Mondias Naturals Announces the Appointment of Dr. Patrick Frankham as Chief Executive Officer
Momentum Public Relations
Press Release: August 20, 2019
Mondias Natural Products Inc. (“Mondias” or the “Company”) (TSXV: NHP) is pleased to announce that the Board of Directors has appointed Dr. Patrick Frankham, PhD, MBA, as the Company’s new Chief Executive Officer, effective August 19, 2019.
Dr. Frankham brings more than 25 years of diverse natural products and pharmaceutical experience across both business and research leadership roles in domestic and international markets. A talented product innovator, he is recognized for driving business results by building products through infrastructure, innovation and talent.
Prior to joining Mondias, Dr. Frankham was Chief Executive Officer and a Director of Pivot Pharmaceuticals Inc. since 2014. During the course of his career, he has also founded several healthcare start-ups, including healthcare information technology, services and pharmaceutical companies. His strong scientific background comes from his professional experience with public and private companies, including multinational corporations. He has developed pharmaceutical products in several therapeutic areas and interacted with global regulatory authorities. Notable organizations where he held increasing leadership roles include Boehringer-Ingelheim GmbH, AeternaZentaris, BioAxone Biosciences and ICON Clinical Research. Dr. Frankham obtained his PhD in molecular endocrinology from the Université Laval in Canada, and holds an MBA in finance from the University of Liverpool, in the United Kingdom.
“I would like to welcome Dr. Frankham as Mondias’ new CEO on behalf of the Board of Directors,” said Mr. André Rancourt, Executive Chairman of Mondias. “We are proud to have attracted such a high-profile candidate and believe that Dr. Frankham has the track record to take Mondias to the next stage in its growth plan: a vast expertise in developing and marketing biopharmaceutical and natural health products, strong knowledge of the drug regulatory process, a solid network in both the scientific and the financial community and broad public company experience. We will also ensure that he has the tools and resources he needs to make Mondias a success.”
“Mr. Gravel, our outgoing Chief Executive Officer, will stay on as a consultant to assist Dr. Frankham during a normal transition period,” added Mr. Rancourt. “I wish to thank Mr. Gravel for his many contributions to Mondias, from taking the Company public to his involvement in preparing Mondias for future growth.”
“I was impressed by Mondias’ solid portfolio of natural health products and its CELEXT07 bio-defense stimulant plant extract, which has already attracted considerable interest from multinational corporations in the biopharma and agricultural sectors,” said Dr. Frankham, CEO of Mondias. “My goal in joining Mondias is to develop the portfolio of innovative products to their full market potential while raising awareness of the Company among our stakeholders and potential investors. In the coming weeks, with the help of the Mondias team, I intend to assess how we can best develop and market our products to generate top return on investment for our shareholders.”
Mondias has granted an aggregate amount of 700,000 stock options of the Company to Dr. Frankham as part of his compensation package. 350,000 stock options will vest immediately with the remaining 350,000 stock options vesting on January 1, 2022. The stock options have an exercise price of $0.13 per share and will expire on August 19, 2029.
About Mondias Natural Products Inc.
Mondias specializes in the commercialization and development of evidence-based botanical products for the healthcare, bio-agriculture and organic markets. The Company sells both oral and topical botanical agents to help manage unmet medical needs through its Holizen Laboratories division. Mondias is also developing botanical-based specialty fertilizers, biostimulants and biopesticides for use in the agriculture, horticulture, cannabis and hops markets, in collaboration with McGill’s Faculty of Agricultural and Environmental Sciences.
For more information, visit: www.mondias.ca
- Published in Mondias Natural, News Home
North Bud Farms Completes Construction of its Phase One Cultivation Facility and Establishes U.S. Based Subsidiary, Bonfire Brands USA
Momentum Public Relations
Press Release: August 14, 2019
North Bud Farms Inc.(CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce the completion of its 24,500 square foot phase one indoor cannabis cultivation facility located on 135 acres of land in Low, Quebec, Canada. This week consultants are finalizing the facility’s Evidence of Readiness Package for submission to Health Canada.
“This is an important milestone for NORTHBUD, as we transition from the construction phase to pre-operational phase,” said Ryan Brown, CEO of NORTHBUD. “We believe that we have built an extremely cost-effective facility that will allow us to be competitive in all aspects of the Canadian market. With the addition of over 500,000 square feet of outdoor production later this year, we anticipate production of over 10 million grams of Cannabis in calendar 2020.”
Creation of New U.S. Subsidiary
NORTHBUD wishes to inform shareholders that they have established a wholly owned U.S. based subsidiary. Bonfire Brands USA Inc. has been established to own and operate NORTHBUD’s proposed acquisitions in the U.S. markets.
NORTHBUD is pleased to announce that it has appointed Justin Braune as President of Bonfire Brands USA. Mr. Braune currently serves as the CEO of EUREKA Vapor and will lead all of the NORTHBUD’s U.S. operations.
Mr. Braune brings over 10 years of industry experience to the NORTHBUD team. A graduate of the United States Naval Academy, he served in the U.S. Navy for ten years where he helped manage nuclear reactor systems aboard the USS Ronald Reagan. He holds an MBA from the University of Southern California’s Marshall School of Business.
Prior to joining EUREKA Vapor, Mr. Braune served as President at Made By Science, a startup science and delivery technology company which was recently acquired by Acreage Holdings. Mr. Braune has served as CEO and President for multiple startup private and public companies over his 10-year career in the cannabis industry.
“I look forward to working with Justin as we move into the operational phase of our U.S. expansion plan,” said Ryan Brown, CEO of NORTHBUD. “Justin has extensive contacts in the U.S. cannabis industry which will be very valuable as we continue to expand and enter into new partnerships.”
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company has built a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec, Canada. North Bud Farms Inc. has entered into agreements to acquire assets in California, Colorado and Nevada.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
- Published in Cannabis, CBD, Medical Marijuana, News Home, NorthBud
Vanstar Announces 1.26 g/t Au Over 123.7 Meters on the Nelligan Project
Momentum Public Relations
Press Release: August 13, 2019
The management of Vanstar Mining Resources Inc. (“Vanstar”) is pleased to announce that its partner IAMGOLD Corporation (“IAMGOLD”) has intersected in hole NE-19-138 a gold zone of 123.7 meters grading 1.26 g / t Au on the Nelligan joint venture project (IAMGOLD Corporation: 51%, Vanstar Mining Resources Inc.: 49%) and located 60 kilometers southwest of Chibougamau, Quebec, Canada. The Company’s management is also reporting results of the remaining twenty-eight (28) diamond drill holes totaling 10,558 metres completed as part of the 2019 drilling program.
The table below shows the main results of the last 28 surveys from the 2019 winter campaign:
Renard Zone:
- Drill hole NE-19-134: 25 metres grading 1.19 g/t Au
and 14 metres grading 2.26 g/t Au
includes: 4 metres grading 5.92 g/t Auand 59 metres grading 0.90 g/t Au
includes: 2.5 metres grading 5.02 g/t Au - Drill hole NE-19-131 : 32.8 metres grading 1,66 g/t Au
and 33 metres grading 1,11 g/t Au
- Drill hole NE-19-126: 34.5 metres grading 1.75 g/t Au
includes: 7 metres grading 4.69 g/t Auand 20.8 metres grading 1.54 g/t Au - Drill hole NE-19-138: 123.7 metres grading 1.26 g/t Au
includes: 8.5 metres grading 4.25 g/t Au - Drill hole NE-19- 140: 15 metres grading 2,26 g/t Au
and 47 metres grading 0,96 g/t Au
and 21 metres grading 1,13 g/t Au
- Drill hole NE-19-143: 37 metres grading 1,81 g/t Au
Includes: 1,2 metre grading 28,2 g/t Au - Drill hole NE-19-144: 16,5 metres grading 1,92 g/t Au
And 37.5 metres grading 2 g/t Au
Includes: 4.5 metres grading 9,49 g/t Au
Includes: 1.5 metre grading 20,9 gt Au - Drill hole NE-19-145: 50,2 metres grading 1,82 g/t Au
Includes: 0.9 metre grading 20,5 g/t Au - Drill hole NE-19-146: 30.6 metres grading 2,87 g/t Au
Includes: 1,5 metre grading 24,4 g/t Au - Drill hole NE-19-147: 22 metres grading 1,05 g/t Au
and 16.5 metres grading 1,35 g/t Au
and 25.5 metres grading 1.92 g/t Au
and 24.0 metres grading 1.09 g/t Au
and 21.3 metres grading 3.41 g/t Au
includes: 1.5 metre grading 39.1 g/t Au - Drill hole NE-19-149: 17.3 metres grading 5.5 g/t Au
and 31.2 metres grading 1.03 g/t Au
Additional tables accompanying this announcement are available at: http://ml.globenewswire.com/Resource/Download/d9532fca-7f73-4cfb-b364-aade0de5835f
The 2019 diamond drilling program was designed to infill and test the continuity of the mineralized zones of the Renard mineralized system. The program specifically targeted the shallower part of this broad mineralized corridor to confirm and define its extension to the surface. Most of the drilling has achieved the objectives desired by the program.
“This 2019 winter program has generated a set of results that are highly consistent with our expectations, and to date, we remain very confident that the current and future work being done on Nelligan will materialize into a high quality gold deposit,” said the CEO of the company, Mr. Guy Morissette.
In a separate press release on the recent results, Craig MacDougall, Senior Vice President, Exploration for IAMGOLD stated: “We are very pleased to have all of the 2019 drilling results in hand and we are now working to incorporate the new results into our deposit model to support the completion of a mineral resource estimate expected in the second half of the year. Once completed, this will mark an important milestone for the project and a significant achievement by our exploration team. It is also important to note that there is considerable potential to expand the mineralized zones as the Renard zone remains open at depth and to the west along strike.”
Nelligan Project: https://www.globenewswire.com/NewsRoom/AttachmentNg/733c05ef-2a76-49a0-a771-6c38b439fea5
Next Steps
Together with ongoing geological, geochemical and structural studies, assay results from the 2019 drilling totaling 17,558 meters will be integrated to support the development and refinement of a deposit model with the objective of completing an initial 43-101 compliant resource estimate in the second half of 2019. Initial metallurgical tests are also in progress and the results will be used to design future testing programs.
Field activities for the summer season have commenced and will focus on a geological mapping program within the larger property holdings surrounding the Renard discovery to improve the understanding of the structural regional framework and to prospect various geophysical and structural features identified for follow up.
This press release has been read and approved by Mr. Gilles Laverdière, P.Geo. and Qualified Person under National Instrument 43-101.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
Source : Guy Morissette, 819-763-5096
CEO Ressources Minières Vanstar Inc.
gmvanstar@gmail.com www.vanstarmining.com
- Published in Gold, Mining, News Home, Vanstar Mining
Crystal Lake Extends Burgundy Ridge Discovery to Depth, Adds Second Drill Rig at Newmont Lake Project
Momentum Public Relations
Press Release: August 12th, 2019
Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG) (“Crystal Lake” or the “Company“) is pleased to announce that shallow mineralization encountered in first-ever drilling at Burgundy Ridge last fall (four reverse circulation test holes, see March 7, 2019 news release) has deep roots, extending well beyond a copper-gold enriched limestone body as maiden diamond drilling continues at this new grassroots discovery in Northwest B.C.’s Eskay Camp.
Multiple intrusive phases, breccias, alteration and mineralization styles have been intersected in each of the three holes completed to date. Significantly, the just-completed third hole of the current diamond drilling program at Burgundy Ridge was the deepest hole yet, completed over a length of 441 meters (vertical depth of 320 meters) as intensity of mineralization increased downhole in a hydrothermal breccia.
Highlights:
- All the right indicating mineralization styles and alterations were visible starting from surface, yet beyond 270 meters the alteration in the third hole intensified and was mineralized with varying amounts of blebby pyrite+chalcopyrite+malachite+copper oxides;
- Beyond 330 meters the hole encountered potassium-enriched hematite-cemented breccias cut by carbonate veins and mineralized with varying amounts of blebby chalcopyrite+pyrite;
- This third hole was collared 450 meters northwest of last year’s RC platforms and drilled toward the southeast. As mineralization appeared to increase in intensity, the hole was extended beyond its planned depth. It proceeded under the ice from about 200 meters and ended in a pyrite zone at a depth of 441 meters.
Drill core is being rushed for assay. Dr. Peter Lightfoot, Crystal Lake Technical Adviser, recently concluded that, “significant and coherent underlying mineralization processes at Burgundy are driven in part by an impressive fluid highway.” (see July 16, 2019 news release).
Crystal Lake Mining’s Burgundy Ridge Map of Maiden Diamond Drilling Layouts – August 12, 2019
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6406/46850_crystal_fig1_enhanced.jpg
The fourth diamond drill hole at the top of Burgundy Ridge zone has just commenced.
Crystal Lake Targets High-Grade Gold at Northwest Zone
Elsewhere at the 550 sq. km Newmont Lake Project, Crystal Lake has added a second drill rig to target an extension of the historic high-grade Northwest Gold Zone. Hy-Tech Drilling will commence a series of orientated diamond drill holes shortly.
Many areas within and around the historic zone were not sampled by previous operators. Crystal Lake’s team was fortunate to recover an extensive amount of historic boxes of core onsite and an ongoing relogging and resampling program has returned very encouraging results, including 28.7 g/t Au and 3.65 g/t Ag over 0.9 m (207.6m to 298.5m) from 2008 drill hole R08-03 (true width unknown at this time). Historically, this hole showed no high-grade assay results and had been interpreted as closing off the zone on the northeast end. Crystal Lake’s results demonstrate otherwise.
Recently completed geochemical analysis by Crystal Lake already supports the strong potential for an extension of the high-grade system to the northeast. In addition, initial results from an induced polarization (IP) survey carried out by the Company’s geophysics contractor indicate the presence of a chargeability anomaly northeast of the historic zone coincident with the contact between resistive and less resistive lithologies – a prospective area to target new high-grade gold mineralization.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Quality Assurance/Quality Control
Historic core samples from the Northwest Gold Zone were sent to MSA Labs’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA Labs’ analytical facility in Langley, B.C, where they were analyzed for gold using method FAS-221 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Core samples were analyzed for 53 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Crystal Lake Mining conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples and two field duplicates are inserted for every 100 samples when analyzing core samples.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay Camp in the heart of Northwest B.C.’s prolific Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
For further information please contact:
MarketSmart Communications
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email: info@marketsmart.ca
Momentum Public Relations
Tel: +1 (514) 815-7473
Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Gold, Mining, News Home
Crop’s California and Washington Farms See USD $125,374 in Completed Orders for August
Momentum Public Relations
Press Release: August 8th, 2019
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that its tenanted California farm received and executed its first order from its 2018 harvest totaling $41,625 in whole flower. CROP’s tenanted Washington facility sold $83,749 in newly harvested flower, both in the first week of August.
The revenue from the Washington sales was used to pay the ongoing operating expenses at the Washington farm with the $41,625 in California being realized by CROP’s 49% owned Humboldt Holdings.
CROP CEO, Michael Yorke, stated: “Our Washington and California farms are continuing 2019 harvests, continuing towards covering ongoing expenses and finally, we are seeing cash flow from our California farm’s 2018 harvests.”
About CROP
CROP is a publicly listed company trading under symbol CROP.CSE. The company is focused on cannabis branding and real estate assets. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 Cannabis brands.
- Published in Cannabis, CBD, CROP Infrastructure, Marijuana, News Home
Grown Rogue Terminates Agreement with Blue Zebra Focus on Muskegon, MI Assets
Momentum Public Relations
Press Release: August 2nd, 2019
Grown Rogue International Inc. (CSE:GRIN | OTC:GRUSF) (“Grown Rogue” or the “Company“), a vertically-integrated, multi-state cannabis company with licenses and assets in Oregon, California, and now entering Michigan, announced today the termination of its agreement with Blue Zebra Community LLC (“Blue Zebra“), previously announced on February 25, 2019, relating to the acquisition of certain cannabis assets. The Company elected to terminate the agreement in order to proceed with an alternative operator which will be materially less resource intensive as the Company initially enters the new Michiganmarket.
Grown Rogue will focus energy and resources relating to expansion into Michigan on the recently announced proposed acquisition of Inferno Gardens, Inc. (“Inferno Gardens“), a cannabis operator in Muskegon, Michigan, announced on July 2, 2019. The proposed acquisition of Inferno Gardens will provide Grown Rogue with an expedient and cost effective entry into the Michigancannabis market.
“After careful consideration of the very exciting Michiganmarket, we chose a direction that gives us the opportunity to produce our first harvest in late 2019 and be fully vertically Integrated by 2nd quarter 2020,” said Obie Strickler, CEO and Co-Founder of Grown Rogue.
“We understand the value and timing of the Michiganmarket. Our management team has the experience to expeditiously enter the market with the Muskegon assets and the timing made all the difference in electing to not exercise options with Blue Zebra and instead focus on the Inferno Gardens partnership,” added Mr. Strickler.
In connection with the termination agreement signed with Blue Zebra (the “Termination Agreement“), Grown Rogue has issued to Blue Zebra 2,148,117 common share purchase warrants with an exercise price of $0.44 per share (the “Warrants“). The Warrants expire on June 28, 2023. Grown Rogue will have the right to accelerate the expiry date of 25% of the Warrants during the term if the shares of Grown Rogue close at or above $1.00 per share for a period of twenty (20) consecutive days. An additional 25% of the Warrants will accelerate if the shares of Grown Rogue close at or above $1.50 per share for a period of twenty (20) consecutive days, and the remainder of the Warrants will accelerate if the shares of the Grown Rogue close at or above $2.00 per share for a period of twenty (20) consecutive days. Further, Grown Rogue has granted to Blue Zebra a pre-emptive right to maintain ownership of up to 5% of Grown Rogue’s common shares. The Warrants vest 40% on the issuance date with the remaining Warrants vesting upon certain events relating to the activities of Helios Holdings, LLC in the Michigan cannabis industry.
About Grown Rogue
Grown Rogue International (CSE: GRIN | OTC: GRUSF) is a vertically-integrated, multi-state Cannabis family of brands on a mission to inspire consumers to “enhance experiences” through cannabis. We have combined an expert management team, award winning grow team, state of the art indoor and outdoor manufacturing facilities, and consumer insight based product categorization, to create innovative products thoughtfully curated from “seed to experience.” The Grown Rogue family of products include sungrown, light dep and indoor premium flower, live rosin jars and terp diamonds, infused, indoor and sungrown pre-rolls, live resin and rosin carts, along with chocolate edibles created in partnership with a world-renowned Chocolatier.
Subscribe to Grown Rogue investor news alerts.
- Published in Cannabis, CBD, Grown Rogue, Marijuana, News Home
Crystal Lake Commences Maiden Diamond Drilling Program at Burgundy Ridge
Momentum Public Relations
Press Release: August 2nd, 2019
Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to report that a first-ever diamond drilling program has commenced at Burgundy Ridge on the western side of the Company’s 550 sq. km Newmont Lake Project in Northwest B.C.’s Eskay Camp.
The first drill hole is a 200-meter step-out to the north of four shallow RC (reverse circulation) drill holes completed last October. A total of 550 meters of RC drilling confirmed that widespread copper-gold-silver-rich surface mineralization at Burgundy Ridge, exposed by a rapidly receding glacier, extends to depth.
Significantly, preliminary data from an induced polarization (IP) survey completed earlier this month shows a chargeable feature at depth, indicative of sulphides, within the footprint of Phase 1 drilling. Well-defined targets are strongly supported by geophysics, geochemistry and hyperspectral geology. Drilling is being carried out by Swiftsure Diamond Drilling Ltd. with one rig.
Richard Savage, Crystal Lake President and CEO, commented: “After months of preparation, geologists are thrilled at the prospect of immediately building on last year’s initial discovery at Burgundy Ridge through RC drilling. The geology is highly compelling and field work in recent weeks has greatly expanded the overall target area at and around Burgundy Ridge.”
CLM Closes Separate Private Placements Totaling $1.29 Million
Crystal Lake has closed two private placements with strategic investors totaling $1,293,042. In the first private placement for gross proceeds of $1,003,042, the Company issued 2,865,834 units at 35 cents per unit with each unit consisting of one common share in the capital of the company and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company for a period of 24 months from the closing of the offering at an exercise price of 50 cents per share.
In the second private placement for gross proceeds of $290,000, Crystal Lake issued 725,000 flow-through units at 40 cents per unit with each unit consisting of one common share of the Company and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company for a period of 24 months from the closing of the offering at an exercise price of 60 cents per share.
The private placements are subject to the approval of the TSXV. No finders’ fees are payable and the securities issued are subject to a four-month hold period from the closing date.
Proceeds from the flow-through portion will be used for the Company’s 2019 exploration program at the Newmont Lake Project while proceeds from the hard dollar financing are intended for general working capital purposes.
Qualified Person
The technical information in this news release has been reviewed and approved by Maurizio Napoli, professional geoscientist, VP Exploration for Crystal Lake Mining, and a qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
crystallakemining.com
For further information please contact:
MarketSmart Communications
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email: info@marketsmart.ca
Momentum Public Relations
Tel: +1 (514) 815-7473
Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Mining, News Home
CROP Announces Signing of Commercial Real Estate Purchase Agreement by Elite Ventures for Tonopah, Nevada Property for Gross USD $24.0 Million
Momentum Public Relations
Press Release: August 1st, 2019
CROP Infrastructure Corp. (CSE: CROP)(OTC: CRXPF) (Frankfurt: 2FR) (“CROP” or the “Company”), announces that Elite Ventures Group LLC (“Elite”), a limited liability company organized and existing under the laws of the State of Nevada in which the Company holds a 49% membership interest, has entered into two commercial real estate purchase agreements (the “PropertyPurchase Agreement”) with Trinity Global Investments LLC (“Trinity Global”) dated July 15, 2019, pursuant to which Trinity Global has agreed to purchase certain real property located in Tonopah, Nevada (together, the “Nevada Property”) owned by Elite.
The Nevada Property will be sold together with all buildings, improvements, and fixtures constructed or located on the property, in addition to 50 acre-feet of ground water rights, the assignment of a certain Nevada energy agreement along with any costs associated therewith, and the right to use the Licenses (as defined below) on the Nevada Property (together with the Nevada Property, the “EliteAssets”) for a gross aggregate purchase price of USD$6,200,000 (the “Property Purchase Price”).
In connection with the sale of the Nevada Assets, The Hempire Company L.L.C. (“Hempire”), a limited liability company organized and existing under the laws of the State of Nevada, has agreed to sell four active, authenticated, usable, uninhibited and transferable Nevada Marijuana Certificates (the “Licenses” and, together with the Elite Assets, the “Nevada Assets”) owned by Hempire to Trinity Global pursuant to the terms of an asset purchase agreement (the “Asset Purchase Agreement”) dated July 15, 2019 in consideration for USD$17,800,000 (the “License Purchase Price”). Pursuant to the terms of a Nevada cannabis license option agreement dated April 17, 2019 between Hempire and Elite, Hempire granted Elite with an option to acquire 100% of the Licenses, at any time prior to April 17, 2050, for USD$10,000.
In consideration for the purchase of the Nevada Assets, Trinity Global has agreed to pay an aggregate cash sum of USD$24,000,000 (which amount represents the aggregated sum of the Property Purchase Price and the License Purchase Price) as follows:
- an aggregate of USD$50,000 payable on or before July 26, 2019 (the “PropertyDeposit”), which Property Deposit shall entitle Trinity Global to a due diligence period ending August 6th (the “Due Diligence Period”);
- USD$950,000 payable on or before July 26, 2019 (the “LicenseDeposit”), which License Deposit shall become non-refundable and applied to the License Purchase Price at the expiration of the Due Diligence Period; and
- USD$23,000,000 payable upon the closing of the Property Purchase Agreement and the Asset Purchase Agreement (the “Closing”), which Closing is expected to occur on or before August 9th, 2019, provided there are no unforeseen delays.
In connection with the sale of the Nevada Assets, Elite and Hempire have entered into a separate disbursement agreement dated July 15, 2019, pursuant to which CROP will benefit from a combined USD$16,163,464.60 (CAD$21,251,723) directly from the sale of the Nevada Assets and indirectly through the repayment of certain debts accrued in connection therewith. Accordingly, USD$8,301,352.27 (CAD10,914,617) will be sent directly to CROP’s account as reimbursement for certain upgrades to the Nevada Property paid for by CROP, for interest payments made to date by CROP to service the initial loan used to purchase the Nevada Property and for its 49% share of the net profits. Furthermore, USD$7,862,112.34 (CAD$10,337,105) will be directly paid to certain creditors to the Nevada Property including an aggregate of CAD$5,250,000 to the certain holders of convertible debentures of the Company as well as USD$3,399,344.49 to the holder of a 20 year note issued in connection with the Nevada Property and with. The balance of the proceeds from the sale of the Nevada Assets will be paid to remaining members of Elite in amounts proportional to each member’s equity stake. All exchange rates based on the Bank of Canada exchange rate dated July 31, 2019.
Closing is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence by Trinity Global, receipt of the requisite state and local governing authority approvals, and other customary closing conditions normal for a transaction of this nature.
Michael Yorke, CEO stated “The sale of the Esmerelda THC property will be bittersweet for the Company. We used a combination of long-term mortgages and convertible debt to finance the project making this an attractive return on investment for CROP and its stakeholders. The sale of the Nevada project will clean up our balance sheet as well as provide capital to vertically integrate, hire additional personnel, and focus on the four states the Company remains present.”
About CROP
CROP is a publicly listed company trading on the CSE under the symbol CROP. The Company is focused on owning a portfolio of cannabis branding, CBD and real estate assets through its wholly and partially-owned subsidiaries. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of share equity in various companies within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 cannabis brands.
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