May 14, 2025 with Foran Mining Corporation ("Foran" or the "Company"), to acquire 52,000,000 common shares of Foran (the "Common Share") at a price of $3.00 per Common Share for aggregate gross proceeds to the Company of $156,000,000 (the "Investment"). The Company has also announced that in addition to the Investment, the Company had entered into agreements with Agnico Eagle Mines Limited ("Agnico Eagle"), Fairfax Financial Holdings Limited ("Fairfax"), a significant institutional equity investor, and Foran's Executive Chairman & Chief Executive Officer Dan Myerson to issue a further 64,666,667 Common Shares concurrently with the Investment (the "Concurrent Investment"). The aggregate gross proceed to Foran of the Investment and Concurrent Investment are expected to be $350,000,001. The Investment and the Concurrent Investment are expected to close in two tranches. The first tranche is expected to consist of the issuance of 43,904,154 Common Shares to CGF and an aggregate of 54,598,755 Common Shares to Agnico Eagle, Fairfax, a significant institutional equity investor, or Mr. Myerson for aggregate gross proceeds of $295,508,727. The second tranche is expected to consist of the issuance of 8,095,846 Common Shares to CGF and an aggregate of 10,067,912 Common Shares to Agnico Eagle, Fairfax, a significant institutional equity investor, or Mr. Myerson for further aggregate gross proceeds of $54,491,274. Completion of the Investment and Concurrent Investment remain subject to certain customary conditions including exchange approval and approval of the second tranche by shareholders of the Company. Immediately prior to entering into the Subscription Agreement, CGF did not beneficially own or control any Common Shares or other securities of the Company. As a result of entering into the Subscription Agreement CGF is deemed to have acquired 52,000,000 Common Shares, representing: (a) 11.7% of the issued and outstanding Common Shares, prior to the issuance of any Common Shares to Agnico Eagle, Fairfax, a significant institutional equity investor, or Mr. Myerson pursuant to the Concurrent Investment; or (b) 10.2% of the issued and outstanding Common Shares, after giving effect to the issuance of 64,666,667 additional Common Shares to Agnico Eagle, Fairfax, a significant institutional equity investor, or Mr. Myerson pursuant to the Concurrent Investment. CGF acquired the Common Shares for investment purposes only. Depending upon market conditions and other factors, including pursuant to a 12 month lock-up provision and certain rights granted to CGF under the investor rights agreement that CGF expects to enter into with the Company, CGF may, from time to time, acquire or dispose of additional securities of the Company, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving securities of the Company. The Company's head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol "FOM" and on the OTCQX under the symbol "FMCXF". A copy of CGF's early warning report with respect to the Investment will be filed on SEDAR+ ( For more information or to obtain a copy of the report, please contact Ms. Erin Flanagan, Senior Director, Canada Growth Fund Investment Management Inc., the exclusive manager of CGF, at (514) 937-2772. The principal place of business of CGF is located at: c/o Canada Growth Fund Investment Management Inc., 1250 René Lévesque Blvd. West, Suite 1400, Montréal, Québec, H3B 5E9. SOURCE Canada Growth Fund | Fonds de croissance du Canada View original content to download multimedia:
