Participates In Roundtable Discussion With Canadian Minister of Natural Resources

Sexsmith, AB, (March 7, 2017): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (‘Angkor’ or ‘the Company’) is pleased to have been invited to participate in a roundtable discussion yesterday with the Hon. Jim Carr, Canada’s Minister of Natural Resources in Toronto, Ontario, during the PDAC Convention.

The objective of this roundtable was to discuss the competiveness challenges facing the industry, and to seek participants’ views in defining the Canadian mining brand and vision of the future. The discussion focussed on perspectives on positioning Canadian mining and exploration for long-term success, building on innovation, community acceptance and global reach between industry and Government of Canada representatives.

Angkor Gold, the first North American publicly-traded mineral exploration company in Cambodia, was honoured to be invited to participate as the only junior exploration company in this exclusive group of industry leaders. Angkor has had extensive experience in successfully operating in a new mining jurisdiction and forging relationships with both local communities and all levels of government through its extensive social development and CSR work, to become a trusted Canadian exploration company abroad.


ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is Cambodia’s premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.


Stephen Burega, Vice President of Corporate Development
Telephone: (647) 515-3734
Email: Website at: or follow us on Twitter @AngkorGold.

Neither 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.

Certain of the statements made and information contained herein may constitute ‘forward-looking information.’ In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Angkor Gold Corp. published this content on 07 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 March 2017 03:53:10 UTC.

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Sidewinder: A truly conservative approach to solving Canada's problems

I have always considered myself a conservative person, both socially and politically, but this is by my own definition, which will almost certainly clash with other people’s views of conservatism.

In general terms, being politically conservative means exercising caution when considering change, following traditional ways, and having a practical and ethical social conscience.

Being socially conservative means following much the same philosophy in terms of environment and lifestyle.

In my view, a conservative approach to social issues must be inclusive and reflect a strong social conscience.

It has always annoyed me that the NDP and its predecessor, the CCF, portray themselves as the only political party with a social conscience, something that is remarkably inaccurate and misleading.

It is in the nature of being conservative that we must consider the well being of everyone living on this planet.

At different times in my life, I have been a member of the Progressive Conservative Party of Canada and the British Columbia Conservative Party.

I quit both parties many years ago because most of their members forgot what being a conservative really means.

Now that I have stated my definition of what I consider being a conservative means, I will offer a few examples of those things or people that do not meet my personal definition of conservative standards ethically, socially or politically.

Kevin O’Leary jumps rout and lands right on top of my list of people who are definitely not conservative. He is joined on that list by many of the people currently vying for leadership of the Conservative Party of Canada.

O’Leary, much like Donald Trump in the United States, wants immediate change and couldn’t care less who or what gets hurt in the process.

O’Leary’s background in reality television reveals much of what we might expect from him in politics. In Canada, O’Leary is one of the inhabitants of the Dragon’s Den. In the United States, he can be found in the Shark Tank.

Doesn’t that tell you all you need to know in order to bypass him in his leadership bid?

O’Leary is not conservative. His attitude is totalitarian in nature, something that should find no safe haven in any democracy, conservative or otherwise.

Being conservative shouldn’t include bullying and denigrating refugees and imposing regulations, other than criminal code provisions, on any person or group of people which make it difficult or impossible for them to retain and practice their own culture or religion.

Kellie Leitch, a cabinet minister in Stephen Harper’s government and a candidate for the Conservative leadership, has called for screening immigrants and even visitors, to determine if they reflect traditional Canadian values, a position first put forward by Liberal Prime Minister Sir Wilfrid Laurier more than a century ago.

Again, this is not conservative by any reasonable definition.

In a 1912 speech, Laurier had suggested that it was wrong to discriminate against immigrants based on race or religion, but only if they became assimilated into Canadian culture.

Carefully considering change doesn’t mean waving flags, stomping our feet or performing other symbolic protest measures in opposition to immigration or any socially acceptable progressive developments such as constitutional change.

That sort of action, such as Ontario and Quebec’s resistance to constitutional or senate reform, isn’t conservative; it’s selfish and self-serving.

In my opinion, a truly conservative approach to change simply means making sure the change is going to enhance life in our democracy for everyone and is not based on purely partisan views.

The good old boys school of backroom politics, favourtism and cronyism has plagued most major Canadian political parties, nationally and provincially, for decades.

Once again, this is something that is definitely not conservative in nature because it too frequently operates without conscience or respect.

It is all about power and influence with seldom enough consideration for those values which make Canada a beacon for freedom and democracy throughout the world.

The Conservative leadership vote is May 27.

Sandy Macdougall is a retired journalist and former city councillor.

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Canada Revenue Agency shuts down online services after discovering 'internet vulnerability'

You may have a tough time filing your taxes this weekend.

The Canada Revenue Agency took its online services down at 1 p.m. Friday afternoon, after discovering an issue during website maintenance on Thursday night.

In an update posted on the CRA website, the agency said, “Upon becoming aware of an Internet vulnerability that affects some computer servers used by websites worldwide, we took down our online services, including electronic filing, and are taking steps to ensure that all information and systems remain safe.”  

The CRA said it isn’t aware of any personal information being affected but will continue to monitor the situation. 

Speaking to CBC around 2:30 p.m. Saturday, CRA spokesperson Patrick Samson said he does not have information on when online services will be available again. He said the CRA is currently working as quickly as it can to resolve the issue.

“Taxpayers can still fill their tax forms, but they will have to wait before they can file,” Samson said.

“We are doing everything in our power to establish services quickly.”

CRA website

Canadians are not currently able to access CRA’s online services, which means they can’t submit their taxes online. (Canada Revenue Agency)

CRA will notify people through social media when the online services are working again, he said.

Taxes for 2016 are due on or before April 30. However, because this date falls on a Sunday, CRA says it will consider returns filed on time if they receive it by midnight on May 1, or if it is postmarked May 1.

‘A domino effect’

Michael Ford, president of the Ford Group Professional Corporation based in Newmarket, Ont., said the issue prevents professional tax preparers and businesses like his from being able to e-file and do their jobs. 

“When the site does hopefully come back up, we’ll kind of have a domino effect,” he said. “Even though it’s still March and we’ve got until April 30, with a firm like ours that does over five hundred tax returns, it hiccups our appointments and scheduling and it puts us in a rush situation.”

Ford says his firm now has to reschedule appointments, which can be difficult for people who work during business hours. Not being able to file quickly also impacts low-income taxpayers more than those earning more.

“At this time of the year, low-income workers need their tax returns. They count on their tax returns and budget around that.”

Statistics Canada’s website is also unavailable. Samson said he is not aware of any connection between the problems.

Canada Revenue Agency CRA

The deadline for filing taxes this year is April 30, 2017. (Sean Kilpatrick/Canadian Press)

CanadaIllegal border crossings a 'crisis' – union head

Anthony Furey, Postmedia Network

, Last Updated: 10:54 PM ET

Illegal migrants crossing Canada’s borders are hopping off planes in New York and busing directly north, says the head of Canada’s border agents union.

“There is a trend right now,” said Jean-Pierre Fortin, national president of the Customs and Immigration Union. “People are leaving from different countries and flying into New York City and they’re taking a bus.”

The bus lets them off at the northern most part of their route in upstate New York, Fortin said. Then they take a cab right up to the border and walk over.

This contradicts the narrative that illegal migrants entering Canada are fleeing President Donald Trump’s policies. “The Americans are well aware of what’s taking place right now,” says Fortin. “They’re not making it harder for them.”

It also suggests Canada’s lax border policy is encouraging individuals to sidestep this country’s immigration laws.

“Right now the world is watching us,” Fortin said. “People are saying, ‘We didn’t know it was that easy to come across the border.’”

With the images and stories of migrants so easily crossing the border, this country is sending a message to people around the world about just how easy it is to sneak into Canada, he suggests. And Fortin said that’s why he is calling on the government to act.

“I can tell you that my members are calling me on a daily basis and it’s a crisis,” Fortin said on National Post Radio on SiriusXM Canada Wednesday. “The government and senior management are saying this is business as usual – it is not.”

He points out that in Hemmingford, the Quebec border town with a population of less than 1,000 residents, the number of illegal crossings has vastly increased this year. There were 744 crossing throughout all of 2014, but so far in the first two months alone of 2017 that number has already hit 650.

Fortin pointed out that the previous government eliminated over 1,000 border positions. “We’re asking the new government to overturn that decision and rehire these positions,” he says. “We’d also like to see the creation of a border patrol to make sure that between the 117 border crossings in Canada there is some level of surveillance so we can get control of our borders again.”

Border agents also want the government to take a look at the legislation that, in Fortin’s words, “encourages asylum seekers to come in illegally.” Right now, informed migrants know that they’ll be turned back if they present themselves at a formal crossing. But if they make their way over illegally, crossing in between official ports of entry, they can actually file a claim once on Canadian soil.

Manitoba premier Brian Pallister is demanding resources for his province from the federal government, which is facing an migrant influx at the town of Emerson.

On Friday, public safety minister Ralph Goodale met with U.S. Homeland Security secretary John Kelly in Ottawa to discuss the issue.


2014: 744

2015: 823

2016: 2,054

2017 (Jan/Feb only): 650

Canadian Cirkunov happy to be back with UFC

After a “bumpy” couple of weeks, Misha Cirkunov is back with the Ultimate Fighting Championship and happy to be there.

“I’m just happy to be back in the world’s biggest promotion,” the Toronto-based light heavyweight told TSN’s Aaron Bronsteter on Thursday. “It was a rough couple of weeks, in terms of just re-signing and all of that, but what people don’t understand is that I am my own manager, as well. So yes, I got released, but then I got re-signed.”

The 30-year-old Cirkunov was out of contract after his first-round submission of Nikita Krylov at UFC 206 at the Air Canada Centre. In early February, UFC president Dana White confirmed his exit from the organization after Cirkunov “flaked out” during negotiations.

Cirkunov said he didn’t realize negotiations were over when White made the announcement to TSN.

“I just felt that he pulled the trigger a little bit too fast,” Cirkunov said. “I thought we were still in negotiations. I didn’t really know that everything was off the table. I thought that’s how negotiations worked – when you talk to someone you wait to hear back and so on and so on. It was a little bit kind of bumpy right in the beginning, but it’s okay. I found a way how to smooth things out and make things work out. Everything ended up being awesome.”

The Latvian-born fighter calls the dialogue “a learning experience.”

“It just took a little bit of time because of negotiations,” Cirkunov said. “But there are no hard feelings. It’s business. I was dealing with it as a manager and not as a fighter, so that’s why it took a little bit of time because it’s something that’s new to me. I didn’t really negotiate before with big leagues like UFC. It took some time, but it was under two weeks and we came to an agreement.”

Knowing his standing in the game, Cirkunov never became too fearful about his situation.

“I didn’t have a job, so that was nerve-wracking, but I was the number one unsigned prospect in mixed-martial arts at 205 pounds,” Cirkunov said. “So that was on my side and kind of keeping me excited and not too nervous.”

Cirkunov cites a good relationship with UFC matchmaker Mick Maynard as a facilitator in the new deal.

“I was talking to Mick Maynard a lot, we had a nice discussion and I really like him,” Cirkunov. “We came to a great agreement and here I am back in the mix, excited to put up some good fights this year and show what I’ve been working on. I’m always training, always working and I’m excited to be back.”

As for White, Cirkunov is happy to have a cordial relationship, but wants to keep a bit of distance.

“Being friends with Dana, one day you can be friends, but if something goes wrong, all of a sudden you’re enemies,” Cirkunov explained. “So I’d rather be, you know, not best friends, not enemies. I’d rather see him and say, ‘Hey Dana, how are you?’ but deal with Mick Maynard because Mick Maynard is the matchmaker.”

Now 4-0 in the UFC (13-2 overall), Cirkunov believes his rising profile was also helpful in securing a new deal.

“Before I used to fight in UFC, I’d win the fight and I was never even in the main page story,” Cirkunov said. “For example, ‘A bunch of Canadians did good’ and I’m just one of the names in a headline. But now I’m the headline of the story. It helped. More people knew who I was and what the situation is and it helped in terms of throwing my name out there. At the same time, I’m happy everything went the way it did. We still have a great relationship with the UFC. I have a great deal. I’m happy to be back.”

Cirkunov says that operating without an agent or manager to negotiate the new deal and doing it all on his own gave him a better appreciation of the business side of things.

“For me, it works out better,” Cirkunov said. “That way, something happens and you get fired, it’s all on me. Therefore, I can renegotiate a little bit more [aggressively]. I can do that more than a manager can for me. Because at the end of the day, if Dana White and the manager have a problem, now you’re blaming the manager. I don’t want to blame anyone. I just want to deal with it myself just like in a fight.

“At the end of the day you lose, it’s all on you. You win and it’s all on you. I just took that approach and I’m happy with the way everything played out and I’m happy to be in the world’s best promotion. I’m excited to put up some good fights, keep going and climbing the ranks and one day fight for the belt.”

From Canada to home, Sue loves her job

FEW people can say they love their job more than Sue Murray at Whitsunday Ultrasound.

Having gained 15 years of gynaecological and obstetric ultrasound experience domestically and overseas in Canada, Sue’s passion shines bright.

“What makes me good at my job is I love my job and after 15 years I still love learning about it and there is always something I will learn every day,” she said.

“I like being able to help people by working rurally in the Whitsundays, which I find rewarding because you are more involved with patient care and see the same patients often.”

Sue returned to the Whitsundays two years ago and provides services from two sites in Cannonvale and Bowen.

She works along-side a professional team of experts who are also committed to supporting the broader Whitsunday region.

Her eight year tenure at Vancouver’s St Paul’s Hospital enabled Sue to expand her obstetrics knowledge and even find the love of her life.

Born and bred in Bowen, Sue couldn’t be happier to return to the region she fell in love with, bringing her Canadian husband with her.

“I like working in Bowen and Cannonvale because you work more closely and are more involved as part of (people’s) care,” she said.

Sue provides a relaxing atmosphere where patients receive a comfortable experience.

“I have really valuable experience working with women’s centres in business and working closely with a lot of specialists,” she said.

“I just want people to know, particularly female patients, that I am here and I can provide a more personalised service.”

After gaining a wealth of experience across Brisbane, the Sunshine Coast and Canada, Sue said “there’s no place like home”.

Call 4948 1000 to book at Cannonvale Whitsunday Ultrasound clinic or 49480488 for Bowen clinic.

Canadian immigration system rouses interest among some in the U.S.

For more than a half-century, foreign nationals largely have been able to immigrate legally to the United States if they have immediate family members here or a company is willing to sponsor them for a job and a green card.

Now, however, interest has surged to overhaul the longtime family and employment-based legal immigration system after President Donald Trump, in his Feb. 28 address to Congress, praised the merit-based immigration systems of Australia and Canada.

“I am going to bring back millions of jobs,” Trump began the speech segment that referred to immigration. “The current, outdated system depresses wages for our poorest workers and puts great pressure on taxpayers. Nations around the world, like Canada, Australia and many others, have a merit-based immigration system. It’s a basic principle that those seeking to enter our country ought to be able to support themselves financially. Yet, in America we do not enforce this rule, straining the very public resources that our poorest citizens rely upon.”

Later, in one of his many morning tweets, Trump indicated he had gotten the idea about a merit-based system from Nick Adams, author of the 2016 book Green Card Warrior: My Quest for Legal Immigration in an Illegals’ System.

“Nick Adams’ new book, Green Card Warrior, is a must read,” Trump wrote. “The merit-based system is the way to go. Canada, Australia!”

While Trump did not provide details on how he envisages such a system, Adams’ book seems less a road map for a merit-based system and more a diatribe against the current American immigration system because of undocumented immigrants.

But several federal lawmakers interested in immigration and a number of immigration attorneys who deal with visas for business executives and highly-skilled immigrants have drawn up possible scenarios for such a system.

At its most basic, a merit-based immigration system would allow any foreign national to apply for permanent residency or a green card on the basis of his or her educational, intellectual or personal skills — not whether an immediate family member or a guaranteed job awaits in the United States.

It could also put an end to the longtime practice under the current system that allows so-called “chain migration.”

That’s the practice that enables U.S. citizens to claim their spouses and minor children who are foreign nationals, but also their foreign adult children, siblings and parents. Then once those relatives are in the United States and become citizens, they, too, can claim similar relatives, so on and so forth.

Tammy Fox-Isicoff, a Miami immigration attorney who specializes in business visas, said the so-called “Gang of Eight” immigration bill that passed the U.S. Senate in 2013 contained provisions for a merit-based system.

“The bill included a merit-based system for skilled workers and essential workers,” said Fox-Isicoff. “This bill also eliminated several other family-based categories like siblings of U.S. citizens.”

Fox-Isicoff said that under bill provisions, merits to be weighed for prospective immigrants included education, offer of employment, family ties, age, country of origin, civic involvement and ability to speak English.

“Many believe that the merit-based system Trump is looking at is a way to eliminate family-based immigration, which he believes brings down the United States,” said Fox-Isicoff. “The religious groups are against the reduction of family-based immigration, as they believe family unity is a core American value.”

Many believe that the merit-based system Trump is looking at is a way to eliminate family-based immigration, which he believes brings down the United States.

Tammy Fox-Isicoff, a Miami immigration attorney

Though the Gang of Eight bill proposed a merit-based system, it did not seek to eliminate family-based immigration. It would have provided a maximum of 250,000 merit-based visas for foreign nationals with major skills such as a doctorate degree or a master’s degree, but it also would have allocated points for prospective immigrants who are the siblings or married children of a U.S. citizen.

While the Senate passed the bill, and then-President Barack Obama endorsed it, Republican leaders in the House of Representatives blocked it. One of its eight authors was Cuban-American Sen. Marco Rubio, a Republican from West Miami.

Under the current family and employment-based system, the majority of immigrants arrive as a result of family ties to American citizens.

More than 60 percent of green cards issued in the United States every year go to immigrants who have close relatives in the United States, according to official figures, whereas the reverse is true in Canada.

A chart published by USA Today after Trump’s speech showed that about 63 percent of immigrants granted permanent residency in Canada are admitted for their economic skills, while only about 24 percent are admitted on the basis of family ties.

David Cohen, senior partner at the Montreal law firm of Campbell Cohen that focuses on Canadian immigration, said there has been an increase in interest in immigrating to Canada among people who live in the United States.

“There’s some significant increase from the U.S.,” said Cohen in a recent telephone interview. “That having been said, the majority are not American citizens. They are individuals in the U.S. with legal status, they are not undocumented, but they’re feeling uncomfortable.”

Among U.S. residents calling with questions about Canadian immigration, Cohen said, were holders of H-1B professional visas and student visas, categories that Trump reportedly wants to restrict.

Cohen then provided a summary of how the Canadian system works.

“In Canada we’ve divided immigration into three areas,” he said. “There’s family reunification, the other branch is humanitarian, refugee or asylum process, and the third is economic immigration and that makes up more than 60 percent of all immigration to Canada.”

Cohen said Canada’s merit-based immigration system is attractive to prospective immigrants from all over the world because it seeks to draw foreign nationals based on their work abilities and skills, rather than on nationality or family ties.

“It essentially makes no difference whether you’re from Norway or the United Arab Emirates or the United States,” said Cohen. “Everybody is assessed in the same manner.”

Wilfredo Allen, a Miami immigration attorney, said that though it’s true Canada is known for its merit-based immigration system, it also has a solid system that welcomes refugees fleeing from persecution in their homelands.

“I’ve had some Colombian clients whose asylum cases were denied in Miami,” said Allen, “but then got asylum in Canada.”

Follow Alfonso Chardy on Twitter: @AlfonsoChardy

Canada Goose Sets Terms For $225 Million IPO

Quick Take

Apparel maker Canada Goose Holdings (Pending:GOOS) has filed an amended IPO F-1 registration statement, setting out proposed terms for a $225 million IPO.

Management is focused on adding wholesale partners and ramping up its ‘Direct to Consumer’ e-commerce and retail store efforts.

I’m skeptical of its ability to continue growing at its recent topline revenue growth rates, so I’m NEUTRAL on the IPO until I see more results on its Direct to Consumer initiatives.


Canada Goose was founded in 1957 by Polish immigrant Sam Tick. The company began operations by selling high-quality woolen coats and outerwear.

In 1985, Tick’s son-in-law David Reis acquired a majority stake in the company, invented a volume-based down filling machine and began to sell premium clothing items under its in-house brand Snow Goose.

Until 2001, the company generated around $3 million in annual revenue. In 2001, Dani Reiss, the founder’s grandson-in-law, assumed the position of President and CEO, discontinued its private label and began to expand its footprint. He remains in that position today.

Private equity firm Bain Capital Private Equity acquired a reported 70% of the company in 2013 and remains its majority shareholder.


Canada Goose operates a vertically integrated business ‘as a designer, manufacturer, distributor and retailer of premium outerwear for men, women and children.’

Below is a video of how a Canada Goose jacket is made:

(Source: BrandMade.TV

The company does not outsource manufacturing to lower cost regions; rather, it makes its products entirely in Canada and management believes this approach produces a higher quality, more authentic line of products.

Canada Goose distributes its products via two channels:

  • Wholesale – Now in 36 countries, the company selects ‘best-in-class outdoor, luxury and online retailers.’
  • Direct to Consumer – E-commerce sites in four countries and two ‘recently opened retail stores.’

Management is focused on a three-pronged strategy for driving growth:

  • Introduce the brand to greater numbers of consumers outside Canada
  • Add new wholesale customers and strengthen relationships with existing retailers
  • Accelerate its e-commerce-centric ‘Direct to Consumer’ expansion

The company recently opened two retail stores, in its hometown of Toronto and in New York City, and intends to “open a select number of additional retail locations in major metropolitan centres and premium outdoor destinations.”

This strategy shift is in line with a 2015 Bain Capital Luxury Goods [PDF] report which stated that “wholesale still dominates, but company-owned retail and e-commerce are growing faster.”

Furthermore, the report added that the “wholesale channel’s slower performance stems from three factors: the ongoing ‘retailization’ of luxury (converting franchised locations into company-owned stores or joint ventures); the lackluster performance of US department stores across product categories (particularly in leather goods); and the decreasing sales of Asian watch retailer, which are coping with excessive stock and a reduction in the overall store network.”

I would add that in a world of abundant retail options, unique brands such as Canada Goose have the imperative of doing everything they can to differentiate themselves in a higher margin environment, which also leads to a ‘Direct to Consumer’ approach.

Market and Competition

According to a 2017 Euromonitor Apparel and Footwear report, the luxury outdoor apparel market in the four regions of Canada, U.S., Europe and Asia Pacific in 2016 totaled $81 billion and is expected grow between 3% to 4% CAGR through 2020:

Canada Goose has a number of worthy competitors in the luxury outdoor apparel space, including:

  • Patagonia
  • The North Face
  • Arc’teryx
  • Gorsuch
  • Marmot
  • Mammut
  • NuDown


Canada Goose’s recent financial results can be summarized as follows:

  • Growing revenue, although at a reduced growth rate in 2016 vs. 2015
  • Increasing gross margin, currently at 50%
  • Uneven cash flow or use from operations

Below are the company’s operational results for the past two years (Audited Canadian GAAS):

(Source: Canada Goose F-1)


  • March 31 2016: $216 million, 33% growth vs. prior
  • March 31 2015: $162 million, 43% growth vs. prior
  • March 31 2014: $113 million

Gross Margin

  • March 31 2016: 50%
  • March 31 2015: 41%
  • March 31 2014: 37%

Cash Flow from Operations

  • March 31 2016: $4.75 million cash used in operations
  • March 31 2015: $3.7 million cash flow from operations
  • March 31 2014: $2.7 million cash flow from operations

As of December 31, 2016, the company had $22.4 million in cash and total liabilities of $278 million.

IPO Details

Canada Goose intends to sell 7.149 million ‘subordinate voting’ shares and selling shareholders will sell 12.851 million subordinate voting shares for a total 20 million shares outstanding post-IPO.

After the IPO, there will be two classes of shares outstanding:

  • Subordinate voting shares – one vote per share
  • Multiple voting shares – ten (10) votes per share

After the IPO, Bain Capital will own 57% of multiple voting shares, and President and CEO Dani Reiss will own 24% of multiple voting shares.

The midpoint of the share price range is expected to be approximately $15 per share, for gross proceeds to the company of approximately $107 million.

The company intends to use the proceeds from the sale of company shares as follows:

We intend to use the proceeds from this offering to repay $65.0 million of our outstanding indebtedness under our Term Loan Facility and $35.0 million of outstanding indebtedness under our Revolving Facility. The loans currently outstanding under the Revolving Facility, which matures in June 2021, are LIBOR Loans, bearing interest at 2.73%. The Revolving Facility was initially used to repay and extinguish our prior secured credit facility. We use our Revolving Facility in the normal course as a source of liquidity for short-term working capital needs and general corporate purposes. The term loans under the Term Loan Facility, which mature in December 2021, currently bear interest at the LIBOR Rate (subject to a minimum rate of 1.00% per annum) plus an Applicable Margin of 5.00%. The proceeds of the term loans borrowed under the Term Loan Facility were used to effect the steps described in this prospectus under “Recapitalization,” to pay transaction expenses in connection with the closing of the Term Loan Facility and for other general corporate purposes.

The IPO management syndicate includes numerous investment banks such as CIBC Capital Markets, Credit Suisse, Goldman Sachs & Co. and RBC Capital Markets.


Canada Goose is a luxury cold-weather brand that is well-known in Canada and to a lesser extent in the U.S. and northern Europe. Its products are considered very high quality and command premium prices.

The company’s challenge is to utilize the IPO proceeds to efficiently expand its e-commerce-focused Direct to Consumer approach.

This is not an easy approach, and luxury companies have been tempted to go ‘down market’ in order to juice sales but run the risk of damaging their brand and not managing scarcity correctly.

Additionally, although there appears to be large northern hemisphere-based markets remaining to be tapped, continuing its recent 33% topline revenue sales growth will be challenging as its prior year numbers are larger than before.

I’m somewhat doubtful that management will be able generate such high growth rates going forward, or at least not without spending large sums of money to do so.

At a proposed post-IPO market cap of $1.3 billion, there are plenty of unknowns about the company’s ability to make significant inroads in the marketplace. That existing majority shareholder Bain Capital is selling shares into the IPO is also not an encouraging sign.

As a result, I’m NEUTRAL on the IPO and prefer to wait until I know more about its Direct To Consumer rollout progress and related financial performance.

I write about IPOs and M&A deals. Click the Follow button next to my name at the top of this article if you want to receive future articles automatically.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Manchester businessman arrested by Narcotics Police

A Manchester businessman is one of two persons who were arrested by the Narcotics Police in a major drug bust in the parish yesterday.

According to the Narcotics Police, the men were held with more than six kilograms of cocaine valued at more than $8 million along the Hatsfield main road.

The police say during a secondary operation at the home of the 46-year-old businessman, investigators seized US$13,500, J$449,000 as well as British and Canadian currencies.

The police say his licenced firearm along with three magazines containing more than 50 rounds of ammunition was also seized and will be handed over to the Firearms Licensing Authority.

The Narcotics Police say the businessman will be interviewed in the presence of his attorney before being charged with possession of, dealing in, and taking steps to export cocaine as well as possession of criminal property.

It’s reported that the two men were travelling in a motorcar when they were signalled to stop.

According to the police, a total of 36 ladies handbags were found in a suitcase on the backseat of the car.

The police say a detailed search revealed that all the bags had a false compartment containing a white powdery substance believed to be cocaine.