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NA Proactive news snapshot: Oragin Foods, Altaley Mining, Clean Air Metals, Soma Gold … – Proactive Investors Canada

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15:00 Wed 01 Jun 2022
A glance at some of the day’s highlights from the Proactive Investors US and Canada newswires
Todos Medical Ltd majority-owned subsidiary 3CL Pharma Ltd has reported a Day 26 update from an ongoing 60-day case study of the dietary supplement 3CL protease inhibitor Tollovid in a patient experiencing symptoms of long COVID. The patient, a 33-year-old man, originally contracted COVID-19 in March 2021 and experienced persistent long COVID symptoms, including significant weight loss, nausea and fatigue, the company said. On May 5, he began a regimen of 12 Tollovid Maximum Strength capsules for five days, and symptoms significantly improved. Digestion and heart rate returned to the patient’s pre-COVID baseline and he reported improvements in brain fog as well as better sleep, although a sleep monitor still noted less sleep. 
Globex Mining Enterprises Inc said underground exploration at the Labyrinth gold project in Quebec is approaching completion, with initial results supporting a potentially significant Joint Ore Reserves Committee (JORC) resource later this year, according to the project’s operator. Per an update from its operator Labyrinth Resources, the company said more than 4,390 metres (m) of diamond drilling has been completed, assays were pending for eight holes with six expected to be received in the next two weeks, and the final hole in the initial program was underway. Upon completion of the underground program, surface drilling is set to commence in late June targeting significant mineralization extensions to depths of up to 400 m below the current known resource.
Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) has announced its intention to spin out certain of its mineral claims in Argentina into a wholly-owned subsidiary called Latamark Resources Corp. The company said the spin-out deal was designed to create value for Falcon Gold shareholders by allowing Latamark to focus exclusively on the activities required to exercise the option on the Esperanza project, which includes seven exploration concessions covering 11,072 hectares in the Sierra de Las Minas District of Argentina’s southern La Rioja province. Falcon Gold CEO Karim Rayani said the spin-out would enable the company to expand into new jurisdictions while allowing Falcon to focus on its Canadian portfolio.
Water Tower Research LLC announced a fireside chat with EVmo Inc CEO Ryan Saathoff on June 9, 2022, at 11:00 am ET. The topics of discussion will include EVmo’s balance sheet strength and opportunities to improve cashflows as the fleet grows. EVmo’s approach to growing its fleet to 2,000 cars will also be highlighted. Investors can register for the event here.  
Appia Rare Earths & Uranium Corp has revealed assay results from its 2021 drilling program and the discovery of a massive new rare-earth element (REE) bearing zone in the WRCB area of the company’s Alces Lake high-grade rare-earth elements and gallium property, in the Athabasca Basin of northern Saskatchewan. In a statement, Appia President Frederick Kozak said: “The wait for the assay results was worth it. Appia has identified the continuity of the WRCB shallow high-grade mineralization with a strike length of approximately 100m and consistently strong assay values. However, the new discovery of the massive AMP zone from surface to depth has revealed it is large and continuous across all of the WRCB area and open along strike within the NNW-trending kilometre-scale structural corridor. This could be a blockbuster for future rare earths production, as Appia continues to move the Alces Lake rare earths discovery towards potential development”.
Los Andes Copper Limited said the TSX Venture Exchange has accepted for filing the company’s proposal to issue 3,260 common shares at a deemed value of $14.77 per share to settle outstanding debt for $48,161.
Empower Clinics Inc has revealed strong demand for its coronavirus (COVID-19) testing solutions at the port of Vancouver. The healthcare company said that it has conducted more than 3,000 tests and confirmed more than 750 pending appointments in its first full month of operations. Vancouver is a leading homeport for cruises to Alaska and is the only port to offer both one-way and roundtrip itineraries through Canada’s Inside Passage to Alaska.
Fabled Copper Corp has announced the results of its 2021 surface fieldwork on its Muskwa Copper project in northern British Columbia, Canada. The Vancouver-based junior miner’s Muskwa project is made up of the Neil and the Toro properties and it also holds rights to the Bronson property. In a statement, Fabled Copper CEO Peter Hawley pointed out that “a total of 19 specific areas” were mapped and prospected during the 2021 field season. “We started the New Year by reporting our findings on the Lady Luck occurrence in the south end of the Neil property, followed by the Mac; the 8A, Harris, the 2a and 2b, the Creek, Keays south, Belcher Creek, the Magnum Mine UAV Drone Mission, the Magnum, the Neil UAV Drone Mission, the Neil, EM-1, Ram Creek, Davis Keays Eagle UAV Drone Mission, sampling, surface geophysics, the underground inspection of the 6950 level of the Davis Keays Eagle Vein and now the structural interpretation of the Davis Keays area.”
Steppe Gold Limited announced that gold production has continued to increase in May, with another two gold pours leading to roughly 3,800 ounces (oz) of production for the month. This compares to the output of 3,370 oz in April and 1,532 oz in March, the company said. “We are very pleased to report another strong month of production in May at the ATO Gold Mine,” Steppe Gold CEO Bataa Tumur-Ochir said in a statement.
VR Resources Ltd said plans are underway for a second leg of drilling at its Amsel property in Nevada after its first drill hole at the property intersected 205 feet of silver and gold mineralization. Other highlights from the first phase of the drill program include 62.5 metres (m) at 15.9 grams per tonne (g/t) silver and 0.10 g/t gold including 12.2 metres at 32.6 g/t silver and 0.12 g/t gold, starting at 211.8 m, and 7.6 m at 7.5 g/t silver and 0.5 g/t gold starting at 7.6 m including 0.9 g/t gold over 1.53 m. The second stage of the reconnaissance drill program will test the company’s three target areas within the broad surface alteration footprint at the property, with a focus on the South IP anomaly.
Oragin Foods Inc has announced its financial results for the year to January 31, 2022, as well as for its fourth quarter, saying that the company is financially and strategically well-positioned to accomplish “great things” in FY2023. The company reported a higher gross profit margin for the full year, up from 29.5% in 2021 to 30.8% in the fiscal year just ended. “It is a very exciting time for our company as we move in a new direction through our CPG (Consumer Packaged Goods) Division and continue our strong operations through our Retail Division’s grocery store brand, Organic Garage,” Oragin CEO Matt Lurie said in a statement accompanying the results.
Altaley Mining Corporation said it has closed the final tranche of its non-brokered private placement, raising gross proceeds of $759,296.30, and has also reported its first-quarter results. Under the final tranche, the company issued 2,169,418 units at $0.35 each. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at $0.55 each within 24 months from the relevant closing date, subject to an acceleration clause, the company said. In total, the company issued 14,285,714 units at $0.35 per each for aggregate gross proceeds of $5,000,000.
Clean Air Metals Inc has posted its financial report for the year ended January 31, 2022, during which it continued work to advance its platinum, palladium, copper and nickel Thunder Bay North project in Ontario. In its results statement, the company said it ended the year with total assets of $35 million and total cash of $542,573.  It had a working capital deficit as at January 31 of $1.63 million. Subsequent to the year-end, Clean Air Metals raised $12.5 million in a private placement. 
Soma Gold Corp has reported its first-quarter financials that showed income from mining operations and adjusted EBITDA both increasing substantially. “We are very pleased with our successful start to 2022. We started milling the first ore from production stopes at the Cordero Mine and increased gold production for the quarter while simultaneously managing the significant ongoing development work at the mine,” said Javier Cordova, Soma’s CEO in a statement. “We anticipate significant further increases to gold production during the remainder of 2022 as production ramps up at Cordero,” he added.
Fobi AI Inc said its platform Qples by Fobi is set to more than double its customer base and revenue output as several national retailers and brands prepare to roll out the 8112 universal digital coupon standard. The company said the new 8112 universal standard, being championed by The Coupon Bureau, offers several benefits to both brands and retailers, including reduced fraud, better attribution of coupon redemptions, and the ability to stack coupons, which will reduce the time customers currently spend redeeming at the register. It also highlighted 8112’s ability to allow users to finally redeem their coupons from their mobile phones, compared to the inefficient printing and/or cutting out of paper coupons.
New Age Metals Inc and its partner Mineral Resources Ltd (ASX:MIN) have engaged Axiom Exploration Group Ltd to survey portions of the company’s Lithium One and Lithman East properties, according to a statement. Axiom will conduct a helicopter-borne tri-axial gradiometer magnetics survey, including Lidar (light detection and ranging), covering a total of 5,600 hectares, New Age Metals said. The survey is intended to infill areas not covered by the 2021 UAV (unmanned aerial vehicle) magnetics survey and provide detailed magnetic maps and lidar imagery to aid in the summer exploration, geological mapping, and drill-targeting of these prospective areas, the company said. 
AMPD Ventures Inc said its Departure Lounge Inc subsidiary has entered into a strategic partnership with Orderinbox Inc., the Vancouver-based creator of the social NFT marketplace for the Metaverse. Founded in March 2020 by Vancouver creative tech industry stalwarts, Mehmet and Dogu Taskiran, Orderinbox is rapidly being adopted as the go-to platform for creators and brands looking to take advantage of the Metaverse opportunity without any complicated jargon or barriers, AMPD noted. “I knew that Orderinbox would represent a huge leap forward for what an NFT marketplace could be the minute that Dogu told me his plans,” said James Hursthouse, CEO and founder of Departure Lounge, in a statement.
i-80 Gold Corp has reported the latest drill results from its Granite Creek property in Nevada, USA, which have bolstered the firm’s confidence in future underground mining at the project. The assays come from the first 16 holes sunk this year aimed at defining mineralization and to test for extensions of the so-called Ogee zone. In the fourth quarter last year, underground drilling platforms were completed to allow access to test the expansion opportunity at the zone, which is the area expected to provide the bulk of mineralization to be mined over the next 12 months. “These drill results further increase our confidence in the next level to be mined from the Ogee Zone,” said Tyler Hill, senior geologist of i-80, in a statement. We continue to test extensions of the Ogee Zone at depth, which will complement expansion drilling in the new South Pacific Zone,” he added.
Predictmedix Inc has reported increased revenue for the 2022 fiscal year driven by initial trial placements of its Safe Entry Stations, which the company began to scale in late fiscal 2022. For the year ended January 31, 2022, the company reported revenue of $134,820 compared to nil revenue for the 2021 fiscal year. The company also increased its gross profit to $84,820, or 63% of total revenues, for the 2022 fiscal year compared to no gross profit in the previous fiscal year, attributed to software-like margins from its recurring monthly Software as a Service (SaaS) fees for Safe Entry Stations.
Global Energy Metals Corporation said it has filed a technical report for its Monument Peak project in Idaho that it believes has the potential to host a significant copper-silver-gold deposit. Results from the 2021 exploration program confirm the occurrence of significant copper-silver-gold mineralization along a northwest-southeast trend on the property. Highlights of those results include sample 15140, which returned 5.61% copper and 42.8 grams per ton (g/t) silver, sample 151402 with 2.76% copper and 20.1 g/t silver, sample 151408 with 4.63% copper, 17.40 g/t gold and 175 g/t silver, and sample 151410 with 4.93% copper, 17.60 g/t gold and 87.8 g/t silver.
QC Copper and Gold Inc has released encouraging new drill results from its ongoing 60,000-metre (m) drill program at the flagship Opemiska copper project in Quebec. The results are from holes sunk within the conceptual open pit as perceived in last year’s mineral resource estimate and confirm the company’s theory that “significant mineralization”, which is currently defined as waste, still lies inside the pit and could be mined. The highlight intersections are in two holes – both from the southern part of the Springer pit –  and include 43.5m at 0.67% copper-equivalent starting from 174m depth. Another hole showed 166.5m at 0.32% copper-equivalent starting from 269.5m depth.
Zynerba Pharmaceuticals Inc has said it will deliver oral and poster presentations on its CBD gel Zygel at the American Society of Clinical Psychopharmacology Annual Meeting (ASCP 2022), held this week in Scottsdale, Arizona.  The oral presentation will focus on the demonstrated long-term safety and potential effectiveness of Zygel in children and adolescents with Fragile X syndrome, and the poster presentation will highlight design enhancements incorporated into its RECONNECT trial, the company said. “The RECONNECT trial provides us with an opportunity to confirm the positive results observed in a population of responders in our CONNECT-FX trial and further evaluate the effect of Zygel on behaviors associated with Fragile X syndrome,” the company’s CEO Armando Anido said in a statement. 
Silver Range Resources Ltd said it has staked two new early-stage projects in Nevada. The Sand Springs property in Churchill County is located 42 kilometres southeast of Fallon on BLM land with no surface impairments. Initial sampling by Silver Range returned up to 10.10 grams per ton (g/t) gold from a five-foot chip sample of gossanous material in a shaft dump with four out of 28 samples collected returning greater than 5 g/t gold.
enCore Energy Corp. has announced the appointment of Susan Hoxie-Key to its board of directors, effective today, June 1, 2022, saying she will be “an incredible asset” as the company advances its strategic plan. Hoxie-Key has more than 40 years of engineering experience covering nuclear core design, nuclear fuel-related licensing, nuclear fuel procurement, oversight of nuclear fuel-related engineering products, and direct support of reactor operations, the company noted. “Susan brings a wealth of experience and expertise to the company from the user end of the nuclear fuel cycle,” William M Sheriff, enCore’s executive chairman said in a statement.
Kenorland Minerals Ltd told investors that experienced geologist Yu Yamato has been appointed as a director following the resignation of Eiichi Fukuda. Yamato was selected by Sumitomo Metal Mining Canada Ltd. (SMMCL) as its nominee to the Kenorland board in accordance with the November 2021 investor rights deal.
Golden Shield Resources Inc has announced a non-brokered private placement of up to 8,000,000 units of the company at a price of C$0.55 each for gross proceeds of up to C$4.4 million, which will be used for exploration and working capital purposes. Each unit comprises one common share and one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at an exercise price of C$1.00 for a period of 24 months following the closing date of the financing.
Canaccord Genuity analysts have repeated a ‘Speculative Buy’ rating and $2.00 price target on Think Research Corporation after the firm reported a Q1 result that was ahead of their expectations. They noted that Think’s Q1 results showed revenue of $20.2 million versus their estimate of $19.7 million and an adjusted EBITDA loss of $0.3 million versus their estimate of a $0.7 million loss.  The analysts pointed out that the quarter featured a strong sequential uptick in Technology revenues, which offset another COVID-19-impacted performance for Clinical Research and Clinical Services. Positive cash flow in the quarter was a standout given better collections, they added.
Looking Glass Labs Ltd (LGL) said that Ron Moravek has been appointed as a member of LGL’s Advisory Board. Moravek has over 25 years of experience in business development and is passionate about business and software innovation. He specializes in video game industry design and development, online web platform technology, software development, mobile game development, and free-to-play gaming systems and more. He is currently the senior advisor and vice president for Business and Corporate Development at Heavy Iron Studios Inc. The company also said it has granted 50,000 incentive purchase options to Moravek. Each share purchase option is exercisable for a period of two years at an exercise price of C$0.25 per common share of the company. The options vest after four months from the grant date.
Tiziana Life Sciences Inc has announced that Dr Tanuja Chitnis, Professor of Neurology and the Principal investigator of the clinical study at the Brigham and Women’s Hospital (BWH), Boston, Massachusetts, will be presenting a poster discussing clinical data from a patient with secondary progressive Multiple Sclerosis (SPMS), who was treated with intranasal foralumab for six months. The poster presentation will be held at the Consortium of Multiple Sclerosis Centers (CMSC) 2022 Annual Meeting to be held in-person at the Gaylord National Resort & Convention Center, National Harbour, Maryland from June 1-4, 2022. The presentation, titled ‘Nasal Anti-CD3 Monoclonal Antibody (Foralumab) Reduces PET Microglial Activation and Blood Inflammatory Biomarkers in a Patient with Non-Active Secondary Progressive MS’ will be made on Thursday, June 2, 2022, at 5pm EDT. Initial data on this patient were reported by Tiziana on March 10, 2022.  A recorded video of the KOL event discussing the topline data is available via the following link https://lifesci.rampard.com/WebcastingAppv5/Events/conferences/customLanding.jsp?Y2lk=MTczNQ== or within the Investor/Presentations portion of the company website.
 Royal Fox Gold Inc said it has issued an aggregate of 15,503,876 common shares in the capital of the company to Frank Guillemette, Jonathan Girard and Jean-Francois Girard, collectively the vendors of all of the issued and outstanding common shares in the capital of 9396-1217 Quebec Inc., whose sole asset is 100% of the common shares in the capital of 9220-5392 Quebec Inc. o/a Mines Royales Quebec (MRQ.) The common shares will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Under the share purchase agreement, Guillemette was issued 15,127,264 common shares. Immediately prior to the issuance, Guillemette held, directly or indirectly, 59,242,510 common shares and 500,000 stock options in Royal Fox Gold. Upon completion of this issuance, Guillemette will beneficially own or control 74,369,774 common shares and 500,000 stock options, representing approximately 25.66% of the company’s issued and outstanding common shares on a non-diluted basis and approximately 25.79% of the company’s issued and outstanding common shares on a partially basis.
Nickel North Exploration Corp said the TSX Venture Exchange has accepted for filing documentation with respect to its non-brokered private placement announced on April 5, 2022, which will see the issue of 10.16 million shares at a purchase price of 5 cents per share (first tranche of 9.41 million units; second tranche of 750,000 units) together with 10.16 million share purchase warrants with an exercise price of 7.5 cents for a two-year period with 17 placees.
Los Andes Copper Ltd has announced that in accordance with the terms of the US$5,000,000 8% convertible debenture issued to Queen’s Road Capital Investment Ltd on June 2, 2021, and the terms of a trust indenture entered into between the company and Computershare Trust Company of Canada dated June 2, 2021, it has elected to issue 3,260 common shares in the capital of the company at a deemed price of US$11.50 (C$14.77) to Queen’s Road Capital as payment for US$37,490 (C$48,161) in interest owing on the convertible debenture. Under the terms of the trust indenture, interest on the convertible debenture is payable quarterly, 5% in cash and 3% in shares, at the greater of the 20-day volume-weighted average price prior to the interest payment date; or the Discounted Market Price. The issuance of the common shares as payment for interest owing on the convertible debenture is subject to the terms and conditions of the Trust Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the Toronto Venture Exchange.
MamaMancini’s Holding Inc has announced that its management will participate in the Benzinga All-Access Show taking place Friday, June 3, 2022. Carl Wolf, the company’s chief executive officer is scheduled to present at the event t 10.20am Eastern time. A live audio webcast and an archived replay will be available using the following link: https://www.youtube.com/watch?v=G8NtymvAxss. The same link can be used to attend the live virtual investor event.
Endexx Corporation has announced that it is presenting at the LD Micro Invitational XII, on June 8, 2022, at 10.30am PST on Track 4. The event is being held at the Four Seasons Westlake Village presented by SRAX. Todd Davis, Endexx’s CEO and chairman, will present a company overview and provide details on the company’s expansion of its Mass Retail footprint and store count in the US. Private investors and institutions can schedule a one-on-one meeting with Endexx’s management via the following link: https://www.meetmax.com/sched/event_82067/conference_home.html
Forward Water Technologies Corp has announced that Howie Honeyman, its president and CEO, as well as Grant Thornley, vice-president of Engineering Sales will present live at the 90th PDAC in Toronto from June 13 to June 15, 2022, being held at the Metro Toronto Convention Centre. The PDAC is unmatched in its ability to connect participants to the international mining and exploration community and keep them informed of the latest trends and technologies shaping the sector through extensive programming. Honeyman commented: “Attending PDAC will allow us to learn how our water treatment technology can serve the mining industry in better managing its water resources and increase the ability of production activities to re-use water on an on-going basis”. Link: https://www.pdac.ca/convention
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