BonTerra Commences 10,000 Meter Resource Development Drill Program on its 100 Owned Gladiator Gold Project
BonTerra Commences 10,000 Meter Resource Development Drill Program on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Owned Gladiator Gold Project in Quebec, Canada
– Momentum Public Relations – June 20th, 2016
BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the “Company” or “BonTerra”) is pleased to announce that a 2016 Summer Resource Development and Exploration Drill Program has commenced on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project located north of Val d’Or, Québec. The exploration program will include up to 10,000 meters focused on the eastern extension of the Gladiator Project along strike and at depth of the Main and Footwall zones. The Company recently completed approximately 10,000 meters on the western extension of the Gladiator Project, which remains open to the west.
Nav Dhaliwal, President and CEO of BonTerra, stated: “Over the last year we have changed the exploration landscape of the Urban Barry Camp by increasing our land position by over 170{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and expanding the previously known limits of our Gladiator Gold Project by 450m in strike length to the west and to a total depth of 450m. In addition, we have successfully raised close to $6 million with key investors, completed the purchase of the Larder Lake Gold Project in Ontario, and recently announced a strategic financing of up to $5 million to now test the eastern extension of Gladiator. Based on our experience and knowledge of the gold system at Gladiator from our 2016 Winter Drill Program, we can apply our knowledge towards the eastern part of our expanded land position in the Urban Barry Camp that we strategically secured in early 2016. The Gladiator gold system continues to demonstrate the makings of a sizable deposit, where significant ounces may potentially be added to our current gold resource.”
At the Larder Lake Gold Project, BonTerra is currently compiling an extensive historical database completed by Gold Fields Limited when in their previous joint venture with Kerr Mines. This work is now being incorporated into BonTerra’s system and will help to guide future drill programs at the Larder camp to understand the significant historical gold resource.BonTerra Resources Quick Facts:
- -7,563-hectare (Gladiator Project) in the Urban-Barry Camp in Québec containing:
- -Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold. Of note, ~90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants. -2016 Exploration Program underway – up to 25,000 meters utilizing minimum of two drill rigs at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project to expand current gold resource.
-2,165-hectare (Larder Property) in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
- Published in BonTerra Resources, Business, News Home
Nouveau Monde Announces Closing of Oversubscribed Private Placements for Total Proceed of $ 2,301,060
Nouveau Monde Announces Closing of Oversubscribed Private Placements for Total Proceed of $2,301,060
– Momentum Public Relations –
Press Release: June 16, 2016
Nouveau Monde Mining Enterprises Inc. (TSX VENTURE:NOU)(OTC PINK:NMGRF)(FRANKFURT:NM9) announces the closing of a non-brokered private placements, of a total of 5,312,000 units, at a price of $ 0.25 per Unit, for an aggregate proceeds of $ 1,328,000 and the second one of a total of 3,243,532 common shares issued as flow-through shares, at a price of $ 0.30 per Flow-Through Share, for an aggregate proceeds of $ 973,060. The total proceeds raised in the financing is 2,301,060 $.
Each unit is comprised of one common share of the Corporation and one-half of one common share purchase warrant. Each whole common share purchase warrant shall entitle the holder thereof to subscribe for one common share of the capital stock of the Corporation, at a price of $ 0.35 per common share, for a period of 12 months following the closing.
The proceeds of the offering will be used by Nouveau Monde for its working capital, initiate the work program leading to the feasibility study and to incur exploration expenses on the Matawinie property. Registered Exempt Market and Broker Dealers in Canada received cash payments of $ 39,250 and 62,400 broker warrants to purchase up to 62,400 common shares in the capital stock of the Corporation, at a price of $ 0.25 per common share, within a delay of 12 months after the closing and 78,832 broker warrants to purchase up to 78,832 common shares in the capital stock of the Corporation, at a price of $ 0.30 per common share, within a delay of 12 months after the closing. All securities issued under the financing are subject to a restricted period of four months and a day, ending on October 16, 2016 under applicable Canadian securities legislation. As a result of the financing, the Corporation will have 65,131,441 common shares issued and outstanding.
The Corporation expects to be able to file shortly all required documentation to satisfy the conditional acceptance of the TSX Venture Exchange pursuant to the Units Offering.
The securities issued under the first tranche of the Units Offering have not been registered under the United States Securities Act of 1933 (the “Act”) or any state securities laws and may not be offered or sold absent registration under the Act and applicable state securities laws or an applicable exemption from the registration requirements thereof. This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption there from.
Grant of options
The Corporation announces the grant of a total of 275,000 options to consultants. Each option shall entitle its holder thereof to subscribe for one common share of the Corporation, at a price of $0.30 per common share, for a period of five years from the date of grant. These options will vest one quarter at issuance and by period of three months until March 16th 2017. These options were granted in accordance with the terms of the current stock option plan of the Corporation.
Invitation to a Press Conference
Nouveau Monde is pleased to invite all media representatives and investors to a press conference to release the results of the NI43-101 Preliminary Economic Assessment on the Tony block of the Matawinie project. The press conference will be held on Wednesday June 22nd 2016 at 10h30am at:
Maison du Développement Durable |
Salle du Parc |
50, rue Sainte-Catherine Ouest |
Montréal, QC, H2X 3V4 |
Learn more by clicking here: www.nouveaumonde.ca
- Published in Mining, News Home, Nouveau Monde Mining
Sirona Biochem Announces Positive Safety and Efficacy Data for Innovative Skin Lightening Compound
Sirona Biochem Announces Positive Safety and Efficacy Data for Innovative Skin Lightening Compound SBM-TFC-1067 Accepted as Abstract Presentation by IMCAS
– Momentum Public Relations – June 16th, 2016
Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) announced positive preclinical safety and efficacy data with SBM-TFC-1067 in a 3-D human skin-like model was accepted as an abstract for oral presentation by Sirona’s Chief Scientific Officer, Geraldine Deliencourt-Godefroy, at the IMCAS Asia Conference in Taipei on July 31, 2016.
Sirona has now demonstrated significant skin lightening in a model used by cosmetic scientists and leading cosmetic corporations around the world. In the study, SBM-TFC-1067, was topically applied daily to a MatTek Corps Melanoderm 3-D human skin model for 14 days using 3 different concentrations (0.1, 0.05 and 0.01{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}). Pigmentation was evaluated on days 0, 7, 11, and 14 using a chromameter to measure brightness (L*D65). Total melanin content was quantified after day 14. Results showed a statistically significant difference in surface reflectance with the 0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 0.05{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} concentrations of 1067. There was also a significant reduction of melanin quantity, which translates to visibly lighter skin.
The full abstract can be viewed on the IMCAS website here: http://www.imcas.com/en/attend/imcas-asia-2016/program/session/6150
“This is definitely good news for the millions of individuals around the world with hyperpigmentation or melasma”, said Attila Hajdu, Chief Business Development Officer of Sirona Biochem. “This exciting new data shows significant reduction in pigmentation without toxicity in human skin and being accepted as an abstract in the clinical dermatology stream at IMCAS is scientific validation.”
About IMCAS
Since its inception a decade ago, IMCAS has become one of the most important international programs dedicated to skin treatments. IMCAS Asia 2016, will bring together practitioners from across the Asia-Pacific region for informative and engaging exchanges. Over 2000 attendees and 80 exhibiting companies will come together for three days of intense learning in Taipei. Large cosmetic company representatives will also be in attendance to learn about the most innovative advances in the dermatology industry.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
About the Skin Lightening Project
Sirona Biochem’s French subsidiary TFChem received a $1.9 million grant in November 2011. This project is co-financed by the European Union and Europe Witnesses in Haute-Normandie with the support of the European Regional Development Fund (E.R.D.F.). A consortium of partners, including the University of Rouen (LMSM EA4312), contract research organization Biogalenys, and TFChem has been assembled to advance this project. The French government and EU are looking to promote and initiate collaborative projects that are focused on the development of new products and services containing a high level of innovation.
- Published in Business, Life Sciences, News Home, Sirona Biochem
International Wastewater Systems’ order book hits $80 million for energy-saving technology
International Wastewater Systems’ order book hits $80 million for energy-saving technology
Have you ever thought about the wasted energy that literally goes down the drain every time you use warm/hot water? Well Lynn Mueller has. And now his recently public company, International Wastewater Systems Ltd. (CNSX:IWS) has in the neighbourhood of $80 million in orders from customers around the world for his innovative energy saving technology.
Mueller was previously a farmer who also ran one of the world’s leading manufacturers of thermal heat pumps called Water Furnace. As a result of the experience of moving heat from A to B, he conceived of and invented the two models of thermal heat capture systems that are the company’s products.
The Sharc and the Pirranah systems capture heat energy in sewage and wastewater and return it to any building’s hot water systems for significant savings. How significant?
According to Mueller, “we recover the energy at an efficiency of about 400 to 500 per cent, so for every dollar it costs to run a Shark or a Piranha unit, we recover $4 to $5 worth of energy, and it’s just in the same form.”
IWS’s systems are currently installed and running in everything from a University of British Columbia residential building to a Camden, N.J., wastewater treatment plant. Additional industrial-scale installations are planned for the city of Fier, Albania, and the Australian Wool Testing Authority. The largest Sharc installation is at Borders College in Scotland, serving a student population of 4,500.
The Fier installation will capture heat from the city’s sewage treatment facility and redistribute it to homes throughout the city in a model the company refers to as “district heating.” The plant will extract heat energy from an estimated 30 million litres of sewage per day. Albania currently loses an estimated 160 – 200 million euros per year on its energy program according to World Bank figures, so the motivation to expedite the project is somewhat acute.
That project represents a novel and lucrative business model for IWS with a recurring revenue source. In both Albania and the United Kingdom, subsidies and investment by government are expected to substantially improve the economic viability of installing Sharc systems in institutional and commercial buildings.
The installation at Borders College, for example, was financed with a 4-million pound investment from Equitix and the U.K. Green Investment Bank, an entity created by the U.K. government. The mandate of the U.K. Green Investment Bank is to spearhead the investment of 330 billion euros into the “greening” of the U.K. economy by 2020. Their stated focus is primarily on energy efficiency, waste and bio energy. With the Scottish project, other municipalities throughout the U.K. will have a running demonstration site to enhance understanding of the process.
The Camden, N.J., project was almost completely financed by a clean energy grant, leaving the county to come up with only US$100,000 of the US$1.1-million cost.
International Wastewater Systems constitutes an early development stage opportunity for investors seeking exposure to the developed world’s push to improve energy efficiency wherever possible.
CNN Coverage
Even CNN deemed the company newsworthy, and published coverage of IWS on the network’s financial channel at CNNMoney.com on May 24. “We quickly went from being a local, small company to a worldwide operation. We’ve seen markets around the world demanding the product,” Mueller told CNN reporter Jackie Wattles.
The company anticipates raising capital soon to finance production of more Sharc and Piranha systems to fulfill its backlog of orders.
James West is an investor and the author of the Midas Letter, an investing research report focused on Canadian markets. The views expressed here are his own and are presented for general informational purposes only — they should not be construed as advice to invest in any securities mentioned.
James West and/or associated funds do not own shares in any securities mentioned in this article. For the full Midas Letter disclosure policy, click here. Postmedia and Midas Letter have a revenue sharing arrangement.
view original: click here
- Published in Blog, Green Technology, International Wastewater Systems, Technology
IWS Featured on Cable Television
IWS Featured on Cable Television
– Momentum Public Relations – June 14th, 2016
International Wastewater Systems Inc. (“IWS” or the “Company”) (CSE:IWS)(FRANKFURT:IWI) is pleased to announce that the Company was selected to be featured in a television commercial that will air on Canadian cable television channels and online properties.
The commercial will be broadcast in Canada on the Business News Network (BNN) and on CBC’s Documentary Channel, as well as online via Thomson Reuters, Stockhouse and Business TV (B-TV).
The commercial includes a 90-second IWS feature with CEO Lynn Mueller, as well as a 15-second clip that will air on Business News Network starting today and through the end of this month. A link to the condensed clip can be viewed here: http://www.b-tv.com/intl-wastewater-commercial/
ON BEHALF OF THE BOARD
Lynn Mueller, Chairman and Chief Executive Officer
About International Wastewater Systems Inc.
International Wastewater Systems Inc. (CSE:IWS)(FRANKFURT:IWI) is a world leader in wastewater heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings.
- Published in Blog, Energy, Green Technology, International Wastewater Systems, News Home, Technology
BonTerra Announces Financing
BonTerra Announces Financing
– Momentum Public Relations – June 13th, 2016
BonTerra Resources Inc. (TSX-V: BTR, FSE: 9BR1) (the “Company” or “BonTerra”) is pleased to announce that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of up to 5,714,285 non flow-through units (the “NFT Units”) at a price of $0.35 per NFT Unit for total gross proceeds of up to $2,000,000 and up to 7,500,000 flow-through shares (the “FT Shares”) at a price of $0.40 per FT Share for total gross proceeds of up to $3,000,000.
Each NFT Unit will consist of one common share and one transferable share purchase warrant, each warrant exercisable into one addition common share for a period of two years from the date of issue at a price of $0.50 per share.
Finders’ fees may be payable in whole or in part on the placements pursuant to the policies of the TSX Venture Exchange.Proceeds will be used for qualified exploration expenditures on the Company’s gold projects in Quebec and Ontario and for general working capital.
- Published in BonTerra Resources, Mining, News Home
INMED ANNOUNCES APPOINTMENT OF WILLIAM J. GARNER, M.D. TO ITS BOARD OF DIRECTORS
INMED ANNOUNCES APPOINTMENT OF WILLIAM J. GARNER, M.D. TO ITS BOARD OF DIRECTORS
– Momentum Public Relations – June 13th, 2016
InMed Pharmaceuticals Inc. (“InMed” or “the Company”) (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, is pleased to announce today the addition of Dr. William J. Garner, M.D., to the Board of Directors. Dr. Garner is the founder of EGB Advisors PR LLC, a pharmaceutical commercialization boutique, where he has focused on advancing technologies and companies to significant value inflection points, leading to monetization of assets via licensing, M&A or IPO transactions. Dr. Garner has extensive director-level and executive management experience, including his current appointment as Chairman & Founder of Update Pharma and as a Director at IGXBio; previously serving as CEO of Invion Limited (ASX:IVX), a clinical-stage anti-inflammatory drug development company that resulted from the merger of a private company he founded; and as a co-founder and Director of Del Mar Pharmaceuticals (OCTQX:DMPID). Dr. Garner brings additional medical affairs experience from his tenure at Hoffmann LaRoche’s oncology division. Prior to Roche, Dr. Garner was a healthcare merchant banker in New York City.
He has a Master of Public Health from Harvard and earned his M.D. at New York Medical College. Dr. Garner did residency training in Anatomic Pathology at Columbia-Presbyterian and is currently a licensed physician in the State of New York.
“I am excited about joining InMed’s Board,” stated Dr. Garner. “In my review of the drug development programs, which involve topical administration with an inherently reduced risk of systemic toxicity, it became clear that InMed has the potential to achieve important, value-driving milestones in diseases with high unmet medical needs. The ultra-orphan lead indication is a particularly attractive opportunity, in my opinion. Together with the Directors and Management of the Company, I believe my skill sets can augment InMed’s efforts to optimize the development pathway and monetize its many assets.”
InMed also announces it has accepted the resignation of Steve Tong as a Director of the Company, effective today. The Board wishes to thank Mr. Tong for his efforts on behalf of the Company.
About InMed
InMed is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. InMed’s proprietary bioinformatics drug candidate identification platform, biosynthesis manufacturing, and accelerated drug development pathway are the fundamental value drivers of the company.
- Published in InMed Pharmaceuticals, Life Sciences, News Home
Sirona (SBM:tsxv) Announces Wanbang to Proceed with Pre-IND and Milestone Payment
Sirona Biochem Announces Wanbang Biopharmaceuticals to Proceed to Pre-IND Testing and Receipt of $300,000 USD Milestone Payment
– Momentum Public Relations – June 13th, 2016
Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) today announced that Wanbang Biopharmaceuticals has confirmed they will be proceeding with studies to prepare for Investigational New Drug (IND) filing for the anti-diabetic SGLT2 Inhibitor, SBM-TFC-039. IND filing and approval is required to proceed to clinical testing. Sirona Biochem has received a milestone payment of US$ 300,000 from Wanbang Biopharmaceuticals.
The set of studies, which will comprise of CMC (chemistry manufacturing and controls), sample preparation and any additional toxicology and pharmacokinetic studies, will be in accordance with the China Food and Drug Administration for enabling IND filing. Successful IND filing will result in a US$ 500,000 payment to Sirona Biochem as part of the US$ 9.5M in upfront and milestone payments according to the license contract with Wanbang Biopharmaceuticals.
“Based on promising results in our first set of studies, we will move the drug to the next phase and prepare for clinic trials,” said Ning Yuan, Vice President Business Development at Wanbang Biopharmaceuticals. “We are very pleased with the results and the productive collaboration with Sirona Biochem.”
“The advancement into pre-IND means that our partner is close to moving into the clinic with our SGLT2 inhibitor,” said Dr. Howard Verrico, CEO of Sirona Biochem. “This next step represents a significant achievement on this project as we continue toward commercialization in China and strengthen our negotiation position on global partnering. We look forward to continued success.”
About Wanbang Biopharmaceuticals
Wanbang Biopharmaceuticals is the leading pharmaceutical company in China that specializes in research, production and marketing of medicines for diabetes, cardiovascular disease and endocrinology. Among domestic pharmaceutical companies, Wanbang Biopharmaceuticals is one of the largest manufacturers and marketers of a comprehensive portfolio of drugs for diabetes.
Wanbang Biopharmaceuticals is a subsidiary of Shanghai Pharmaceutical Group which is listed on the Shanghai Stock Exchange.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
- Published in Business, Life Sciences, News Home, Sirona Biochem
Fairmont Closes Non-Brokered Private Placement
Fairmont Closes Non-Brokered Private Placement
– Momentum Public Relations – June 8th, 2016
Fairmont Resources Inc. (TSX VENTURE:FMR) (“Fairmont”) is pleased to announce it has closed its previously announced private placement (the “Private Placement”) by issuing 8 million units (the “Units”) at a price of $0.06 per Unit for gross proceeds of $480,000. Each Unit consists of one common share (a “Share”) and one half Share purchase warrant (a “Warrant”), with each full Warrant will entitle the holder to purchase one Share for a period of 12 months at an exercise price of $0.10 per Share (the “Warrant Term”).
Fairmont may accelerate the Warrant Term for the outstanding but unexercised Warrants such that the Warrant Term shall expire at 5:00PM Pacific Time on the day that is 30 calendar days after the date that Fairmont first issues the Acceleration Notice. In order to exercise the acceleration rights, (i) the average closing price must have been equal to or greater than $0.20 (subject to adjustment for forward or reverse stock splits, recapitalizations, stock dividends or other changes to Fairmont’s corporate or capital structure) for 10 consecutive Trading Days (the “10 Day Period”) prior to the date that Fairmont exercises the acceleration rights; and (ii) Fairmont must issue a news release announcing its intention to exercise the acceleration rights (the “Acceleration Notice”) within 5 business days after the end of the particular 10 Day Period relied upon by Fairmont in (i).
The securities issued under the Private Placement will be subject to a hold period expiring on October 9, 2016.
Due to strong investor demand, the Company was able to close its Private Placement quickly with 39 placees.
Under the Private Placement, Fairmont paid finder’s fees totaling $18,144 and issued 302,400 share purchase warrants. The finder’s share purchase warrants are on the same terms as the Warrants.
Proceeds of the private placement financing will be used for exploration work on Fairmont’s mineral properties, acquisitions and general working capital purposes.
About Fairmont
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont’s Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
- Published in Fairmont Resources, Mining, News Home
Namaste Signs Definitive Agreement for Acquisition of VaporSeller and Announces Private Placement
Namaste Signs Definitive Agreement for Acquisition of VaporSeller and Announces Private Placement
– Momentum Public Relations –
Press Release: June 7, 2016
Namaste Technologies Inc. (CSE:N)(FRANKFURT:M5BQ) reports that further to its announcement on April 14, 2016, the Company has signed an Asset Purchase Agreement (the “Agreement”) dated June 7, 2016 with Haze Industries Inc. for the acquisition of certain assets relating to VaporSeller (the “Transaction”), an e-commerce platform for the distribution of vaporizers and accessories that is focused on the US market and generated an unaudited revenue of $3.4 million in 2015.
Pursuant to the terms of the Agreement, Namaste’s U.S. subsidiary will acquire all the website domains, customer list of over 150,000 individuals, intellectual property and goodwill, and related support services associated with VaporSeller, in exchange for US$500,000 of cash on closing, 5 million shares of the Company and an earn-out of US$1.5 million over 3-years, subject to revenue, margin and operational controls. The Agreement supersedes and replaces the Binding Letter of Intent entered into between the parties. The Company anticipates closing the Transaction on or about June 30, 2016, subject to the receipt of all director and regulatory approvals including approval of the Canadian Securities Exchange if required.
In addition to signing the Agreement, Namaste announces that it has arranged, subject to the acceptance of the Canadian Securities Exchange, a non-broker private placement of a minimum of 8.5 million units to a maximum of 12.5 million units (the “Units”) of the Company at a price of $0.12 per Unit for total gross proceeds of approxamely $1.0 to $1.5 million (the “Offering”). The Company also reserves the option, exercisable at any time up to and including the closing date, to increase the total size of the Offering by up to 15{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the number of Units. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share at a price of $0.18 for a period of 24-months. All securities issued in connection with the Offering will have a hold period of four months plus one day from the closing date of the Offering.
Upon closing of the Offering, the net proceeds from the Offering will be used to fund cash closing costs associated with the Transaction, inventory expansion and general working capital purposes.
Finder’s fees comprised of 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cash and 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} non-transferable share purchase warrants may be paid in connection with the Offering. Any finders’ fees will be payable in accordance with the policies of the Canadian Securities Exchange. Management anticipates the Offering will close on or about June 24, 2016.
Mr. Sean Dollinger, President and CEO of Namaste, comments: “The signing of the definitive agreements for the acquisition of VaporSeller represents a significant step forward in terms of the completion of this transaction. As the first of multiple opportunities we have identified to expand through acquisition, our management team is high focused on ensuring an efficient and effective execution of this transaction as well as a seamless integration of our current platform and VaporSeller. We look forward to continuing to work with the team from Haze to accomplish these objectives.”
About Haze Industries Inc.
Haze Industries, Inc., a privately owned entity, was founded in 2010 and has quickly become a thought-leader in the vaporizer industry. Based in Atlanta, Georgia, Haze operates sales and distribution channels in the industry, including VaporSeller, one of the leading online sales platforms in the United States, focused on the best-selling brands sourced from leading US and international manufacturers. Haze is comprised of industry experts with backgrounds in business management, design and manufacturing, computer programming, e-commerce, and US sales, distribution and fulfillment.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Learn more by clicking here: www.namastetechnologies.com
- Published in Life Sciences, Namaste Technologies, News Home