NA Proactive news snapshot: Co-Diagnostics, Algernon Pharmaceuticals, Aurania Resources, Loop Insights UPDATE …

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

Newspapers and laptop
Your daily round-up from the world of Proactive

Co-Diagnostics Inc (NASDAQ:CODX) released performance data for its coronavirus (COVID-19) diagnostic test on Friday that showed 100% sensitivity and 100% specificity, the two metrics used to measure accuracy in molecular diagnostic testing. The data comes from independent evaluations of the company’s Logix Smart test from the India National Institute of Pathology, the Mexican Department of Epidemiology and others. Results from PathWest Laboratories out of Australia, for instance, showed 100% agreement between Co-Diagnostic’s test with the lab’s in-house results, as well as !00% clinical sensitivity and accuracy. Co-Diagnostics chief technology officer Brent Satterfield cited the test’s low limit of detection, meaning its ability to detect the virus even at small concentrations.

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:BTHCF), a drug repurposing company exploring a possible coronavirus (COVID-19) treatment, has announced a private placement worth as much as $5 million to fund its ongoing research and clinical trials. The company said it will offer special warrants at a price of $0.40 per warrant, which are exercisable into units of the company. The units consist of one common share and one common share purchase warrant, the latter entitling its holder to another common share at an exercise price of $0.60 for a period of two years.

Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) said Friday that new LiDAR data has identified a possible gold-bearing zone on the Lost Cities-Cutucu project in Ecuador. Data from the LiDAR (Light Detection and Ranging) survey pinpointed a system of vein-like features that are similar to areas of silver enrichment in soil samples taken from the Tiria South gold-silver target on the project, and if confirmed by follow-up fieldwork, the target would be a gold-bearing zone lying at depth, the firm said. Aurania’s LiDAR survey of priority areas for the Lost Cities-Cutucu Project has provided the explorer with an initial view of the earth's surface beneath the jungle cover, outlining geological features showing fault systems “spectacularly well,” according to the company.

Loop Insights Inc. (CVE:MTRX) announced that it has closed an oversubscribed non-brokered private placement raising aggregate gross proceeds of $2,113,001. The group said the proceeds of the offering will be used for general working capital and general corporate expenditure purposes. Loop said the placing was of 21,130,010 units at a price of $0.10 per unit.

GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GLYXF) told investors it has now made its second option payment under the deal struck two years ago to acquire the San Marcial project in Sinaloa state, Mexico. The payment includes issuing 750,000 shares to the optionor, which are subject to a hold period until September 2 this year. As announced in April, 2018, GR Silver - which was then Goldplay Exploration - will pay SSR Mining over three years C$2,575,000 in cash, issue to SSR Mining 3.5 million shares, and incur $3million in exploration expenditures on the project. San Marcial is a near-surface, high-grade silver-lead-zinc project with potential for an open-pit mine.

American Manganese Inc (CVE:AMY) (OTCPINK:AMYZF) said it has reached another milestone in advancing its ground-breaking lithium-ion battery recycling technology, namely a plant layout for its first commercial-scale plant. The group's contractor Kemetco has produced a conceptual layout for the cathode material recycling plant with a 3 tonne per day (tpd) processing capacity, American Manganese said on Friday.

AgraFlora Organics International Inc (CSE:AGRA) (OTCPINK:AGFAF) announced that it has closed a non-brokered private placement offering consisting of 28,750 unsecured convertible debentures with an aggregate face value of $1,000 for gross aggregate proceeds of $28,750,000. The diversified international cannabis company said the proceeds will be used as general working capital and to continue the company's continuing capital expenditures at its 2.2 million square foot Delta greenhouse complex, as well as its 51,500 square foot Winnipeg edibles facility.

Minera Alamos Inc (CVE:MAI) has brought in over C$1.5 million gross after the sale of shares and warrants in Prime Mining Corp. The gold mine developer said it had disposed of 3 million shares of Prime for gross proceeds of C$1,500,300 and also sold 3,350,000 warrants for gross proceeds of C$167,500. Following the sale, Minera owns 3,090,000 Prime shares, or a 5.2% stake. Previously, it held 10.3% of the capital, it said in a brief statement.

Power Ore Inc (CVE:PORE) has said its investee company Rider Investment Capital Corp is changing its name to Baselode Energy to reflect its focus on energy metals. Toronto-based Power Ore owns about 80% of Baselode’s shares as a result of the sale of its Mann Mine to Rider Investment Capital in February 2020. Baselode, a capital pool company listed on the TSX Venture Exchange, also announced plans to raise C$700,000 on Friday to complete its qualifying transaction concurrent with the acquisition of the Mann Mine.

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) is turning a 'new page' after the challenges of 2019 and is now a leaner machine, which aims to show the impact of new investments and its restructuring, along with new revenue by mid-year, according to its CEO. In a letter to shareholders, Meni Morim, boss of the cannabis-focused online platform, said the group is now attracting premium brands and value-added partners. He added that "a growing number of licensed producers and provincial agencies are recognizing CannMart's value proposition and expertise in e-commerce, production, packaging, and distribution in this highly regulated industry".

In a separate statement, Namaste reported its results for the year to November 30, 2019, which saw it end the period with strong working capital of C$39.4 million and no debt. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the 12 months was a loss of C$23.1 million versus a loss of C$17.9 million for the 15 months to end-November 2018. Net revenue for the year came in at C$16.3 million, compared with C$23.8 million for the 15 months ended November, 2018, reflecting mainly the sale/closure of non-core assets, it added.

Nextleaf Solutions Ltd. (CSE:OILS), Canada's most innovative cannabis extractor, announced it has issued shares under the Employee Equity Participation Plan that it implemented on April 1 in response to the coronavirus (COVID-19) pandemic to align the efforts and compensation of non-executive employees with the company's long-term business strategy. For the month of April, Nextleaf said it has issued an aggregate of 39,471 common shares at a price of $0.325 per share under the plan. In a statement, Paul Pedersen, CEO of Nextleaf commented: "The Plan is an opportunity for us to give our hardworking team a greater opportunity to share in the upside potential of OILS.”

Endeavour Mining Corporation (CVE:EDV) (OTCQX:EDVMF) and SEMAFO Inc. (TSX:SMF) (OMX:SMF) said they have filed the joint management information circular for the extraordinary general and special meetings of both companies to be held on May 28, 2020, to seek approval for the previously announced proposed acquisition by Endeavour of all the issued and outstanding securities of SEMAFO via a plan of arrangement. Endeavour and SEMAFO also announced the receipt of an interim order from the Québec Superior Court obtained on April 28, in connection with the transaction. They said the proposed acquisition has been unanimously approved by the boards of directors of Endeavour and SEMAFO, and each board of directors, after having received financial and legal advice, recommends that its respective shareholders VOTE FOR the matters put before them at the meetings which will be held at 9.30am (Eastern Time) on May 28. In response to the global coronavirus (COVID-19) pandemic, the meetings will be virtual-only via live audio webcasts.

Newrange Gold Corp's (CVE:NRG) (OTCMKTS:NRGOF) drill results from Pamlico in Nevada over coming months could act as positive catalysts, says broker Roth Capital, which repeated an 'outperform' rating on the shares. On April 30, Newrange outlined its exploration plans for the project, where it is planning a 5,000 to 10,000 meter drill program. Roth maintained a target of US$0.14 on the shares, against a current price of US$0.09.

Marrone Bio Innovations Inc. (NASDAQ:MBII), an international leader in sustainable bioprotection and plant health solutions, said it will release financial results for the first quarter ended March 31, 2020, after the market close on Monday, May 11 at 4.30pm Eastern time. The group added that its management will host an investor conference call at 1.30pm PST (4.30 p.m. EDT) on May 11, 2020, to discuss the financial results, provide a corporate update, and conclude with a Q&A from participants. To participate in the Q&A investors, should use the following information: U.S. Dial-in: 1-800-347-6311; International Dial-in: 1-323-994-2132; Conference ID: 3011305; webcast: http://public.viavid.com/index.php?id=139111. A playback of the call will be available through to June 11, 2020. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 3011305. A webcast will also be available for 30 days on the IR section of the Marrone Bio Innovations website.

BioPorto A/S (CPH:BIOPOR) said that In connection with the release of its Q1 2020 report, it will hold a conference call investor meeting on May 7, 2020, at 3.00pm CET. The group added that further details will be announced on www.bioporto.com, where investors can sign up for the conference call.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Algernon Pharmaceuticals Inc. named herein, including the promotion by the Company of Algernon Pharmaceuticals Inc. in any Content on the Site,...


Altamira Gold Corp releases positive channel results as the project moves...

Altamira Gold (CVE: ALTA-OTC: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive to share details about the recent work at their at the Cajueiro gold project in Brazil. That trenching work has identified several new mineralized structures. Bennett shared details about that work...

1 hour, 1 minute ago

8 min read