Sernova's Principal Investigator Presents Positive New Data from Ongoing Type 1 Diabetes (T1D) Clinical Trial at ATC 2021 Virtual Connect Conference
Multiple patients with sustained clinical benefit, including positive fasting serum C-peptide (a biomarker of insulin produced by Sernova’s Cell Pouch islets) detected in their bloodstream
LONDON, ONTARIO – TheNewswire - June 7, 2021 – Sernova Corp. (TSXV:SVA) (OTC:SEOVF) (FSE/XETRA:PSH), a leading clinical-stage regenerative medicine therapeutics company today announced that its principal investigator, Dr. Piotr Witkowski, presented new preliminary data from Sernova’s ongoing U.S. Phase I/II T1D clinical trial at the University of Chicago. Dr. Witkowski’s presented the data at the American Transplant Congress (ATC) 2021 Virtual Connect conference on Saturday June 5, 2021.
The overall objective of the clinical trial is to assess the safety, tolerability, and efficacy of the Cell Pouch with insulin-producing islets. In addition to other criteria, prior to entry into the study, the patients must demonstrate long-standing T1D with severe hypoglycemic unawareness episodes and no glucose-stimulated C-peptide circulating in their bloodstream.
Dr. Witkowski’s presentation entitled “Islet Allotransplantation Into The Pre-Vascularized Sernova Cell PouchTM Device - Preliminary Results Of The Phase I/II Prospective, Open-Label, Single-Arm Study At University of Chicago” highlighted the following key points:
- 6 patients are implanted with Cell Pouches and continue to meet the study’s primary safety endpoint;
- 5 patients have now been transplanted with at least one dose of therapeutic cells (insulin producing islets) and are in different stages of the clinical trial; and
- most significantly, positive fasting serum C-peptide has been detected in the bloodstream of 4 patients so far. C-peptide is a biomarker for insulin produced by the islets in the Cell Pouch.
In addition to the continued confirmation of ongoing safety and tolerability in all currently enrolled patients, Dr. Witkowski provided further updates on the longest treated study patients. These patients continue to show defined clinical benefit associated with ongoing efficacy indicators including:
- reduction/elimination in the need for daily injectable insulin
- continued improvement, i.e. reduction/elimination, in Severe Hypoglycemic Events (SHE);
- persistent detection of fasting and stimulated C-peptide in patients’ bloodstream;
- reduction in HbA1c; and
- continued improvement of glucose control determined through patient blinded Continuous Glucose Monitoring (CGM) and measured by reduction of Time Above Range (TAR) and increase of Time in Range (TIR).
As previously reported, the most advanced patient in the study, who had achieved a ‘functional cure’ (requiring no injectable insulin) and had been insulin independent for 9 months, has now been insulin independent for 14 months with optimal glucose control.
“I believe Sernova is the first company in the world to demonstrate a subcutaneous vascularized device with therapeutic cells able to produce insulin in the bloodstream across multiple patients with the most severe diabetes. This is a remarkable feat. As the study progresses and our patient dataset continues to build, I am more confident than ever of the potential of Sernova’s regenerative medicine therapeutic platform,” said Dr. Philip Toleikis, President and CEO of Sernova. “Our vision of improving the lives of people suffering from diabetes with a ‘functional cure’ is another step closer to becoming a reality.”
ARHT Media Announces First Quarter 2021 Results
May 13 2021 - 01:30PM
ARHT Media Inc. (“ARHT” or “the Company”) (TSXV:ART), the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced its financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Financial Update
Revenues for the first quarter of 2021 were $1.17 million, compared to $440 thousand in the first quarter of 2020, +165% year-over-year;
Cash and cash equivalents were $7.25 million as of March 31, 2021;
Net loss for the first quarter of 2021 was $750 thousand, compared to $1.10 million for the same period in 2020, loss reduced by 32% year-over-year;
First Quarter 2021 & Subsequent Business Highlights
The Company completed an equity offering for $7.98 million; the proceeds of which are being used to invest in growing revenue through additional sales staff and a significant investment in marketing, and infrastructure to deliver increased volume of business including; VP Business Development to manage the WeWork relationship, Director Supply Chain Management, Senior Producer, Project Manager and a Sales and Marketing Coordinator. Proceeds will also be used to expand the Company’s patent portfolio;
The Company entered into a strategic partnership with WeWork on May 10, 2021, to develop the only large scale HoloPresence™ network in the world. ARHT will integrate its holographic technology with WeWork’s global events offering to offer clients engaging virtual meetings and events; first phase includes installation of ARHT HoloPresence™ Solutions in 16 WeWork locations, with the potential for up to 100 office installations globally. This transformational deal will make ARHT technology readily available to enterprise organizations, will reduce the cost of delivery and is expected to deliver significant revenue to the Company in 2022 and beyond;
The Company announced its planned early retirement of 2020 Series A Debentures resulting in interest savings of approximately $80,000.
Q1 revenues featured almost equal weighting from permanent installations featuring HoloPod, HoloPresence and Capture technology, Virtual Global Stage (VGS) online activations and hybrid in person and online events.
“ARHT Media delivered strong first quarter results with year-over-year revenue growth of 165% and an improved margin profile, which was driven by increased demand for our holographic technologies across an expanding base of markets, customers, and regions,” commented Larry O’Reilly, Chief Executive Officer of ARHT Media. “During the quarter, we strengthened our balance sheet through the completion of a $7.98 million equity offering. This capital raise also allowed us to focus on executing on our growth strategy and to capitalize on a transformational partnership agreement with the leading global flexible office space provider, WeWork. We view this partnership as a game changing opportunity as we introduce our holographic technology to a new enterprise audience of over 3,500 WeWork members worldwide, make it more convenient for both existing and new clients to access our technology and as a means to drive significant revenue growth as the world’s first large scale HoloPresence network gets rolled out and we are extremely pleased with talent we have added to grow our business.”
Quisitive Announces Closing of Strategic $20 Million Investment by FAX Capital
March 22 2021 - 08:05PM
Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, is pleased to announce that, further to its news release dated March 8, 2021, it has completed a non-brokered private placement with FAX Capital Corp. (TSX: FXC & FXC.WT) (“FAX”) pursuant to which FAX purchased 16,000,000 common shares of Quisitive (“Common Shares”) from treasury at a price of $1.25 per Common Share for gross proceeds of $20,000,000 (the “Private Placement”).
The Company intends to use the net proceeds of the Private Placement for strategic acquisition opportunities and for general corporate purposes.
Mike Reinhart, Quisitive Chief Executive Officer, said, “We’re thrilled to complete this financing with FAX which we believe puts Quisitive on the path of accelerated expansion, and will enable us to broaden our operational capabilities, accelerate our payment solutions strategy, and strengthen our marketing and sales. The success of this financing demonstrates confidence in the Quisitive team, our Microsoft partnership and the potential of the LedgerPay payment platform.”
“Quisitive has built a strong foundation for long-term growth, and we look forward to continuing to support the Company’s ongoing success,” said Blair Driscoll, FAX’s Chief Executive Officer.
In connection with the Private Placement the Company paid fees aggregating $1,400,000. In addition to a contractual lock-up of 12 months, the Common Shares issued to FAX are subject to a statutory four month and one day hold period.
Nouveau Monde Announces Phase 2 of What Is Planned to Become North America’s Largest Fully Integrated Anode Material Produc...
March 11 2021 - 08:00AM
Nouveau Monde Graphite Inc. (“Nouveau Monde” or the “Company”) (TSXV: NOU; OTCQX: NMGRF; Frankfurt: NM9) is pleased to announce the completion of a Front-End Loading engineering analysis (“FEL-1”) for Phase 2 of its large-scale commercial lithium-ion anode material project in Bécancour, Québec, Canada as it continues to execute its strategy of becoming the Western World’s largest producer of high-quality anode materials to be used mainly in batteries for electrical vehicles and renewable energy storage. As it expands, Nouveau Monde preserves its firm commitment to carbon neutrality.
Arne H Frandsen, Chairman of Nouveau Monde, commented: “Nouveau Monde is firmly on its way to become one of the world’s most important anode materials producers, delivering high quality anode materials from our sophisticated processing and beneficiation plants in Bécancour. Our successful upstream integration with our Matawinie mineral project is designed to ensure that we have access to the right quality feedstock for decades to come. Thanks to Nouveau Monde’s team of local and internationally acclaimed experts and professionals, we are continuing to move forward at speed!”
Eric Desaulniers, President and CEO of Nouveau Monde, added: “We founded Nouveau Monde in 2011 with the vision of developing the largest and best-in-class graphite-based anode material supplier in North America. For the past five years, we have specifically focused on developing the processing know-how and skills internally. We have hired highly qualified professionals from around the world, creating a multifaceted team of anode materials experts. This team has in turn engaged with multiple other local and international experts to establish our technologies to produce high-quality lithium-ion anode material on a large scale.
Today, we are proud to announce Phase 2 of our effort, with a projected low operating cost profile. This next phase will continue to comply with Nouveau Monde’s high ESG standards and will benefit from Québec’s green and inexpensive hydroelectricity as our exclusive energy source. Our significant forecasted incremental annual operating profit potential is a testimony that it is possible to embrace sustainable development and profitability to the benefit of all stakeholders.
It is essential for North America to develop a fully integrated supply chain of high-quality battery materials that are produced at meaningful scale, with the lowest carbon footprint, with strict traceability compliance while maintaining cost competitiveness at all times.”
Figure 1: 3D rendering of Nouveau Monde's Bécancour VAP project
Projected Capital and Operating Costs for Phase 2
The FEL-1 concludes that a production of 42,000 tpa of anode material and 3,000 tpa of purified flakes can be achieved with the construction of a brand-new state-of-the-art facility on Nouveau Monde’s industrial site of 200,000 m2 and supported by its existing Phase 1 plant infrastructure. The FEL-1 includes a review of all environmental regulations and permits, the project schedule, product specifications definition, stakeholders’ analysis, the capital expenditure budget and projected operating costs. Nouveau Monde’s site in Bécancour is strategically situated for large-scale anode material production, with proximity to potential customers, access to key utilities (e.g., water, hydropower, gas), adjacent to a chlor-alkali producer which provides access to key consumables, a skilled workforce and an adjacent deep-water international port on the St. Lawrence River.
ANNUAL OPERATING METRICS 45 ktpa FACILITY
Processed natural graphite 60
Anode material (CSPG) production 42
Purified jumbo flakes production 3
Micronised graphite by-product 14
Chloride by-product 1
Table 1: Annual operating metrics
CAPEX FINANCIAL METRICS 45 ktpa FACILITY
In M US$ IN US$ / tonne
Direct cost 359 7,988
Indirect cost 103 2,280
Contingency 83 1,848
Total CAPEX 545 12,116
Table 2: Initial capital expenditure estimate (excluding Owner's cost, provision for escalation and taxes & duties)
OPEX FINANCIAL METRICS 45 ktpa FACILITY
In M US$ IN US$ / tonnes
Anode Revenue 300 7,152
Material All-in cost excluding 91 2,167
(CSPG) raw material
42 kt production Raw material 23(1) 77(2) 544(1) 1,841(2)
Operating Margin 186 132 4,440 3,144
Purified Revenue 18 6,000
Jumbo All-in cost excluding 3 1,069
Flakes raw material
3 kt production Raw material 1(1) 8(2) 414(1) 2,631(2)
Operating Margin 14 7 4,517 2,300
Total Operating Margin – 45 ktpa facility 200 139 4,445 3,088
Table 3 :Projected operational expenditures
(1) Assumes a transfer pricing at Matawinie mineral project FS 43-101 operating cost plus transportation cost to Bécancour
(2) Assumes a transfer pricing at Matawinie mineral project FS 43-101 sales price plus transportation cost to Bécancour
The Capex and Opex prepared for this FEL-1 are based on a Class 4 type estimate as per the American Association of Cost Engineers (“AACE”) International Practice 18R-97 with a target accuracy of ±15%. Although some individual elements of the Capex may not achieve the target level of accuracy, the overall estimate falls within the parameters of the intended accuracy. The Capex is estimated at US$545 million including the material, equipment, labour and freight required for the plant, as well as all infrastructure and services necessary to support the operation. The estimate excludes the owner’s cost, provision for escalation and all duties and taxes.
Bécancour VAP Project Financing Strategy
The Company’s strategy is to finance the Bécancour VAP project with a structure involving approximately two thirds comprised of non-dilutive financial instruments and the remaining one third of equity financing. The non-dilutive financial instruments that are contemplated by the Company are a combination of bank loans, structured debt, forward payments on production and royalty streams. The Company’s largest shareholder, The Pallinghurst Group, is fully supportive of the Bécancour VAP project. No assurance can be given that any such additional financing will be available or that, if available, it can be obtained on terms favourable to the Company. The failure to obtain additional financing on favourable terms, or at all, could have a material adverse effect on the ability of the Company to complete the construction of the Bécancour VAP project.
Given the strong economics revealed in the FEL-1, Nouveau Monde has commenced a FEL-2 pre-feasibility study, based on the results from the demonstration modules, which is expected to be completed in the first half of 2022. The FEL-1 evaluated various strategies to optimise the deployment of the project, including advancing directly to an enhanced FEL-2 program that includes detailed engineering of certain portions of the project and a modular construction and commissioning sequence enabling an initial production capacity to be available earlier, while construction activities are being completed. The project development pathway beyond detailed design and initiation of the construction phase will be determined by financial partnerships and end-customer commitments. It is currently anticipated by management that the first production lines of the Phase 2 Bécancour VAP project will commence their commissioning in Q1 2025.
Figure 2: Bécancour VAP Project prospective timetable
De-Risking by Building Significant Phase 1 Plant and Strategic R&D
The production of purified, coated spherical graphite used as anode material in lithium-ion battery involves three major process steps, namely: shaping, purification and coating. Since 2016, the Company has committed approximately US$27 million in process development and de-risking by running large-scale bench test and building demonstration units. Since early 2020, Nouveau Monde has been operating two commercial scale shaping units in which it processed nearly 1,000 batches to confirm the optimised process parameters and equipment performance profile to be implemented to produce systematically within customers’ specifications. Significant equipment improvements and modifications were implemented on-site to achieve an optimum operating throughput and overall yield while maintaining constant in-specs quality material. Ongoing internal R&D programs on the shaping process are targeting manufacturing excellence by the enhancement of fundamental understanding of fluid dynamics and air flows by using as-built scan, numerical modelling and adoption of advanced automation and artificial intelligence technologies.
As for the Phase 1 purification sector of the facility, Nouveau Monde developed its proprietary thermochemical process that is currently being deployed at a 1,500 tpa nameplate capacity in Olin’s facility adjacent to the Company’s industrial site, with a commissioning scheduled to start in the first half of 2021 (Construction Commenced of Phase 1 Purification Facility for Lithium-Ion Battery Material in Bécancour and the Land for Phase 2 Expansion Is Now Successfully Acquired).
The final process step to produce anode material consists of coating the purified spherical graphite with a carbon-based material to minimise the surface area and enhance the stability of the solid electrolyte interface. Nouveau Monde is currently in the detailed engineering phase and has initiated the procurement to build the first module of the Phase 1 2,000 tpa capacity plant that is scheduled to be commissioned early in 2022 (Nouveau Monde Advances its 2,000-Tonne Coated Spherical Graphite Production Facility – Commissioning Set for Q1 Next Year). Nouveau Monde is of the view that its strategy of de-risking the process by investing in a rapid deployment of a first scalable-complete module will allow a faster product qualification with lithium-ion battery cell makers and more efficient and reliable engineering development.
Product Offering and Marketing
The anode material flowsheet developed by Nouveau Monde is designed to produce anode material of various particle sizes varying between 8 and 20 µm with flexibility to serve various lithium-ion battery applications. Roskill’s Fall 2020 issue reported 2019 average Chinese sales prices of US$ 7,157/tonne for CSPG with specifications similar to the anode material that is expected to be produced by Nouveau Monde. The Company is of the view that this is a fair and prudent estimate of the projected sales price for the Bécancour VAP project. Moreover, the Company and its experienced graphite marketing team is actively developing value-added opportunities for the 1 and 8 µm micronised graphite representing a valuable anode material process by-product potentially serving multiple niche applications.
In their latest February 2021 Lithium-ion Battery Megafactory assessment report, Benchmark Mineral Intelligence forecasts 562 GWh in 2025 and 937 GWh in 2030 of battery capacity in North America and Europe combined with associated graphite anode demand of 674,000 tpa and 1,124,000 tpa, respectively.
Best in Class in Reducing Supply Chain Carbon Footprint; Fully Committed to Carbon Neutrality
Nouveau Monde seeks to contribute to the decarbonisation of the economy by producing graphite materials, a required input for the production of low-carbon products, with the smallest greenhouse gas (“GHG”) footprint possible. In addition to pushing the science and technology development in order to mine and transform graphite in a sustainable and low GHG-emitting manner, the Company has pledged to offset all GHG emissions from sources it either has direct control over or may significantly influence (i.e., the Company’s Scope 1, Scope 2 and portion of Scope 3 emissions). Based on the FEL-1, the Bécancour VAP projected GHG emissions are detailed in table 4.
EMISSIONS IN METRIC TONNES CO2 EQUIVALENT (T CO2 EQ)
Source Total GHG
Stationary combustion N/A -
Mobile combustion N/A -
Fugitive emissions N/A -
partial oxidation of carbon from the furnace packing material (calcined petroleum coke) 5,760
partial oxidation of carbon from petroleum pitch in the coating process 1,975
Total Scope 1 7,735
Stationary combustion electricity production 300
Total Scope 2 300
Stationary combustion combustion of pitch-derived residual (condensed) material 4,608
transport of calcined petroleum coke 260
transport of petroleum pitch 255
Process emissions production of calcined petroleum coke 3,842
Total Scope 3 8,965
GRAND TOTAL 17,000
Table 4: Projected carbon footprint of the Bécancour VAP project
The offsetting costs are estimated at US$ 11.86/ t CO2 eq per tonne of CSPG produced and represent approximately US$ 202,000 annually. On a per product basis, this represents approximately US$ 3.83 per tonne of CSPG product and US$ 2.01 per tonne of by-product.
The forecasted GHG footprint for the Bécancour VAP project is derived from the FEL-1, its associated energy and mass balances, and the most likely procurement scenario for process inputs such as calcined petroleum coke and petroleum pitch. Nouveau Monde envisions developing and producing the cleanest anode-grade graphite material possible and is continuously striving for excellence in minimising GHG emissions and climate impact.
Nouveau Monde has ongoing R&D programs in place with professor Philippe Ouzilleau, PhD, from McGill University in Montréal to find alternate carbon sources to the petroleum-based product currently being used in the coating process with the objective of significantly reducing its carbon emissions.
Nouveau Monde also remains fully committed to achieving carbon neutrality at the Company’s level, including the Matawinie mine and concentrator in Saint-Michel-des-Saints and the Bécancour VAP project.
Co-Existence of the Matawinie Mineral Project and the Bécancour VAP Project
The FEL-1 does not impact nor alter the National Instrument 43-101 (“NI 43-101”) feasibility study filed on December 10, 2018 with regards to the Matawinie mineral project. While Nouveau Monde is of the view that there are obvious operational and financial benefits to developing a fully controlled and integrated business model, both the Matawinie mineral project and Bécancour VAP project should be considered independently from each other with regards to their economic viability. To this end, it is the intention of the Company to sell opportunistically the high-purity jumbo and large flakes produced at the Matawinie mineral project directly into third party traditional and speciality graphite markets, while the Bécancour VAP project intends to source its products, comprised of intermediate and fine flakes, from multiple sources. As a reference, the FEL-1 is based on a graphite concentrate feedstock pricing identical to a weighted average between the intermediate and fine flakes expected sales price shown at table 19.3 of the Matawinie NI 43-101 feasibility study. It is Nouveau Monde’s intention to prioritise the use of the feedstock produced at the Matawinie mineral project; however, the Company intends to source raw material from other graphite suppliers from time to time should market, or operational, conditions so justify.
Due to its modular structure, upon Phase 2 of the Bécancour VAP project successfully reaching name plate capacity, we believe it will likely be possible for Nouveau Monde to expand its capacity further. Such Phase 3 expansion is currently being analysed by management, but its implementation has not been agreed to and is entirely speculative at this point in time.
The Company will inform its stakeholders of material developments with regards to the Bécancour VAP project as required by its continuous disclosure obligations set out in Regulation 51-102.
About Nouveau Monde
Nouveau Monde is striving to become a key element in the sustainable energy revolution. The Company is working towards developing a fully-integrated source of green battery anode material in Québec, Canada. Targeting full-scale commercial operations by 2023, the Company is developing advanced carbon-neutral graphite-based material solutions for the growing lithium-ion and fuel cell markets. With low-cost operations and high ESG standards, Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and auto manufacturers, ensuring robust and reliable advanced material, while guaranteeing supply chain traceability.
firstname.lastname@example.org Christina Lalli
Director, Investor Relations
enCore Energy Corp. Completes $15 Million Private Placement Financing
March 09 2021 - 04:38PM
enCore Energy Corp. (TSXV: EU) (“enCore Energy” or the “Company”) announces that it has completed a private placement of 15,000,000 units of the Company (the “Units”) at a price of $1.00 per Unit for gross proceeds of $15,000,000 (the “Offering”). As part of the Offering, Clarus Securities Inc., Haywood Securities Inc. and PowerOne Capital Markets Limited (collectively, the “Agents”) acted as agents for the issuance of 11,450,000 Units (the “Brokered Offering”).
Concurrently with the Brokered Offering, the Company completed a non-brokered offering of 3,550,000 Units.
Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one half of one Common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.30 for 36 months following the closing date of the Offering.
In connection with the Brokered Offering, the Company paid a cash commission to the Agents equal to 6.6201% of the gross proceeds of the Brokered Offering and issued a total of 758,001 broker warrants. Each broker warrant is exercisable into one Unit at a price of $1.00 per Unit for a period of 36 months from the issuance date.
The net proceeds raised from the Offering will be used by the Company for the refurbishment of the Rosita Plant to operational status, completion of ongoing reclamation activities and for general corporate purposes. The securities issued are subject to a hold period which expires on July 10, 2021. The Offering remains subject to final acceptance of the TSX Venture Exchange.
The securities offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Organic Garage Announces Conversion of Debenture Interest Into Equity
March 05 2021 - 09:30PM
Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSXV: OG) In accordance with the terms and conditions of the convertible debenture issued on October 25, 2019 (the “Debentures”) the Company has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”) to issue 90,190 common shares (the “Shares”) as settlement of payments of interest equal to $71,250.00 accrued between November 1, 2020 to January 31, 2021.
In a news release dated October 25, 2019, the Company had announced the completion of a private placement offering of the Debentures and the terms of such offering. Such terms include the requirement to pay accrued interest on and during the term of the Debentures to their holders within 30 days of each fiscal quarter by way of issuance of common shares at a conversion price equal to the Market Price (as defined in the polices of the TSXV at the time of conversion, subject to TSXV approval. The Shares will be issued at $0.79 per Share and will be subject to a statutory four-month hold period beginning as of the date of issuance of the Shares. The transaction is subject to the approval of the TSXV.
CEMATRIX Announces Upsizing of Public Offering of Units Co-Led by Gravitas Securities and Clarus Securities Due to Significan...
March 03 2021 - 01:30PM
CEMATRIX Corporation (TSXV: CVX) ("CEMATRIX" or the "Company") is pleased to announce that due to increased investor demand relating to its previously announced preliminary short form prospectus offering, the Company has filed an amended and restated preliminary short form prospectus (the "Prospectus") for the Company’s offering of units (the "Units") at a price of $0.65 per Unit of the Company for aggregate gross proceeds of up to $20,000,000 (the “Offering”), an increase from the previous maximum of $10,000,000.
The Offering is being conducted on a commercially reasonable agency basis by a syndicate of agents led by Gravitas Securities Inc. and Clarus Securities Inc., as co-lead agents and bookrunners, on behalf of a syndicate of agents (collectively, the "Agents").
Each Unit will consist of one common share of the Company (each a "Common Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant will be exercisable for one Common Share at a price of $0.81, for a period of 24 months following closing of the Offering.
The Company has granted the Agents an option (the "Over-Allotment Option"), exercisable in whole or in part at the sole discretion of the Agents, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes.
The closing of the Offering is anticipated to occur on March 15, 2021 or such other date as the Company and the Agents may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the TSX Venture Exchange.
The net proceeds from the Offering will be used to fund future acquisitions, new equipment and personnel to support regional expansion, and general working capital including repayment of debt.
The Units to be issued under the Offering will be offered by way of amended and restated short form prospectus in each of Ontario, Manitoba, Alberta, Saskatchewan and British Columbia and such other jurisdictions as the Company and the Agents may agree to, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. A copy of the Prospectus is available under the Company's profile at www.sedar.com or by request to Gravitas Securities Inc. at email@example.com or Clarus Securities Inc. at firstname.lastname@example.org.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
CEMATRIX Corporation Announces an Increase of $9.9M in Contracted and Contracts in Process
March 01 2021 - 01:30PM
CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced that its wholly owned operating subsidiaries, which include CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) have been awarded $9.9 million in new projects, $1.7 million of which are contracted sales and $8.2 million of which are contracts in process.
Prior to the start of this is year, the Corporation’s Backlog previously included the current year’s sales. Since January 1, 2021, the Corporation’s Backlog is defined as Contracts plus Contracts in Process. Contracts in Process are defined as projects where the related contract is in office for review or signature; or signed and returned to the client for their signature; or is in the post award project submission process; or is awarded by letter of intent; or is awarded by some other form of written communication.
Including the $9.9M in new contracts and contracts in process, the Corporation’s Backlog now totals $89.1 million CDN; $10.6 million of which are Contracts and $78.5 million that are Contracts In Process.
“The majority of the new projects are U.S. based tunnelling and geotechnical projects of varying sizes,” stated Jeff Kendrick, CEMATRIX President and CEO. “Despite a slower than anticipated Canadian market, there are signs that it is beginning to rebound and we expect that Canadian sales will begin to return to pre COVID levels before the end of 2021. U.S. governments are also planning to move $1 trillion of replacement infrastructure projects forward to spur economic activity. Once approved, we anticipate that such initiatives will positively affect the cellular concrete market by the end of the year and for many years to come.”
Parkit Announces $25 Million Bought Deal Financing and $5 Million Concurrent Non-Brokered Private Placement
March 01 2021 - 12:12PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, March 1, 2021 /CNW/ - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" or the "Company"), an industrial real estate growth vehicle and parking platform, is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as joint bookrunners and co-lead underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 16,670,000 common shares ("Common Shares") of the Company at a price of $1.50 per Common Share (the "Offering Price"), for aggregate gross proceeds of $25,005,000 (the "Offering").
The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 3,340,000 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $30,015,000 in the event the Underwriters exercise this option in full.
Concurrent with the Offering, the Company intends to issue and sell additional Common Shares for additional gross proceeds of approximately $5,000,000 on the same terms as the Offering to certain insiders and subscribers designated by the Company. This concurrent non-brokered private placement is expected to be settled via cash subscription, asset contribution, or a combination thereof.
The Company plans to use the net proceeds from the Offering primarily to fund future acquisitions of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal. The Offering is scheduled to close on or about March 18, 2021 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Steven Scott, Chairman, commented: "We are pleased to see the level of institutional support for our industrial real estate growth strategy. Our acquisition plans are ambitious and our pipeline continues to grow. This additional equity financing will ensure the Company is well positioned to execute its strategy in 2021 and beyond."
The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.
The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "1933 Act"), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.