HIGHMARK ENTERS INTO A NON-BINDING LOI WITH A CORPORATION IN THE FINAL STAGES OF BECOMING A LICENSED PRODUCER OF MARIJUANA
Highmark Marketing Inc. has entered into a non-binding letter of intent with a corporation to acquire 51 per cent of its authorized share capital.
The Corporation is the final stages of their application to Health Canada to become a licensed producer of marijuana under the Marihuana for Medical Purposes Regulations (the “MMPR”). The intended facility is 16,000 square feet and the Corporation has been granted approval from Health Canada to build out the facility (“Ready to Build Letter”). After completing the construction of the facility as per the Ready to Build Letter the Corporation will schedule an inspection by Health Canada, and upon receiving approval the Corporation would then be granted a License to Produce.
Highmark and the Corporation are now negotiating the terms of the long form agreement, and pursuant to the Letter Highmark will issue 30,000 common shares to the Corporation.
The estimated cost of upgrading the facility to comply with the requirements set out in Health Canada’s Ready to Build letter is $2,000,000. The long form agreement will contain a payment schedule whereby Highmark will provide the necessary financing by way of a convertible loan which will convert, at Highmark’s option, into stock of the Corporation that will be equal to 51{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total issued and outstanding shares of every class of the Corporation. Highmark intends to fund its commitments under the long form agreement with Corporation by way of an equity financing in the amount of $2,000,000.
The Corporation cannot legally become a producer under the MMPR until it has been granted a license, and it is not known if and when the Corporation will obtain a license. The key milestones to obtaining a license include the completion of upgrades to the facility as per the Ready to Build letter, approval from Health Canada to produce marijuana upon inspection of the facility, and finally approval to distribute the product to patients.
The Corporation has a management team well suited to the production of marijuana. One Co-Founder holds a Master Grower designation and was a producer of marijuana in the U.S.A. under a state sanctioned program, and he has more than 20 years’ experience working in the agricultural sector. Another Co-Founder has been a Health Canada designated grower of marijuana for 3 years, and another key member of the management team holds a Bachelor’s Degree in Economics and has a successful track record of managing a labour force of up to 40 employees.
The Corporation has presented Highmark a comprehensive five-year business plan in which it forecasts to reach profitability in the second year of operations after receiving Health Canada approval to become Licensed Producer. In that second year of operations, the Corporation is planning on sales of up to $472,000 per month, and obtaining $4,720,000 in annual sales, with a corresponding net income of $2,225,000.
Highmark intends on providing new information about the Corporation, and its assets when Due Dilligence permits, and will additionally update the status of the long form agreement when possible.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd. All rights reserved.
- Published in Medical Marijuana
Oxford Resources 607,152 shares for debt
<p>The TSX Venture Exchange has accepted for filing the company’s proposal to issue 607,152 shares to settle outstanding debt of $30,357.60.</p>
<p>Number of creditors: One creditor</p>
<p>The company shall issue a news release when the shares are issued and the debt extinguished.</p>
- Published in Mining
46 Reasons why Cannabis Technologies (CAN) will Succeed
Cannabis Technologies has begun trading as InMed Pharmaceuticals (C.IN) since the writing of this article.
1) Investing in biotech can be extremely challenging. There is always a chance that someone will come out with a better product. Typically, it takes a decade or more to approval, followed by commercialization. It usuallycosts tens of millions, to billions of dollars per drug. This can be highly dilutive to a small startup.
2) What if one company had a proprietary cookie cutter system targeting a dozen diseases quicker, cheaper and more effective? I am not sure what Cannabis Technologies will be called in a year from now. I think it will have a new name… perhaps GW Pharmaceuticals or Eli Lily? Or Novartis?
3) Dr. Hossain was chiefly responsible for a $157 million deal with Novartis a decade ago. There was also a $376 million deal with Teva in 2012 based on one of his discoveries. More on that later.
4) Dr. Tarek Mansour (Pfizer) was responsible for multiple FDA approved drugs, where the market value exceeded $1 billion. (Zeffix, Troxatyl, Bosulif, Neratinib and PFE384)
5) The big question is...how many therapy product launches, and strategic partnerships will it take before Big Pharma catches on?
6) The amplitude of possibilities dictates that Cannabis Technologies will one day be a dominant player in the prescription cannabinoid medicine market.
7) Many people now know there are at least 85 different cannabinoids isolated from cannabis exhibiting various effects that could prove therapeutic.
8) They also know that cannabidiol (CBD) alone has shown therapeutic benefits to at least 16 diseases.
9) CAN will take advantage of Strain differences to develop drugs for specific diseases, including:
Glaucoma, Inflammation/Pain/Arthritis, Huntington’s, Epilepsy, Diabetes, Obesity, Cancer & Angiogenesis
10) CAN’s proprietary Cannabinoid Drug Design Platform (“CDP”) allows computer science, statistics, mathematics and engineering to study biological data and processes from the cannabis plant which can be targeted to develop therapies for specific diseases and conditions.
11) What will CAN’s CDP be worth to a company that wants to compete with GWPH…or a better question..what would it be worth to GWPH?
12) The main active ingredients in this are the cannabinoids THC and CBD, but other pharmacologically active cannabinoids are also present and are being investigated.
13) This Platform Technology, combined with CAN’s world renowned scientific team, will enable the company to discover therapies based on proven genomics and unique chemical fingerprints that specific cellular processes leave behind.
14) They will do this both quickly and effectively, with very little money, by outsourcing patented products that are ready for clinical trials and allow a company like Novartis (for example) to absorb all the costs through to commercialization. CAN will retain a fair and reasonable interest that may generate substantial revenue.
Track Record
Dr. Hossain’s successful financial deals based on his drug discoveries over the last 15 years include:
15) 2004: Xenon, Novartis Enter $157M Deal For Obesity Compounds
16) 2006: Xenon and Takeda Announce $75M Agreement To Develop and Commercialize XEN401 for Pain
17) 2006: Xenon Enters Into Anemia Collaboration With Roche ($7 Million for Equity, and $44 Million From Research Funding)
18) 2012: Teva inks $376M deal on Xenon pain program
19) 2009: YM Biosciences Collaboration with the National Research Council of Canada’s Biotechnology Research Institute (NRC-BRI) yielded novel anticancer antibodies that may be safer than similar drugs sold by Genentech/Roche. (another partnership resulted in the production of new breast cancer drug candidates.)
20) 2009: NRC-BRI granted Alethia Biotherapeutics exclusive, worldwide diagnostic rights to a peptide that specifically binds to tumor-associated clusterin in cancer patients.
Who should CAN target?
21) GW Pharmaceuticals has one the broadest clinical pipelines of any company in the marijuana industry…so will CAN.
22) Even though GW may be suffering the typical challenges that all biopharma companies have to endure, with costs far outstripping revenues, they had no problem raising $169.8 million last month.
23) Over 30 years ago, two young men made their way to Vancouver from Seattle to raise money for their software company, and were unfortunately turned down. Their names were Bill Gates and Paul Allen. Very few understood what they had.
24) I think CAN is in the same position today, however, that is changing with Chris Parry writing one of the first articles. Cancer survivor and canabis acdvocate Cheryl Shuman recently endorsed Cannabis Technologies as well.
25) If the billionaire activists want Marijuana to be legalized they most likely would want to facilitate the fast tracking of several revolutionary therapies that will indeed improve the lives of the millions of sufferers around the world.
26) George Soros has spent at least $80 million on the legalization effort since 1994.
27) The late Peter B. Lewis, channeled more than $40 million to influence local debates.
28) The two billionaires’ funding has been unmatched by anyone.
29) Other wealthy activists include: Google billionaire Paul Buchheit, Facebook forefathers Sean Parker and Dustin Moskovitz, and Men’s Wearhouse founder George Zimmer.
30) As of March 31, GWPH had 75 Institutional Holders (sooner or later, they will know about CAN)
31) Analyst Firms Making GWPH Recommendations: Bank of America, Cowen, Piper Jaffray, Leerink Swann, and Morgan Stanley.
Conclusion Check List:
32) World renowned scientific team with multidisciplinary expertise? Check.
33) CSO who has a track record that developed several drugs over 15 years, generating over $500m in revenues? Check
34) Global organizations, governments, and big pharma companies that have previously benefitted from the teams research? Check.
35) Proprietary Cannabinoid Drug Design Platform? Check.
36) Tools to isolate and identify chemical compounds both quickly and effectively? Check.
37) In-house Breeding, Genetics and Cultivation division? Check.
38) Capable of developing compounds for therapies in months rather than years? Check.
39) Target specific diseases and conditions? Check.
40) Outsource early-stage research and trials to conserve capital? Check.
41) Fast Forward through Phase I, Phase II & Phase III quickly and inexpensively compared to traditional Pharma? Check
42) Competitive edge from companies that rely on third-parties to manufacture their treatments? Check
43) Fully-integrated operations to lower costs and increase quality? Check
44) Capable of commercializing therapies in a 1/3 the time of traditional drug development? Check.
45) Anaglous company with a $1.5b market cap? Check
46) Developing medicines for:
– Glaucoma
– Pain and Inflammation
– Orphan Diseases
– Metabolic Disease (Obesity, Diabetes)
– Cancers and Metabolic Diseases? Check.
Dr. Sazzad Hossain, Ph.D., M.Sc.
Chief Scientific Officer
– 20 years of academic and industrial experience in new drug discovery, natural health product development
– Group Leader and Senior Scientist at Biotechnology Research Institute of National Research Council Canada, Government of Canada’s prime biotechnology research organization where he set up pharmacology laboratory to evaluate safety and efficacy of new drugs under development in the areas of cancer, cardiovascular and ocular diseases.
Dr. Tarek S. Mansour, Ph.D., M.Sc.
Scientific Advisor
– Dr. Mansour was responsible for transition of staff and projects to the Pfizer pipeline
-Founder and Chief Executive Officer of Sabila Biosciences LLC, New York
– Under his leadership, several compounds have progressed to various stages of clinical evaluation including FDA approvals and late stage development including:Zeffix, Troxatyl, Bosulif, Neratinib and PFE384.
Dr. Hyder A. Khoja, Ph.D., M.Sc., A.Ag.
Director of Botanical Research and Cultivation
– 17 years of extensive experience in a broad range of life sciences and business services with strong leadership combined with functional expertise and experience in general business management
– Industry experience spans from initiation, operation, and contribution towards developing several research and business proposals in the fields of Agriculture-Food Security, Food Safety & Sovereignty, Alternative energy, Renewable resources, Biofuels, Nutraceutical, Hydroponics, Agriculture & Land use management and Technology transfer
– Presented his work both in at federal government and academic institutions with authorship in over 18 peer-reviewed papers, primarily in genomics, plant physiology, and alternative energy.
–His work was also recognized and appeared in United Nations Food and Agriculture Organization (FAO) Environment and Natural Resources Management as a working paper for Algae-based Biofuels
Craig Schneider
One of Craig’s first companies that he worked for was Ultra Petroleum. The stock dropped from .95 to .45 before blasting through the stratosphere to a stunning pre split price of close to $200. Put another way, the market cap rose from around $3 million to close to $3 Billion!
Loyal investors were rewarded once again in 2006, as he was the cofounder of Magnum Uranium, which was taken over by Energy Fuels in 2009. Shareholders were once again exposed to another potential 1000{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gain by 2011.
Read more at http://www.stockhouse.com/companies/bullboard/c.can/cannabis-technologies-inc#2FOuXY6qmBPTVqry.99
- Published in Medical Marijuana
HIGHMARK APPOINTS DMYTRO P. YEVTUSHENKO, PHD. AS SCIENTIFIC ADVISOR
Highmark Marketing Inc. has appointed Dr. Dmytro P. Yevtushenko, PhD, as scientific adviser.
Dr. Dmytro P. Yevtushenko is an accomplished scientist in the area of plant biology and biotechnology. He holds a PhD in cell biology from the Institute of Cell Biology & Genetic Engineering, and an MSc in plant physiology and biochemistry (with distinction) from Kiev State University, Ukraine. Dr. Yevtushenko’s research has focused on crop improvement and food safety using modern techniques of molecular biology, genetic engineering and plant tissue culture. In addition, he has a comprehensive knowledge and interest in metabolic bioengineering, secondary metabolite pathways, gene regulation and bioinformatics.
In Dr. Yevtushenko’s past position as director of research and development at Provitro Biosciences LLC, a plant biotechnology company in Mount Vernon, Wash., United States, he worked on the development and implementation of innovative research programs in plant cell and tissue culture. He previously worked as a research associate in the Centre for Forest Biology and senior scientist at SynGene Biotek Inc., department of biochemistry and microbiology at the University of Victoria, B.C., Canada.
Dr. Yevtushenko is the author of over 50 publications, including research articles published in peer-reviewed scientific journals. He has presented major research achievements at numerous scientific conferences, symposia and meetings. He holds two patents, which are on methods to increase plant yield.
As scientific adviser, Dr. Yevtushenko has agreed to provide Highmark with industry intelligence and updates, and to work closely with management to develop business strategies that take advantage of current and future market opportunities.
According to Health Canada, a licensed producer of marijuana must have an employee designated as a quality assurance person who is responsible for assuring the quality of dried marijuana. Highmark is not a licensed producer of marijuana, but it announced in a news release dated June 24, 2014, that it had entered into a binding letter of intent with BCBUD Producers Inc. to acquire 100 per cent of the authorized share capital of BCBUD. BCBUD has an option to lease a 27,000-square-foot building in the township of Langley, B.C. The property is zoned M-2, and when the facility is operational, it could be capable of producing up to two million grams (4,409 pounds) of medical marijuana per year, with the additional possibility of expansion adjacent to the site. BCBUD has prepared an application to become a licensed producer. It is not known if and when BCBUD will obtain the requisite licence. The key milestones to obtaining the licence include filing an application, receiving a ready-to-build notice, completion of the upgrades as per the application, approval to produce upon inspection of the facility and finally approval to distribute the product to patients. If Highmark does become a licensed producer of marijuana, Dr. Yevtushenko will assist Highmark with fulfilling its quality assurance requirements under the Marihuana for Medical Purposes Regulations (MMPR) program.
In addition, and more specifically, the scientific adviser has agreed to make his knowledge and expertise available to advising Highmark regarding research and development on marijuana and marijuana strains, as well as advising on research and development methods with the view to improving yield. Any research and development concerning marijuana may be subject to necessary governmental approval.
As consideration for services provided, Highmark will grant Dr. Yevtushenko, in accordance with the company’s stock option plan, an incentive stock option to purchase 50,000 common shares in the capital of Highmark.
Highmark looks forward to working with Dr. Yevtushenko and learning from his expertise to further Highmark’s business in the medical marijuana sector.
July 9, 2014, news release
Highmark would also like to revise the news release dated July 9, 2014, which announced the close of the first tranche of a non-brokered private placement. Finders were inadvertently described as agents. All other content of that news release remains unchanged.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd. All rights reserved.
- Published in Medical Marijuana
Affinor Growers Announces Management Integration
Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) (“Affinor” or the “Corporation) integrates COO from Vertical Designs Ltd. As part of the intended integration of Vertical Design Ltd into Affinor Growers, CEO Sebastien Plouffe and Chairman of the Board Nick Brusatore have appointed Jarrett Malnarick as Chief Operating Officer, effective immediately.
Malnarick replaces former COO Tegan Adams, who is moving to an agricultural operations consulting role following her hard work establishing due diligence, market analysis, and operational plans for Affinor’s growing roster of facilities and projects.
The move helps integrate Malnarick into Affinor’s operations in a position that makes full use of his working knowledge of VDL’s technology. Malnarick will report to the CEO and Chairman.
Malnarick will assume responsibility for operations, alignment and prioritization of company developments, acquisitions and projects. He is known for his hands on approach and has over 15 years experience in product development, retail logistics, operational systems development, effective team building and regulatory compliance.
While with Vertical Designs, Malnarick was responsible for managing operations and assisting CEO Nick Brusatore with corporate strategy. In that role he helped to fund several technological developments, managed third party validation, conducted market analysis, patent applications, license agreements and independent evaluations for the company setting the platform for effective acquisition.
Malnarick ran his own successful consulting company for over 10 years assisting companies with acquisitions, product development, design costing and ROI analysis, organizational budgets, developmental funding through grants and tax credit programs, new facility process planning, quality engineering and product regulatory compliance to Health Canada and international standards through the design and implementing operational systems. He originally worked with Vertical Designs Ltd. as a consultant and later joined their team in 2011.
Malnarick has held a number of executive positions and has earned a Bachelor of Science from the University of Victoria.
Adams said of the change, “It’s been a wonderful experience working with the Affinor team, and I’m proud to have helped the company surge forward in the way it has. The role I enjoyed at the company has put me in touch with a lot of interesting projects and companies, and the reputation I’ve built while at the organization makes this the perfect time to make the step to consulting. I will continue to be in contact with the Affinor team and remain open to working with the company down the road as needed.”
Sebastien Plouffe, President & CEO says of the appointment, “This reorganization is important for Affinor Growers, as we will be relying on VDL technology heavily and nobody knows the system better than Jarrett. I’d like to personally thank Tegan Adams for her devoted effort and energy that she brought to Affinor during her time as COO, and she will always be a part of the Affinor family.”
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
“Sebastien Plouffe”
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
- Published in Medical Marijuana
Affinor Growers Completes 45-Acre Land and Facilities Acquisition in Quebec to Produce Strawberries
MONTREAL, CANADA — (Marketwired) — 07/21/14 — Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) (“Affinor” or the “Corporation) has purchased 45 Acres of agriculture property in St-Chrysostome, Quebec, for $340,000.
An offer has been accepted on the 45 acres of prime land south of Montreal and Affinor Growers plans to build a state-of-the-art, strawberry-growing facility in St-Chrysostome, Quebec.
Sebastien Plouffe, president and CEO, comments: “This acquisition is strategically perfect for our distribution plans because it’s located about 30 minutes from Montreal and only few kilometers from the New-York State Border. We’re proud to be able to build the facitliy in the Province of Quebec renowned for it’s agriculture experts and know-how. The Quebec provincial government has incentives for investment into agriculture and job creation, and the Affinor Growers team is excited to explore ways to best collaborate and expand into such a unique culture in Canada. We will be very proactive to begin construction of this facility to satisfy our future clients.”
Update on Affinor Growers:
After completion of due diligence, the Affinor Growers board of directors have decided not to proceed with the LOI signed and announced on June 9, 2014. Fab-All will still continue to build parts for the Vertical Design equipment as Fab-All produces excellent, high quality products.
Affinor Growers will also not complete the land acquistion in Saskatchewan and will instead concentrate it’s effort on building a facility in St-Chrysostome, Quebec and to complete the acquisition of the Vancouver rooftop garden.
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors AFFINOR GROWERS INC. "Sebastien Plouffe" President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contacts:
Contact Information
Sebastien Plouffe
President & CEO
(514) 947-2272
splouffe@affinorgrowers.com
http://www.affinorgrowers.com/en
Contact Information
Momentum PR Inc
Max Gagne, President
(514) 913-0351
max@momentumpr.com
Contact Information, spokesperson
Vertical Designs Ltd
Nick Brusatore, CEO
(604) 356-0411
nbrusatore@gmail.com
- Published in Medical Marijuana
Canada Stocks Rise to Record as Commodities Rally on China Data
Canadian stocks rose to a record, after falling to a two-week low yesterday, as the central bank kept interest rates steady and commodities advanced the most in a month on faster-than-forecast growth in China.
Barrick Gold Corp. (ABX) gained 2.9 percent after announcing executive changes less than three months after a breakdown in merger talks with its largest rival. Precision Drilling Corp. jumped 4.5 percent after agreeing to a strategic technology and service agreement with Schlumberger Ltd. BlackBerry Ltd. sank 12 percent after Apple Inc. and International Business Machines Corp. agreed to a partnership to reach more businesses.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 145.02 points, or 1 percent, to 15,226.34 at 4 p.m. in Toronto, jumping the most since April to top a record set July 9. The benchmark Canadian equity gauge has gained 12 percent this year, the third-best performer among the world’s developed markets.
Bank of Canada policy makers kept their benchmark rate on overnight loans between commercial banks at 1 percent, where it’s been for almost four years, and said faster inflation has been caused by one-time gains in energy and import prices, not changes in economic fundamentals.
Canadian factory sales jumped 1.6 percent in May, to C$51.6 billion ($48 billion), after a revised 0.2 percent decline in April, Statistics Canada said today in Ottawa.
Nine of 10 industries advanced on trading volume in line with the 30-day average. Raw-materials stocks jumped 1.3 percent as a group and the S&P/TSX Energy Index rallied 1.4 percent to pace gains in the benchmark equity gauge.
Commodities Rally
The S&P GSCI Index (SPGSCI), which tracks a basket of commodities prices, increased 0.4 percent, the most since June 19. Economic growth beat estimates in China. Gross domestic product rose 7.5 percent in the second quarter in China, the world’s biggest consumer of energy and raw materials, data showed.
Barrick Gold rose 2.9 percent to C$20.28. Chief Executive Officer Jamie Sokalsky said he will be stepping down two years into the job. Kelvin Dushnisky and Jim Gowans will be appointed co-presidents, the company said in a release.
BlackBerry plunged 12 percent to C$10.72, the most since November, after longtime rivals Apple and IBM agreed to a deal yesterday in which IBM will push iPhones and iPads in exchange for a chance to sell software and services to more companies. A key component of BlackBerry’s turnaround strategy has been to target that same business services market.
To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net
- Published in Business
Canadian Stocks Advance for Second Day, Led by Canadian Pacific
Canadian stocks rose a second day, extending a record, as Canadian-Pacific Railway Ltd. reported higher-than-estimated profit and gold producers rallied.
Canadian Pacific, the country’s second-largest railroad, rose 3.9 percent after as revenue at climbed faster than expenses, powered by a rise in grain and coal shipments. RMP Energy Inc. (RMP) jumped 4 percent after boosting its 2014 production outlook. Eldorado Gold Corp. and Agnico Eagle Mines Ltd. increased more than 2.2 percent as gold gained a second day in New York.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 40.18 points, or 0.3 percent, to 15,266.52 at 10:25 a.m. in Toronto. The benchmark Canadian equity gauge has gained 12 percent this year, the third-best performer among the world’s developed markets.
Canadian Pacific climbed 3.9 percent to C$205.54. Leftovers from a record Canadian wheat crop helped Canadian Pacific post a 32 percent jump in grain revenue in that category. Earnings in the latest period also benefited from a 15 percent increase in coal sales.
Industrial stocks added 1.3 percent as a group as four of 10 industries advanced on trading volume 13 percent below the 30-day average at this time of the day.
Eldorado Gold added 2.3 percent to C$8 and Agnico Eagle advanced 2.2 percent to C$44.05 as the S&P/TSX Gold Index jumped 0.9 percent. Gold for August delivery rose 0.4 percent to $1,304.50 an ounce in New York as the U.S. and European Union imposed sanctions on Russian banks, energy companies and defense firms in the latest attempt to pressure the country to halt interference in Ukraine.
BlackBerry Ltd. (BB) slipped 0.9 percent to C$10.62 for a second day of losses after Apple Inc. and International Business Machines Corp. agreed to a collaboration on July 15 that threatens the smartphone maker’s turnaround strategy.
Jul 17, 2014 10:36 AM ET
To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net
- Published in Business
DUNDEE SUSTAINABLE TECHNOLOGIES INC. DEVELOPMENT IN FERTILIZER BUSINESS
MONTREAL, QUEBEC–(Marketwired – July 14, 2014) – Dundee Sustainable Technologies Inc. (“DST” or the “Corporation”) (CSE:DST), the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures, is pleased to announce its commitment in the fertilizer business.
DST has obtained patents for the production of sulfate based fertilizers. These processes are providing a new way to the industry of producing potassium sulfate (“SOP” or K2S04) and potassium magnesium sulfate (“SOPM” or K2SO4.2MgSO4). Both products are accompanied by the production of salable hydrochloric acid as a by-product.
Sulfate based fertilisers are applied at sowing time, where ions are adsorbed in the soil and remain available and protected against leaching. The growing need to do more with less, and the sulfur deficiency in particular crops have led to an increase use of sulfate based fertilisers, while excess use of chloride based fertilisers (potassium chloride or “potash”) reduces nutrient uptake and yield quantities, water soluble sulfate fertilisers such as SOP and SOPM are the most effective for growing crops.
The growing market for sulfate based fertilisers along with depleting natural sources of chloride-free potassium creates a great opportunity for DST to develop its patented processes.
DST has analyzed a project to build a plant for the production of SOP using potash and sulfuric acid. Moreover, DST has received interest from a North American distributor that is ready to market the production of 50,000 tonnes per year of SOPM and could also be interested in SOP.
Market
The current market conditions and specific demands from the fertilizer market are opening a window of opportunities to launch projects that would lead to the construction of fertilizer plants. DST’s technology allows for SOP and SOPM to be produced below current market price with profit margins preliminary estimated at $410 per tonne for SOP and $225 per tonne for SOPM.
The National Research Council of Canada granted DST a $50,000 subsidy for the assessment of its fertilizer technology.
About Dundee Sustainable Technologies, a company controlled by Dundee Corporation
The cyanide and mercury free gold extraction process developed by DST, has been recognized as a “green technology” for which DST has been awarded $5,700,000 in grants to date for a demonstration plant, presently under construction in Thetford Mines Quebec of which $700,000 has been provided by the Government of Quebec and $5,000,000 by the Government of Canada through the Sustainable Development Technology Fund. The plant is scheduled to go into operation in mid-January 2015.
Over the last ten years DST has tested over 50 different gold deposits, both oxide and sulfide ores at the lab level and at its pilot plant. These tests have, consistently achieved gold recoveries in excess of 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, using chlorination instead of cyanide. In addition, the tailings from the process are inert from toxic substances and as result meet environmental norms. An engineering study completed within the last 12 months supports DST’s claim of having operated a pilot plant showing a gold extraction yield higher than 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} using a closed-circuit chlorination process.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
The Canadian Securities Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Pierre Gauthier
President and CEO
(514) 866-6193
(514) 866-6001 # 244
- Published in Mining
Canadian stock market plunges over telecom selloff
TORONTO, July 7 (Xinhua) — Canada’s main stock market Monday tumbled over telecom shares selloff, after the federal government announced that it plans to offer more market access for new wireless entrants.
Toronto Stock Exchange’s benchmark S&P/TSX Composite Index lost 42.03 points, or 0.28 percent to 15,172.93 points, as the losses in telecom and energy sectors overpowered the gains driven by the mining sectors.
The mining sector rose 1.61 percent after First Quantum Minerals Ltd. surged 3.63 percent to 25.95 Canadian dollars (about 24.30 U.S. dollars) and the Info-tech sector gained 0.80 percent with Canada’s smartphone BlackBerry jumping 5.63 percent to 12.01 Canadian dollars. However, the market was weighed when telecom closed down 0.99 percent, leading the losers after Canada’s Industry Minister James Moore announced on Monday that the government is to release more valuable spectrum to strengthen competition in Canada’s wireless industry, and the government will again tailor the next auction of the AWS-3 wireless spectrum, which is ideal for delivering fast, reliable service to Canadians on the latest smartphones, tablets and mobile devices.
The shares of major communication giants lost ground over the announcement. Rogers Communications Inc. declined 1.53 percent to 42.36 Canadian dollars, Telus dived 1.63 percent to 39.28 Canadian dollars, and Manitoba Telecom Services Inc. was also down 0.32 percent to 30.80 Canadian dollars.
The energy sector decreased 0.92 percent as the global crude oil price went down. Encana Corp. vapored 2.5 percent to 23.8 Canadian dollars and Surge Energy Inc. dived 2.92 percent to 7.64 Canadian dollars per share.
Another loser, Industrials, fell 0.76 percent with Air Canada down 1.99 percent to 9.85 Canadian dollars.
The real estate stock Canadian Apartment Properties increased 1. 06 percent to 22.90 Canadian dollars apiece as Statistics Canada Monday released the data showing that Canada’s municipalities issued building permits worth 6.9 billion Canadian dollars in May, up 13.8 percent from April.
On the currency front, the Canadian dollar Monday closed lower to 0.9366 U.S. dollar from 0.9384 U.S. dollar on last Friday.
- Published in Blog