Tetra Bio-Pharma Confirms Agreements With Multiple Suppliers
Momentum Public Relations
Press Release: December 11, 2018
Tetra Bio-Pharma Inc. (“Tetra” or “TBP”), (TSX VENTURE: TBP) (OTCQB: TBPMF) a leader in cannabinoid-based drug discovery and development confirms its non-exclusive supply agreement for GMP-Grade THC with U.S.-based Rhodes Technologies Inc. The supply will be used for several drug development activities including Tetra’s cannabinoid-derived products PPP002, PPP003, and PPP004, as well as for discovery phase projects. This is additional to having a supply agreement with True North Cannabis Inc. for CBD from hemp which was necessary to meeting the demand associated with the Genacol Corporation transaction.
“With a robust development pipeline, it is essential for Tetra to have a reliable, API supply to support our expanding needs and avoid product shortages,” said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “Our agreement with Rhodes is predicated on their long history and expertise in the production and sale of active chemical ingredients, particularly in the area of pain management. In terms of CBD, our suppliers are selected based on their ability to provide us with both quality (GMP Pharmaceutical Grade) and volume. Tetra is always mindful of the need to have consistent supply as well as back-ups for each of the products under development.”
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
- Published in Life Sciences, Medical Marijuana, News Home, Tetra Bio Pharma
Sirona Biochem’s SGLT2 Inhibitor in Testing for Animal Health
Momentum Public Relations
Press Release: December 11, 2018
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (the “Company“) announced today that testing has commenced for the SGLT2 inhibitor, TFC-039, in cats.
Several months ago, Sirona was approached by a company to test TFC-039 as a drug for treating diabetes in cats and dogs. The company requested to remain confidential.
A proof of concept study has begun to evaluate the glucosuria effect of TFC-039. This will address the simple question of whether the molecule engages with the feline receptor in a manner that would make TFC-039 a suitable drug development candidate. Results for this initial study are expected later this month.
“We are excited about the prospect of our SGLT-2 inhibitor being used in not only another market outside of China, but in other species as well,” said CEO Dr. Howard Verrico. “The upside to developing a drug for animals includes faster approval, less competition with generics and longer product life. The global pet healthcare market is projected to reach 65 billion USD by 2025. Diabetes is a common illness in pets, particularly in felines. This is attributed in part due to increasing pet ownership, increasing obesity rates, and improved rates of diagnosis. There is also a growing trend to treat the pets suffering from this illness to allow them to live near normal lifespans.”
If successful, the company’s primary focus would be to create the drug for the North American and European markets, followed by Japan and Australia. The market continues to grow, at roughly 5%. Sirona is looking forward to continuing the collaboration with this company.
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 Life Sciences, News Home, Sirona Biochem
Tetra Bio-Pharma in Process of Filing Patent Application Exceeding its Data Protection Initial Assumption for its PPP001
Momentum Public Relations
Press Release: December 06, 2018
Tetra Bio-Pharma Inc (“Tetra” or the “Company”) (TSX VENTURE: TBP) (OTCQB: TBPMF), a leader in cannabinoid-based drug discovery and development has announced that it is in process of filing a patent application for its PPP001 drug product. Tetra’s research has led to a significant discovery that allows for patent protection.
“This patent application, if granted, would provide Tetra with full protection of its PPP001 prescription drug product. This will put PPP001 in the same category as any other innovative prescription drug,” said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “We recognize the inherent value of our intellectual property and the necessity to seek appropriate patents, to the extent possible, to protect our shareholders’ investments in the Company.”
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
For further information, please contact Tetra Bio-Pharma Inc.
Robert (Bob) Bechard
Executive Vice President, Corporate Development and Licensing
514-817-2514
Investors@tetrabiopharma.com
- Published in Business, Life Sciences, Medical Marijuana, News Home, Tetra Bio Pharma
CROP Begins Development on Outdoor 1,729,000 Square Foot Cannabis Farm in Nevada
Momentum Public Relations
Press Release: December 06, 2018
CROP Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today it is beginning Phase 1 development covering 1,729,000 square feet (40 acres) of outdoor cannabis and 60,000 square feet of greenhouse at its 1,000-acre cannabis farm in Nevada.
It will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link razor wire fence with a guard tower and CCTV. The cost is expected to be $600,000 with final pricing being determined on the greenhouse.
Phase 2 will be to triple the size and output of the farm with the addition of 5,227,200 square feet (120 acres) including an additional 120,000 square feet of greenhouse. Phase 1’s outdoor output is estimated to be roughly 80,000 pounds per year.
The project sits on 1,000 acres of unincorporated land 3.5 hours north of Las Vegas on Highway 95 where outdoor and greenhouse growing is permitted.
The company is now accepting 2019 off take orders and supply agreement requests from processors, distributors and retail outlets.
Michael Yorke, CEO of CROP, states, “CROP will now bring our style of low-cost Cannabis cultivation to Nevada tenants, giving residents and visitors of Nevada a superior product at a lower price and giving processors access to better priced feedstock.”
About CROP
CROP is publicly listed on the CSE and trades under the symbol “CROP” and in the U.S. under the symbol “CRXPF”. CROP is focused on cannabis branding and real estate assets. The Company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm, 2,115 acres of CBD farms, extraction in Nevada and joint ventures on West Hollywood and San Bernardino dispensary apps with international focuses in Jamaica and Italy.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, U.S. and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands. CROP’s infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
Disclaimer for Forward-Looking Information
Certain statements in this press release are forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the expected returns from the Nevada Project; the technological effects of Nevada Project; the intention to expand its portfolio; and execute on its business plan. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the regulatory and legal framework regarding the cannabis industry in general among all levels of government and zoning; risks associated with applicable securities laws and stock exchange rules relating to the cannabis industry; risks associated with maintaining its interests in its various assets; the ability of the Company to finance operations and execute its business plan and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and 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.
The CSE has not reviewed, approved or disapproved the content of this press release.
Company Contact
Michael Yorke
CEO and Director
E-mail: info@cropcorp.com
Phone: (604)484-4206
Website: http://www.cropcorp.com
- Published in Business, CROP Infrastructure, Marijuana, Medical Marijuana, News Home
Mondias Provides Update on Natural Fungicide Product Development & Commercialization
Momentum Public Relations
Press Release: December 05, 2018
CELEXT07 a new botanical agent for grey mold;
Mondias to target small fruit cultivation market
Mondias Natural Products Inc (“Mondias” or “NHP“), (TSXV: NHP), updates the market on results after the completion of a second NSERC ENGAGE funded research project with McGill University on its innovative botanical agent CELEXT07. The studies demonstrated that CELEXT07 when used as a soil drench agent at a single dose or repeated doses significantly reduced Grey Mold (Botrytis cinereal) lesions on two horticultural plants, tomato and lettuce.
Large scale greenhouse trials evaluating the efficacy of CELEXT07 extracts in disease suppression of Grey Mold were performed on two horticultural plants. The infection from Grey Mold on non-detached leaves of soil-drenched plants was significantly reduced. Compared to control treatment, disease index decreased by almost 90%. Other experiments demonstrated the ability of CELEXT07 to significantly reduce Grey Mold lesions on detached leaves (P <0.05). The study also showed that from an economical point of view, a single dose treatment was sufficient.
Grey Mold is a plant pathogen that causes significant devastating diseases on over 500 plant species (including fruits and vegetables). These infections result in annual economic losses between $10 billion to $100 billion worldwide (L. Hua et al. 2018). In addition, about one-third of the food produced worldwide for human consumption is lost after harvest (Gastavsson et al., 2011). Infections by fungus are a major factor of food wastage and Grey Mold is considered one of the most important postharvest decays of fresh fruit and vegetables (Romanazzi et al., 2016).
Mondias’ research will pave the road for the commercialization of a new botanical-based agent for prevention and management of Grey Mold infections in horticultural crops as well as the prevention of lesions on harvested crops. The corporation plans to collaborate with agricultural product firms to develop and commercialize products aimed at reducing food wastage. Being a natural botanical extract, the CELEXT07 agent will readily decompose in the environment and such agents are considered low risk by pesticide regulators due to their natural origin.
Mr. Jean-Philippe Gravel, CEO of Mondias Naturals Inc stated, “For the last 4 years Mondias has been studying the properties of CELEXT07 as well as preparing for its commercialization. We are now targeting partnerships for the commercialization of natural products to bring the CELEXT07 botanical agent to the market in 2019.” According to Allied Market Research, the global fungicide product market had revenues of $11 billion dollars in 2015 and is expected to grow to approximately $17 billion dollars by 2022. Mr. Gravel added, “With its commercialization and partnership strategy, Mondias intends to become a key player in this fungicide market offering a natural solution to the prevention of Grey Mold while helping stimulate plant growth.”
About Grey Mold
Grey Mold (Botrytis cinerea) is a fungus that affects many plant species. It is well known for its infections in wine grapes. In viticulture, it is known as “botrytis bunch rot”. The fungus affects more than 200 plant species and can result in serious economic losses to both field and greenhouse grown crops. The fungus can infect mature or senescent tissues, plants prior to harvest, or seedlings. Horticultural crops include vegetables such as lettuce, broccoli, and beans and small fruit crops such as grape, strawberry, and raspberry.
About Mondias Natural Products Inc.
Mondias specializes in the commercialization and development of evidence based botanical products for the health care and bio agriculture markets. The company is already selling both oral and topical botanical agents to help manage unmet medical needs through Holizen Laboratories, one of its divisions. Mondias is also developing botanical based specialty fertilizers for use on household plants, urban gardens, lawns, golf courses, nurseries or greenhouses in collaboration with McGill’s Faculty of Agricultural and Environmental Sciences.
- Published in Business, Life Sciences, Mondias Natural, News Home
CROP Increases Nevada Land Position for Hemp CBD to 2,115 Acres in Anticipation of Hemp Provisions in Farm Bill Passing
Momentum Public Relations
Press Release: December 04, 2018
CROP INFRASTRUCTURE CORP. (CSE: CROP) (CSE: CROP.CN) (OTC: CRXPF) (Frankfurt: 2FR) announced today its 49% owned subsidiary Elite Ventures has leased an additional 250 acres in Nevada taking the company’s 2019 state holdings to 2,115 acres with 1,350 acres already under pivot irrigation.
With the new US Farm Bill now including critical provisions on hemp, CROP already announced on October 23rd, a 3-year, 1,500,000 pound, $18.0–$28.0 MM USD per year CBD biomass supply agreement in the US (depending on CBD content) and is now focusing on allocating 2019 CBD Isolate supply agreements both domestically and internationally.
Cannabis industry analysts, The Brightfield Group, estimate the hemp-CBD market alone could reach $22-billion by 2022.
CROP CEO, Michael Yorke, stated: “As you can see from our summary of the significant points of this bill, the positive impact on the industry in the US will be enormous. It will show the world that our industry is here to stay and will expand considerably, not just domestically but as we begin to work with customers globally.”
About the Farm Bill of 2018,Excerpt from High Times Magazine
In a move that marks a major shift in U.S. agriculture and drug policy, House and Senate lawmakers have come to an agreement over the status of industrial hemp in H.R. 2, The Agriculture Improvement Act of 2018. Known as the 2018 Farm Bill, H.R. 2 includes far-reaching provisions that lift the ban on hemp, authorize hemp production and research and amend the Controlled Substances Act. Furthermore, the reconciled version of the Farm Bill paves the way for the federal regulation of hemp-derivedcannabidiol (CBD)extracts. For hemp CBD consumers, that would mean both better product consistency and quality and an end to the legal ambiguity of hemp CBD.
2018 Farm Bill Exempts Hemp from Controlled Substances Act
Perhaps the most striking element of the Farm Bill, however, is how it amends the Controlled Substances Act. Since 1970, hemp has been listed as a Schedule I controlled substance. But H.R. 2 would exempt commercial hemp from the Schedule I classification, so long as products meet one requirement. Hemp products must contain no more than 0.3 percent of delta-9-tetrahydrocannabinol, akaTHC, by dry weight.
Several key consequences stem from this change. First, it effectively lifts the prohibition on all the other cannabinoids that can be sourcedfrom hemp, likeCBDV,CBN, CBG. Research continues to demonstrate the immense therapeutic potential of suchrare cannabinoids. Under the Farm Bill‘s provisions, any part of the hemp plant, from its seeds to its extracts, acids, salts, and isomers are exempt from the Controlled Substances Act.
The full H.R. 2 farm bill can be seen here: https://www.congress.gov/bill/115th-congress/house-bill/2/text
Disclaimer for Forward-Looking Information
Certain statements in this press release are forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the expected returns from the Nevada Project; the technological effects of Nevada Project; the intention to expand its portfolio; and execute on its business plan. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the regulatory and legal framework regarding the cannabis industry in general among all levels of government and zoning; risks associated with applicable securities laws and stock exchange rules relating to the cannabis industry; risks associated with maintaining its interests in its various assets; the ability of the Company to finance operations and execute its business plan and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and 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.
The CSE has not reviewed, approved or disapproved the content of this press release.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.com
Phone: +1-604-484-4206
Website: www.cropcorp.com
SOURCE CROP INFRASTRUCTURE CORP.
- Published in Business, CROP Infrastructure, Marijuana, Medical Marijuana, News Home
DIAGNOS is announcing a collaboration with ÉTS on Automated detection and grading of Diabetic Retinopathy
Momentum Public Relations
Press Release: December 04, 2018
Diagnos Inc. (“DIAGNOS” or “the Corporation”) (TSX Venture:ADK), (OTCQB: DGNOF), a leader in early detection of critical health issues through the use of Artificial Intelligence (AI), announces today a collaboration with ÉTS, École de technologie supérieure, an engineering school part of Université du Québec. The collaboration is funded in part by the Natural Science and Engineering Research Council of Canada (NSERC). Our focus will be to measure the benefit of using deep convolutional neural networks in detecting anomalies of diabetic retinopathy and classifying the patient by level of severity.
The main outcome of this collaboration is to bring Diagnos’ algorithms to a newlevel of automation, speed and accuracy. “Diagnos is always interested in cutting-edge algorithms in deep learning and with this collaboration, this will enable Diagnos to engage with leading academics to develop state-of-the-art screening solutions,” said André Larente, CEO at Diagnos Inc.
Under the supervision of Professor Ismail Ben Ayed, ÉTS students will work with Diagnos in using deep convolutional neural networks to detect anomalies caused by diabetic retinopathy and classify the patients by level of severity. The images will be provided by our CARA (Computer Assisted Retina Analysis) database. “A data-driven, large-scale and optimization based approach, which promises to deliver retinal image interpretation algorithms with a much higher practical impact,” said Professor Ismail Ben Ayed.
We anticipate that this partnership will increase automation, efficiency and precision for early identification and monitoring of diabetic retinopathy. “Identifying patients in early stages of diabetic retinopathy is our main goal because we can treat them efficiently. Our objective is to refer patients at high risk of going blind,” said Dr Hadi Chakor, CMO at Diagnos Inc.
This is our second collaboration project in Quebec this year. “We are deeply committed to develop our ties in our community. Our technology project with CHUM (Centre Hospitalier Universitaire de Montréal) was our first large investment in a teaching hospital. This announcement, with the financial support of Natural Science and Engineering Research Council of Canada (NSERC), represents the second step of our strategy to collaborate with an engineering school to foster innovation and speed up our go to market plan. We are building the case from which to grab market share in the North America healthcare market,” said Yves-Stephane Couture, Vice-President of Sales at Diagnos.
About ETS
A University that Specializes in Applied Engineering. The École de technologie supérieure is a constituent establishment of the Université du Québec. ÉTS, which specializes in engineering and technological transfer education as well as applied research, trains engineers and researchers who are recognized for their practical and innovative approach. Since its creation, ÉTS has pursued a mission that is deeply rooted in all its activities: To meet the needs of the industrial sector, which is in need of engineers who have not only a good theoretical background, but also practical knowledge. To fulfil this mission, ÉTS has a unique partnership with the business and industrial spheres that includes both small and large companies. It stands out from other universities in Québec because of the applied training it offers students, as well as its research activities conducted by and for companies.
About DIAGNOS
DIAGNOS is a publicly-traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence (“AI”) tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care. CARA’s Artificial Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients in real-time and has been cleared for commercialization by several regulatory authorities such as Health Canada, the U.S. Food and Drug Administration and the European Union.
Additional information is available at www.diagnos.com and www.sedar.com
For further information, please contact:
Mr. André Larente, President | Josh Falle |
DIAGNOS Inc. | Momentum PR |
Tel: 450-678-8882 ext. 224 | Tel: 514-416-4656 |
alarente@diagnos.ca | josh@momentumpr.com |
- Published in Business, Diagnos, Life Sciences, News Home, Technology
Tetra Bio-Pharma Convenes First National Medical Advisory Board
Momentum Public Relations
Press Release: December 04, 2018
Tetra Bio-Pharma Inc (“Tetra” or “TBP”), (TSX VENTURE: TBP) (OTCQB: TBPMF), – announced that it held its first National Advisory Board meeting in Toronto, on November 30, 2018 as a platform to validate their drug development and commercial programs. Physicians from diverse medical specialties, including oncology, palliative care, as well as mental health, family medicine and anaesthesiology had the opportunity to discuss the place for cannabinoid derived medicines as a potential therapeutic option in pain management. There was a genuine interest into evidence-based medicine to further substantiate their position on cannabinoid derived therapies.
“I am confident that this will be the first of many transparent and collaborative exchanges that Tetra organizes with physicians as we seek to bring cannabinoid-derived medicines into our healthcare system,” said Steeve Neron, Senior Vice-President, Marketing and Medical Affairs. “The level of engagement was encouraging and leads me to believe that physicians are open to consider cannabinoids as a drug they can incorporate into their practice, but without the evidence, they simply will not. This is where Tetra’s scientific data will be invaluable.”
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- Published in Life Sciences, Medical Marijuana, News Home, Tetra Bio Pharma
Crystal Lake Finalizes Newmont Lake Project Option Agreement
Momentum Public Relations
Press Release: December 03, 2018
Crystal Lake Mining Corporation (the “Company” or “Crystal Lake Mining”) is pleased to announce that it has finalized an agreement with Romios Gold Resources Inc. (refer to September 24, 2018, news release) to acquire a 100% interest in the 436 sq. km Newmont Lake Project in the heart of the Golden Triangle, immediately south of Galore Creek (Newmont and Teck) and north-northwest of key projects in Northwest B.C.’s highly active Eskay Camp. The agreement is subject to the approval of the TSX Venture Exchange.
Dr. Peter Lightfoot, Crystal Lake Technical Adviser, commented: “Our excitement regarding this project has only intensified over the past two months. We’re also eagerly anticipating assay results from a total of six reverse circulation drill holes completed by Crystal Lake during the last half of October at Burgundy Ridge and the Northwest Zone gold system. Icn addition, extensive sampling was carried out by Romios’ crews over parts of the project area during the summer. We look forward to presenting those results and looking ahead to 2019.
“It’s a rare opportunity to be able to advance such a prospective land package in the world’s next great mining camp,” Dr. Lightfoot concluded.
Newmont Lake Project Highlights:
- Vastly under-explored district-scale land package with multi-commodity potential in the heart of the Eskay Rift;
- 22 documented mineral occurrences adjacent to the high-grade Northwest gold zone (historic resource) which is open for expansion;
- Major new infrastructure improvements in the region (roads, bridges, power, AltaGas camp) have enhanced access and will accelerate the discovery process.
The Deal
To acquire a 100% interest in the 436 sq. km Newmont Lake Project, Crystal Lake must complete the following:
- $8 million in exploration expenditures at Newmont Lake over the next three years ($3 million in Year 1 and $2.5 million in each of Years 2 and 3. A total of $508,914 in expenditures made by Crystal Lake since October, subject to verification, will be credited toward the Year 1 commitment through September 20, 2019);
- $2 million in cash option payments to Romios as follows: $250,000 on signing of Letter Agreement (paid) and a further $250,000 payable on each of 90 days, 180 days and 270 days following regulatory approval of transaction; a final $1 million payment upon Crystal Lake earning its 100% interest;
- A total of 12 million shares of Crystal Lake will be distributed to Romios over a three-year period – 4 million each year, with the first 4 million shares issued following regulatory approval of the transaction (subject to normal hold period and a “lock up” provision).
Crystal Lake will be the operator during the earn-in period, which it can accelerate at its discretion, and Romios will have the right to appoint one director to the CLM board.
Romios will retain a 2% Net Smelter Returns Royalty (NSR) on the Newmont Lake Project, or on any after-acquired claims within a 5 km radius of the current boundary of the project, which may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR.
Crystal Lake will issue two million bonus shares to Romios in the event one or more NI-43-101 resource estimates collectively exceed one million ounces of gold equivalent resources in the Indicated and Inferred categories, and an additional one million bonus shares for each full one million additional ounces of gold equivalent resources which is so documented.
Qualified Person
The technical information in this news release has been reviewed and approved by Dr. Peter C. Lightfoot, P.Geo., a Qualified Person responsible for the scientific and technical information in this news release under National Instrument 43-101 standards.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulfide deposits and other deposit types using technical excellence in exploration target development.
On behalf of The Board of Directors of Crystal Lake Mining Corporation,
Richard Savage, President & CEO
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2018/03/c5463.html
- Published in Crystal Lake Mining, Mining, News Home