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NA Proactive news snapshot: Else Nutrition Holdings, Canada Silver Cobalt Works, Planet 13 Holdings, Braxia Scientific, Fobi AI ...

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

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Else Nutrition Holdings Inc (OTCQX:BABYF, TSX-V:BABY) said it has grown second-quarter revenue more than five-fold as it makes significant progress in executing its go-to-market plan for the US market. For the three months ended June 30, 2021, the company generated C$1.11 million in revenue, versus C$210,000 million in the same quarter a year earlier, a 430% increase. The plant-based baby, toddler and children nutrition company said its products are already on-shelf at 700 of the more than 1,000 US natural food and grocery retail stores it has achieved a presence in. Most listed stores are expected to launch its products during the summer, boosting product shipments to distributors and retailers during the remainder of the year, it added. It also successfully launched its second product line – Complete Nutrition for Kids in Vanilla and Chocolate flavors.

Canada Silver Cobalt Works said president Matt Halliday and CEO Frank Basa have provided an update about the company's Castle East high-grade silver discovery during a One2One Virtual Mining Forum on August 26, 2021.The presentation and Q&A provided information on: Drilling plans aimed at expanding the size of the deposit; Expected size of the increase in silver resources in the Q1 2022 43-101 resource update; Timeline for the permitting and construction of the ramp to the Robinson and Big Silver zones; TTL facility where the high-grade material extracted via the ramp will be processed and poured into silver bars; Mining technique used historically for mining the high-grade silver veins and which modern technique would likely be used in future mining in the future. The 30-minute video of the presentation and the Q&A at the end can be viewed here

LeanLife Health (CSE:LLP) Inc has retracted its August 25, 2021, news release saying that the information should not be relied upon. The company confirmed it is raising funds for the purchase of product inventory for resale but pre-orders have not yet been initiated. Management has been placing samples of product with various prospective retail customers. LeanLife said it intends to provide further updates on details of retail distribution as progress is made. The company added that it is active in placing product samples and trial runs with several retail merchants, made up of independent stores and some national companies. 

Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) reported a big increase in revenue and a narrowing loss in its latest quarter as the company's flagship luxury SuperStore dispensary in party city Las Vegas continues to attract customers. In the second quarter to June 30, the company posted revenue of $32.8 million, an increase of 205% on the $10.8 million seen in 2Q, 2020. The net loss before tax was $0.9 million versus a loss of $3.3 million in the year-earlier period.

Braxia Scientific Corp has said that its clinical research and development team will commence a randomized clinical trial (RCT) targeting treatment-resistant depression using psilocybin. The Toronto-based company said the trial is the latest step as it develops the next generation of novel psychedelic treatments and delivery systems through its network of clinics. The study will demonstrate that it can effectively conduct a randomized controlled trial using psychedelic-assisted therapy. This will enable it to build the infrastructure for future studies and future clinical care, while also compiling efficacy data and providing the opportunity to evaluate a therapist training program launched at the end of June 2021, Braxia said. 

Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc., a provider of real-time data analytics through artificial intelligence to drive customer engagement, has announced the release of its new digital proof of vaccination service CheckVax, to help venues and businesses comply and participate in government vaccine mandates. The Vancouver, British Columbia-based technology company said CheckVax “seamlessly integrates” into Fobi’s Venue Management and Wallet pass technology to improve the speed and ease of vaccine verification at venues, events, schools, movie theaters, hotels, and other mass-gathering sites, which pose a high risk of transmission of coronavirus (COVID-19). In a statement, Fobi CTO Tamer Shafik said: “This is an exciting product launch for Fobi as it incorporates our existing world-leading Wallet pass technology and venue management platform to immediately solve a major problem faced by millions of businesses left scrambling to comply with government vaccination mandates.”

KushCo Holdings Inc has said its stockholders voted overwhelmingly in favor of its proposed merger with Greenlane Holdings Inc at a special meeting held on August 26, 2021. The California-based company said over 97% of votes cast supported the merger, which will result in it becoming a wholly-owned subsidiary of Greenlane in an all-stock, tax-free business combination. Greenlane's stockholders have also approved the merger. “Our stockholders have spoken loud and clear that they overwhelmingly support this merger," KushCo co-founder, chairman and CEO Nick Kovacevich said in a statement. "We believe they recognize the opportunity for us to create one of the industry's leading ancillary companies, with the right size, scale, strategy, and talent to capitalize on the significant growth opportunities ahead of us."

AEX Gold Inc (AIM:AEXG, TSX-V:AEX, FRA:2NQ) has added two non-executive directors to the board, both of whom have extensive mining careers. Warwick Morley-Jepson has worked in the industry for 40 years, said AEX, with senior management stints at Ivanhoe Mines and Kinross and is currently chairman of Wedsome Gold Mines and a non-exec at Karora Minerals. Liane Kelly has worked extensively on sustainability and CSR initiatives for numerous companies with community engagement her speciality. She is currently a director of B2Gold and at AEX replaces George Fowlie who is stepping down from the board. AEX made the announcement alongside results for the quarter to end June 2021, which showed cash at the end of the period of C$49.6mln and losses for the quarter of C$4.6mln and half-year of C$7.9mln.

CytoDyn Inc has announced the appointment of Dr Seenu Srinivasan as the company’s new executive director of chemistry, manufacturing, and controls (CMC) Regulatory Affairs. Dr Srinivasan, a former director of CMC Regulatory Affairs for Regeneron Pharmaceuticals (NASDAQ:REGN) Inc, brings 30 years of broad regulatory and drug development experience to his role at CytoDyn, including extensive CMC experience in developing active pharmaceutical ingredients (APIs) and drug products from early phase to commercialization. “We are very fortunate to add Dr Srinivasan to our CMC regulatory management team,” CytoDyn CEO Nader Pourhassan said in a statement.

BTU Metals Corp has released assay results from its exploration efforts, which featured ten drill holes covering 3086.5 meters at its Dixie Halo property in Red Lake, Ontario. The Red Lake district is a flurry of exploration activity, with several explorers and producers advancing projects in the area, including BTU Metals. The recent program focused on the northeast portion of Dixie Halo described as “the general area of the southeast extension of the stratigraphic units that host the LP fault gold mineralization on the adjacent Great Bear Resources (TSX-V:GBR) Dixie project.”

Esports Entertainment Group, Inc said it has signed a partnership agreement with the Indianapolis Colts to become the National Football League (NFL) franchise's official esports tournament platform provider. As part of the new multi-year agreement, Esports Entertainment will operate co-branded esports tournaments annually for the Colts, utilizing its Esports Gaming League platform. “We continue to build on our momentum in the professional sports community and are excited to add the Colts as our latest top tier partner,” Esports Entertainment Group CEO Grant Johnson said in a statement. 

Phunware Inc (NASDAQ:PHUN) said it has launched PhunCoin, a security token that aims to empower consumers to take control of and be compensated fairly for their data. The Austin, Texas-based company said PhunCoin is an innovative cryptocurrency uniquely positioned for mainstream adoption because it is leveraging the global reach and distribution of a Nasdaq-listed company that specializes in consumer engagement and monetization. “Data is arguably the most valuable asset on the planet, but consumers continue to be exploited for this vital resource without consideration or permission by large data oligarchs,” president, CEO and co-founder Alan Knitowski said in a statement. “We launched PhunCoin to usher in a new era of transparency and accountability that enables consumers to determine not only what data they share and who they share it with, but also what that data is worth.” 

Phyto Extractions Inc (CSE:XTRX, FRA:D2EA). - formerly, Adastra Labs Holdings Ltd - has announced a name change to Adastra Holdings Ltd.  Trading in the company's common shares is expected to resume under the new name and under the same ticker symbol XTRX on the Canadian Securities Exchange as of market open on September 1, 2021. The company said it believes that Adastra Holdings Ltd. holds broader appeal to consumers for marketing purpose.

HealthLynked (OTCQB:HLYK) Corp announced a $2 million financing via a registered direct offering. The healthcare technology company said it had entered into a securities purchase agreement with an institutional investor for the purchase and sale, in a registered direct offering, of 3,703,704 shares of the company. Each share is priced at $0.54 per share for gross proceeds of $2 million. 

HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness Inc has announced a non-brokered private placement of 8 million units of the company at a price of US$0.25 per unit to raise gross proceeds of US$2 million. The Denver, Colorado-based health and wellness CBD company said it plans to allocate the gross proceeds of the placement “to general working capital and marketing initiatives.” In the financing, each unit is comprised of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of US$0.50 per share for a period of four years from the closing date of the private placement, expected on or about September 12, 2021. 

Vendetta Mining Corp. has said it is increasing its previously announced private placement from 10,000,000 units to 15,000,000 units to raise $750,000 and has closed a first tranche of the offering. The company noted that under the first tranche of the private placement, a total of 10,615,000 units are being issued at a price of $0.05 per unit for gross proceeds of $530,750. Vendetta Mining said the net proceeds from the financing will be used to advance the development of the company's 100% owned Pegmont Lead-Zinc project and for general working capital.

Bragg Gaming Group (TSX:BRAG, OTCQX:BRGGF) Inc. said that trading in the company’s common shares will begin today, August 27, 2021, on the Nasdaq Global Select Market under the ticker symbol BRAG. The company’s shares also continue to trade on the Toronto Stock Exchange under the ticker symbol BRAG. Richard Carter, chief executive officer of Bragg commented: “At Bragg we are successfully executing on our initiatives to grow our business and market share in the large global iGaming market that is increasingly of interest to US and Canadian investors. As such, the beginning of trading for our common shares on Nasdaq is another positive step in our efforts to enhance shareholder value and we are pleased to join Nasdaq and its listed companies that are renowned leaders in their respective industries. Our US public listing combined with our Canadian listing allows Bragg to further grow awareness of the Company and our growth opportunities among a larger pool of institutional and retail investors while offering enhanced trading liquidity.”

Golden Arrow Resources Corporation said it has received approval from the TSX Venture Exchange to commence a normal course issuer bid to purchase up to 10,132,012 of its common shares, being equal to 10% of the public float. Under the policies of the exchange, the bid will commence on September 1, 2021, and will end on the earlier of August 31, 2022, or at such time as the bid has been completed or is terminated at the company's discretion. The company said its board of directors are of the opinion that the recent market prices of its shares do not reflect the underlying value of its property portfolio and its strong financial position. Accordingly, the purchase of Shares through the bid is in the best interests of the company and its shareholders, as it will increase the proportionate share interest of remaining shareholders. The bid will afford an increased degree of liquidity to the company's shareholders. The directors also believe that there will be long-term benefits to the company with fewer shares issued and outstanding. All shares purchased under the bid will be made on the open market through the facilities of the exchange by PI Financial Corp. on behalf of the company, and the purchase and payment for the acquired shares will be made by the company in accordance with the requirements of the exchange.

NorthWest Copper (TSX-V:NWST) Corp. has announced the results of voting at its Annual General Meeting of Shareholders (AGM) held on August 26, 2021. Shareholders voted in favour of all items put forward by the company. At the AGM all incumbent directors, Mark O’Dea, David W. Moore, Sean Tetzlaff, Lewis V. Lawrick, Teodora Dechev and Richard Bailes, were re-elected to the board, and Peter Bell, NorthWest’s president and CEO, was elected to the board. Shareholders also voted in favour of re-appointing Dale Matheson Carr-Hilton Labonte LLP, Chartered Accountants, as auditors of the Company for the ensuing year and authorizing directors to fix their remuneration; and re-approving the company’s Stock Option Plan. A total of 24,182,831 common shares were voted, representing 19.07% of total shares issued and outstanding as at the record date of the meeting. The company also announced that Mark O’Dea is moving from executive chairman of the board to non-executive chairman of the board.

Agra Ventures Ltd. (CSE:AGRA, OTC:AGFAF) - formerly AgraFlora Organics - has said it will be consolidating all of its issued and outstanding share capital on the basis of one post-consolidation share for each 150 pre-consolidation common shares of the company. No fractional shares will be issued by Agra under the consolidation and any fraction will be rounded to the nearest whole number. As a result, the outstanding common shares of the company will be reduced to approximately 12,986,374. The exercise or conversion price and the number of common shares issuable under any of Agra's outstanding convertible securities will be proportionately adjusted upon consolidation. In connection with the consolidation, the name of the company will not change and its trading symbol will remain as AGRA. The company's common shares are expected to begin trading on a consolidated basis, and with a new Cusip number of 008505208 and a new ISIN of CA0085052086, on or about August 27, 2021.

Spyder Cannabis Inc. (TSX-V:SPDR) has announced that its board of directors have approved a consolidation of the company's share capital on a 1-for-5 basis. The consolidation was approved at the company's annual and special meeting of shareholders held on July 12, 2021. The company currently has 74,048,157 common shares outstanding and following completion of the consolidation, it is expected to have approximately 14,809,631 common shares outstanding. Completion of the Consolidation remains subject to the approval of the TSX Venture Exchange.

OTC Markets Group Inc. (OTCQX:OTCM), the operator of financial markets for 11,000 US and global securities, has announced that Mountain Valley MD Holdings Inc (CSE:MVMD, OTCQB:MVMDF). has qualified to trade on the OTCQX Best Market and has today upgraded from the OTCQB Venture Market. The OTCQX Market is designed for established, investor-focused US and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among US investors. "Trading on the OTCQX is a great affirmation of Mountain Valley MD's ability to meet the highest financial standards of the OTCQX Market and being current in our governance and financial disclosures. We continue to pursue advancements that will provide a large US investor base with the opportunity to participate directly in our growth," said Dennis Hancock, president and CEO of Mountain Valley MD Holdings. "Trading on OTCQX will contribute to our strategy to continue to enhance our share liquidity and broaden the reach and awareness of our global health and wellness innovations."

Quick facts: Planet 13 Holdings Inc


Price: 5.85 CAD

Market Cap: $1.15 billion

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Planet 13 to acquire cannabis license in FL as state gets closer to...

Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) Co-CEO Larry Scheffler tells Proactive the group has entered into a definitive purchase agreement to acquire a cannabis license in Florida. Scheffler says the group believes the state is becoming closer to legalizing recreational use of cannabis,...

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