Medallion Resources Ltd (CVE:MDL) OTCPINK:MLLOF) announced Friday the initiation of a comprehensive comparative technical and commercial review of existing and emerging rare-earth element (REE) separation technologies. The company said its REE extraction process from monazite has achieved the technical milestones needed to consider binding downstream partnerships, while Medallion’s improved financial position is enabling stronger commitments within the REE supply chain. Medallion said leading technologies will be considered for partnership or investment by the company or its North American focused REE Consortium financial backers Talaxis Limited (the technology metals unit of Noble Holdings) and Amvest Capital Inc -- both significant Medallion shareholders.
Cardiol Therapeutics Inc (TSE:CRDL) (OTCQX:CRTPF) revealed that the US Food and Drug Administration (FDA) has approved the company's Investigational New Drug (IND) application to start a Phase II/III coronavirus (COVID-19) clinical study of its lead drug CardiolRx, an extra strength formulation of pharmaceutical cannabidiol. The Oakville, Ontario-based company focused on developing innovative therapies for heart disease, said the double-blind, placebo-controlled clinical trial would study the potential and safety of CardiolRx in 422 hospitalized COVID-19 patients with a history of, or risk factors for, cardiovascular disease (CVD). The trial will take place at major US centers, said the company. Investors responded well, sending Cardiol's stock 21% higher in Toronto to C$3.04 each, and more than 23% higher in New York to US$2.30.
Vuzix Corporation (NASDAQ:VUZI) announced Friday that the cleaning brand Clorox has successfully deployed Vuzix M400 Smart Glasses equipped with software from its partner Atheer to address operational challenges brought upon by the global coronavirus (COVID-19) pandemic. Clorox utilized Vuzix glasses to perform quarterly audits remotely by pairing them with Atheer software, the company said. The smart glasses were able to deliver visual guidance and first-person point-of-view recordings to Clorox’s external auditors without the need for travel. The disinfectant company was able to support remote manufacturing by using Vuzix smart glasses. For example, at Clorox' Sunrise, Florida facility, the plant's maintenance manager was able to troubleshoot an issue at the plant within minutes using his iPad at home, the Atheer app and Vuzix glasses.
ION Energy Inc (CVE:ION), a lithium exploration company with its sights set on Mongolia, announced Friday that John McVicar has joined the team as its chief financial officer. In a statement, the company said McVicar brings more than 30 years of international business experience, including as a partner at a Big 4 firm, CFO of a TSX-listed company and in leadership roles with large multinationals in Canada, the US, South America, and Asia. He is succeeding Peter Schloo. ION has one of the largest exploration licenses in Mongolia and its Baavhai Uul lithium brine project comprises over 80,000 hectares is strategically located 30 kilometers from the Mongolia-China border crossing.
Todos Medical Ltd (OTCQB:TOMDF) said Friday it has entered into COVID-19 PCR testing and equipment financing partnership with AID Genomics, a multi-national genomic R&D company and solution provider focusing on medicines for cancers and infectious diseases. In a statement, Todos noted that AID Genomics recently completed a contract with the Israeli Ministry of Health to build and scale-up six HMO laboratories in Israel. In addition, AID Genomics has entered into a worldwide partnership with Tecan Group for the delivery of liquid handler machines. Further, AID Genomics has sent key staff from Israel to the US to assist Todos in its current US implementation projects.
Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) said Friday it had confirmed the extension of a highly prospective silver-gold target over a 15-kilometre length in Ecuador. Soil sampling at the Tiria-Shimpia target on the company’s Lost Cities-Cutucu project in southeastern Ecuador defined a large mineralized system that covers around 75 square kilometres and is open along trend in an area interpreted to be a porphyry cluster. The silver zone is found in the central part of a larger area of enrichment of lead and zinc, according to the Toronto-based junior. Tiria-Shimpia is “on the short-list” for scout drilling once Aurania’s main program at the Tsenken target is completed, the company said in a statement.
Medexus Pharmaceutical Inc (CVE:MDP) (OTCQX:MEDXF) has named pharma executive Michael Pine as its senior vice president of business development and strategy, the company announced Friday. Pine has experience at both large and small pharmaceutical companies, including work in business development and licensing, M&A, investment banking, business strategy, product marketing US-managed markets and operations. Most recently, Pine worked as senior vice president of business development and licensing at Lupin Pharmaceuticals. He led that company’s efforts to expand its revenue base of more than $2 billion further into branded and specialty products, with a focus on the North American markets.
Gungnir Resources Inc (CVE:GUG) (OTCPINK:ASWRF) (FRA:AMO1), the Sweden-focused metals explorer, said it had upsized its previously announced placing due to interest from a European institutional investor by up to C$200,000 to a total of C$600,000. As announced on September 14, Gungnir revealed that new Canadian merchant bank Palisades Goldcorp had agreed to purchase over 6.66 million units at C$0.06 each for total gross proceeds of C$400,000. That first tranche has now closed with Palisades and C$400,000 was raised, Gungnir said in a statement on Friday.
Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) said Friday it has decided not to continue with its planned acquisition of the intellectual property of Oklahoma cannabis edibles company Ruby Mae’s LLC. In a statement, the cannabis company told shareholders that the company decided not to proceed after both parties could not negotiate “satisfactory” final terms. Weekend Unlimited CEO Charlie Lamb said the Vancouver-based company is exploring alternative opportunities in the cannabis space. "After a thorough review of the proposed terms of the transaction, and after discussions internally with the Board of Directors, I feel it is in the best interests of our shareholders, our business and our long-term growth to allocate the cash and stock required to complete the transaction elsewhere,” Lamb said in a statement.
Ximen Mining Corp. (CVE:XIM) (FRA:1XMA) (OTCQB:XXMMF) has provided an update on progress at the Kenville Gold Mine project in the Nelson mining camp in southern British Columbia. The group said work on the 257 portal is progressing well. Steel supports have been installed and a new entrance has been timbered in place at the 257 Portal, it added.