
Starlight Investments Expands Official Partnership with Vancouver Football Club
VANCOUVER, BC, July 8, 2025 /CNW/ - Starlight Investments ("Starlight") is pleased to announce an expanded partnership with Vancouver Football Club ("Vancouver FC"), supporting its mission to foster inclusivity and elevate local talent through soccer. As a founding sponsor of the club, this renewed partnership builds on Starlight's successful collaboration with Vancouver FC since its inaugural campaign.
Vancouver FC is a professional soccer club based in Langley, British Columbia, committed to growing the game and developing talent in the Fraser Valley. The club provides a platform for emerging players with a strong focus on community engagement and youth development, while also offering unforgettable experiences for its fans.
"We are excited to strengthen our long-standing partnership with Vancouver FC," said Daniel Drimmer, Founder and CEO, Starlight Investments. "This collaboration reflects our shared commitment to supporting youth development and creating community connection through the power of this amazing sport. We hope to help create many more memorable moments for families in the region and beyond."
As part of the renewed partnership, Starlight will serve as the official Training Kit Sponsor of all player and staff training gear of the club. Building on the company's title sponsorship of the stadium's Family Zone and seat upgrade program, the partnership introduces the Starlight Sideline Sofa, a revamped in-stadium experience that surprises one lucky family each home match with a pitch-side seat upgrade – and offers fans a unique and unforgettable experience of the game.
Starlight has also been named Presenting Partner of Vancouver FC's Take Flight program, an initiative that supports access to professional soccer by welcoming underserved youth and families to every home game.
"A founding partner since Vancouver FC's inaugural campaign, Starlight has helped shape the matchday experience at Willoughby Stadium," said Bill Cooper, Chief Commercial Officer, Vancouver Football Club. "Their contributions as title sponsor of the West Grandstand, energizing the Family Zone, and delivering the 'Starlight Best Seats in the House' upgrade, have significantly elevated the fan experience at the stadium. And their support of the Take Flight program in support of underserved youth and families is enabling us to grow the game with a partner that shares our values. We are thrilled to have Starlight on board as a cornerstone of our club's future for years to come."
About Starlight Investments
Starlight Investments is a leading global real estate investment and asset management firm. A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space with CAD $30 billion AUM, Starlight offers a range of investment vehicles across various real estate strategies. Starlight's guiding mission is to balance its tenure with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact. Learn more at www.starlightinvest.com or connect with us on LinkedIn.
About Vancouver Football Club
Vancouver FC is a professional soccer club based in Langley, British Columbia. Founded in 2022, the club competes in the Canadian Premier League (CPL), Canada's top-tier men's professional soccer league. Vancouver FC is committed to developing talent, growing the sport in the region, and fostering strong community connections through soccer. Their home matches are played at Willoughby Stadium. For more information visit https://www.canpl.ca/vancouverfc.
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Cision Canada
14 hours ago
- Cision Canada
Silver Hits Inflection Point--Retail Eyes Turn to High-Potential Miners
VANCOUVER, BC, July 25, 2025 /CNW/ -- Equity Insider News Commentary – Silver is starting to attract renewed attention as it pushes toward what some chart analysts are calling a once-in-a-generation technical breakout. With the metal now testing the critical US$40 mark, major institutions like Bank of America are beginning to suggest that silver could outperform gold in the months ahead. As momentum builds, investor interest is shifting toward emerging silver miners such as Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF), Till Capital Corporation (TSXV: TILL) (OTCPK: TILCF), Silver Storm Mining Ltd. (TSXV: SVRS) (OTCQB: SVRSF), Silver47 Exploration Corp. (TSXV: AGA) (OTCQB: AAGAF), and Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF). Just as gold cooled off after a brief rally, silver has started to gain traction. Sprott Asset Management has flagged silver's upside potential, pointing to its favorable supply-demand dynamics. With structural supply shortfalls persisting and new money flowing into silver-backed plays, the setup is creating compelling entry points for mining-focused investors. Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF) has secured full community access rights to its Jorimina and Randypata deposits in Peru, clearing the path for immediate exploration. The agreement with the Comunidad Campesina De Tunsulla is now in good standing through the 2025 season and into 2026, allowing the company to finalize its summer exploration plan and begin groundwork. "A community access agreement is the foundation for all exploration in Peru and the importance of obtaining and maintaining these agreements and continuously striving to ensure a harmonious and mutually beneficial relationship with the local community members cannot be overstated," Stephen Barley, Chairman and CEO of Magma Silver. "This is their land, and we are being allowed the privilege of exploring and developing the property. We will endeavor to treat the land and local communities with the utmost care and respect at all times." These deposits saw over CAD$10 million in historic exploration by Newmont, which reported promising results from both surface sampling and drilling—including highlights like 17.4 metres of 3.06 g/t gold and 128 metres of 1.31 oz/t silver from the Jorimina deposit. This milestone follows Magma's recent expansion into Peru, where it has launched a Lima office and assembled a seasoned in-country team to accelerate its 4,100-hectare Niñobamba silver-gold project. The project is underpinned by three contiguous deposits— Main, Randypata, and Jorimina—which are believed to form a single large-scale high-sulfidation system. The company's strategy now hinges on applying modern targeting techniques to ground that was already tested by majors like Newmont and AngloGold. " Magma has established a first-class operating team in Peru," said Barley. "We have successfully created the team in record time, thanks to the guidance of Jeffrey Reeder, our Senior Technical Advisor, and his extensive experience in mining operations in Peru, spanning over 30 years. " Veteran geologist and mine builder Carlos Agreda Minaya takes over as General Manager, backed by legal counsel Dentons, environmental specialist Ecosoul, and field expert Edgar Leon Choque, all working toward drill permits for the Jorimina and Randypata deposits that could arrive this month. "The establishment of an experienced operations team we can trust will make a significant contribution to our success in Peru," said Stephen Barley, CEO and Chairman of Magma Silver. "Peru is a sophisticated, mining-friendly jurisdiction with detailed regulatory requirements that must be strictly adhered to. The experienced team we are involved with will ensure smooth operations for Magma." Veteran geologist Carlos Agreda Minaya has been appointed General Manager, leading a team supported by Dentons for legal, Ecosoul for environmental work, and Edgar Leon Choque in the field. Surface access is already secured for Randypata and Jorimina, while discussions for Main are underway. The company expects to receive drill permits soon, with a diamond drilling campaign targeted for Q4 2025. In parallel, mapping, and surface sampling are underway to refine targets. Magma's share structure remains tight, with just over 34 million shares outstanding and all claims secure through at least mid-2026. As the company shifts from planning to execution, it offers new investors exposure to a well-positioned exploration play in one of South America's most mining-friendly jurisdictions. In other industry developments and happenings in the market include: Till Capital Corporation (TSXV: TILL) (OTCPK: TILCF) has officially acquired Silver Storm Mining Ltd. (TSXV: SVRS) (OTCQB: SVRSF) in an all-share deal, consolidating the two companies under one silver-focused banner. The transaction gives former Till shareholders equity in Silver Storm and exposure to its flagship La Parrilla silver mine complex in Mexico, which previously produced over 34 million silver-equivalent ounces. With 100% ownership of both La Parrilla and the large-scale San Diego silver project, Silver Storm is now positioned as a growing player in the Mexican silver space. The newly combined company brings together strategic assets, fresh capital, and a focused plan to re-enter production in a tightening silver market. Silver47 Exploration Corp. (TSXV: AGA) (OTCQB: AAGAF) is advancing exploration at its Adams Plateau project in British Columbia, a prospective SEDEX-style system targeting silver, zinc, lead, copper, and gold. "We are glad to continue our work on Adams Plateau toward defining drill targets on this road-accessible project," said Gary Thompson, CEO of Silver47. "The abundance of surface mineralization on the Project is very encouraging for the potential of new and exciting discoveries. The Company has received a 5-year permit for drilling. This year is shaping up to be transformational for the Company with a full season of drilling at the flagship Red Mountain Project and the pending merger with Summa Silver." The company recently completed prospecting and soil geochemical surveys, collecting 687 samples across multiple high-potential zones. Results will guide future drilling as Silver47 works to uncover new mineralized trends within this underexplored but highly promising area. Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) has kicked off its 2025 drill program at the Silver Queen project in British Columbia, with initial holes targeting extensions of high-grade silver-gold-zinc mineralization along the No. 3 Vein. "Equity continues the process of systematic extension of the No. 3 Vein set, which remains open along strike and at depth," said Rob Macdonald, VP Exploration for Equity Metals. "The 2025 drill program builds on earlier 2024 exploration encouragement, and with continued success, will be accretive to the existing mineral resources identified in the four known precious metal deposits currently delineated on the property. Work in 2025 will continue to incorporate the 2024-25 drill data into revised exploration and resource models toward a Mineral Resource update to be prepared in Q4/25 as Equity continues to develop the ever-expanding Silver Queen vein systems." The company has already completed over 1,400 metres of drilling out of a planned 6,000 metres, following up on strong 2024 results that showed up to 710 g/t silver equivalent over 3.3 metres. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This content is being distributed for media Corp, who has been paid a fee for an advertising contract with Magma Silver Corp. MIQ has not been paid a fee for Magma Silver Corp. advertising or digital media, but the owner/operators of MIQ also co-own Media Corp. ("BAY") There may also be 3rd parties who may have shares of Magma Silver Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY does not own any shares of Magma Silver Corp. but reserve the right to buy and sell and will buy and sell shares of Magma Silver Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Magma Silver Corp. Technical information relating to and published by Magma Silver Corp. has been reviewed and approved by Jeffrey Reeder, PGeo, a Qualified Person as defined by National Instrument 43-101. Mr. Reeder is a Technical Advisor of Magma Silver Corp., and therefore is not independent of the Company; this is a paid advertisement, we currently do not own any shares of Magma Silver Corp. but will likely buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.


Cision Canada
a day ago
- Cision Canada
SALTIRE CAPITAL LTD. ANNOUNCES PROPOSED ACQUISITION OF SANSTONE INVESTMENTS LIMITED, CREDIT FACILITY WITH SAGARD CREDIT PARTNERS II, LP, CONCURRENT PRIVATE PLACEMENT AND INTENTION TO SEEK WRITTEN SHAREHOLDER CONSENT
/ NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. / TORONTO, July 25, 2025 /CNW/ - Saltire Capital Ltd. (" Saltire" or the " Company") (TSX: SLT, SLT.U, is pleased to announce that it has entered into a definitive agreement (the " Purchase Agreement") to purchase (the " Acquisition"), indirectly through a wholly-owned subsidiary (the " Purchaser"), 100% of the voting common shares of SanStone Investments Limited (" SanStone"), a leading owner and operator of heavy equipment dealerships and agricultural equipment dealerships in Eastern Canada that owns and operates the Wilson Equipment and Tidal Tractor dealership brands. Concurrently with the execution of the Purchase Agreement, the Company is also pleased to announce that it has (i) entered into a loan agreement (the " Loan Agreement") with, among others, Sagard Holdings Manager LP, as administrative agent and collateral agent, and Sagard Credit Partners II, LP (" Sagard") and the other lenders party thereto from time to time (the " Lenders"), pursuant to which the Lenders will, subject to the satisfaction of certain conditions precedent, make available certain credit facilities to Saltire up to an aggregate principal amount of US$100 million (the " Credit Facility"), and (ii) launched a brokered private placement (the " Private Placement" and, together with the Acquisition and Loan Agreement, the " Transactions") of up to 424,448 common shares in the capital of the Company (" Common Shares") at a price of CAD$11.78 per Common Share for aggregate gross proceeds of up to CAD$5,000,000, with an over-allotment option for an additional 63,667 Common Shares for further proceeds of CAD$749,997.26. The Acquisition values SanStone at CAD$70 million, subject to customary adjustments (the " Purchase Price"). On closing of the Acquisition (" Closing"), Saltire will satisfy the Purchase Price by: (i) issuing Common Shares to the SanStone shareholders in an aggregate amount equal to CAD$10 million; (ii) issuing non-voting common shares in the Purchaser to certain SanStone shareholders, which represent an economic interest of approximately 31% in SanStone; (iii) payment of CAD$500,000 into an escrow account, as security for post-Closing adjustments to the Purchase Price; and (iv) payment of approximately CAD$34 million in cash. All figures are subject to standard adjustments pursuant to the Purchase Agreement. "The acquisition of SanStone is a unique and extremely exciting opportunity for Saltire. SanStone is a pre-eminent operator of heavy equipment and agricultural dealerships in Canada, which has served its markets for generations. I am delighted that the existing management team at SanStone is continuing and bringing their decades of experience to Saltire," said Andrew Clark, CEO of Saltire. "Saltire Capital allows us to continue to grow our businesses and our people while reducing succession risk for our employees, shareholders, customers and suppliers. To get all of that and an opportunity to become shareholders of the broader Saltire platform was very compelling. We are thrilled to join Saltire Capital at the beginning of their growth story," said Bill Sanford, CEO of SanStone. Closing of each of the Acquisition and the Private Placement are subject to customary closing conditions for transactions of a similar nature, including the conditional approval of the Toronto Stock Exchange (the " TSX") for the listing of the Common Shares to be issued or become issuable on Closing. Funding of the Loan Agreement is subject to customary conditions precedent, including the Closing. Sagard Credit Facility Selected highlights regarding the Credit Facility include: The Lenders will provide Saltire with up to US$100 million of credit, approximately US$50.1 million of which is anticipated to be drawn on Closing (the " Initial Draw"); Subject to certain conditions in the Loan Agreement, Saltire may make additional draw requests (" Additional Draws") up to an aggregate principal amount of US$49.9 million to fund future acquisitions; and the Credit Facility will mature on the fifth anniversary of the Loan Agreement. The proceeds from the Initial Draw will be used (i) to refinance Saltire's existing credit facilities with National Bank of Canada, (ii) to refinance Saltire's preferred equity, (iii) to refinance SanStone's existing debt, to the extent same is assumed on Closing, (iv) to finance a portion of the cash Purchase Price under the Acquisition, and (v) for the payment of fees and expenses incurred in connection with the Loan Agreement. Proceeds from the Additional Draws will be available to finance certain permitted acquisitions under the Loan Agreement, and for the payment of fees and expenses incurred in connection with such permitted acquisitions. As consideration for the entering into of the Loan Agreement and provision of the Credit Facility, Saltire has agreed to issue 1,504,812 Common Share purchase warrants to Sagard (the " Sagard Warrants"). Each whole Sagard Warrant will entitle the holder to purchase one Common Share at a price of CAD$14.5228 per Common Share for a period of five years following Closing. "We are pleased to partner with Sagard as our lender as we continue to execute on our growth strategy. I am confident that this transaction will enhance our success as we continue to grow our business," said Andrew Clark, CEO of Saltire. Concurrently with the Acquisition and Credit Facility, the Company is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (" Paradigm") as sole agent and sole book runner in connection with a proposed best efforts private placement offering of up to 424,448 Common Shares at a price of CAD$11.78 per Common Share, for gross proceeds of approximately CAD$5 million. Paradigm has also been granted an over-allotment option, pursuant to which Paradigm may increase the size of the Private Placement by up to an additional 63,667 Common Shares for additional gross proceeds of up to CAD$749,997.26. The Private Placement is expected to close on or about August 12, 2025. In connection with the Private Placement, Paradigm will be paid (i) a cash fee equal to 7% of the gross proceeds of the Private Placement, and (ii) Common Share purchase warrants (the " Compensation Warrants") equal to 7% of the number of Common Shares issued pursuant to the Private Placement. The Compensation Warrants will have the same terms as the Sagard Warrants. The proceeds of the Private Placement will be used to, directly or indirectly, fund a portion of the cash Purchase Price payable under the Acquisition. TSX Approval and Written Shareholder Approval Pursuant to Section 611(c) of the TSX Company Manual, securityholder approval of the Transactions is required as the number of Common Shares to be issued or issuable in connection with the Private Placement and payment of the Purchase Price (together with the Common Shares issuable in connection with the Sagard Warrants and Compensation Warrants) exceeds 25% of the currently issued and outstanding Common Shares. Instead of seeking securityholder approval at a duly called meeting of securityholders, the TSX is permitting the Company, pursuant to Section 604(d) of the TSX Company Manual, to provide written evidence that holders of more than 50% of the issued and outstanding Common Shares who are familiar with the terms of the Transactions are in favour of them. In addition, the Transactions and the listing of Common Shares issued or issuable in connection with the Transactions are subject to the approval of the TSX. Advisors National Bank acted for Saltire as transaction advisor on the acquisition of SanStone, Raymond James acted as advisor for Saltire on the Credit Facility, and Paradigm is acting for Saltire on the Private Placement. Goodmans LLP acted as legal counsel to the Company on the Credit Facility and Private Placement. Torys LLP acted as legal counsel to Sagard on the Credit Facility. BLG acted as legal counsel to Paradigm on the Private Placement. McInnes Cooper acted as legal counsel to the Company and Cox & Palmer acted as legal counsel to SanStone on the Acquisition. A copy of the Loan Agreement will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval Plus (" SEDAR+") and will be available for viewing on Saltire's SEDAR+ profile at About Saltire Capital Ltd. Saltire is a long-term capital partner that allocates capital to equity, debt and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that it believes are under-valued businesses with the potential to significantly improve fundamental value over the long-term. These businesses will generally have high barriers to entry, predictable revenue streams and cash flows and defensive characteristics. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity. About SanStone Investments Ltd. SanStone Investments is a private equity firm established in 2013 by Bill Sanford and likeminded investors with a mission to purchase and grow strong Maritime Canadian companies by focusing on its customers and employees. SanStone's operating companies are Wilson Equipment Limited, a heavy equipment sales and service industry leader based in Bible Hill/Truro and Dartmouth, Nova Scotia, and Tidal Tractor, a top agricultural and construction equipment supplier with locations in Port Williams, Dartmouth, and Onslow/Truro, Nova Scotia, and in Moncton, New Brunswick. About Sagard Credit Partners Sagard Credit Partners is a non-sponsor direct lending strategy focused on middle-market public and private companies in North America. It provides bespoke debt solutions across the credit spectrum in first and second lien loans, such as unsecured and mezzanine financings, tailored to a company's specific needs. Prior to the Transactions, Sagard did not hold any securities of Saltire. As a result of holding the Sagard Warrants, Sagard will hold securities exercisable for an aggregate of 1,504,812 common shares, representing approximately 18.52% of the outstanding voting shares after giving effect the exercise of all of the Sagard Warrants and approximately 17.60% after giving effect to the exercise of all of the Sagard Warrants and the Private Placement. The Sagard Warrants are being acquired by Sagard for investment purposes and, in the future, it may discuss with management and/or the board of directors any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of Saltire, in such manner as it deems advisable to benefit from changes in market prices of Saltire securities, publicly disclosed changes in the operations of Saltire, its business strategy or prospects or from a material transaction of Saltire, and it will also consider the availability of funds, evaluation of alternative investments and other factors. An early warning report will be filed by Sagard in accordance with applicable securities laws and will be available on SEDAR+ at or may be obtained upon request from Andrew Clark at 416-419-9405. Forward Looking Information This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (" Forward-Looking Statements"). The Forward-Looking Statements contained in this press release relate to future events or Saltire's future plans, operations, strategy, performance or financial position and are based on Saltire's current expectations, estimates, projections, beliefs and assumptions, including, among other things, in respect of the closing of the Acquisition, the Credit Facility and the Private Placement, Saltire's ability to satisfy the conditions to Closing under the Purchase Agreement, Saltire's ability to satisfy the conditions to funding under the Loan Agreement (including the approval of the TSX), completion of the Private Placement, and Saltire's ability to maintain compliance with covenants under the Loan Agreement. In particular, there is no assurance that Saltire will satisfy any or all of the conditions for Closing of the Acquisition, Credit Facility or Private Placement. Such Forward-Looking Statements have been made by Saltire in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be Forward-Looking Statements. Such Forward-Looking Statements are often, but not always, identified by the use of words such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "expect", "potential", "proposed" and other similar words and expressions. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Saltire's control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purpose of assisting the reader in understanding Saltire and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and Saltire disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason. This press release should be read in conjunction with the management's discussion and analysis and unaudited condensed consolidated interim financial statements and notes thereto as at and for the three months ended March 31, 2025 and Saltire's Annual Information Form for the year ended December 31, 2024 dated March 28, 2025. Additional information about Saltire, including with respect to the risk factors that should be taken into consideration when reading this press release and the Forward-Looking Statements, is available on Saltire profile on SEDAR+ at


Cision Canada
a day ago
- Cision Canada
International Collaboration Successfully Intercepts and Returns $2.3M Fraudulent Transfer
OTTAWA, ON , July 24, 2025 /CNW/ - The Canadian Anti- Fraud Centre (CAFC) and the Hong Kong Police Force's Anti-Deception Coordination Centre (ADCC) successfully helped recover CAD $2.3 million following a cross-border business email compromise (BEC) fraud targeting a Canadian law firm in the Vancouver area. Spear phishing and BEC scams are highly targeted attacks where fraudsters impersonate trusted contacts; often executives, legal advisors, or vendors to trick individuals or companies into transferring funds or disclosing sensitive information. In this case, the fraud involved a spear phishing attack that tricked the Canadian firm into wiring funds to a fraudulent account in Hong Kong . After identifying the suspicious transfer, a local bank in Hong Kong promptly alerted the ADCC. Swift cooperation with Canadian authorities, including the CAFC, led to the interception and return of the full amount to the defrauded firm. How to protect your organization against spear phishing and BEC: Verify all payment requests especially if there's a change in banking details. Contact the sender using a trusted phone number, not the one provided in the email. Enable multi-factor authentication (MFA) on your email and banking systems. Educate staff on how to recognize phishing red flags, such as downloading attachments, or clicking on unexpected links. Avoid logging in to business accounts through links in unsolicited emails or texts. Businesses are encouraged to implement internal controls such as requiring dual authorization for wire transfers and regularly reviewing cybersecurity protocols. If you believe you or your organization has been targeted by spear phishing or a BEC scam, report it immediately to the CAFC (online or by calling 1-888-495-8501). Quote "This recovery demonstrates the power of global partnerships in the fight against fraud . Through trusted coordination and timely intelligence exchange with our colleagues at the Hong Kong Police Force, we not only helped a Canadian business avoid a significant loss, but also disrupted criminal activity at the international level." - Chris Lynam , Director General, Canadian Anti- Fraud Centre Quick facts $67.5M in losses to spear phishing was reported to the CAFC in 2024. in losses to spear phishing was reported to the CAFC in 2024. Overall, $647M losses were reported to the CAFC in 2024. It is estimated that only 5-10% of victims report to the CAFC. losses were reported to the CAFC in 2024. It is estimated that only 5-10% of victims report to the CAFC. The CAFC is Canada's central repository for data, intelligence and resource material as it relates to fraud . It provides timely, accurate and useful information to assist citizens, businesses, law enforcement and government agencies. central repository for data, intelligence and resource material as it relates to . It provides timely, accurate and useful information to assist citizens, businesses, law enforcement and government agencies. Stay informed and exercise caution to avoid falling victim. Visit the CAFC website regularly to get more tips and information. If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, and the CAFC. Associated links Link: SOURCE Royal Canadian Mounted Police Media Relations and Issues Management Canadian Anti-Fraud Centre Media Relations, [email protected]