Rio2 Limited and its Chilean subsidiary Fenix Gold have announced that further to Rio2's press release of June 23, 2022, the Environmental Assessment Service (SEA) has postponed the meeting of the Comision de Evaluacion Regional, where 11 governmental institutions with environmental competencies will vote to approve or disapprove the Environmental Impact Assessment (EIA) for the Fenix gold project. The meeting was originally scheduled for July 1 this year and a revised meeting date has been confirmed for Tuesday July 5 this year.
Nevada Copper Corp revealed it is in continuing discussions with third parties and financing partners as it updated investors on operations at its Pumpkin Hollow underground copper mine in Nevada. As reported previously, the company is seeking additional funds to continue operations, including the ramp-up of the underground mine. "The company is in ongoing discussions with third parties and the company's financing partners, including its senior lender, KfW IPEX-Bank, and Pala Investments Limited (Pala), the company's largest shareholder, about additional funding and other financial accommodations," it told investors.
Naturally Splendid Enterprises Ltd has said it will continue to focus on its core plant-based manufacturing business as it looks to eliminate operations that are not contributing to the company’s growth moving forward. In a statement accompanying the release of its year-ended December 31, 2021 results, the company said its senior management is reviewing all operations to draw up a strategic plan that will capitalise on its strong position to continue penetrating the market it described as having “a bright future”. "The company continues to focus on reducing operating overheads while we continue to re-purpose our existing certified food facility in Pitt Meadows, BC to optimize production of plant-based entrees,” Naturally Splendid CFO George Ragogna said in the statement. “We have made positive strides for the company in several areas, including securing an exclusive 10-year manufacturing and distribution agreement for Canada with Flexitarian Foods Pty. Ltd, Australia's largest plant-based manufacturer,” he said, noting the agreement can be extended for a further 10 years.
Aion Therapeutic Inc said it has sold four patent applications and all associated supporting data to Apollon Formularies PLC, a UK-based international pharmaceutical company listed on the Aquis Stock Exchange. In consideration for the intellectual property, Apollon has issued to Aion Therapeutic an aggregate of 4,348,679 common shares of Apollon at £0.066 per share; and agreed to pay to Aion Therapeutic an indefinite royalty fee of 4% of the global net revenue generated by the intellectual property. "The company has sold its intellectual property to Apollon associated with the treatment of cancer and inflammation which will allow Aion Therapeutic to focus on product development and intellectual property development related to a range of innovative plant-based wellness products including cannabinoids and functional mushrooms in Jamaica and North America,” Graham Simmonds, chief executive officer of Aion Therapeutic, said in a statement.
GoviEx Uranium Inc has told investors it expects to complete the feasibility study for its Madaouela uranium project in Niger in the third quarter of 2022 as it reported positive progress from its infill drilling campaign at the Mutanga asset in Zambia. At Mutanga, the explorer said it is focused on upgrading the lower confidence inferred resource at the Dibwe East deposit to the higher confidence indicated category ahead of a planned feasibility study and the company said it has received "very positive initial results so far". Percussion drilling conducted at the end of June this year is around 40% complete, of the planned 15,500 metre (m) program, while a 9,000m planned diamond drilling campaign is just over 10% complete. Meanwhile, at Madaouela, GoviEx said it is in the final stages of completing the feasibility study and is currently working on final optimization and trade-off options. It expects to complete the report in Q3, 2022.
Kovo HealthTech Corporation has confirmed that it is now focusing on evaluating potential acquisition targets that would help it expand its market presence in the Northeastern US. The company said due diligence is underway on potential acquisition targets. "Kovo is active in every region of the US and for the rest of 2022, we're looking at strengthening our team and client roster in the Northeastern USA," the company's CFO Inder Saini said in a statement, adding that the company will continue to keep investors updated throughout the summer as it proceeds through due diligence on a number of potential targets.
LexaGene Holdings Inc said it has entered into a purchase agreement with a veterinary hospital in Wisconsin. In a statement, Dr Jack Regan, LexaGene's CEO and founder commented: "We are pleased to announce this sale to a veterinary hospital in Wisconsin. Once we complete our scheduled installations, we will have MiQLab Systems operating in 10 states across the US." He added: "Since the start of this year, our install base has increased 240% and we expect an even steeper increase in the latter part of this year."
American Resources Corporation (ARC) announced that its subsidiary reELEMENT Technologies has put in place a $2 million independent working capital facility to expand its critical battery material production facility in Indiana. The funds will also be used to increase internal lab space and put in place additional pre-processing to scale the production of high-purity and sustainable battery and magnet-grade critical and rare earth elements, the company said. The working capital facility was put in place by Maxus Capital, and allows reELEMENT to establish credit history and provides low-cost, non-dilutive, growth capital.
Hillcrest Energy Technologies Inc has said that through a wholly-owned subsidiary, it has ceased oil and gas operations at its West Hazel field in the Western Canadian Sedimentary Basin in Saskatchewan, completing the company's exit from the fossil fuel business. The Vancouver-based technology company said it proactively initiated abandonment activities at the West Hazel field last year to focus its efforts on commercializing its clean technologies. "Hillcrest has a singular focus and that is developing its clean energy technologies. The oil and gas assets were in direct public conflict with the direction the company is pursuing, requiring the assets to either be sold or remediated," Hillcrest CEO Don Currie said in a statement.
Canntab Therapeutics Limited has said that further to the announcement it made on April 14, 2022, with respect to an exploration of a variety of alternative business strategies including potential M&A opportunities, as well as identifying and negotiating partnerships to assist the company in expanding its product offerings in the United States and other international jurisdictions, a number of discussions are now underway and the company will provide more specific information when such information becomes material. Canntab said it is also experiencing a number of significant delays with receipt of raw materials due primarily to persistent supply chain issues. The company added that it has sufficient inventory levels for now and will continue to monitor the impact of these issues on its business. In an effort to preserve cash in these difficult markets, Canntab said it will also explore a number of cost-cutting measures beginning June 30, 2022, with a 60 day temporary reduction in some of its staffing, reduced marketing expenses and other non-essential expenses until market conditions and supply chain issues improve. These layoffs will not impede Canntab's ability to service its patients and clients, fulfill orders, or maintain its licenses, it added. Richard Goldstein, the company's CFO said that "while we regret having to impose these temporary layoffs, we believe this action is in the best interests of the long-term success and prosperity of Canntab and our customers and employees." He added: "We very much appreciate all of the hard work and dedication of our staff, and look forward to welcoming back all of our team members in the near future." Canntab said it is committed to building shareholder value by exploring all alternative strategies at its disposal.
PlantX Life Inc has announced that, upon review of the revenue recognition policy adhered to in fiscal 2021, the company will restate its previously issued audited consolidated comparative financial statements for the fiscal year ended March 31, 2021. This decision was approved by the company's board of directors upon the recommendation of the company's audit committee, and after consultation with management and its former and current auditors. The decision to restate these financial statements was based on the company's conclusion that certain revenues and cost of sales recognized during fiscal 2021 that were related to the company's wholesale operations should not have been recorded on a gross basis during that period. The company has subsequently ceased transactions relating to its wholesale division as of Q1 2022. These restatements should not impact historical cash or cash equivalents that were generated during the period mentioned above based upon the current review. At the present time, the restatements are expected to impact revenue and cost of sales line items. While the company's analysis is still underway, it currently estimates the revenue impact for full-year 2021 to be a reduction of approximately US$2.76 million (C$3.45 million) and cost of sales to decrease by approximately US$2.48 million (C$3.10 million). At this time, the company said it has not fully completed its review and the expected financial impact of the restatement is preliminary and subject to change. There can be no assurance that the final reported adjustments will not differ materially from the estimated amounts discussed in this press release, or that additional adjustments will not be identified. PlantX said it cannot at this time estimate when the restatement will be completed. The company added that it will continue to diligently pursue completion of the restatement and intends to make its upcoming 2022 annual filings as soon as reasonably practical.
Lion Copper and Gold Corp said the TSX Venture Exchange has accepted for filing the company's proposal to issue 1,212,121 shares at a price of 8.25 cents per share to settle outstanding debt for $100,000 with one creditor.
Falcon Gold Corp said it has granted to officers, directors and consultants of the company incentive stock options to acquire up to 680,000 common shares of the company at an exercise price of 7.5 cents per common share for a period of three years under its stock option plan.
Vicinity Motor Corp has announced that certain eligible directors have requested that their respective director's remuneration for the calendar year 2022 be paid in Deferred Share Units (DSUs) and accordingly, the company has granted 104,012 DSUs in connection with directors remuneration for Q2.
OTC Markets Group Inc, the operator of regulated markets for 12,000 US and international securities, has announced that PopReach Corporation, a multi-platform technology company, has qualified to trade on the OTCQX Best Market and has today upgraded to OTCQX from the Pink market under the symbol POPRF. Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their US investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the US. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.