NA Proactive news snapshot: Canada Silver Cobalt Works, MindMedicine, Fura Gems, Dyadic ... UPDATE

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

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Your daily round-up from the world of Proactive

Canada Silver Cobalt Works Inc (CVE:CCW) (OTCQB:CCWOF) announced Friday it has raised nearly C$3.2 million to fund ongoing drilling at its Castle East Robinson zone discovery in northern Ontario. The explorer closed the first tranche of its non-brokered private placement, issuing just over 5.8 million units worth $3,193,730, or around C$0.55 per share. Toronto-based Canada Silver Cobalt Works is advancing its flagship Castle mine on the 78-square kilometre (sq km) Castle property, which features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past-producing Gowganda high-grade silver-cobalt district of Ontario.

Mind Medicine (MindMed) Inc (NEO:MMED) (OTCQB:MMEDF) ended a busy second quarter with US$24 million in cash, according to financial results released Friday morning. The psychedelics company said its total assets as at June 20, 2020 came in at US$29.8 million, including the $24 million in cash, which will be used primarily to advance its multiple clinical trials on psychedelic substances like LSD, DMT and MDMA. New York-based MindMed is aiming to make psychedelic medicines available to patients who suffer from mental health disorders, cluster headaches and substance abuse.

Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF), the gemstone mining and marketing company, announced Friday a deal, which would see it be bought by its majority shareholder Lord of Seven Hills Holdings and go private. Lord of Seven Hills Holdings already holds around 51.5% of Fura and is offering C$0.15 a share — a 42% premium over the volume-weighted average trading price of Fura shares for the 20 days up to August 13 and a 36% premium to the closing price on that date. "This transaction represents an opportunity for shareholders of Fura to monetize 100% of their investments in Fura at a cash price that represents a significant premium to the trading price of Fura’s common shares," said Dev Shetty, the CEO of Fura. 

Dyadic International Inc (NASDAQ:DYAI) reported second-quarter results after the bell Thursday that revealed growing R&D revenue as well as cash on hand, thanks to a series of new research collaborations. Research and development revenue was roughly $524,000 in the three months ended June 30, 2020, compared to $391,000 in the same period of 2019. Dyadic currently has nine ongoing research collaborations, up from four last year, hence the increase. The company’s cash position is also stronger now, with cash and equivalents increasing to $11.8 million from $4.8 million at the end of 2019.

Duos Technologies Group Inc (NASDAQ:DUOT), a provider of intelligent security analytical tech solutions, posted second-quarter results on Thursday that saw its revenue jump 47% year-over-year driven by deal flow in recent months despite the coronavirus (COVID-19) pandemic. For the period ended June 30, 2020, the Jacksonville, Florida-based company reported revenue of $1.98 million, compared to $1.35 million in the second quarter of 2019. Duos, which specializes in the protection of critical infrastructure and the automation of complex mechanical inspections of rail assets, chalked up the increase in revenue to completion of customer contracts.

Ximen Mining Corp (CVE:XIM) (OTCQB:XXMMF) is continuing its advancement of the historic Kenville gold mine project in British Columbia, and has said it is on track to install a new culvert at the refurbished 257 portal. The company is currently refurbishing the existing portal at the site, which will allow it to access the mineralized areas outlined in the resource estimate released in 2009. The mine in the Nelson camp reportedly produced 65,236 ounces of gold and 27,686 ounces of silver between 1889 and 1956.

The Valens Company Inc (TSE:VLNS) (OTCQX:VLNCF) has released a new set of CBD products and vape cartridges in partnership with Verse Cannabis, it said Friday. The new products were released under the Verse brand through the Originals and Concentrates lines, which market themselves as premium quality products at affordable prices. Verse will sell the sativa-dominant Tropic Lemon 0.3g and 1g 510 thread vape cartridges – the first to launch under Verse Originals and crafted with botanical terpenes.

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) told investors on Friday, as it released its second-quarter results statements, that development of its Red Lake mine in Ontario is advancing rapidly and the company remains on track to deliver the first ore to the processing mill before the end of the year. The firm is building Canada's next gold mine, for which it is fully funded. Engineering is substantially complete, while the procurement of major equipment is 95% complete, the firm said. During the three months to June 30, 2020, the company received the first of three significant amended permits for the project, namely an amended Environmental Compliance Approval (ECA) for air and noise. It is now awaiting an amendment to the Industrial Effluent permit, for which the firm has applied for an expedited approval.

Mojave Jane Brands Inc (CSE:JANE) (OTCMKTS:HHPHF) announced on Friday that, in line with a strategic review of its operations, it has struck an agreement to sell its 100% membership interest in Nelson & Mark LLC, which holds the CALIGOLD intellectual brand property. On April 29, 2020, Toronto-based Mojave Jane announced that, in order to preserve shareholder value and continue as a going concern, its board had commenced a strategic review of its assets and liabilities, and is developing a go-forward plan. As one of the outcomes of the review, Mojave Jane is selling its membership interest in Nelson & Mark to two former employees and original owners of its subsidiary HS Airway Holdings.

Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) told investors it has moved a core drill rig to its Philadelphia property in Arizona, where it will sink up to four holes. The holes will test the continuity of the high-grade gold and silver zone on the west side of the Philadelphia vein system which was encountered via drilling announced in November last year. In its latest statement, Arizona said it believes there is a "feeder structure on the west end of the vein that accounts for the high gold grades and silver values and high beryllium values encountered there previously".

XPhyto Therapeutics Corp. (CSE:XPHY) (OTCQB:XPHYF) (FSE:4XT), a next-generation bioscience company, announced that its common shares are now trading on the OTCQB Venture Market under the stock symbol "XPHYF". The OTCQB Venture is the premiere marketplace for early-stage and developing U.S. and international companies. Participating companies must be current in their reporting and undergo an annual verification and management certification process. XPhyto also announced that its common shares are eligible for electronic settlement and transfer in the US by The Depository Trust Company (DTC). The group's common shares will continue to trade on the Canadian Securities Exchange (CSE) under the symbol "XPHY" as well as the Frankfurt Stock Exchange under the symbol "4XT".

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