Turquoise Capital Corp. Announces Transfer to NEX

Vancouver, British Columbia–(Newsfile Corp. – May 31, 2016) – Turquoise Capital Corp. (TSXV: TQC.P) (the “Company“) announces that the TSX Venture Exchange (the “Exchange”) has accepted the Company’s transfer to NEX application and that the Exchange has advised that a bulletin will be issued soon after this news release is disseminated. In connection with the transfer, the Company’s trading symbol will change from TQC.P to TQC.H and the Company has cancelled ½ of the 2,000,000 seed shares issued at $0.05 per share as held by the Company’s directors, as more particularly outlined in the Company’s information circular dated August 14, 2015.

For Further Information please contact:

Turquoise Capital Corp.
789 West Pender Street, Suite 810
Vancouver BC V6C 1H2
John Da Costa, CFO
(604) 648-0528


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Bradstone Capital Announces Grant of Stock Options

Toronto, Ontario–(Newsfile Corp. – May 31, 2016) – Bradstone Capital Corp.(CSE: BCA) (the “Company”) announces that it has granted 1,900,000 stock options to officers, directors and consultants of the Company. The options are set for a period of 5 years, expiring on May 27, 2021, and will allow the holder to purchase a share in the Company at a price of $0.07. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant.

About Bradstone Capital Corp.

Bradstone Capital Corp. is a merchant bank which provides equity financing and bridge loan services to companies across many industries in Canada and the United States.

Chris Carmichael, CEO
Tel: (647) 225-4337
Email: ccarmichael@bradstonecapital.com

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Aurvista Gold’s Chairman Gerald P. McCarvill to Present at the Vancouver Commodity Forum

Montreal, Quebec–(Newsfile Corp. – May 31, 2016) – Aurvista Gold Corporation (TSXV: AVA) (FSE: AV2) (“Aurvista” or the “Company“) is pleased to announce that the Company Chairman, Gerald P. McCarvill will be a featured presenter at the Vancouver Commodity Forum on June 14, 2016, at the Hyatt Regency Hotel in Vancouver, British Columbia.

The Vancouver Commodity Forum, hosted by Zimtu Capital Corp., is a one-day event which will showcase a selection of mineral exploration investment opportunities targeting a number of precious, base metal and industrial commodities.

Gerald McCarvill, Chairman of Aurvista Gold Corp., is also Chairman and CEO of Prince Arthur Capital Corporation. He has extensive experience in the origination and execution of global mining and energy projects, and private equity and finance transactions. His career includes more than 30 years in the financial sector, holding senior positions with major investment firms, including the executive committee of CIBC Wood Gundy. Most recently, Gerry was CEO of McCarvill Corporation, a diversified financial services company which financed mining and energy companies by way of Royalties. He helped establish Repadre Capital Corporation, a mining royalty company, now IAMGOLD, Desert Sun Mining, which was acquired by Yamana Gold Inc., and Metals Royalty Corporation. In addition, he was part of the investment group, and served as a member of the board of directors that developed and financed Consolidated Thompson Iron Ore Corporation from an entry valuation of $2 million to its 2011 sale to Cliffs Natural Resources Inc. for $4.9 billion.

About Aurvista Gold Corp.

Aurvista Gold Corporation is a junior gold exploration and development company with 85, 689,121 shares outstanding trading on the TSX Venture Exchange in Canada and OTC Pink Sheets in the U.S. Aurvista’s only asset is the Douay Gold Project totaling 287 claims for 145.3 km2. Of the total, 32 claims for 11.9 km2 form the North West Zone and are in a joint venture with SOQUEM (75% Aurvista, 25% SOQUEM). The project is located along the gold-bearing Casa Berardi Deformation Zone in northern Quebec. Details can be viewed on the Company’s website at www.aurvistagold.com.

For further information please contact:

Mr. Jean Lafleur, P. Geo.
President and CEO, Director
Cell +1 514 927 3633

Mr. Bryan Keeler
Chief Financial Officer
+1 416 504 4126


Forward-Looking Statements

This news release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corporation’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.aurvistagold.com.

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Fountain Asset Corp. Announces Its Financial Results for the First Quarter 2016

Toronto, Ontario–(Newsfile Corp. – May 31, 2016) – Fountain Asset Corp. (TSXV: FA) (“Fountain Asset”) announces its financial results for the first quarter ending March 31, 2016.


  • Three month revenue of $0.3 million compared to $0.4 million in 2015;
  • Break-even first quarter compared to net income of $0.1 million in 2015;
  • Portfolio of publicly traded companies increased to $5.5 million compared to $5.2 million at year end;
  • Total assets of $12.9 million at the end of the quarter;

Management’s First Quarter Comments

For the quarter ended March 31, 2016, the Company reported net income of $17,561, or $0.00 per share compared to a net income of $190,555, or $0.00 per share in the prior year. Total assets as at March 31, 2016 were $12.9 million compared to $12.9 million as at December 31, 2015. The Company’s portfolio of public companies increased to $5.5 million at quarter end compared to $5.2 million at year end.

“Within the quarter we saw our portfolio of public companies make a positive rebound from the end of 2015. We continue to be excited about the prospects for our public company portfolio and our roster of private investee companies continue to provide steady monthly cash flows for Fountain.” said Jason Ewart, CEO of Fountain.

A full set of unaudited financial statements and related notes have been filed on SEDAR.

About Fountain Asset Corp.

Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further information, please contact Jason G. Ewart at (416) 488-7760 or visit Fountain Asset Corp.’s website at http://ift.tt/1So4ry7.

Forward-Looking Information

These materials include certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Other than statement of historical fact, all statements in this material, including, without limitation, statements regarding fair values of marketable securities, investments, bridge loans, convertible debentures, estimated asset retirement obligations, and future plans and objectives of the Company, are forward-looking statements that involve various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of these materials. Important factors that could cause actual results to differ materially from the Company’s expectations include, without limitation, the level of bridge loans completed, the nature and credit quality of the collateral security, the sufficiency of cost estimates for remaining reclamation obligations as well as those factors discussed in the Company’s documents filed from time to time with the TSX Venture Exchange, Canadian securities regulators and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

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.  

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SEC: Nashville Firm Schemed to Collect Extra Fees From Hedge Funds

Washington D.C.–(Newsfile Corp. – May 31, 2016) – The Securities and Exchange Commission today charged a Nashville, Tenn.-based investment advisory firm and its owner with scheming to collect extra monthly fees from a pair of hedge funds they managed.
Examiners in the SEC’s Atlanta office detected the misconduct during an examination of Hope Advisers Inc., which is owned by Karen Bruton.  The SEC alleges that in order to circumvent the funds’ fee structure under which the firm is entitled to fees only if the funds’ profits that month exceed past losses, Hope Advisers and Bruton have been orchestrating certain trades that enable the funds to realize a large gain near the end of the current month while basically guaranteeing a large loss to be realized early the following month.  Without the fraudulent trades, Hope Advisers would have received almost no incentive fees since October 2014. 
“We allege that Hope Advisers and Bruton disregarded investors by engaging in a pattern of deceptive trades so they could continue earning large incentive fees,” said Walter Jospin, Director of the SEC’s Atlanta Regional Office.
Hope Advisers and Bruton have consented to an interim order that restricts them from accessing $7 million of their own investments in the funds, prohibits them from collecting any further fees unless they satisfy the high water mark in the funds’ fee structure, and restricts them from taking additional investments in the fund.  Without admitting or denying the allegations, Hope Advisers and Bruton also are preliminarily enjoined from violating the antifraud statutes of the federal securities laws.
According to the SEC’s complaint filed in federal court in Atlanta:
  • The two private hedge funds managed by Hope Advisers and Bruton – named Hope Investments LLC and HDB Investments LLC – have more than $175 million in net asset value.
  • Hope Advisers receives its only compensation for managing the funds in the form of an incentive fee, calculated as a share of the profits (10 or 20 percent) earned in the funds’ accounts each month.
  • Hope Advisers and Bruton engaged in a continuous pattern of trading to inflate their compensation from the funds.  They not only delayed realization of trading losses but also intentionally sized certain trades so the funds realized a profit every month.
  • The scheme has enabled Hope Advisers to avoid realization of more than $50 million in losses in the hedge funds while earning millions of dollars in fees to which they were not entitled.
  • Without the fraudulent trades, Hope Advisers would have received almost no incentive fees from at least October 2014 through the present.
The SEC’s complaint charges Hope Advisers and Bruton with violating or aiding and abetting violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 as well as Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940, and Rule 206(4)-8.  The SEC’s complaint seeks disgorgement of ill-gotten gains plus interest and penalties as well as permanent injunctions. 
The complaint also names Bruton’s charity called Just Hope Foundation as a relief defendant for the purposes of returning money it received out of the fees to which the firm was not entitled.  The complaint does not allege that the Just Hope Foundation participated in the wrongdoing. 
The SEC examination that uncovered the misconduct was conducted by Jamila Abston, Elaina Labossiere, and Ed McConnell under the supervision of Bill Royer and with assistance from Terry Moran in the Chicago office and Jim Richardson in the Miami office.  The ensuing investigation was conducted by Peter Diskin, Graham Loomis, Joshua Mayes, Robert Gordon, and Grant Mogan in the Atlanta office with assistance from Mr. Moran and Mr. Richardson.  The investigation was supervised by William P. Hicks, the Associate Regional Director of Enforcement in the Atlanta office.   

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Mortgage Company and Executives Settle Fraud Charges

Washington D.C.–(Newsfile Corp. – May 31, 2016) – The Securities and Exchange Commission today announced that a California-based mortgage company and six senior executives agreed to pay $12.7 million to settle charges that they orchestrated a scheme to defraud investors in the sale of residential mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae). 
First Mortgage Corporation (FMC) is a mortgage lender that issued Ginnie Mae RMBS backed by loans it originated.  The SEC alleges that from March 2011 to March 2015, FMC and its senior-most executives pulled current, performing loans out of Ginnie Mae RMBS by falsely claiming they were delinquent in order to sell them at a profit into newly-issued RMBS.  FMC caused its Ginnie Mae RMBS prospectuses to be false and misleading by improperly and deceptively using a Ginnie Mae rule that gave issuers the option to repurchase loans that were delinquent by three or more months. 
According to the SEC’s complaint filed in U.S. District Court for the Central District of California, FMC purposely delayed depositing checks from borrowers who had been behind on their loans, falsely claiming to both investors and Ginnie Mae that such loans remained delinquent when in reality they were current.  This was done with the knowledge and approval of the company’s senior-most management.  After repurchasing at prices applicable to delinquent loans, FMC was able to resell the loans into new Ginnie Mae RMBS pools at higher prices applicable to current loans for an immediate, nearly risk-free profit.  Investors, meanwhile, were wrongly deprived of the interest payments on the repurchased loans.
“FMC and its senior executives abused their privileged access to Ginnie Mae’s securitization program by allowing greed to corrupt their business practices,” said Andrew Ceresney, Director of the SEC’s Division of Enforcement.  “It is critical that we hold senior management fully accountable for this kind of misconduct, which we were able to accomplish here quickly due to the cooperation of company insiders.”
The executives charged with fraud in the SEC’s complaint agreed to the following settlements:
  • Chairman and CEO Clement Ziroli Sr. agreed to a $100,000 penalty.
  • Company president Clement Ziroli Jr. agreed to pay 411,421.98 plus $27,203.92 in interest and a $200,000 penalty.
  • Chief financial officer Pac W. Dong agreed to pay a $100,000 penalty.
  • Senior vice president Ronald T. Vargas, who headed FMC’s capital markets department, agreed to pay a $60,000 penalty.
  • Senior vice president Scott Lehrer agreed to pay a $50,000 penalty.
  • Managing director of the servicing department Edward Joseph Sanders agreed to pay disgorgement of $51,576.51 plus $6,811.19 in interest.  Sanders cooperated in the SEC’s investigation.
In settling the charges without admitting or denying the allegations, each of the six executives agreed to be barred from serving as an officer or director of a public company for five years.
The SEC’s complaint alleges that FMC, Ziroli Sr., Ziroli Jr., Dong, Vargas, Lehrer, and Sanders violated Sections 17(a) of the Securities Act, Section 10(b) of the Securities Exchange Act, and Rule 10b-5(a) and (c).  The complaint also alleges that FMC violated Rule 10b-5(b).  The settlements are subject to court approval.
The SEC’s investigation was conducted by Allison Herren Lee and John B. Smith from the Complex Financial Instruments Unit in the Denver Regional Office.  They were assisted by Dugan Bliss and Judy Bizu, and the case was supervised by Laura M. Metcalfe and Michael J. Osnato.  The SEC appreciates the assistance of Ginnie Mae.

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IIROC Trade Resumption – CardioComm Solutions, Inc.

Vancouver, British Columbia–(Newsfile Corp. – May 31, 2016) – Trading resumes in:


CardioComm Solutions, Inc.

TSX-V Symbol:


Resumption Time (ET):




IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

– 30 –

For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.

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