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Overwhelming demand for U.S. dollars ... in Venezuela

Section: Daily Dispatches

Venezuela's Latest Problem Is There Are Now Too Many Dollars

By Patricia Laya and Nicolle Yapur
Bloomberg News
Friday, January 3, 2020

U.S. dollars are everywhere in Venezuela, and suddenly that's a problem.

The greenback is steadily gaining currency in this inflation-wracked country, where a single dollar buys about 60,000 bolívares on the black market. That's creating challenges for local businesses, because Venezuelan banks are barred from offering foreign currency accounts.

... Dispatch continues below ...


Northstar Gold Closes Initial Public Offering
and Lists on Canadian Securities Exchange

Company Announcement
Wednesday, December 31, 2019

NEW LISKEARD, Ontario, Canada -- Northstar Gold Corp. (CSE: NSG) announces that it has completed its initial public offering of 9,985,498 common shares at the price of C$0.30 per common share for gross proceeds of C$2,995,649. The corporation will be listed as a natural resource company on the Canadian Securities Exchange (CSE) and the common shares are expected to commence trading on January 2, 2020 under the trading symbol NSG.

Haywood Securities Inc. and Canaccord Genuity Corp. acted as co-lead agents and joint bookrunners under the offering. For their services, the co-lead agents received a cash commission equal to 10% of the gross proceeds of the offering and 998,549 common shares reserved for issuance upon exercise of the common share purchase warrants granted to the co-lead agents upon completion of the offering. The agents' warrants are exercisable at a price of $0.30 per common share within two years.

The corporation intends to use the net proceeds from the offering to complete Phase I of the work program recommended in the technical report dated December 10, 2018, entitled "Independent Technical Report on the Miller Gold Project, Kirkland Lake, Ontario." ...

... For the remainder of the announcement:

For safekeeping, an insurance saleswoman in the western town of San Cristobal tapes stacks of dollars from clients to the inside of a toilet tank in her office bathroom. A general contractor, unable to wire cash to his accounts in the U.S., flew his elderly mother and wife from Caracas to Miami with $9,900 of cash each, just under the limit required for reporting money to U.S. customs authorities.

"This is money earned through legal means, yet in a currency that exists entirely outside the country's constitutional order. This isn't money laundering," says Luis Godoy, a former deputy chief of the judicial police who now works as a security consultant. "You have to wonder how many people right now have money stacked inside their homes like Pablo Escobar." ...

... For the remainder of the report:

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