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NA Proactive news snapshot: Progressive Planet Solutions, New Pacific Metals, Group Eleven Resources, AgraFlora Organics International, Mota Ventures UPDATE ...

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

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Progressive Planet Solutions Inc (CVE:PLAN) is granting up to 950,000 options to five insiders, including an employee and a consultant of the company. The options are exercisable at C$0.05 for a two-year period from the date of grant. In a statement, the green energy solutions company said the options were granted in accordance with the firm’s stock option plan. The company also announced that shareholder George David Richardson had acquired an additional 3,334,000 shares and 1,667,000 warrants.

New Pacific Metals Corp (CVE:NUAG) (OTCQX:NUMPF) filed a technical report on its 100%-owned Silver Sand deposit, it announced Monday. According to the report, the deposit contains 35.4 million tons in the measured and indicated category grading at 137 grams per ton silver for a total of 155.9 million ounces of silver. The project also has 9.8 million tons at 112 grams per ton silver for 35.6 million ounces in the inferred category. Nearly 70% of the resources are found within 200 metres of the conceptual open pit surface, according to the report.

Group Eleven Resources Corp (CVE:ZNG) (OTCMKTS:GRLVF) announced it has closed the first tranche of a private placement with major miner Glencore Canada through the issuance of 2.2 million units priced at C$0.05 per unit for gross proceeds of C$110,000. Each unit consists of one share and one half of one warrant exercisable at C$0.10 per share for a 36-month period. The remaining 12.8 million units, which are set to close in late June, are subject to approval at the firm’s annual meeting on June 22.

AgraFlora Organics International Inc (CSE:AGRA) closed a private placement of 20.7 million units priced at C$0.075 per unit for gross proceeds of C$1,552,500. Each unit consists of one share and one warrant exercisable at C$0.10 for a five-year period. The firm paid finder’s fees of C$3,150 cash and 42,000 warrants to PI Financial Corp. AgraFlora also told shareholders it is expecting to file its 2019 annual financial report by June 15, 2020 under the temporary extension offered by the British Columbia Securities Corporation in light of the coronavirus pandemic. The Vancouver-based company said there had been no material developments since it last filed its quarterly financial statements for the three-month period ended September 30, 2019. 

Mota Ventures Corp (CSE:MOTA) (OTCPINK:PEMTF) is planning to acquire ecommerce platform Unified Funding LLC, it said Friday evening.
Unified Funding’s database of over one million users has generated over C$375 million in customer transactions since its inception in 2015. The ecommerce platform is focused on serving US-based and international consumers in the dietary supplement and natural health products market. The company also assists brands to launch and scale customer acquisition strategies and closely monitors market trends.

CanaFarma Hemp Products Corp (CSE:CNFA) told shareholders on Monday that it is boosting its marketing strategy through the creation of the Confectionary, Beauty and Pain Relief categories for its unique hemp oil-based products. In a release, the cannabis company said it is creating an overarching sales and marketing strategy for the products, which were previously marketed as individual product verticals. The firm said it was providing an understanding of its overall expansion strategy across the key business segments.

PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) issued around 95.6 million shares priced at C$0.023 per share without par value in its capital to arm’s length creditors, it told shareholders. The firm entered into a shares-for-debt agreement with an arm’s length supplier that sees the supplier accepting over 8.6 million shares to satisfy an outstanding debt of around C$199,000. It also entered into two assignment and assumption agreements that saw arm’s length assignees acquire all of Stephen Van Deventer and Kimberly Van Deventer's right, title, interests and obligations in and under a convertible credit facility agreement from December 2016, as amended, for the amount of $1,728,810.75 and the accrued interest thereon in the aggregate amount of $271,189.25. The assignees converted the amount into an aggregate of nearly 87 million shares of PreveCeutical.

Metalla Royalty & Streaming Ltd (CVE:MTA) (NYSEAMERICAN:MTA) closed the acquisition of Idaho Resource Corporation for US$2 million in cash and 357,121 shares. The deal gives Metalla a 0.5% gross overriding royalty on Nevada Gold Mine’s Anglo/Zeke claim block in Eureka County, Nevada, which is located on trend just southeast of the Cortez operations and Goldrush project. Nevada Gold Mine is a joint venture between Barrick Gold Corporation and Newmont Corporation. Idaho Resource Corporation also holds a 1.5% gross overriding royalty on NuLegacy Gold Corporation’s Red Hill project in Nevada, which is contiguous to Anglo/Zeke, as well as reversionary rights to mineral claims on all of NGM’s Cortez operations. 

Champignon Brands Inc (CSE:SHRM) (OTCQB:SHRMF) added another mental health pioneer to its board of directors. The Vancouver-based psychedelics company tapped the expertise of Dr Bill Wilkerson, an award-winning executive and a thought leader in the area of workplace mental health. Wilkerson spearheaded a 14-year-long Canadian initiative to recruit major employers to support employee mental health and previously served as president of Liberty Health, one of the country’s largest health benefits companies. Globally, Wilkerson initiated and chaired the US/Canada Forum on Mental Health and Productivity and chaired a four-year business-led campaign in Europe focusing on depression in the workplace.

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) announced Monday that production at its West Hazel oil assets in Saskatchewan has restarted two weeks ahead of schedule. The Vancouver-based oil company said that the decision to accelerate production was based on the realized price of oil now being at profitable levels. In addition to recommencing production at West Hazel, Hillcrest will also sell its oil inventory stored at the site, it said in a statement. Daily oil output from four wells at West Hazel averaged around 115 barrels per day, with some days seeing over 200 barrels per day, in prior months. 

TIMIA Capital Corporation (CVE:TCA) (OTCMKTS:TIMCF) announced a new $2 million investment into Cova Software, an inventory management and point of sale platform to help streamline cannabis retail. The investment into Retail Innovation Labs LLC, which does business as Cova, includes a two-year financing facility with an initial disbursement of $1.25 million and an additional $750,000 payment upon completion of certain milestones over the two-year period. In a statement, TIMIA’s vice president of origination Rob Foxall told shareholders that Cova’s award-winning technology platform and POS currently powers nearly 90% of Ontario cannabis retailers and over 50% of Canadian cannabis stores.

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) submitted an investigational new drug application to the US Food and Drug Administration for the next phase of its multinational study of lead drug NP-120, known as Ifenprodil. The drug, an NMDA receptor antagonist, is a potential therapy for patients with COVID-19, the disease caused by coronavirus. Ifenprodil could reduce the infiltration of neutrophils and T-cells into the lungs, where they can release glutamate and cytokines respectively. 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.  

Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCMKTS:THBRF) said it will release its 3Q fiscal results after market close on May 28. The Vancouver-based production company will hold a conference call with CEO Jennifer Twiner McCarron and its executive team on June 1 at 11am PST to discuss the results with investors. Shareholders can participate using the North American Toll-Free Number (+1) 888-390-0546, and a live webcast of the conference is accessible via this link.

Fidelity Minerals Corp (CVE:FMN), the Peru-focused mineral project generator, announced a new private placement financing of up to 8 million units priced at C$0.025 per unit for total gross proceeds of up to C$200,000. Each unit consists of one share and one warrant exercisable at C$0.05 until December 17, 2021. The company said it plans to use the net proceeds of the financing for general working capital. 

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