NA Proactive news snapshot: Agraflora Organics, Nerds On Site, Altamira Gold, American Manganese UPDATE …

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

NA Proactive news snapshot - Humanigen Inc, Co-Diagnostics Inc, Medallion Resources Ltd, Acasti Pharma Inc, American Manganese Inc, HIRE Technologies Inc, SōRSE Technology Corporation
Your daily round-up from the world of Proactive

Agraflora Organics International Inc (CSE:AGRA) (OCTMKTS:AGFAF) has submitted a formal response to Health Canada's first request for more information (RMI) regarding the standard processing licence application for Agraflora's 51,000-square-foot fully automated edibles manufacturing facility in Winnipeg, Manitoba. In a statement Friday, the company said the RMI response is a key step towards achieving the standard processing license for the edibles facility. Agraflora in May submitted its site evidence package to Health Canada for the manufacturing license.

Nerds On Site Inc (CSE:NERD) (OTCMKTS:NOSUF), a provider of cybersecurity and mobile IT-support services, posted results on Wednesday for the fiscal year ended May 31, 2020 that saw its revenue jump 14% year-over-year driven by an increasingly expanded and diverse customer base during the pandemic. For the fiscal year ended May 31, 2020, the Toronto-based company reported revenue of $10,143,336, a jump of 14%, compared to $8,906,433 for the year ended May 31, 2019. The company's gross profit in 2020 was $2,639,410, a 16% jump, compared to $2,265,522 for the year earlier. Similarly, gross margin for 2020 was 26%, compared to 25% for 2019.

Altamira Gold Corp (CVE:ALTA) (OTCPINK:EQTRF) updated shareholders on Friday about its previously announced US$6 million agreement with Metalstream Ltd to help finance construction of its Cajueiro project in Brazil. The junior resource company said it may have to terminate the agreement, as Metalstream did not provide the initial payment of US$1 million due on June 23 or the US$5 million due 60 days afterwards. As such, Metalstream is in breach of the US$6 million gold forward purchase agreement, Altamira said in a statement.

American Manganese Inc (CVE:AMY) (OTCMKT:AMYZF) has welcomed President Trump's signing of an executive order declaring a state of emergency to address America's dependence on China for critical minerals, saying the move will benefit the company. American Manganese holds significant manganese resources and has a patented process to recycle lithium-ion batteries to extract cathode metals, such as lithium, cobalt and nickel - all on the critical materials list. It believes it can help alleviate America's material dependencies on such materials and contribute to a solution.

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:BTHCF) announced Friday it had reached 75% enrollment for its multinational Phase 2b/3 study of Ifenprodil for the treatment of COVID-19. A total of 113 patients are currently enrolled. The global human trial is being conducted in the US, Australia, the Philippines and Romania. Algernon anticipates that the study will be completed in November 2020 with a planned data readout before the end of 4Q 2020.

OTC Markets Group Inc (OTCQX:OTCM) is welcoming diversified holding company BBX Capital Inc (OTCQX:BBXIA) to the OTCQX Best Market. Class A shares of BBX Capital start trading on the exchange under the symbol ‘BBXIA’. The Florida-based company’s holdings include principal investments in BBX Capital Real Estate, BBX Sweet Holdings, and Renin. 

Auryn Resources Inc (TSE:AUG) (NYSEAMERICAN:AUG) and Eastmain Resources Inc (TSS:ER) jointly announced Thursday that 99% of shareholders from both companies support Auryn’s spin out of its Peruvian assets and acquisition of Eastmain to form new company Fury Gold Mines Limited. According to a statement, shareholders who voted by proxy represent 63.90% of Auryn's issued and outstanding shares and 34.53% of Eastmain's issued and outstanding shares, which are levels well above the participation of shareholders at Auryn's and Eastmain's previous annual general meetings. No shareholders of either company exercised dissent rights as well. The vote in support of the transaction also follows an endorsement from independent proxy advisor Glass Lewis which, like independent proxy advisor ISS last week, recommended shareholders of each company vote in favour at their respective meetings and shareholders of Auryn vote in favour of all related matters. Under the transaction, Auryn will acquire Eastmain after spinning out its Peruvian assets into two new companies and distributing the shares of those new companies to Auryn's shareholders. The transaction will also create Fury Gold, a leading developer of Canadian gold projects.

NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) (FRA:N29) announced Friday it had appointed Dr David Cramb to its board of directors, in a key step towards the firm’s NASDAQ listing, which requires a five-member board. Cramb is Dean at Ryerson University’s Faculty of Science and a professor in the department of chemistry and biology. In a statement, the Toronto-based company hailed Cramb’s “commitment to interdisciplinary research, innovative collaborations and new ways of doing just about anything set before him.”

WeedMD Inc (CVE:WMD) (OTCQX:WDDMF), a federally licensed producer and distributor of medical-grade cannabis, will participate in the Jefferies Virtual Cannabis Summit on October 7-8. Management will be meeting with institutional investors throughout the conference. “We are looking forward to attending this conference and meeting with some of the most engaging and active investors in the cannabis sector,” said CEO Angelo Tsebelis. “As one of the biggest banking conferences in our industry, this virtual format provides us with a great opportunity to reach a wide range of investor audiences looking to learn more about our innovative medical and retail cannabis platform.”

Mirasol Resources Ltd (CVE:MRZ) (OTCPINK:MRZLF) announced the resignation of director Dana Prince from its board on Friday. In a statement, the junior resources company’s board thanked Prince for his contributions to the company as a director and member of various board committees and wished him well in his future endeavours. Prince will remain available to provide consulting services to the company on an as needed basis.

New Pacific Metals Corp (TSE:NUAG) announced Thursday that all matters submitted to shareholders for approval at the company’s annual general and special meeting of the shareholders received the necessary votes to win. Shareholders approved the election of six directors and signed off on an arrangement providing for the distribution of the common shares of Whitehorse Gold Corp, held by New Pacfici, to New Pacific shareholders. Shareholders also approved the company's amended and restated share based compensation plan and the re-appointment of Deloitte LLP as auditors for the ensuing year.

Media Central Corporation Inc (CSE: FLYY) has entered into a non-binding letter of intent to acquire Varipay Inc in a strategic move to boost the company’s aggressive e-commerce initiative and bolster sales and marketing synergies across all digital platforms. In a statement Friday, Toronto-based Media Central noted that Varipay is a digital-payment processing company with established clients in the pharmaceuticals, nutraceuticals, cannabis and CBD, healthcare, and media industries. Varipay currently offers e-commerce integration, POS retail processing, and virtual terminals to its merchants. Varipay is expected to launch its mobile app in the fourth quarter of 2020 to provide customers with peer-to-peer funds transfer capabilities with full integration into retail environments and e-commerce websites. Media Central said it expects to integrate Varipay into its e-commerce platforms and popular digital media sites which include Toronto’s Now Magazine, Vancouver’s Georgia Straight, CannCentral.com, and ECentralSports.com.

Humanigen Inc (NASDAQ:HGEN) announced Friday that the US Food and Drug Administration said its Emergency Use Authorization (EUA) application for its coronavirus treatment lenzilumab may be sufficient, pending Phase 3 trial data. The agency provided feedback at what is known as a type B meeting, and said that no material changes are needed in the company’s chemistry, manufacturing & controls plan, EUA labeling and the statistical analysis plan. "FDA was very helpful and provided clear guidance on our EUA submission plan,” CEO Cameron Durrant said in a statement. “We are encouraged by our Type B meeting and remain confident in our program and preparedness plans in advance of a potential EUA.” Humanigen also announced that enrollment in the aforementioned Phase 3 study is continuing in the US and Brazil and has now been approved to expand to Mexico. 

Co-Diagnostics Inc (NASDAQ:CODX) (FRA:C97) revealed that its CLIA-certified customer Access Genetics LLC dba OralDNA Labs, which uses the company’s flagship Logix Smart COVID-19 kit, has received emergency use authorization (EUA) for its OraRisk COVID-19 RT-PCR test, allowing testing from a saline oral rinse collection. "We are pleased that Co-Diagnostics technology is being used in the first FDA EUA for a test using a simple saline 30-second swish and gargle collection,” Co-Diagnostics CEO Dwight Egan said in a statement. “Because it eliminates the need for a nasal swab, oral rinse technology has the potential to dramatically improve comfort and accessibility of testing in our communities. We believe this authorization by the FDA provides additional confirmation of the quality, versatility, and adaptability of our CoPrimer platform," he added.

Medallion Resources Ltd (CVE:MDL) (OTCPINK:MLLOF) said it has 'excellent' working capital following an over-subscribed financing and its receipt of C$741,000 from the exercise of warrants and options during its latest quarter. In the three months to September 30, shareholders exercised warrants and options for gross proceeds of around C$741,000, the rare earths-focused group said in a statement. Both warrants and options were priced between C$0.10 and C$0.32, with an average exercise price of C$0.21 per share. "The recent oversubscribed financing, in combination with the progressive exercise of warrants and options, has provided Medallion with an excellent working capital position,” said Mark Saxon, Medallion's president and CEO in a statement.

Acasti Pharma Inc (NASDAQ:ACST) (CVE:ACST) announced the voting results for the matters at its annual and special meeting of shareholders on September 30, this year, saying that Roderick N. Carter, Jean-Marie (John) Canan, Jan D’Alvise and Donald Olds  were elected as directors for the ensuing year. Among other items, at the AGM, shareholders also passed an advisory (non-binding) resolution approving the compensation of the  named executive officers. KPMG LLP were appointed as its auditors for the ensuing fiscal year and the directors were authorized to fix its remuneration. At the AGM, disinterested shareholders approved amendments to the firm's stock option plan and equity incentive plan.

HIRE Technologies Inc (CVE:HIRE) said that the TSX Venture Exchange has accepted documentation related to its C$2.4 million convertible debenture announced on August 10. The Toronto-based recruitment firm sold unsecured convertible debentures with an interest rate of 9% per year that will mature in July 2023. The convertible debentures will be payable semi-annually in arrears either in cash or shares (at the company’s discretion) priced at the volume-weighted average trading price on the TSX Venture Exchange for 20 consecutive trading days ending on the date immediately preceding the date of payment. Holders may convert all or part of the debentures into units priced at C$0.30, comprising one share and one warrant exercisable at $0.60, at any time prior to the maturity date. The company may force the conversion of debentures into units at the conversion price if shares exceed $0.65 over a 10-day consecutive trading period.

Seattle-based SōRSE Technology, which powers OneRepublic frontman Ryan Tedder’s hemp-infused sparkling water Mad Tasty and over 40 other products in the red-hot CBD and cannabis space, is breaking the next frontier by delving into cannabinoid drug research and development. The venture capital-backed company’s technology converts oil into SōRSE – a water-soluble emulsion – that can be used to infuse CBD and other functional ingredients into beverages, food, nutraceuticals, and topicals. It turns out, the company’s science may also have medical applications. SōRSE has partnered with Canadian biotech Pascal Biosciences to initiate a clinical trial of Pascal’s PAS-393, a cannabinoid-based cancer therapy. Scientists at SōRSE and Pascal will optimize a cannabinoid formulation and will then test the experimental PAS-393 treatment, to enhance the so-called checkpoint inhibitors that activate the immune system to kill tumor cells.


Quick facts: Co-Diagnostics

Price: 10.54 USD

Market: NASDAQ
Market Cap: $297.96 m

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Co-Diagnostics to reach wider audience with FDA Emergency Use Authorization...

Co-Diagnostics Inc (NASDAQ:CODX) CEO Dwight Egan tells Proactive the molecular diagnostics company's Logix Smart coronavirus test has obtained Emergency Use Authorization from the FDA to be used to diagnose SARS-CoV-2. Egan says the authorization confirms the quality and performance of the...

on 04/07/2020

10 min read