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NA Proactive news snapshot: Lexaria Bioscience, Algernon Pharmaceuticals, CleanSpark, Pressure BioSciences, MindMed, Telson Mining UPDATE …

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

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Christopher Bunka, CEO and director of Lexaria Bioscience Corp (OTCMKTS:LXRP) (CSE:LXX), acquired 200,000 units comprised of 200,000 shares and 200,000 share purchase warrants as part of a private placement financing comprising over 8.86 million units for total gross proceeds of US$2,039,228, which Lexaria conducted on May 6 and May 11 this year. Mr Bunka paid US$0.23 (C$0.32) per unit for a total purchase price of US$46,000 (C$64,000). Following this, Mr. Bunka, directly and indirectly through his holding company, holds over 13.4 million shares a non-diluted basis, representing 15% of the share capital or over 14.3 million shares on a partially diluted basis representing 15.8% of  the diluted share capital. He acquired the additional shares and warrants for investment purposes only. 

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) has received US Food and Drug Administration clearance for its planned multinational study of lead drug NP-120, known as Ifenprodil, as a potential therapeutic treatment for patients with the COVID-19 disease. As part of the multinational Phase 2b/3 clinical study of the repurposed drug, Algernon has already received clearance in Canada and has also filed for ethics approval in Australia. Ifenprodil could reduce the infiltration of neutrophils and T-cells into the lungs, where they can release glutamate and cytokines. The latter can result in the highly problematic cytokine storm that contributes to the loss of lung function, and ultimately death, in COVID-19 patients. Phase 2b/3 will start with an aggregate of 100 patients and, assuming positive preliminary data, will move into Phase 3. 

CleanSpark Inc (NASDAQ:CLSK) said Thursday that its subsidiary p2klabs Inc is seeing significant growth this year and contributing to the parent company’s overall success. The company said that during the four months ending May 31, p2klabs’ revenues increased 80% year-over-year to $472,776. CleanSpark said it attributes the increase to a combination of factors, including increased access to capital, expanded product offering and the ability to attract and retain key personnel as a function of being a component of a much larger organization.

Pressure BioSciences Inc (OTCQB:PBIO) revealed that its initial manufacturing run of 12 of its BaroShear K45 processing systems had now sold out, with the final one being bought by a licensed Massachusetts hemp processor Canopy CBD Farms. The system is based on the the Massachusetts-based Pressure Bio's proprietary ultra shear technology (UST) platform and is designed to solve a critical problem for the hemp-derived cannabinoid industry, namely, how to make the cannabinoid oil soluble in water. The firm had aimed to complete the 12 systems during the fourth quarter of 2020 but due to inefficiencies caused by the coronavirus pandemic, it now reckons they will be ready for shipment and installation to occur during the first quarter of 2021.

Mind Medicine (MindMed) Inc (OTCQB:MEDF) has officially launched Project Lucy, a commercial drug development program for the treatment of anxiety disorders. The Reno-based company said it intends to initiate a Phase 2b human efficacy trial that will focus on experiential doses of lysergic acid diethylamide (LSD) administered by a therapist. MindMed noted that this is the first experiential, psychedelic-assisted therapy to be added to its drug development pipeline. With the launch of Project Lucy, the company said it is now preparing a total of three Phase 2 commercial drug trials based on psychedelic-inspired medicines, making it one of the most advanced and largest drug development pipelines in the psychedelics industry, 

Telson Mining Corporation (CVE:TSN) (OTCMKTS:SOHFF) has resumed operations at its Campo Morado mine in Mexico, it announced Thursday. Operations began again after the Mexican government deemed mining to be an essential industry amidst the coronavirus (COVID-19) pandemic and lifted a temporary shutdown of activities. Mining and milling has resumed on June 3 at Campo Morado, which is located in the state of Guerrero.

ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) has signed a partnership with North Highland, a global consulting firm ranked on Forbes 2020 America's Best Management Consulting Firms list. North Highland serves clients in the media, entertainment and communications sectors and placed in seven different categories on the Forbes list, one of just 31 firms ranked for internet media and entertainment. By adding ImagineAR’s augmented reality platform to the mix, Atlanta-based North Highland will be equipped with a new way to provide immersive mobile experiences to its clients.

O3 Mining Inc (CVE:OIII) has tripled the size of its current drill program in Val D’Or, Quebec, after initial success in the campaign and following its recent C$35 million financing. The firm has already sunk around 26,000 metres (m) of a 50,000m program announced last September and is now lifting that to 150,000m in a program budgeted at C$24 million to be completed by the end of 2021. The first rig was mobilized earlier this week and more drills will be added in the near term, the company added.

Media Central Corporation Inc (CSE:FLYY) (FSE:3AT) said it has entered a memorandum of understanding (MOU) with iMD Health Global to provide readers of its flagship publications, NOW Magazine and the Georgia Straight, with free access to Canada's largest library of up-to-date clinical health information. The company, which focuses on acquiring and developing high-quality publishing assets, said the materials cover more than 2,100 common medical ailments and procedures, while iMD itself offers over 80,000 patient-friendly images, booklets, factsheets, and videos featuring vetted information from over 60 Canadian health associations, product manufacturers and the Mayo Clinic. Media Central said both NOW Magazine and the Georgia Straight will provide access to iMD's clinical healthcare information through portals on nowtoronto.com and straight.com respectively; and will promote the offering through print, digital, social media and email marketing applications.

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) has launched a large exploration program at its Red Lake gold mine development project in a bid to grow resources and make new high-grade discoveries. Over 30,000 metres (m) of diamond drilling, both underground and at surface, is planned at the site in Ontario and the work is expected to carry on into 2021. "We are now launching an aggressive exploration program designed to realize our vision for future growth at Canada’s next gold mine," Pure Gold CEO Darin Labrenz told investors in a statement.

Heritage Cannabis Holdings Corp (CSE:CANN) (CNSX:CANN.CN) (OTC:HERTF) said it has purchased Pura Vida, an award-winning legacy cannabis brand recognized for superior tinctures, concentrates and vape cartridge products. The cannabis specialist said the Pura Vida brand will be marketed primarily as Heritage's recreational offering and will complement the launch of the company’s Purefarma medicinal and recreational brand on May 26. Heritage said it will acquire the Pura Vida brand and trademark for C$75,000, to be satisfied by the issue of 500,000 shares in the company at a value of C$0.15 each, with the transaction expected to close by June 19.

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLUF) has entered the Korean market after selling 300 kilogrammes (kg) of its vein graphite to Elves Graphite Co, Ltd of Seoul. The South Korean firm bought the firm's graphite to assess its suitability for battery manufacturers and others, which use high-grade graphite in their manufacturing processes in South Korea, Ceylon said. The order is expected to ship immediately. The news comes after the firm announced on Wednesday the first commercial sale of graphite from its K1 mine in Sri Lanka, to Singapore’s 2D Materials Pte Ltd, which aims to use the product in its graphene production.

The Valens Company (CVE:VLNS) (OTCQX:VLNCF) has announced a custom manufacturing agreement with TREC Brands Inc, a cannabis brand house with a mission of doing good. In a statement on Thursday, the Canadian company also provided an update on its Normal Course Issuer Bid (NCIB) activity showing it was buying back shares. Under the agreement with TREC Brands, Valens will manufacture vape pens across three existing TREC brands; Thumbs Up Brand, WINK, and Blissed, with the potential to later produce other innovative products.

NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR) has officially launched its 3D augmented reality scanning app, ARitize 360. The app, available for free download on iOS and Android, allows users to create 3D/AR assets using cell phone video.  NexTech plans to market the app to the shoe and sneaker industry, where photorealistic scans can be made at scale — something that hasn’t always been possible. Previously, AR capture has been a time consuming process costing between $250 and $2,500 per product, the company said.

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) posted first-quarter results on Thursday that saw materially higher sequential revenue driven by strong demand for its high-end finished products. For its first quarter ended March 31, 2020, the Vancouver-based seed-to-shelf craft cannabis producer clocked up revenue of $1 million, compared to $144,036 in the fourth quarter of 2019. In a statement accompanying the numbers, Next Green Wave CEO Mike Jennings CEO given “the challenges and obstacles” the company, and the industry, have had to overcome, Next Green Wave was “very proud” of its accomplishments during the quarter.

BetterLife Pharma Inc (CSE:BETR) (OTCQB:PVOTF) has said it is making good progress in its proposed acquisition of Canada’s Altum Pharmaceuticals Inc. The Vancouver-based company told shareholders Thursday it has secured hard lock-up agreements from a majority of Altum’s shareholders, clearing a path to finalizing the deal. Around 67% of Altum shareholders have agreed to the share lock-up. Altum’s drug pipeline includes lead product AP-003, an inhalation formulation that could represent a potential treatment against coronavirus (COVID-19) as it shows effectiveness in slowing viral replication. Under the agreement, BetterLife will acquire worldwide rights to commercialize and sell AP-003.

Duos Technologies Group Inc (NASDAQ:DUOT) said it has been awarded a contract by an existing class one railroad customer to integrate up to one hundred artificial intelligence (AI) use cases into its proprietary Centraco platform for eventual use by the railroad in its automation efforts. The contract is valued at around $2.1 million and will be executed in two phases, with half to occur in 2020 while the balance is to be completed in early 2021. Duos said the deal also includes a “significant recurring service and maintenance component” for the new software being developed.

Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) has released a new engineering report highlighting a number of enhancements in its lithium-ion battery cathode materials process technology. The report contains upgraded design specifications, stricter budget estimates and improved economics for commercial-scale production of lithium-ion phosphate (LFP). Vancouver-based Nano One is developing patented technology for the low-cost production of high-performance lithium-ion battery cathode materials for electric vehicles, energy storage and consumer electronics. "We now have improved economics, and enhanced design specifications on a 4,800 ton per year manufacturing line for the production of lithium iron phosphate," Nano One’s CEO Dan Blondal said in a statement Thursday.

Esports Entertainment Group Inc (NASDAQ:GMBL) has appointed experienced financial executive Damian Mathews as chairman of its audit committee after he was elected as a board director at the company on June 3 this year. Mathews, who was chief financial officer of the Qatar and Abu Dhabi Investment Company, brings more than 25 years of experience to his role, the online gambling and esports wagering specialist said. In a statement, Grant Johnson, CEO at Esports pointed out that Mathews' wealth of experience would provide "immeasurable benefit as we scale operations and grow our institutional shareholder base."

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) said it has closed on the second tranche of a non-brokered private placement that raised a total of C$21,579,000. The second tranche consisted of the issuance of 1,538 units at C$1,000 each for gross proceeds of C$1,538,000, in addition to C$20,041,000 in gross proceeds in the first tranche that the company closed on April 27, the group said in a statement. Amid the closing confirmation, the medical cannabis company also revealed that two of its top executives are leaving.  

New Pacific Metals Corp. (CVE:NUAG) (OTCQX:NUPMF) has announced the filing of an amended and restated technical report entitled “Silver Sand Deposit Mineral Resource Report with an effective date of January 16, 2020 prepared by AMC Mining Consultants (Canada) Ltd. The amended report includes additional disclosure regarding the assumed mining costs, processing costs and metallurgical recoveries used to establish the cut-off grade selected, but otherwise contains no material differences to the original technical report filed on May 25, 2020. A copy of the amended report is available on the company's website at www.newpacificmetals.com.

Blockchain Holdings Ltd (CSE:BCX) (OTCMKTS:UTOLF) said Thursday that it plans to postpone the filing of its unaudited interim financial statements for the three months ended March 31, 2020 to avail of an exemption offered by the securities regulators in Ontario. On March 23, the Ontario Securities Commission offered companies a 45-day filing extension for the March 23 to June 1 period, to give them the time needed to focus on the business and financial reporting implications of the coronavirus (COVID-19) pandemic. The company said it is continuing to work to file the interim filings and currently expects to have them filed on or prior to the extended filing deadline of July 16, 2020. The company also announces that management and other insiders are subject to an insider trading black-out policy.

Ximen Mining Corp (CVE:XIM) said the TSX Venture Exchange has accepted for filing documentation with respect to its non-brokered private placement, announced on March 5, 202, which will see the issue of 1.2 million flow-through shares with a purchase price of 50 cents per share each with one placee, for which Qwest Investment Fund Management Ltd. will receive a finder's fee of $42,000 and 84,000 non-transferable warrants, each exercisable at 50 cents for two years.

Neo Lithium Corp. (CVE:NLC) (OTCQX:NTTHF) (FSE:NE2) announced that it has cancelled an aggregate of 2,950,000 incentive stock options previously held by certain directors, officers, consultants and employees of the company with an expiry date of January 13, 2023, and an exercise price of $2.42 each. After the given effect of the cancelled options, the company said it currently has 8,520,000 issued and outstanding incentive stock options under its rolling 10% stock option plan.

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