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NA Proactive news snapshot: Marrone Bio Innovations, LeanLife Health, Great Bear Resources, Ascent Industries UPDATE …

A glance at some of the day's highlights from the Proactive Investors US and Canada newswires

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Your daily round-up from the world of Proactive

Marrone Bio Innovations (NASDAQ:MBII) announced the results of trials of its next-generation nematicide/insecticide, which showed a superior control of yield-robbing insects and nematodes in corn. The series of six trials compared the new product with Majestene, a current MBI offering, and other current chemicals. The 2019 trials showed that the new product offers “outstanding control against corn rootworm larvae, seed corn maggot and lesion nematode in field corn.” The new product is in the final phases of R&D development, the company said, and will be submitted for regulatory approval within the next year.

LeanLife Health Inc (CSE:LLP) has signed an agreement with Ecovatec Solutions Inc to begin production of the company's high-quality, shelf-stable omega-3 food ingredient. The phase 1 production agreement permits LeanLife to use the advanced manufacturing facility of this local Canadian nutraceutical company, according to a statement. It follows a previous testing agreement with Ecovatec during which the company validated its scalable, proprietary process and produced a certified product so incredibly high in purity and quality that it set a new near-impassable standard in the market. Leanfife said the agreement will allow it to begin production using its recently upgraded manufacturing equipment that was purchased to increase capacity and lower costs, thereby improving profit margins.  

Great Bear Resources Ltd (CVE:GBR) released new results from its fully financed 200,000-metre drill program at its wholly-owned Dixie project in the Red Lake district of Ontario. The Dixie project consists of 9,140 hectares of contiguous claims that extend over 22 kilometres. The explorer said the results were from the LP Fault target along the Gap, Auro and Bear-Rimini zones. Highlights of recent results include 16.80 grams per tonne (g/t) gold over 4.15 metres, and a separate interval of 1.25 g/t gold over 45.50 metres in the new Gap zone, located between the Bear-Rimini and Yuma zones. They also include 48.67 g/t gold over 8.70 metres, and 241.88 g/t gold over 1.20 metres in the Auro zone. The results continue to support continuity of gold mineralization along more than 4 kilometres, which remains open along strike and at depth, said the explorer.

Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) is reviewing its operations in Oregon based on the view that the level of investment required to operate successfully in the state may not be met by the funding available upon Ascent’s exit from the Companies’ Creditors Arrangement Act. Ascent is now looking to focus its efforts on setting up a hemp cannabidiol and cannabis product line and expanding its operations in Nevada. In Oregon, Ascent has cannabis and hemp handling licenses and a 7,000 square feet facility in Portland. Its revised plans are focused on selling a line of Ascent hemp CBD and cannabis products in dispensaries across the US.

Otso Gold Corp (CVE:OTSO), formerly Nordic Gold Inc (CVE:NOR), told investors it was an "exciting" time for the group as it moves towards returning the Otso mine (formerly known as the Laiva gold mine) back to production, earmarked for July next year. All necessary elements for that to occur are in place, said the company in a shareholder update, including all permits and licenses and two open pits in place. Also a 'gold plated' process plant (mill) also on site which is well maintained and requires minimal capital expenditure. Otso confirmed it needs C$17.5 million between now and the start of production in July 2020 and is considering transactions including one or more instruments to replace or complement an equity raise.

Humanigen Inc (OTCMKTS:HGEN), a clinical-stage biopharma company which specializes in CAR-T and other cell therapies, has tapped Cheryl Buxton, Korn Ferry’s (NYSE:KFY) global sector leader of Pharmaceuticals, to its board. Buxton is currently in charge of research and development recruiting for the pharmaceutical and consumer divisions at the consulting and executive search firm Korn Ferry. Before joining Korn Ferry, she worked as a human resources director for Johnson & Johnson Pharmaceuticals and was based in the UK

Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCMKTS:THBRF) announced Monday that industry veteran Marni Wieshofer has been appointed Lead Director of the company’s board. She served as CFO and executive vice president of corporate development at Lionsgate Entertainment where she oversaw the company's mergers, acquisitions, and other strategic financial initiatives. "I have had the privilege to work with Marni as our CFO when I launched Lionsgate over 20 years ago," said Frank Giustra, major shareholder and board member of Thunderbird, in a statement.

Sorrento Therapeutics Inc (NASDAQ:SRNE) has recruited Dr. Robin Smith, a top biopharma entrepreneur, to its board. Dr. Smith is a philanthropist, medical doctor and entrepreneur who has held a number of C-suite positions in the biopharma industry. She is the chair and founder of the humanitarian health group, the Cura Foundation and also sits on the boards of Celularity, Seelos Therapeutics, Spiritus Therapeutics and the International Board of Sanford Health. She holds a BA and medical degree from Yale University as well as an MBA from the Wharton School of Business.Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to turn malignant cancers into manageable and possibly curable diseases. 

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) updated on its placing, which was announced closed on December 4, which raised C$628,333.38 gross. The junior oiler said it planned to use the proceeds to pay aged outstanding accounts payable of C$539,500, and the remaining proceeds of up to C$60,500 will be used for general working capital. More specifically, $140,000 will be used to retire a senior secured creditor loan, C$149,500 will be used to retire overdue creditor debt and C$250,000 will be used for immediate operation liabilities related to its Saskatchewan assets.

Exactus Inc (OTCMKTS:EXDI) issued a clarification regarding a $2 million financing agreement the company entered into on December 4. On that date, the company closed the first of three tranches of the financing, in which an undisclosed investor purchased $833,333 worth of 8% senior secured convertible notes. The company clarified that the first tranche is convertible into 1.6 million shares of common stock with a par value of $0.001 per share or at a conversion price of $0.50 per share. The statement also noted that the company is not obligated to sell the full $2.0 million worth of 8% notes.

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) reports that, since its November 29, 2019 default announcement in respect to the Management Cease Trade Order, there has not been any failure by the company to fulfill its intentions to satisfy the provisions of the British Columbia Securities Commission’s guidelines, and there have been no additional defaults. At this time, the company does not expect that there will be a change to its anticipated timing of filing the Annual Filings on or before December 19 and in any event before December 31. 

eWellness Healthcare Corp (OTCMKTS:EWLL) provided an optimistic forecast on Monday and the provider of digital physical therapy (PT) sessions now projects that it will bring in 30,000 new patients and gross sales of US$9 million in fiscal 2020. In the coming months, its business will be generated from 16 provider agreements, 14 of which are based in Canada with eWellness’s partner company Bistromatics Inc. If business rolls in as expected, gross sales will equal about $9 million in fiscal 2020 for both Bistromatics and eWellness. And thanks to its revenue-sharing agreement with Bistromatics, eWellness expects to bring in net earnings of $1.5 million in fiscal 2020. Now based in Fort Lauderdale, Florida, eWellness bills itself as the first physical therapy telehealth company to provide PT assessments and treatments in real time via a smart phone or a laptop. 

mCloud Technologies Corp (CVE:PGM) (OTCMKTS:LRTNF) announced Monday it has signed the final binding stock purchase agreement to acquire Construction Systems Associates Inc, an Atlanta-based 3D technology company. In a statement, the Vancouver-based company said the acquisition of CSA, effective December 13, positions mCloud to become one of the largest providers of 3D asset management capabilities to the nuclear power industry in North America. More than 80% of all nuclear plants in the US rely on technology provided by CSA to facilitate plant operations and complex change management activities. Current CSA customers include energy heavyweights Exelon Corporation (NASDAQ:EXC) and Dominion Energy Inc (NYSE:D), and many more.

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) (OTCMKTS:LRTNF) posted more good exploration results from its flagship Madsen mine project in Red Lake, Ontario, saying its latest drill hole had confirmed a gold system between the Russet South and 8 zone. The latest hole testing this 'expansive gap" has hit 51 m of gold, including 9.9 grams per ton (g/t) of the yellow metal over 0.9 m, the Vancouver-headquartered company said. Also on Monday, Pure Gold said drilling at the Madsen Red Lake mine trend continued to rapidly expand the footprint of the Wedge zone, which is expected to upgrade the current resource and also expand the resource footprint.

CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF), a medical cannabis research and technology company, is launching a study to test the effects of hemp-based CBD on patients with anxiety. The study, which CB2 said is the first of its kind, is being done in partnership with US hemp consumer goods company GL Brands (OTCQB:FRLF), through its subsidiary Green Lotus. The trial will measure safety, efficacy and other health measures for patients using Green Lotus brand CBD soft gel capsules to treat anxiety.

Bragg Gaming Group (CVE:BRAG) (OTCMKTS:BRGGF) announced that its subsidiary ORYX Gaming has reached an agreement with Colombian gaming website FullReto.co. Under the terms of the deal, ORYX will provide Grupo Vinnare, FullReto.co’s parent company, with its full turnkey solution, which includes its iGaming platform, proprietary sportsbook and access to a portfolio of casino game content.

Metalla Royalty & Streaming Ltd (CVE:MTA) (OTCMKTS:MTAFF) said it had carried out a 1:4 share split, so one new share for four old ones, and shares will begin  changing hands on a consolidated basis as of December 17 this year. The name of the company has not been changed.

Harvest One Cannabis Inc (CVE:HVT)  (OTCMKTS:HRVOF) has issued 405,811 shares at a price of $0.185 per share. The cannabis company announced earlier this month that its subsidiary United Greeneries Ltd will sell its pot products in Alberta after striking a deal with provincial regulators. Harvest One serves as an umbrella over three wholly-owned subsidiaries: United Greeneries, which is a licensed cannabis producer; Satipharm, which develops cannabis-based health products; and Dream Water, which offers consumer sleep aids.

Endeavour Mining Corp (TSE:EDV) (OTCMKTS:EDVMF) reported that it continues to work on a possible merger with FTSE 250-gold miner Centamin PLC (LON:CEY), stating that the former's CEO and the latter's chairman had met in Australia to discuss the merits of the proposed transaction. As reported on December 3, Endeavour lodged an all-share bid, saying the combination would “strongly benefit both sets of shareholders due to the compelling long-term value creation opportunity”. The board of the Egyptian gold firm then unanimously rejected the takeover approach, saying it was “skewed in favor of Endeavour’s shareholders and "fundamentally" undervalued Centamin. At a December 14 meeting in Perth, Endeavour said, it was agreed that to determine the feasibility of any transaction, both companies would need to conduct reciprocal due diligence.

Atlas Engineered Products Ltd (CVE:AEP) (OTCMKTS:APEUF), the wood truss firm, is set to bring in C$4.25 million via a placing  to be used for potential acquisition targets, general working capital, and capital equipment upgrades, it said. The  Nanaimo, British Columbia- based firm will issue up to 10.625 million units at C$0.40 a throw. Each unit consists of one share and one non-transferrable share purchase warrant. Each whole warrant entitles the holder to buy one further share for C$0.60 for two years from issue.

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) updated on its placing, which was announced closed on December 4, which raised C$628,333.38 gross. The junior oiler said it planned to use the proceeds to pay aged outstanding accounts payable of C$539,500, and the remaining proceeds of up to C$60,500 will be used for general working capital. More specifically, $140,000 will be used to retire a senior secured creditor loan, C$149,500 will be used to retire overdue creditor debt and C$250,000 will be used for immediate operation liabilities related to its Saskatchewan assets.

Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) has once more extended the longstop date of its option agreement with Richland Resources Ltd over the Queensland sapphire project acquisition as the parties complete the remaining legal formalities. Fura agreed with Richland on December 13 to extend the longstop date from December 14 to December 20 this year and to amend the purchase price to a single cash payment of US$1.25 million payable on completion, said Fura in a brief statement. Toronto-based Fura’s option agreement with Richland is over the acquisition of a new sapphire mining project in Queensland, Australia. 

FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) scored a major milestone by receiving approval to uplist on the tech-laden Nasdaq.  The Canadian company said that it received approval to have its Class B subordinate voting shares listed on Nasdaq and expects to start trading in the “near future.” FSD Pharma is focused on the research and development of cannabinoid-based treatments for several central nervous system disorders including fibromyalgia, and irritable bowel syndrome. Headquartered at the former Kraft plant in Cobourg, Ontario, with large expansion potential, FSD also grows medical-grade cannabis at its 25,000 square foot facility in Ontario. 

Alchemist Mining Inc (CSE:AMS) CEO Paul Mann told shareholders that the company is “working diligently to secure the financing needed to start trading again.” But he noted that investment brokers, bankers, and independent investors have grown cautious of the cannabis industry as they sit on the sidelines. “Therefore, we have started to focus on securing private equity, convertible debentures, and even straight debt,” he said, adding that the Vancouver-based company still needs to obtain $3.5 million dollars to start trading again.

PB Financial Corp (OTCQX:PBNC), the holding company for Providence Bank, kicks off trading today on the OTCQX under the ticker PBNC. The company was formerly private. “PB Financial Corp is the 8th community bank to go public on our OTCQX Best Market in 2019 providing investors with greater transparency and more efficient trading,” said Jason Paltrowitz, an executive vice-president of corporate services with OTC Markets Group. “We look forward to supporting PB Financial Corp in the public market.” Providence Bank offers commercial and retail banking services in the Nash, Edgecombe and Wilson Counties of North Carolina.

Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) told investors that it had kicked off an induced polarization  geophysical survey on its flagship Pamlico Project in Nevada, USA. "We are pleased to have started the IP survey in an attempt to better define the trend of gold mineralization at Pamlico," said Robert Archer, Newrange CEO. "Although there has been extensive oxidation of much of the sulphide mineralization, IP only needs small amounts of remnant sulfides to generate a response. As it appears that very fine gold was originally associated with sulfides at Pamlico, the IP will hopefully help to detect fluid pathways and buried sulfide concentrations, generating drill targets for subsequent follow up." Newrange said the survey will initially comprise four to five lines, each around 1,800 meters (m) long, to test the responsiveness of the rocks. The survey area includes part of Pamlico Ridge and extends out into the Pediment Zone. If the survey proves to be successful in detecting sulphide mineralization, Newrange will consider extending the area of coverage, it added.

American Battery Metals Corporation's (OTCMKTS:ABML) top management discussed US economic and national security as well as battery-metals independence with congressional lawmakers recently. In a statement, the battery metal exploration and development and battery recycling company said CEO Doug Cole, Chief Technical Officer Ryan Melsert, and Doug Nickle, head of business development and government affairs, spent a week in Washington, DC, meeting with both Democrats and Republicans. The company said Cole and his team were well received as they articulated their strategy to help the US lessen its reliance on foreign sources of critical minerals. "Regardless of what else is happening in DC, energy independence and renewable resources are top of mind for our elected and appointed officials," said Cole.

VolitionRx Limited (NYSEAMERICAN:VNRX) revealed that its subsidiary Belgian Volition SPRL struck an agreement to acquire an epigenetic reagent company, Octamer GmbH for around €650,000 euros ($725,000) in cash and stock. In a statement, the multi-national life sciences company that develops easy-to-use blood-based cancer tests to diagnose cancers, said the deal is expected to close in January 2020. Octamer is already revenue-generating and has many business development opportunities that Volition plans to exploit in 2020. In addition to nucleosomes, Octamer makes and sells histones, octamers and DNA templates which are reagents used for custom applications in epigenetic research and drug discovery. 

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