Crop’s Hempire Increasing Distribution Ownership in California
Momentum Public Relations
Press Release: July 10, 2019
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that Hempire has increased its ownership of Flip Distro to 51% for $100,000 in capital expenditures and product marketing at the distribution company.
Increasing the ownership in Flip Distro, in concert with the recently announced acquisition of the Cathedral City dispensary, lounge and California-wide delivery provisional licences, will empower the company to use Flip for a secondary fulfillment centre for delivery logistics.
CROP’s Humboldt Holdings has an option to acquire 100% of Hempire’s interest in Flip at any time it becomes legal and compliant to do so.
Furthermore, the company is currently reviewing multiple locations in Cathedral City for the Emerald Heights flagship store, necessary to perfect and transfer the provisional licences. The company also announces that it has applied for a retail licence in Contra Costa.
CROP CEO, Michael Yorke, stated: “CROP will be able to connect the Emerald Heights Southern California retail provisional licence with Flip Distro’s Northern California distribution license to create a secondary drop point for delivery drivers. CROP and its partners are working hard to create as much value through the supply chain as possible for shareholders.”
About CROP
CROP is 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.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: (604) 484-4206
- Published in Cannabis, CBD, CROP Infrastructure, Marijuana, News Home
Sirona Biochem Announces Proposed Strategic Equity Investment
Momentum Public Relations
Press Release: July 9, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (“Sirona“) is pleased to announce it has arranged a non-brokered private placement for gross proceeds of $1,000,000. The private placement consists of 2,500,000 units, (the “Units”) at a price of $0.40 per Unit. Each Unit consists of one common share and one transferable share purchase warrant, each whole warrant exercisable into one additional common share of the Company for a period of 3 years from the date of issue at a price of $0.60 per share subject to an acceleration clause.
The Company is proposing to pay a finder’s fee to an agent or agents that assist in procuring the proceeds of the offering. Such Fee shall consist of a cash fee equal to no more than 8% of the total proceeds of the Private Placement placed by such finder and warrants up to 8% of the number of Units the finder sells in the Private Placement (the “Finder’s Warrants“). The Finder’s Warrants will be exercisable into one additional Share of the Company at a price of CAD$0.60 per Share for a period of 3 years from the closing date of the Private Placement.
Sirona Biochem is offering the strategic financing to diversify its shareholder base to include Asia-based investors who wish to establish an initial equity position in the company. The funds from this financing, in addition to general working capital, will be used to establish Asian-based manufacturing for TFC-1067.In addition, proceeds from the private placement will also be allocated to accelerate Sirona’s anti-ageing and anti-wrinkle projects.
“We are excited about this financing, principally because it positions strategic investors that will strengthen ties to our expanding presence in Asia“, reports Dr. Howard Verrico, CEO of Sirona Biochem. “Sirona now has a healthy balance sheet that will allow us to focus on continued growth of the 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2019/09/c1040.html
Contact:
Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in News Home, Sirona Biochem, Uncategorized
Underground Channel Sampling Delivers 20.4 meters grading 18.9 g/t Au & 33 g/t Ag
Momentum Public Relations
Press Release: July 9, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce channel sampling results taken across high-grade veins exposed in a recently opened cross-cut located in the North Zone of the Cerro Blanco underground workings. The samples were taken as horizontal channels perpendicular to the strike of the veins.
Cross-cut N734 was sealed off by the previous operator in 2015, but Bluestone recently re-opened and restored the initial 50 meters of tunnel as part of the Company’s successful ongoing exploration and underground development program. Channel sampling of both walls returned the following high-grade assays:
South Wall – 20.4 meters grading 18.9 g/t Au and 33 g/t Ag (est. true width 16.7 meters)
North Wall – 19.9 meters grading 17.1 g/t Au and 23 g/t Ag (est. true width 16.9 meters)
David Cass, Vice President of Exploration commented, “The successful re-opening of this exploration drive has permitted sampling of several key veins within the upper portion of the Cerro Blanco resource and helped validate their importance within the current resource model. These impressive high-grade assays are consistent with our sampling early last year of the same veins lower down in the main decline of the North Ramp some 50 meters away. The continuity and consistency of vein widths and grades is striking and supports our observations from the ongoing infill resource conversion drilling as we continue to advance our knowledge of the Cerro Blanco orebody and de-risk the project.”
A summary of results is shown in Table 1 below. A full set of individual assays, plans and photos showing the location of samples can be accessed here.
Table 1. Channel Sample Results
SOUTH WALL | |||||||||||
Sample # | Sample Width (m) |
True Width (m) |
Au g/t | Ag g/t | Vein ID | ||||||
RCB-3655 | 1.0 | 1.0 | 9.8 | 15.9 | VN-02 | ||||||
RCB 3570,3656 | 1.9 | 1.9 | 4.8 | 24.8 | NEW | ||||||
RCB 3657 | 1.0 | 1.0 | 16.7 | 19.6 | VN-03 | ||||||
RCB 3599-3609 | 7.5 | 7.0 | 19.4 | 25.2 | VN_05 | ||||||
inc. | 1.9 | 1.8 | 38.7 | 39.6 | |||||||
RCB 3612-13 | 2.0 | 1.8 | 6.9 | 16.9 | VN_06 | ||||||
RCB 3615-24 | 8.4 | 8.0 | 26.7 | 53 | VN_07 | ||||||
inc. | 1.3 | 1.2 | 98.8 | 197 | |||||||
20.4 | 16.7 | 18.9 | 33.2 | VN_05,06,07 |
NORTH WALL | |||||||||||
Sample # | Sample Width (m) |
True Width (m) |
Au g/t | Ag g/t | Vein ID | ||||||
RCB 3596 | 1.0 | 1.0 | 13.5 | 32.8 | VN_02 | ||||||
RCB3594 | 1.0 | 1.0 | 49.8 | 227 | VN_03 | ||||||
RCB 3625-32 | 7.8 | 7.3 | 21.0 | 25.8 | VN_05 | ||||||
inc. | 1.8 | 1.7 | 52.3 | 48.1 | |||||||
RCB 3635-36 | 2.3 | 2.2 | 5.1 | 15.3 | VN_06 | ||||||
RCB-3638-46 | 7.9 | 7.5 | 20.7 | 26.9 | VN_07 | ||||||
inc. | 1.3 | 1.2 | 77.2 | 63.6 | |||||||
19.9 | 16.9 | 17.1 | 23 | VN_05,06,07 |
A total of 47 samples were taken with a portable rock saw across exposures of five key veins VN-02, 03, 05, 06, and 07 as continuous channels approximately two inches wide and one inch deep. Individual sample widths ranged from 0.5 meter to 1.4 meters. Veins are parallel and dip between 60 to 65 degrees and consist of banded chalcedony quartz-adularia veins hosted within red siltstones. Assay results are in line with those previously reported from exposures of the same veins in the North Ramp (see Company press releases January 23, 2018 and April 9, 2018).
Sampling of the underground workings at Cerro Blanco continues to play a key role in identification of high-grade veins and in the validation of the geological model within and outside of the current resource envelope. Several additional veins are known to occur further east along the same cross-cut and will be sampled as rehabilitation of the cross-cut progresses.
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Wire mesh was removed from sections to be sampled and walls cleaned by high-pressure power washing. Assay results were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Sampling was undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone under the supervision of David Cass, Qualified Person for Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analysed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. Additionally, pulps and coarse rejects are routinely submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
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.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements“). All statements, other than statements of historical fact, that address activities, events or developments that Bluestone Resources Inc. (“Bluestone” or the “Company“) believes, expects or anticipates will or may occur in the future including, without limitation: the conversion of the inferred mineral resources; increasing the amount of measured mineral and indicated mineral resources; the proposed timeline and benefits of further drilling; the proposed timeline and benefits of the Feasibility Study; statements about the Company’s plans for its mineral properties; Bluestone’s business strategy, plans and outlook; the future financial or operating performance of Bluestone; capital expenditures, corporate general and administration expenses and exploration and development expenses; expected working capital requirements; the future financial estimates of the Cerro Blanco Project economics, including estimates of capital costs of constructing mine facilities and bringing a mine into production and of sustaining capital costs, estimates of operating costs and total costs, net present value and economic returns; proposed production timelines and rates; funding availability; resource estimates; and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to Bluestone and often use words such as “expects”, “plans”, “anticipates”, “estimates”, “intends”, “may” or variations thereof or the negative of any of these terms.
All forward-looking statements are made based on the Company’s current beliefs as well as various assumptions made by them and information currently available to them. Generally, these assumptions include, among others: the ability of Bluestone to carry on exploration and development activities; the price of gold, silver and other metals; there being no material variations in the current tax and regulatory environment; the exchange rates among the Canadian dollar, Guatemalan quetzal and the United States dollar remaining consistent with current levels; the presence of and continuity of metals at the Cerro Blanco Project at estimated grades; the availability of personnel, machinery and equipment at estimated prices and within estimated delivery times; metals sales prices and exchange rates assumed; appropriate discount rates applied to the cash flows in economic analyses; tax rates and royalty rates applicable to the proposed mining operation; the availability of acceptable financing; anticipated mining losses and dilution; success in realizing proposed operations; anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Bluestone. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks relating to variations in the mineral content within the mineral identified as mineral resources from that predicted; risks and uncertainties related to expected production rates, timing and amount of production and total costs of production; risks and uncertainties related to ability to obtain or maintain necessary licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining development activities; risks and uncertainties related to the accuracy of mineral resource estimates and estimates of future production, future cash flow, total costs of production and diminishing quantities or grades of mineral resources; risks associated with geopolitical uncertainty and political and economic instability in Guatemala; risks and uncertainties related to interruptions in production; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; uncertain political and economic environments and relationships with local communities; variations in rates of recovery and extraction; developments in world metals markets; risks related to fluctuations in currency exchange rates; as well as those factors discussed under “Risk Factors” in the Company’s Amended and Restated Annual Information Form.
Any forward-looking statement speaks only as of the date on which it was made, and except as may be required by applicable securities laws, Bluestone disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Bluestone believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Non-IFRS Financial Performance Measures
The Company has included certain non-International Financial Reporting Standards (“IFRS“) measures in this new release. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers.
All-in sustaining costs
The Company believes that all-in sustaining costs (“AISC“) more fully defines the total costs associated with producing gold.
The Company calculates AISC as the sum of refining costs, third party royalties, site operating costs, sustaining capital costs and closure capital costs all divided by the gold ounces sold to arrive at a per ounce amount. Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus non-sustaining capital.
Total cash costs
Total cash costs is a common financial performance measure in the gold mining industry but has no standard meaning. The Company reports total cash costs on a gold ounce sold basis. The Company believes that, in addition to measures prepared in accordance with IFRS, such as revenue, certain investors can use this information to evaluate the Company’s performance and ability to generate operating earnings and cash flow from its mining operations. Management uses this metric as an important tool to monitor operating cost performance.
Total cash costs include (cost of sales such as mining, processing, maintenance and site administration, royalties, selling costs and by-product credits) to arrive at total cash costs per ounce of gold sold. Other companies may calculate this measure differently.
AISC and total cash costs reconciliation
ASIC and total cash costs are calculated based on the definitions published by the World Gold Council (“WGC“) (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world). The WGC is not a regulatory organization.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46135
- Published in Bluestone Resources, Mining, News Home
Sirona Biochem Releases CEO Letter to Shareholders
Momentum Public Relations
Press Release: July 4th, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (“Sirona“) is pleased to provide a corporate update from the Company’s CEO, Dr. Howard Verrico, regarding its plans both near and long term in the following Q&A format. The questions, for the most part, are derived from inquiries received from investors:
Why are the details limited on the clinical trial update from Wanbang?
The pharmaceutical industry is highly competitive. Information on clinical development programs can be used strategically by other companies. Wanbang’s team has shared all details of their program with us and we are very pleased with the progress and dedication to the program. In good faith, they have agreed to allow us to share the update in a news release. This is not to their advantage and reflects their understanding that our shareholders appreciate the opportunity to be brought up to date. Rest assured, Wanbang is moving efficiently with a comprehensive plan towards full CFDA approval of Wanpagliflozin (TFC-039) to provide a leading treatment option in China, the world’s largest population of diabetic patients1.
How significant is the clinical stage of development?
Many drug development programs never reach clinical trials. In fact, many biotech companies are unsuccessful at progressing any project to the clinical trial stage. Sirona has had two projects reach clinical trials, both TFC-039 and TFC-1067. We believe we will succeed in bringing more projects to this stage utilizing our innovative platform technology. We are confident that full commercialization will be completed on both projects. This is a direct result of a highly predictable biological response to changes made to molecules using our platform technology and expertise.
How is Sirona’s relationship with Wanbang?
Sirona has an excellent working relationship with Wanbang. We have been working hard to grow this relationship. Mr. D. Billings, our consultant in China, has made many trips to meet with the management of Wanbang in recent months which helps tremendously to continually improve our communications. We are now better able to explore further exciting opportunities in working together.
Who is Mr. D. Billings?
Mr. Billings, a Canadian, was introduced by PRC Partners and became Sirona’s consultant in China. He has 17 years of experience representing Canadian companies in China and has established multiple successful partnerships. He has the expertise to bridge cultural and business practice differences and build strong successful partnerships.
Several months ago, Sirona was approached by a company to test TFC-039 as a drug for treating diabetes in cats and dogs. Also, what about the possibility of licensing TFC-039 beyond China for the treatment of diabetes in humans? Is Sirona able to further commercialize TFC-039?
We are actively working on a partnership with a global corporation that will be of great value to Sirona. Again, we are restricted to what we are able to disclose at this time. We can say that the probability of completing a definitive agreement is high. This project involves TFC-039. We will release details as soon as possible.
Will Sirona be able to complete a definitive agreement with Rodan + Fields regarding TFC-1067?
I see no obstacles. The process is proceeding smoothly.
Will Sirona be establishing more partnerships for TFC-1067?
Yes, multiple partnerships are anticipated. As we complete commercialization of TFC-1067 and obtain the necessary regulatory approvals, more companies will want to incorporate TFC-1067 into their product lines. We are actively in communication with several companies at this time. This will be an ongoing process as we are working in a global market consisting of multiple territories and sales channels.
What’s next in new projects?
We still have work to do on our anti-aging, anti-wrinkle, and keloid therapies. Our scientists also dedicate time to explore new opportunities. Currently, there are four more that I find exciting. To protect the IP prior to patent applications, we must keep these projects confidential at this point in time but I will talk about them as soon as appropriate.
Are further equity financings pending?
A strategic financing may occur to position specific investors, but we are not in a rush. Fortunately, the current share price allows much improved terms for Sirona. There is no equity financing planned or available for the current pool of investors. Moreover, many outstanding warrants are in the money, which is another source of growth capital. Nevertheless, we are planning a non-deal roadshow in the fall in North America as well as Europe to attract institutional investors.
Would Sirona consider listing on other senior stock exchanges?
Yes. As our market cap grows and financial balance sheet strengthens, listing Sirona on other international exchanges could become a benefit to shareholders and the growth of the company. We must do this from a position of strength. That time is approaching.
Are you considering a change in share structure?
There is no roll-back planned or anticipated. I value our shareholders and am not in favour of a roll-back that may erode shareholder value. As a major shareholder, I am biased in this regard. Listing on another senior exchange could be an exception where the share structure may require a change. There will be consideration to the possibility of turning Sirona into two companies. Sirona could be divided into a therapeutic and a skin care company to unlock further shareholder value and accelerate overall growth.
Are there future Board changes anticipated?
As we grow as a company our Board may need change in the future. Currently, I am very pleased with the support our current board provides Sirona. Jason Tian’s acceptance to our Board of Directors was a tremendous addition of much needed talent to assist Sirona in new Asian markets. Over time additional board members will be needed and we are continually exploring strategic options.
When will you implement a Shareholders Rights Plan (“Poison Pill”)?
Legal counsel for Sirona is currently working on putting a Shareholders Rights Plan in place. We have made it a high priority to protect our shareholders.
Shareholders appreciate the constant flow of news for the last couple of months, but will this continue?
There are many exciting things happening in the company, so yes, I will make a best effort to maintain frequent communications to keep our investors informed of our progress.
Thanks to the unprecedented support of our shareholders, we have been able to greatly improve our financial balance sheet and can drive growth. We will also be able to grow through partnerships and collaborations. 2019 is shaping up to be a pivotal year for Sirona. We envision 2020 and beyond to be even better.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
1 IDF Diabetes Atlas Eighth Edition 2017 https://www.sironabiochem.com/wp-content/uploads/2019/06/SBM-FS-QTR-ENDED-Q2-2019.pdf
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2019/04/c8604.html
Contact:
regarding this press release, please contact: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in Business, Life Sciences, News Home, Sirona Biochem
North Bud Farms Closes Second Tranche of Private Placement Financing
Momentum Public Relations
Press Release: July 3rd, 2019
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce the closing of a second tranche of its non-brokered private placement, previously announced on May 15, 2019, for gross proceeds of $1,122,000, by issuing 3,740,000 units at a price of $0.30 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.40 per share for a period of twenty-four months.
The Company plans to use the net proceeds of the offering to hire additional staff for its Canadian operations, pursue M&A opportunities in the United States, including new state license applications, and for general working capital purposes.
The Company expects to close on the balance of the previously announced private placement of up to $4 million in one or more additional tranches of the offering in the near future, subject to the receipt of all necessary regulatory approvals. All securities issued pursuant to the offering are subject to a four-month hold period in accordance with applicable Canadian securities laws.
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. North Bud Farms Inc. is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
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, Marijuana, Medical Marijuana, News Home, NorthBud
Bluestone Drilling Delivers 7.9 meters of 19 g/t Au & 44 g/t Ag and 9 meters of 8.4 g/t Au & 53 g/t Ag at Cerro Blanco
Momentum Public Relations
Press Release: July 3, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional high-grade drill assays from its ongoing infill resource conversion program at its Cerro Blanco Gold project.
The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources through infill drilling. The focus of the current program is the conversion of Inferred Resources within key veins in the upper part of the Cerro Blanco ore body and vein extensions outside of the current resource.
A total of eight holes are reported in this press release and 47 holes have been reported to date, for 4,992 meters of infill drilling undertaken since the Feasibility Study.
Table 1. Significant Intercepts (this Press Release)
HOLE ID
|
FROM (m)
|
TO (m)
|
CORE INTERVAL (m)
|
TRUE WIDTH (m)
|
Au g/t
|
Ag g/t
|
Vein ID
|
UGCB19-137
|
6.3
|
7.4
|
1.1
|
1.1
|
5.4
|
6.3
|
VN_29_New
|
49.2
|
50.3
|
1.1
|
1.1
|
12.7
|
12.0
|
VN_18
|
|
UGCB19-138
|
18.6
|
19.6
|
1.0
|
1.0
|
3.9
|
6.6
|
VN_20
|
37.5
|
38.5
|
1.0
|
1.0
|
4.9
|
34.1
|
VN_18
|
|
112.3
|
113.3
|
1.0
|
1.0
|
7.9
|
81.9
|
VN_02
|
|
121.2
|
122.2
|
1.0
|
1.0
|
5.6
|
45.4
|
VN_05
|
|
128.6
|
129.7
|
1.1
|
1.0
|
7.8
|
71.4
|
VN_06
|
|
UGCB19-139
|
32.6
|
34.9
|
2.3
|
2.0
|
8.1
|
24.1
|
VS_31
|
50.6
|
51.5
|
0.9
|
0.9
|
6.0
|
22.3
|
–
|
|
94.8
|
95.7
|
0.9
|
0.9
|
4.7
|
19.6
|
VS_24
|
|
97.8
|
99.0
|
1.2
|
1.0
|
5.3
|
21.6
|
VS_24
|
|
105.5
|
106.7
|
1.2
|
1.2
|
4.0
|
10.5
|
–
|
|
UGCB19-140
|
14.2
|
15.2
|
1.0
|
1.0
|
4.5
|
33.5
|
VN_29_New
|
29.0
|
30.0
|
1.0
|
1.0
|
11.7
|
29.0
|
VN_01
|
|
75.0
|
76.0
|
1.4
|
1.4
|
7.4
|
19.1
|
VN_18
|
|
UGCB19-141
|
38.0
|
39.0
|
1.0
|
1.0
|
3.8
|
9.9
|
VN_18
|
120.2
|
121.7
|
1.5
|
1.5
|
26.8
|
189.0
|
VN_02
|
|
UGCB19-142
|
8.0
|
9.0
|
1.0
|
1.0
|
4.1
|
21.5
|
VN_29_New
|
UGCB19-143
|
2.4
|
3.7
|
1.2
|
1.2
|
7.4
|
23.2
|
VS_20
|
6.3
|
7.3
|
1.0
|
1.0
|
6.7
|
32.6
|
VS_20
|
|
10.9
|
12.0
|
1.1
|
1.1
|
12.6
|
24.5
|
VS_15
|
|
57.0
|
66.0
|
9.0
|
9.0
|
8.4
|
53.2
|
VS_07, 08
|
|
incl.
|
57.9
|
59.7
|
1.8
|
1.8
|
24.9
|
134.8
|
VS_08
|
67.8
|
68.8
|
1.0
|
1.0
|
4.8
|
43.3
|
VS_06
|
|
74.5
|
75.6
|
1.1
|
1.1
|
91.7
|
561.0
|
VS_06
|
|
150.0
|
152.8
|
2.8
|
2.8
|
8.2
|
57.1
|
Vein New
|
|
185.4
|
187.9
|
2.5
|
2.5
|
13.6
|
52.8
|
Vein New
|
|
UGCB19-144
|
4.2
|
5.2
|
1.0
|
1.0
|
5.4
|
7.5
|
VN_27_New
|
89.3
|
95.8
|
6.5
|
6.1
|
4.0
|
3.5
|
VN_02, 03, 05
|
|
98.8
|
106.7
|
7.9
|
7.5
|
19.0
|
44.3
|
VN_06, 07, 09
|
|
incl.
|
105.7
|
106.7
|
1.0
|
1.0
|
98.5
|
271.0
|
VN_09
|
112.3
|
113.9
|
1.6
|
1.6
|
75.1
|
56.2
|
VN_10
|
|
126.2
|
136.0
|
9.8
|
9.4
|
7.2
|
8.7
|
VN_11
|
|
144.4
|
146.9
|
2.5
|
2.3
|
64.3
|
159.3
|
VN_12
|
|
155.1
|
156.0
|
0.8
|
0.8
|
9.1
|
5.9
|
Vein New
|
|
159.9
|
160.9
|
1.1
|
1.1
|
6.9
|
5.8
|
VN_21
|
Notes: Intervals in bold are cited in the text of the press release. Only intercepts averaging over 3 g/t Au when diluted to a minimum 3 meters true width are stated. Hole coordinates and azimuth/dip information accompany the plan view attached to this release.
Darren Klinck, President & CEO commented, “The drilling program which has been focused on the North zone at Cerro Blanco over the past few months has demonstrated remarkable continuity and consistency intercepting targeted veins. Additionally, as can be common with these types of deposits, the program continues to identify new veins that will require follow-up and should ultimately be positive for future resource updates. We are very excited with the results to date as well as with the continued strengthening of our understanding on the geologic model which we believe will continue to add significant value to the project.”
All holes cited in this press release were drilled from various platforms located within the underground workings at Cerro Blanco that extend over three kilometers. All holes were designed to target Inferred Resources within the upper parts of the current resource, with all holes drilled in the North Zone with the exception of UGCB19-139 and UGCB19-143 which were collared in the South Zone.
Hole UGCB19-144 drilled in the southern part of the North Zone resource successfully intercepted a total of 12 veins including a new vein, VN_19. The best intercept was 19 g/t Au and 44 g/t Ag over 7.5 meters (true width) pertaining to veins VS_06, VS_07 and VS_09, including 1 meter grading 98.5 g/t Au and 271 g/t Ag. Holes UGCB19-137, UGCB19-140, UGCB19-142 were all drilled west from the main North Ramp decline and were successful in intercepting new veins VN_18 and VN_29 located in the footwall of the current resource. UGCB19-138 and UGCB19-141 were drilled at positive angles (35 and 50 degrees respectively) and successfully confirmed the extension of vein VN_02 into the overlying Salinas conglomerates.
Hole UGCB19-143 drilled in the South Zone assayed 8.4 g/t Au and 53.2 g/t Ag over 9 meters (true width) from 57 meters pertaining to vein VS_07 and VS_08.
A plan view showing drill hole locations can be accessed by clicking HERE.
Results for a total of 47 holes have now been released to date as part of the Infill resource conversion program. Drilling is ongoing and further results will be reported in due course.
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
Investor Relations Services
As part of Bluestone’s capital markets initiatives planned throughout the year, the Company has retained PI Financial Corp. (“PI”) to provide market-making services in accordance with TSX Venture Exchange (“TSXV”) policies. In consideration of the services provided by PI, Bluestone will pay PI a monthly cash fee of $5,000. PI will not receive shares or options as compensation; however, PI and its clients may have or may acquire a direct interest in the securities of Bluestone. Bluestone and PI are unrelated and unaffiliated entities. PI is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and can access all Canadian stock exchange and alternative trading systems. The capital and securities required for any trade undertaken by PI as principal will be provided by PI.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
Grown Rogue Second Quarter Revenue Increases Sixfold Year-over-Year and 125% Quarter-over-Quarter to $1.9M
Momentum Public Relations
Press Release: July 3, 2019
Grown Rogue International Inc. (CSE:GRIN | OTC: GRUSF) (“Grown Rogue” or the “Company“), a vertically-integrated, multi-state cannabis company, with licenses and operations in Oregon, California, and now entering Michigan, has released its financial and operating results for its fiscal second quarter ended April 30, 2019. The Company’s financial statements and management’s discussion and analysis for the period are available on the Company’s SEDAR profile at www.sedar.com or through the Company’s website at www.grownrogue.com. All amounts are expressed in United States Dollars unless otherwise indicated. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures.
Financial Highlights
- Second quarter 2019 revenues increased more than six-fold year-over-year, from $0.3 million to $1.9 million. Quarter-over-quarter revenues increased 125%, from $0.8 million in Q1.
- Adjusted Gross Margin2 was ($0.02) million for the quarter and $0.2 million for the year-to-date. Adjusted Gross Margin was $0.4 million for the second quarter (20%) and $0.8 million for the year-to-date (28%)
- Adjusted EBITDA3 was ($1.0) million for the second quarter.
Management Commentary
“Our second quarter revenue results are indicative of the brand strength and distribution reach we have achieved in Oregon and we are taking the same platform to California and Michigan,” said Obie Strickler, CEO of Grown Rogue. “The proposed acquisition of Decibel Farms announced in April is expected to increase our manufacturing capacity in Oregon where we continue to enjoy record demand for our products. Our California distribution license went into effect during the second quarter with revenues expected to commence this month.”
Grown Rogue expects to increase its combined annual flower production capacity in Oregon and Michiganfrom approximately 5,000 lbs (2,300 kgs) currently, to approximately 12,000 lbs (5,400 kgs) by the end of fiscal year 2019 following the anticipated incorporation of Decibel Farms and scaling of its cultivation operations in Michigan. The increased capacity is inclusive of the 40,000 square feet of greenhouse production capacity in Oregon in the proposed Decibel Farm transaction announced in April 2019. Grown Rogue’s anticipated acquisition of the Decibel brand includes Decibel’s “Loud” branded pre-roll which features a unique “painted on” rosin. Grown Rogue plans to introduce this innovative product in the California market in the third calendar quarter of 2019.
Qualitative Performance Factors
“We believe that licenses, assets, and operations are of little value without an experienced team that knows how to cultivate quality cannabis products at scale and build meaningful brands. Our team has been building these core competencies for the past 3 years,” added Jacques Habra, Chief Strategy Officer.
Grown Rogue has received recognition at regional cannabis competitions for “Highest Percentage THC”, “Highest Percentage Terpenes”, as previously announced in a press release on January 8, 2019. This recognition for cultivation excellence are the foundation of the Grown Rogue products that the company intends to bring to California and Michigan.
Grown Rogue current multi-state presence
Well-established in Oregon, Grown Rogue has expanded into California and its third state, the highly populated, limited-license state of Michigan through a partnership agreement
Oregon Operations
- Cultivating 130,000 sq. ft. of canopy in Oregon (including Decibel Farms) including three outdoor and greenhouse farms and a state-of-the-art indoor facility
- Increased outdoor yield from 2018 to 2019 by over 50%
- Increasing market penetration and sales revenue
California Operations
- Expanded into California with a 16,000-square-foot microbusiness facility in Eureka with retail, processing and distribution licensing partnership spanning San Francisco to Los Angeles.
- Secured state and local approval for distribution license and type 6 manufacturing (non-volatile), and local approval for type 7 manufacturing (volatile).
Michigan Operations
- Subsequent to the close of the second quarter a binding LOI was signed to acquire Michiganoperator “Inferno Gardens Inc.” which includes one retail dispensary (referred to as provisional centers in Michigan), a 24,000 sq ft indoor cultivation facility, and a processing/manufacturing center. First sales are anticipated to begin in early 2020.
- As a result of this new agreement with Inferno Gardens originally disclosed in a press release on July 2, 2019, Grown Rogue has elected not to move forward with a previously announced option to acquire alternative Michigan operations as previously announced in a press release on February 25, 2019.
Selected Financial Information (Complete financial tables have been filed on www.sedar.com)
Three Months |
||
Period Ended April 30, |
2019 |
2018 |
(in $000s except per share amounts) |
||
Revenue |
1,885 |
291 |
Adjusted Gross Margin2 |
376 |
(42) |
Adjusted EBITDA3 |
(969) |
(631) |
Net loss |
(1,648) |
(1,097) |
Net loss per share |
(0.02) |
(0.29) |
Cash |
323 |
497 |
Weighted Common Shares Outstanding |
71,891 |
3,774 |
Second Quarter 2019 Financial Overview
Grown Rogue revenue grew to $1.9 million, a 548% increase from revenue of $0.3 million in its second fiscal quarter ended April 30, 2018, and a 125% increase on a consecutive quarterly basis from $0.8 million in Grown Rogue’s first quarter of fiscal 2019. Organic sales growth are driven through the internal sales force, third party distribution, and strengthening of the Grown Rogue brand.
F2019 Q2 Adjusted Gross Margin2 was $0.4 million, or 20% of revenues, a substantial improvement from Adjusted Gross Margin of ($0.04) million for the same period last year. Adjusted Gross Margin improved as a result of the efforts of the Company over the past year to refine its cultivation processes to be more efficient, resulting in lower cost of sales, while also increasing revenue.
General and administrative expenses were $1.3 million for the second quarter of fiscal 2019, compared to similar expenses of $0.6 million for the second quarter of fiscal 2018. The increase in expenses was primarily related to the expanded scope of operations and associated sales, general and administrative support. Grown Rogue’s Adjusted EBITDA3 amounted to ($1.0) million for the three months ended April 30 2019, compared to ($0.6) million for the three months ended April 30, 2018. The increased loss was primarily attributable to infrastructure investments required to support the company’s growth plans.
The Company’s cash and cash equivalents position was $0.3 million as at April 30, 2019. Subsequent the second quarter the Company completed a CAD $1.5 million debenture financing.
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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.
NOTES:
1. |
|
The Company’s “Cost of sales, less effects of fair value adjustment of biological assets converted to inventory” is a non-IFRS measure that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. As the Company’s biological assets are developed towards a state where they can be harvested and processed into saleable inventory, the carrying value of these biological assets are adjusted to fair value as at each financial reporting date. Once the biological assets are transferred to inventory based on this value, these fair value adjustments form a component of the value of the inventory, which is subsequently recorded as cost of sales upon final sale. The Company’s cost of sales, less effects of fair value adjustment of biological assets converted to inventory measure attempts to remove these fair value adjustments from cost of sales. The Company believes that this is a useful metric to evaluate its operating performance. |
2. |
|
“Adjusted Gross Margin” is the result of deducting “Cost of sales, less effects of fair value adjustments of biological assets converted to inventory” from revenue for the period. |
Three months ended |
||
April 30, 2019 |
April 30, 2018 |
|
$ |
$ |
|
Revenue |
1,885,115 |
291,026 |
Cost of sales, less effects of fair value adjustments |
(1,509,462) |
(333,472) |
Adjusted Gross Margin |
375,653 |
(42,446) |
3. |
|
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is not a recognized performance measure under IFRS. The Company defines Adjusted EBITDA as the Company’s net income (loss) for a period, as reported, before interest, taxes, depreciation and amortization, and is further adjusted to remove transaction costs, stock-based compensation expense, accretion expense, gain (loss) on derecognition of derivative liabilities and the effects of fair-value accounting for biological assets and inventory. The Company believes that this is a useful metric to evaluate its operating performance. The following is a reconciliation of the Company’s net income (loss) to Adjusted EBITDA. |
Adjusted EBITDA Reconciliation |
Three months ended |
||||
April 30, 2019 |
April 30, 2018 |
||||
$ |
$ |
||||
Net loss, as reported |
(1,648,446) |
(1,097,275) |
|||
Add back costs of goods sold, net of the unrealized gain on |
1,902,389 |
376,997 |
|||
Less cost of sales, less effects of fair value adjustments of |
(1,509,462) |
(333,472) |
|||
(1,255,519) |
(1,053,750) |
||||
Add back accretion expense, as reported |
12,886 |
30,066 |
|||
Add back amortization of intangible assets, as reported |
8,821 |
4,295 |
|||
Add back amortization of property and equipment, as |
163,801 |
132,922 |
|||
Add back stock-based compensation expense, as reported |
112,080 |
– |
|||
Add back interest expense (recovery), as reported |
(10,772) |
255,109 |
|||
Add back transaction costs |
– |
– |
|||
Less gain on derecognition of derivative liability, as reported |
– |
– |
|||
Adjusted EBITDA |
(968,703) |
(631,358) |
|||
FORWARD LOOKING STATEMENTS
This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company into Michigan and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company’s public disclosure documents filed on www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company’s Form 20-F and 6-K filings with the Securities and Exchange Commission.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are disclosed in the Company’s Listing Statement filed on its issuer profile on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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SOURCE Grown Rogue International Inc.
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Contact:
For further information on Grown Rogue International please visit www.grownrogue.com or contact: Obie Strickler, Chief Executive Officer, obie@grownrogue.com; Jacques Habra, Chief Strategy Officer, jacques@grownrogue.com; Investor Relations Desk, Inquiries, invest@grownrogue.com
- Published in Cannabis, Grown Rogue, Medical Marijuana, News Home
Sirona Biochem Announces SGLT2 Inhibitor Development Progress
Momentum Public Relations
Press Release: July 3, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (“Sirona“) is pleased to announce that clinical development of Sirona’s SGLT2 inhibitor, TFC-039, which is currently well into phase 1 of human trials, is progressing on schedule with no adverse events.
Wanbang and Sirona are unable to comment further on the details of the progress for strategic as well as competitive reasons.
Sirona Biochem’s SGLT2 inhibitor, TFC-039, was licensed to Wanbang Biopharmaceuticals, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical Group in 2014 with exclusive rights for China. In exchange for this license, Wanbang Biopharma will provide upfront and milestone payments of up to US$9.5M in addition to royalty payments for product sales in China. Since the initial licensing agreement, the Fosun Pharma group has invested tremendous resources to the development and has already paid Sirona $1.5US Million in milestone payments. Wanbang Biopharmaceuticals has approved this news release.
“Wanbang continues to be very dedicated to the development of this treatment for diabetes. The current status of the program is exactly where we expected it to be at this time and while we would like to comment further, we understand and respect the need for confidentiality”, said Dr. Howard Verrico, CEO of Sirona Biochem. “Our business development and legal teams have been committed to working on the ground in China to maintain and strengthen the relationship with the two companies. We anticipate that the mutual benefits will extend well beyond this program and into other regions in the near future. Having two projects based on Sirona’s technology reach clinical trials is a rare achievement for a biotechnology company of our size.”
Worldwide, an estimated 8.5% of the adult population (422 million people) have type 2 diabetes, and about a quarter of them (148 million; 10.9% of the population) live in China. A recent study in Chinaanalyzed data from more than 400,000 adults suffering from type 2 diabetes. It was revealed that men and women with type 2 diabetes had a 32% and 64% greater risk of developing cancer, respectively, compared with their peers in the general population. Cancer is a leading cause of death in China.
Source: www.medscape.com/viewarticle/912934
About Wanbang Biopharmaceuticals and Fosun Pharmaceuticals
Wanbang Biopharmaceuticals develops, manufactures and sells drugs with indications for chronic disease treatment, antibiotics, and other endocrine diseases in China. Founded in 1981, they are presently headquartered in Xuzhou, China, and are a subsidiary of Shanghai Fosun Pharmaceutical Group. Fosun is a leader in the pharmaceutical industry and regarded as one of the top five domestic pharmaceutical companies in China. For more information on Fosun and Wanbang, please visit www.fosunpharma.com/en.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
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Contact:
regarding this press release, please contact: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in Bio technology, Life Sciences, News Home, Sirona Biochem, Skin Care
Grown Rogue Reaches Binding Agreement for Michigan Cultivation, Processing, and Dispensary on West Side
Momentum Public Relations
Press Release: July 2, 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 a binding agreement (“Agreement”) to expand further into Michigan through a new strategic acquisition and partnership with experienced cannabis operators in Muskegon. The partnership is with Inferno Gardens, Inc (“Inferno Gardens”), whose assets include the local approval for one retail dispensary (referred to as provisional centers in Michigan) and a 24,000 sq ft indoor manufacturing facility that will include both cultivation and processing when fully constructed. State licensing is in progress and expected to be completed in the coming months. The facility is approximately 40% constructed and expected to be fully operational within 120 days. Final acquisition and partnership is subject to Michigan regulatory approval and full licensing of Grown Rogue at the state level.
The terms of the Agreement include the following provisions:
- Grown Rogue obtains the option to acquire a 51% ownership of Inferno Gardens, subject to state regulatory approval, for a one-time payment of $250,000 due upon the signing of the definitive agreement with a deposit of $50,000 submitted in conjunction with the execution of the Agreement;
- Grown Rogue will provide up to $2MM in financing as a loan for development and operational build-out of the cultivation, processing, and dispensary centers of which Grown Rogue will be paid back under an established schedule;
- Grown Rogue will have the right to purchase the remaining 49% of Inferno Gardens for either stock or cash or a combination of both at the earlier of Grown Rogue stock reaching $1.00 / share on the Canadian Securities Exchange for a period of 10 consecutive days or 24 months from signing the Definitive Agreement. Unless Inferno Gardens permits, Grown Rogue may not exercise this option for a period of 12 months following the signing of the definitive agreement.
- Grown Rogue will also issue 900,000 common shares to Inferno Gardens based on milestones including signing of definitive agreement, production of 500 lbs of dried cannabis flower and achieving $3,000,000.00 in top line revenue.
“The cultivation facility, pending all regulatory approval, is targeted to be fully operational by the end of the fourth quarter of this year with first revenue anticipated in early first quarter of 2020,” explained Obie Strickler, Grown Rogue CEO. “Given that current Michigan market rates for quality cannabis flower fetches around $3000/lb, this new revenue source bodes well for our company’s revenue targets. We are excited to partner with Jesse and the rest of his team at Inferno Gardens and bring our proven business model and brand to the Michigan market. “
The binding Agreement also considers the appointment of Inferno Gardens leadership to a management role for oversight of the development and operation of the Michigan facilities. Plans for the dispensary and processing facility are slated for launching in early 2020.
The Company believes the Muskegon location is ideal with the facilities positioned on a popular corridor that see millions of locals and visitors passing through each year en route to Lake Michigan.
“Our positive relationship with the City of Muskegon and local community has been very helpful in advancing our licensing and development initiatives,” shared Mr. Jesse Sproat, CEO of Inferno Gardens. “The partnership with Grown Rogue adds tremendous credibility and allows us to accelerate our go to market plans.” According to the Detroit Free Press, A significant portion of Muskegon County as well as several neighboring Counties have opted out of the cannabis program in Michigan. (1) “Since Muskegon is such a popular destination for locals and tourists, our vertically integrated operation will soon be online to cater to the growing consumer base enjoying Michigan State Parks,” added Mr. Sproat.
Michigan is the 2nd largest medical cannabis population in the United States with the highest per capita medical patient registrations. The State passed the recreational vote in November 2018, and expects a minimum of two years to fully convert the regulations to be in compliance for recreational adult use.(2)
“Our facility in Muskegon will have the capacity to produce approximately 4,000 lbs (~1814 kg) yearly of premium cannabis. This translates to $13-14 million in yearly revenue using today’s average market prices in Michigan,” stated Jacques Habra, Chief Strategy Officer of Grown Rogue. “We expect demand for high quality cannabis products in Michigan to continue to oustrip supply for many years.”
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.
- Published in Cannabis, Grown Rogue, Marijuana, News Home