4:05pm: POSaBIT Systems, Real Matters shares add to gains late day
Braxia Scientific closed up 80% at $0.09, while POSaBIT Systems rose 28% to $1.10, Real Matters finished 13% higher to $4.88, and NioCorp Developments ended up 11% at $1.10.
1:50pm: Braxia Scientific, POSaBIT Systems shares advance sharply
Braxia Scientific Corp. (CSE:BRAX, OTC:BRAXF) shares shot up 100% to $0.10 on Friday after the medical research and telemedicine company revealed a non-binding amended and restated Letter of Intent (LOI) for a business combination with Irwin Naturals Inc. (CSE:IWIN), in a move Irwin said will create a new market leader in North American mental health.
Irwin Naturals told investors it is prepared to offer a purchase price per Braxia share based upon a valuation of the outstanding Braxia shares of US$30 million and a deemed value per subordinate voting share and/or proportionate voting share of Irwin equal to the greater of US$3.00 and the volume weighted average trading price of Irwin shares on the Canadian Securities Exchange (CSE) for the 20 trading days immediately prior to the execution of the arrangement agreement.
READ: Irwin Naturals announces LOI to acquire Braxia Scientific to create new market leader
As well, shares of POSaBIT Systems Corporation (CSE:PBIT) gained 13% to $0.97 as the provider of payments infrastructure in the cannabis industry said it has signed a definitive agreement to acquire MJ Platform, Leaf Data Systems and Ample Organics from Akerna Corp (NASDAQ:KERN) for US$4 million in an all-cash transaction.
POSaBIT noted the acquired companies are expected to generate about US$11.0 million in revenue and US$6.8 million in gross profit during the 12 months ended December 31, 2022 on a standalone basis.
Real Matters Inc (TSX:REAL), meanwhile, reported its financial results for the first quarter of 2023, saying it increased US Appraisal Net Revenue margins by 640 basis points year-over-year to a record 27.0%. Real Matters stock moved up 10% to $4.76 following the announcement.
And, NioCorp Developments Ltd. (TSX:NB, OTCQX:NIOBF) shares rose 10% to $1.09 on Friday after the critical minerals project developer announced that it has entered into definitive agreements with respect to two previously announced financings with YA II PN, Ltd, an investment fund managed by Yorkville Advisors Global, LP, which include up to US$16 million total principal amount of unsecured convertible debentures of NioCorp.
Contact Sean at sean@proactiveinvestors.com