Jericho Oil Publishes Annual Letter to Shareholders

TULSA, OK and VANCOUVER, BC—(Marketwired – June 09, 2017) – Jericho Oil Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC PINK: JROOF) announces that it has published its Annual Letter to Shareholders on the Company's website at–content/uploads/bsk–pdf–manager/2016AnnualLettertoShareholders_FINAL_20.pdf

Jericho also reports that at its Annual General Meeting of Shareholders held on May 24, 2017, shareholders in person or by proxy representing 65.44% of the outstanding common shares of the Company, voted overwhelmingly (+99.9% For) to elect incumbent directors Allen Wilson, Nicholas Baxter, Gerald Tuskey and Markus Seywerd, as well as to elect Brian Williamson as a new director. Mr. Williamson is President (Jericho Oklahoma).

Further, Jericho announces that it has granted 650,000 incentive stock options to directors and a consultant of the Company. All of the stock options are exercisable at a price of $0.50 per share for a period of 5 years and have been granted under and are governed by the terms of the Company's incentive stock option plan.

About Jericho Oil Corporation

Jericho is a growth–oriented oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid–Continent. For more information, please visit

Cautionary Note Regarding Forward–Looking Statements: This news release includes certain “forward–looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho's expectations include risks related to the exploration stage of Jericho's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Kinross completes sale of Cerro Casale interest

TORONTO, ON—(Marketwired – June 09, 2017) – Kinross Gold Corporation (TSX: K) (NYSE: KGC) completed today the sale of its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. (“Goldcorp”), previously announced on March 28, 2017.

The consideration for the sale includes: US$260 million in cash which was paid at closing (and which included US$20 million for Quebrada Seca); a contingent payment of US$40 million in cash, payable following a positive construction decision for Cerro Casale; Goldcorp assuming a US$20 million contingent payment obligation due to Barrick Gold Corporation under the existing Cerro Casale shareholders agreement, which is payable when commercial production at Cerro Casale commences; and a 1.25% royalty from Goldcorp based on 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca, with Kinross foregoing the first US$10 million.

Additionally, Kinross entered into the previously announced water supply agreement with the Cerro Casale joint venture.

Kinross expects to use the proceeds from the sale for its organic development projects and to further strengthen its balance sheet.

About Kinross Gold Corporation

Kinross is a Canadian–based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (TSX: K) and the New York Stock Exchange (NYSE: KGC).

Cautionary statement on forward–looking information

All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Kinross, constitute “forward–looking information” or “forward–looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995 and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. Forward–looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Kinross contained in this news release, which may prove to be incorrect, include, but are not limited to: (i) the various assumptions set forth herein; (ii) that any contingent payment contemplated by the purchase agreements governing the sale or the royalty will be paid to Kinross, (iii) that a construction decision will be made by the Cerro Casale joint venture; (iv) that the conditions are met under the water supply agreement to allow Kinross to exercise its rights to access water thereunder; and (v) that Kinross will use the proceeds from the sale as described herein. The forward–looking information set forth in this news release is subject to various risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward–looking information, including the risk that the sale transaction will not be completed for any reason. Certain of these risks, factors, estimates and assumptions are described in more detail in Kinross' most recently filed Annual Information Form in the section entitled “Risk Factors” and the “Risk Analysis” section of our most recently filed Management's Discussion and Analysis, to which readers are referred and which are incorporated by reference in this news release. In addition, all forward–looking statements made in this news release are qualified by the full “Cautionary Statement” in such Annual Information Form and the “Cautionary Statement on Forward Looking Information” in such Management's Discussion and Analysis. These risks, factors, estimates and assumptions are not exhaustive. Kinross disclaims any intention or obligation to update or revise any forward–looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward–looking statements, except to the extent required by applicable law.

Gendis Inc. Announces First Quarter Earnings

WINNIPEG, MB—(Marketwired – June 09, 2017) – Gendis Inc. (TSX: GDS) today announced its financial results for the 1st quarter ended April 30, 2017.

Net earnings for the 1st quarter were $3,935,000 ($0.31 per share) compared to net earnings of $1,136,000 ($0.09 per share) for the prior year 1st quarter. Revenue for the 1st quarter was $1,695,000 compared to $1,227,000 for the prior year 1st quarter. Revenue less expense for the 1st quarter was $489,000 compared to $255,000 for the prior year 1st quarter. The increase is primarily due to new tenancy in the Company's Sony place Facility.

The volatility in net earnings quarter over quarter is primarily due to the change in fair value of security investments and investment properties with the attendant effect on deferred income taxes.

On May 1, 2017, Pembina Pipeline announced an offer to acquire Veresen. The closing date is expected to occur in the 3rd or 4th quarter of this year. It is anticipated that the transaction will settle on a pro–rata share and cash exchange basis, providing Gendis with approximately $9.6 million in cash and 0.6 million Pembina pipeline shares. These shares would have a fair value of approximately $28 million as at June 8, 2017. Pembina Pipeline owns and operates conventional, heavy oil and oil sands pipelines, natural gas gathering and processing facilities and other infrastructure assets. The transaction is subject to regulatory and shareholder approval.

Condensed summarized information is as follows:

  Quarter ended  
in millions of Canadian dollars Apr 30     Apr 30  
except per share 2017     2016  
  Lease rental revenue 1.2     0.7  
  Dividends 0.5     0.5  
  Total revenue 1.7     1.2  
  Property 0.8     0.6  
  Administration & finance 0.4     0.4  
  Total expense 1.2     1.0  
Total revenue less total expense 0.5     0.2  
Fair value change:          
  Veresen 4.0     2.1  
  Other security investments (0.2 )    
  Investment properties 0.2     (1.1 )
  Total fair value change 4.0     1.0  
Income tax expense 0.6     0.1  
Net earnings 3.9     1.1  
Earnings per share $0.31     $0.09  
  Apr 30   Jan 31   Apr 30
in millions of Canadian dollars 2017   2017   2016
Fair value of investments:          
  Veresen 30.4   26.4   18.1
  Osum 5.4   5.8   4.8
  Other security investments 2.9   2.6   2.7
  Investment properties 32.1   31.7   29.0
Other assets 1.3   1.2   0.9
Debt & payables 7.6   7.4   6.3
Deferred tax payable 1.0   0.4   0.1
Shareholders' equity 63.5   59.9   49.1
  Quarter ended  
  Apr 30     Apr 30  
in millions of Canadian dollars 2017     2016  
Cash flow from:          
  Cash receipts          
    Lease rentals 1.0     0.8  
    Dividends & other receipts 0.6     0.6  
  Cash disbursements & finance expense          
    Property (0.5 )   (0.5 )
    Administration & finance expense (0.5 )   (0.4 )
Income taxes recovered     0.6  
  Expenditures on investment properties (0.1 )    
  Net expenditures on equipment (0.1 )    
  Decrease in debt (0.2 )   (0.9 )
  Dividend (0.3 )   (0.3 )
  Apr 30   Jan 31   Apr 30
(unaudited – thousands of Canadian dollars) 2017   2017   2016
Current assets          
  Cash 14   162   9
  Receivables 1,154   891   719
Total current assets 1,168   1,053   728
Non–current assets          
  Investments in securities (note 2) 38,669   34,815   25,554
  Investment properties (note 3) 32,060   31,740   28,990
  Other current assets 219   142   175
Total non–current assets 70,948   66,697   54,719
Total assets 72,116   67,750   55,447
Current liabilities          
  Credit facilities (note 4) 4,835   4,997   4,198
  Payables 1,770   1,447   1,145
Total current liabilities 6,605   6,444   5,343
Non–current liabilities          
  Post employment benefit obligation 966   966   951
  Deferred income tax payable 1,030   441   94
Total non–current liabilities 1,996   1,407   1,045
Total liabilities 8,601   7,851   6,388
SHAREHOLDERS' EQUITY 63,515   59,899   49,059
Total liabilities and shareholders' equity 72,116   67,750   55,447
(unaudited – thousands of Canadian quarter ended  
dollars except for share data) 2017   2016  
  Lease rentals 1,175   696  
  Dividends and other income 520   531  
Total revenue 1,695   1,227  
  Property 824   558  
  Administration 346   383  
  Finance 36   31  
Total expense 1,206   972  
Total revenue less total expense 489   255  
Fair value change        
  Investments in securities 3,845   2,083  
  Investment properties 190   (1,142 )
Total fair value change 4,035   941  
Earnings before income tax 4,524   1,196  
Income tax expense 589   60  
Net earnings from operations and comprehensive income 3,935   1,136  
Net earnings from operations per share $0.31   $0.09  
(unaudited – thousands – shares & Canadian dollars as applicable) Share Capital     Retained earnings     Total  
  #     $     $     $  
Balance – January 31, 2016 12,801     13,457     34,788     48,245  
Comprehensive income             1,136     1,136  
Purchase of share capital for cancellation (1 )   (1 )   (1 )   (2 )
Dividend             (320 )   (320 )
Balance – April 30, 2016 12,800     13,456     35,603     49,059  
For the remainder of the year:                      
  Comprehensive loss             11,889     11,889  
  Purchase of share capital for cancellation (31 )   (34 )   (55 )   (89 )
  Dividends             (960 )   (960 )
Balance – January 31, 2017 12,769     13,422     46,477     59,899  
Comprehensive income             3,935     3,935  
Dividend             (319 )   (319 )
Balance – April 30, 2017 12,769     13,422     50,093     63,515  
(unaudited – thousands of Canadian Quarter ended  
dollars) 2017     2016  
Changes in cash position          
By operations          
  Cash receipts          
    Lease rentals 954     836  
    Dividends 575     596  
  Cash disbursements          
    Property (495 )   (517 )
    Administration (459 )   (382 )
  Incomes taxes recovered     638  
  Finance expense paid (35 )   (31 )
Total by operations 540     1,140  
By investing activities          
  Expenditures on investment properties (130 )    
  Expenditures on furnishings and equipment (78 )   (19 )
Total by investing activities (208 )   (19 )
By financing activities          
  Net advance (repayment) of credit facilities (161 )   (900 )
  Purchase of share capital for cancellation     (2 )
Dividend paid (319 )   (320 )
Total by financing activities (480 )   (1,222 )
Decrease in cash (148 )   (101 )
Cash – beginning of period 162     110  
Cash – end of period 14     9  

Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
April 30, 2017
(All tabular amounts in thousands of Canadian dollars unless otherwise stated)

1. General information
General information on Gendis Inc. is the same as disclosed in Note 1 to the complete audited annual financial statements for the year ended January 31, 2017, which have been prepared in accordance with International Financial Reporting Standards. These interim condensed financial statements are presented in Canadian dollars, which is the Company's functional and presentation currency. The principal accounting policies applied in the preparation of these interim condensed financial statements are the same as set out in Note 2 to the complete audited annual financial statements for the year ended January 31, 2017. These policies have been consistently applied to all periods presented.

2. Investments in securities

  Apr 30   Jan 31
  2017   2017
  Veresen 30,440   26,440
  Osum 5,441   5,838
  Other security investments 2,788   2,537
  38,669   34,815

3. Investments property

  Apr 30   Jan 31
  2017   2017
  Industrial 25,160   24,890
  Commercial 6,900   6,850
  32,060   31,740

4. Credit facilities

  Carrying value
of collateral
  Apr 30   Jan 31   Apr 30   Jan 31   Apr 30   Jan 31
  2017   2017   2017   2017   2017   2017
  Banker's acceptances 4,835   4,998   5,000   5,000   25,093   24,504
  Broker's margin account     978   979   1,958   1,958
  4,835   4,998   5,978   5,979   27,051   26,462

5. Subsequent Events
On June 9, 2017, the Company declared a regular dividend of 2.5¢ per share to shareholders of record June 23, 2017, payable July 7, 2017.

From April 30, 2017 to June 8, 2017, the fair value of the Company's investment in securities increased by approximately $6 million, primarily due to a takeover offer announced on May 1, 2017 by Pembina Pipeline for Veresen. The transaction is expected to close before the end of this year.

6. Operating segments

  Quarter Ended Apr 30  




  Inter– segment    


Revenue 2017   1,192     731   (228 )   1,695
  2016   713     738   (224 )   1,227
Property & administration 2017   893     363   (86 )   1,170
  expense 2016   618     401   (78 )   941
Finance expense 2017   142     36   (142 )   36
  2016   146     31   (146 )   31
Total revenue less total 2017   157     332       489
expense 2016   (51 )   306       255
Fair value change 2017   190     3,845       4,035
  2016   (1,142 )   2,083       941
Income tax expense (recovery) 2017   95     494       589
  2016   (21 )   81       60
Comprehensive income 2017   252     3,683       3,935
  2016   (1,172 )   2,308       1,136
Total assets 2017   32,992     60,231   (21,107 )   72,116
  2016   29,509     48,047   (22,109 )   55,447
Total liabilities 2017   23,430     6,278   (21,107 )   8,601
  2016   22,756     5,741   (22,109 )   6,388

Redwood Asset Management Inc. Announces Intention to Terminate the Redwood Global Small Cap Fund and Redwood Diversified Equity Fund

TORONTO, ON—(Marketwired – June 09, 2017) – Redwood Asset Management Inc. (“Redwood“), in its capacity as manager, announced today its intention to terminate the Redwood Global Small Cap Fund and the Redwood Diversified Equity Fund (the “Funds“) on or about August 8, 2017. Effective June 9, 2017, the Funds will be closed to new purchases, including in respect of any pre–authorized purchase plans.

The decision to close the Funds was driven by their relatively low asset sizes and the costs associated with maintaining funds of this size. Such factors have made it difficult to efficiently manage the Funds in accordance with their intended investment objectives and, in the view of Redwood, closing the Funds is in the best interests of shareholders.

As of today's date, the Funds may begin liquidating their portfolio investments and may no longer be fully invested in accordance with the stated investment objectives outlined in the Simplified Prospectuses.

Existing shareholders of the Funds have the option to redeem their investments at net asset value on or prior to the termination date. All shares not redeemed prior to the Funds' closure will be automatically redeemed at that time.

If required, a final distribution for each of the Funds will occur on or before the termination date.

In accordance with securities legislation, a notice describing details of the Funds' termination will be sent to shareholders of the Funds no less than 60 days prior to the effective date of termination. Existing shareholders of the Funds have the option to redeem their investments on or prior to the termination date.

Redwood encourages all shareholders to consult with their financial advisors to discuss the financial and tax implications of the terminations and to determine the best course of action based on their personal investment needs and circumstances.

About Redwood Asset Management Inc.

Redwood Asset Management is a Toronto–based investment fund manager, focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors. Redwood Asset Management is a wholly owned subsidiary of Purpose Investments Inc., which has over $3.3 billion in assets under management. More information about Redwood's product offerings is available at

Gendis Inc. Announces Report on Voting Results

WINNIPEG, MB—(Marketwired – June 09, 2017) – Pursuant to Section 11.3 of National Instrument 51–102, the following matters were put to vote at the Annual General Meeting of Shareholders of Gendis Inc. (TSX: GDS) (the “Company”) held on June 9, 2017. The Company had 12,786,686 Common Shares, each carrying the right to one vote. The report of voting results is:

Matters Voted Upon:

1. Approval of the Report of the Directors, Financial Statements and the Report of the Auditors for the fiscal year ended January 31, 2017:

FOR 11,110,621

2. On the Election of Directors:

    SHARES   %   SHARES   %
Anthony J. Cohen   11,076,521   99.80%   21,902   0.20%
James E. Cohen   11,080,421   99.84%   18,002   0.16%
Jerry L. Gray   11,080,421   99.84%   18,002   0.16%
Brian Hayward   11,076,521   99.80%   21,902   0.20%
Karen M. Swystun   11,076,521   99.80%   21,902   0.20%
Gordon B. Webster   11,076.521   99.80%   21,902   0.20%

3. On the appointment of PricewaterhouseCoopers LLP, as the auditors of Gendis Inc.:


Rethink Your Drink This Summer

MISSION, KS—(Marketwired – Jun 9, 2017) – (Family Features) From barbecues and birthdays to concerts and cookouts, summertime is the perfect time of year to bring everyone together. However, nice weather and outdoor events are also coupled with summer heat waves and high temperatures.

Water — whether plain or sparkling — is a great way to help you stay hydrated all summer long without the calories and added sugar of other summer favorites like lemonade or punch. Healthy hydration in the summertime starts when you rethink your drink so you can beat the heat.

To get started, these tips from Sarah Ladden, M.S., R.D., nutrition, health and wellness director at Nestlé Waters North America, can help keep you hydrated all summer long.

  • Pack for the heat. The summer heat can mean an increase in water loss, which can put you at a higher risk for dehydration especially if you're outside for long periods of time. Make sure to pack water for all your summer outings and hydrate before, during and after all outdoor activities.
  • Add your own flavor. While bottled, filtered or tap water are all good choices for healthy hydration, some people simply prefer flavored beverages. The good news: it's easy to customize water just the way you like it. This summer, wow your friends with a DIY sparkling water bar. Set out your favorite sparkling waters — include flavored waters for added fun — alongside an assortment of seasonal berries, sliced fruit and fresh herbs, and let guests create their personalized refreshments.
  • Make water fun. Jazz up a glass of your favorite water with a simple addition — decorative ice. Before filling your ice tray, add a few berries or cubed melon, fresh herbs like mint or rosemary then top with water and freeze. Add a few cubes to a refreshing glass of water and enjoy just a hint of subtle flavor. 
  • Keep water close. It's important to keep your body well–hydrated throughout the day, but it is easy to get busy and simply forget to drink. Keep water in convenient locations throughout your home, office or even in the car for a visual reminder to keep sipping. Stocking water at the front of your fridge is another good habit so it's the first choice kids or other family members see.

This summer, rethink your drink with these tips to help make smart beverage choices. To learn more about healthy hydration, visit nestle–

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Gendis Inc. Declares Regular Quarterly Dividend

WINNIPEG, MB—(Marketwired – June 09, 2017) – The Board of Directors of Gendis Inc. (TSX: GDS) has today declared that a regular quarterly dividend of 2.5 cents per share upon the outstanding Common shares in the capital stock of the Corporation be payable July 7, 2017, to shareholders of record as at the close of business on June 23, 2017.

This dividend is designated an “eligible dividend” for Canadian income tax purposes.