A glance at some of the day’s highlights from the Proactive Investors US and Canada newswires
Harvest One Cannabis Inc () () is selling its United Greeneries cannabis cultivation and processing business in Duncan, British Columbia as it transitions more into the consumer packaged goods space, the company announced Friday. Harvest One agreed to an C$8.2 million deal with Costa Canna Production LLP and 626875 BC Ltd. The parties also plan to execute a licenses agreement, which will see Harvest One’s subsidiaries provide Costa LLP with licensed intellectual property to produce and distribute Cannabis 2.0 products in Canada. In exchange, Harvest One will receive a 95% royalty and distribution of its products.
Inc () is boosting the amount of its previously announced financing from C$5 million to C$8 million. Each unit sold will be priced at C$0.70 and include one share and one-half of one warrant exercisable at C$0.90 for a 24-month period and subject to acceleration rights by Exro. The firm plans to use the proceeds to further research and development of its battery management system, micro, light and commercial electric vehicle programs, marketing, capital investments and general working capital requirements. Proceeds from the additional increase in the Offering will be added to general working capital requirements. The offering is being led by Gravitas Securities Inc. Exro has applied to list its unit shares and warrant shares on the Canadian Securities Exchange.
() (),l the medical wellness group, consolidated its shares on the basis of one new for ten old (1:10) and the post-consolidation shares began trading on the Canadian Securities Exchange (CSE) and OTCQB market under same name and ticker symbol, ‘BETR’ and ‘BETRF’ respectively, on market open today (June 26). As a result, the previous share capital of 172,109,851 common shares has now been consolidated into 17,210,985 shares. Each shareholder’s percentage ownership and proportional voting power remained unchanged. The record date for the consolidation is June 29 this year. Betterlife believes the consolidation is beneficial in that it is expected to, among other things, provide it with greater flexibility in attracting financing.
(NASDAQ: IDEX) said Friday that it intends to respond with “all means possible” to the “coordinated attack” on the company’s credibility in order to financially profit from a drop in the company’s share price. Ideanomics, headquartered in New York with offices in Beijing and Qingdao, responded forcefully to an analyst note from J Capital Research and Hindenburg Research. “The company refutes entirely the claims that it has less than three months operating cash. On the contrary, the company has sufficient cash to maintain its current operations for at least 12 months,” said the company in a statement.
Weekend Unlimited Industries Inc () (OTCQB:WKULF) announced Friday that it has sold its facility in Wenatchee, Washington for US$400,000, which it plans to use to fund its operations in Oklahoma. The company purchased the Washington facility in 2018, and it had yet to serve in any active operations. Weekend received US$300,000 when the property was transferred and will get the remaining US$100,000 in 12 monthly payments beginning in January 2021. The purchasers plan to rent the facility to licensed cannabis producers who will formulate Weekend Unlimited products, the company said. “The sale of our Washington facility comes at the right time when this capital can be used to further develop our growing operations in Oklahoma,” CEO Chris Backus said in a statement.
Helix BioPharma Corp () (OTCMKTS:HBPCF) said Friday it has entered into a non-binding term sheet to divest the remaining shares it holds in its Polish subsidiary Helix Immuno-Oncology SA (HIO), representing about 51% of the issued and outstanding shares of HIO.The terms of the offer provide for Helix to sell its remaining holdings in HIO for gross proceeds of up to PLN6,700,000 (C$2.3 million), according to a statement. In addition, Toronto-based Helix has entered into agreements with HIO to cancel C$2.7 million in intercompany debt owed to Helix by HIO.
() (OTCMKTS:FLWPF) CEO Vinay Tolia told shareholders that the Canadian recreational cannabis market is on the upswing after a challenging period in the wider industry. The CEO’s comments came as the cannabis company released its first quarter 2020 results that showed the company generated C$1 million in revenue from its premium cannabis strain BC Pink Kush. The flagship strain was sold at an average price per gram of $6.93, positioning the product firmly in the top-class flower segment. Flowr also revealed that demand for BC Pink Kush outstripped supply. The company sold 123 kilograms of the strain and did not have enough demand during the quarter. Product availability has “substantially improved” in the second quarter, according to a statement, and net revenues are projected to top C$2 million during the second-quater.
Corporation () revealed that it was in advanced negotiations with distributors in Switzerland, Germany, the UK, Hong Kong and the United States as the company announced positive findings from the first dermal clinical study of Relief & Go and Shir product lines. The pharmaceutical tech group has developed several lines of skin cosmetic products containing a blend of highly concentrated ingredients formulated with CBD. It said it is eyeing first samples shipments in July this year. “The double blinded randomized controlled study assessed the tolerance degree of the company’s CBD Topicals products and demonstrated the products to be non-irritating to the skin,” the firm said in a statement. InnoCan’s contract manufacturer for these products Fancystage is in an advanced production stage with InnoCan’s first derma cosmetic products launch, it added.
Metalla Royalty and Streaming Ltd () (NYSEAMERICAN:MTA) said the TSX venture exchange had accepted for filing documentation on the royalty purchase letter agreement dated June 22 this year between the company and several arm’s-length third parties, whereby the company will acquire a net 1% royalty interest on Inc’s operating Wharf mine, in South Dakota, USA. To satisfy the US$5,765,000 purchase price, the company will make a US$1 million cash payment and issue a total of 899,201 shares at a deemed value of US$5.30 per share to vendors.
Fura Gems Inc () (OTCMKTS:FUGMF) said the TSX Venture Exchange has accepted for filing documentation concerning the second and final tranche of a non-brokered private placement. The Toronto-based company issued nearly 28.6 million shares priced at C$0.25 per share to raise gross proceeds of C$7.2 million in the second tranche. There was one place.
(NYSE American:MLSS) has priced an underwritten offering of 6,520,000 shares of its stock and warrants to purchase up to an aggregate of 3,260,000 shares of its common stock. Each share of common stock is being sold together with a warrant to purchase 0.50 of one share of common stock at a combined price to the public of $2.15. Gross proceeds are expected to be about $14 million. The warrants will be immediately exercisable at $2.60 per share of common stock and will expire three years from the date of issuance. The company also has granted the underwriter a 45-day option to purchase up to an additional 978,000 shares of common stock and/or warrants to purchase up to 489,000 shares of stock. The offering closes on June 30.
Technology Inc () (OTCQB:NTTCF) revealed the terms of its US$1.4 billion credit facility, including a 15-month period with auto-renewing one-year terms and no interest payable. No fees are associated with the term for the first three months, and henceforth fees will be negotiated as a percentage of revenue generated through the facility. The credit line will allow to have money in the market over an extended period and profit from arbitrage opportunities. The profits from this arbitrage will ultimately allow to reduce fees to its client base. The company granted 3 million shares to officers, directors, employees and consultants exercisable at C$2.26 for a one-year period.
Pure Gold Mining Inc () () said shareholders approved all items put forward at its AGM, which was held on June 25 this year, including the re-election of all seven board members. Shareholders also voted in favor of appointing PricewaterhouseCoopers LLP as auditors for the ensuing year and authorizing directors to fix their remuneration. They also approved and ratified the firm’s stock option plan and the deferred share unit plan. A total of 115,298,514 shares were voted, representing 32.1% of total share capital as at the record date of the meeting.
Endeavour Mining Corporation () (OTCQX:EDVMF) said all the required regulatory approvals for its previously announced acquisition of SEMAFO had been received and it expects to close the transaction on or around July 1. In a brief statement on Friday, the miner said it had received a notice from the Minister of Innovation, Science and Industry stating no order for a national security review of the acquisition will be made under the Investment Canada Act. On May 26 this year, Endeavour reported that its shareholders have voted “overwhelmingly” in favour of the SEMAFOR deal announced in March. The C$1 billion transaction brings together six mines with strong cash flow into one portfolio, the opportunity to optimize assets, and a growth pipeline to create a leading West Africa-based gold producer generating over 1 million ounces a year.
MGX Minerals Inc () (OTCPINK:MGXMF) is postponing its annual general meeting due to public health measures with regard to the coronavirus pandemic. The meeting was originally scheduled for June 30 but the exploration firm was advised that it is not possible to hold a contested virtual-only meeting in Canada and a suitable location which can accommodate an in-person meeting is not available. MGX has filed a petition with the British Columbia Supreme Court seeking relief from statutory meeting deadline requirements, and the court granted a new deadline of September 30 with an option to reapply for an extension in the fall. MGX said it will continue to work with its advisors Kingsdale Advisors and Norton Rose Fulbright and others to ensure that a meeting is held either virtually, in-person, or a hybrid once it becomes possible to do so.
AgraFlora Organics International Inc () () told investors on Friday that it had struck a cultivation partnership with MicroC45 Inc for growing hemp in Ontario, Canada. The deal is between subsidiary Sustainable Growth Strategic Capital Corp (SGSC) and MicroC45 Inc and SGSC has already successfully planted 50 acres of high-quality hemp at a farm in Binbrook, it revealed in a statement. AgraFlora said Binbrook Farm was expected to yield around 50,000 kilograms of high CBD hemp in fall 2020. “Cultivation at Binbrook represents another milestone for this core-asset strategy,” said Brandon Boddy, AgraFlora’s executive chairman and CEO.
() announced it has formed a joint venture with AnyPlace MD Box (APMDBox) to provide contact tracing, telehealth, COVID-19 testing, and logistics support to government agencies and health systems. APMDBox has worked for five years to develop and patent a robust, mobile diagnostic and health platform. Its cloud-based, automated contact tracing software and predictive modeling provides real-time data for confirmed positive maps, potential exposure mapping and hotspot emergence, according to a statement.
Virtual Investor Conferences, the leading proprietary investor conference series from OTC Markets Group (), announced that presentations from the June 24th cannabis conference are now available for viewing on-demand at VirtualInvestorConferences.com. The presenting companies included Khiron Life Sciences Corp (OTCQX:KHRNF)(), Delta 9 Cannabis Inc () (), Vireo Health International Inc (OTCQX:VREOF) (), (OTCQX: FFNTF) (), MariMed Inc (), () (CVE:VLNS), Driven Deliveries Inc (OTCQB:DRVD), Corp, (OTCQX:MEDI) (), Aleafia Health Inc () (TSE:AH), Columbia Care Inc (OTCQX:CCHWF) (CSE:CCHW) and (OTCQB:FNNZF) ().
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