Posted by AGORACOM
at 5:30 PM on Friday, January 18th, 2019
107.5 g/t gold and 880 g/t silver over 6.90 meters core length
High-grade quartz vein intersection is near-surface, near high grade intersections of COD18-45, 46 and 67 indicating high grade ore shoot.
COD18-67: 129 g/t gold and 1,154 g/t silver over 7.28 meters
VANCOUVER, BC / ACCESSWIRE / January 18, 2019 / GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX“)
is pleased to announce it has received drill core analytical results
for the final four drill holes (COD18-68 to COD18-71) of the November
2018 diamond drilling program at its Gold Drop Property near Greenwood,
southern British Columbia. Drill hole COD18-70 intersected near-surface
high-grade gold and silver with significant tellurium in the southwest
part of the COD quartz vein. This high-grade intersection is in
close-proximity to high-grade intersections in drill holes COD18-45, 46
and 67 indicating a high grade ore shoot. The mineralized COD vein
system has been traced by drilling and / or trenching for approximately
400 meters strike length and is open to the northeast, at depth and
possibly to the southwest. Highlights for COD18-70 include:
107.5
g/t gold and 880 g/t silver over 6.90 meters core length (multiple
samples greater than the upper 500 g/t analytical limit for tellurium).
High-grade
quartz vein intersection is near-surface (18 to 24 meters vertical
depth), near high grade intersections of COD18-45, 46 and 67 indicating
high grade ore shoot.
Part of
exploratory shallow drilling designed to define high-grade
mineralization and expand the understanding of controls on
mineralization.
The
November 2018 diamond drilling program (11 drill holes: COD18-61 to
COD18-71) tested the southwest region of the COD vein in an area of
high-grade gold and silver mineralization. The COD vein is located
within the Gold Drop Southwest Zone. Prior 2018 drill holes in this part
of the COD vein intersected near-surface high-grade gold and silver
mineralization. The COD vein strikes approximately northeast-southwest.
Intersections
exceeding 1 g/t gold for drill holes COD18-68 to COD18-71 are listed in
the table below. Since true widths cannot be accurately determined from
the information available the core lengths (meters) are reported.
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Te (g/t)
Description
COD18-68
19.49
22.25
2.76
8.77
85.4
56.3
Quartz vein and wall rock
COD18-68
incl. 20.86
22.35
1.39
14.47
131.8
87.9
Quartz vein and wall rock
COD18-69
19.75
20.42
0.67
1.24
9.59
6.55
quartz band
COD18-69
26.72
34.18
7.46
5.76
67.9
61.2
Quartz veins & wall rock; local quartz breccia
COD18-69
incl. 27.30
28.10
0.80
9.77
95
110
Quartz vein
COD18-69
incl. 31.20
31.60
0.40
70.9
569
278
Quartz vein with massive sulfide band
COD18-70
22.57
29.47
6.90
107.5
880
Quartz vein with tellurides
COD18-70
incl. 23.3
24.15
0.85
541
4532
>500
Quartz vein with tellurides
COD18-71
28.50
30.30
1.80
1.57
11.7
8.4
Alteration zone
Note: 1-meter core loss in COD18-70 between 22.57 – 29.47m.
All
November 2018 drill holes were collared within 25 meters of prior 2018
drill holes COD18-45 and COD-46, the objective to define the high-grade
mineralization in this part of the COD vein and to provide information
on the controls on mineralization. Drill holes COD18-45 and COD18-46,
drilled to the west at 45 and 50 degree-dips, intersected near-surface,
high grade gold and silver mineralization in the COD vein (News Releases
of August 15 and 22, 2018). Drill holes COD18-67and COD18-70, part of
the November 2018 program, intersected high grade gold and silver
mineralization in the same area. These holes were drilled slightly
northeast at dips of 50 degrees (COD18-67) and 54 degrees (COD18-70) to
intersect the COD vein at a shallower angle and test the continuity of
the quartz veining and high-grade mineralization. Highlights of these
four holes include (core length):
COD18-45: 50.1 g/t gold and 375 g/t silver over 2.05 meters (including 167.5 g/t gold, 1,370 g/t silver & >500 g/t tellurium over 0.46 meters).
COD18-46: 54.9 g/t gold and 379 g/t silver over 1.47 meters (including 223 g/t gold, 1,535 g/t silver & > 500 g/t tellurium over a 0.30 meters).
COD18-67: 129 g/t gold and 1,154 g/t silver over 7.28 meters (multiple samples exceeding upper 500 g/t analytical limit for tellurium).
COD18-70: 107.5 g/t gold and 880 g/t silver over 6.90 meters (multiple samples exceeding upper 500 g/t analytical limit for tellurium).
The
close-spaced intersections of COD18-45, 46, 67 and 70 all occur within
18-25 meters vertical depth indicating a high-grade ore shoot.
Analytical
results for drill holes COD18-61 to COD18-64 were reported in the
Company’s News Release of January 9, 2018, the highlight being 28.0 g/t
gold, 424.7 g/t silver and 150.4 g/t tellurium over 1.17 meters core
length in COD18-63. Analytical results for drill holes COD18-64 to
COD18-67 were reported in the Company’s News Release of January 11,
2019, the highlight being the intersection of 129 g/t gold and 1,154 g/t silver over 7.28 meters core length in COD18-67.
Holes
COD18-61 to COD18-66 were drilled to the west and slightly northwest at
dips of 45 to 60 degrees to intersect the approximately northeast
striking vein(s). Holes COD18-67 to COD18-71 were drilled at dips of 45
to 60 degrees slightly northeast to intersect the vein(s) at a shallower
angle, the objective being to test the continuity of the quartz veining
and mineralization. Although drill holes COD18-67 and COD18-70 were not
drilled perpendicular to the strike of the COD vein, they still show
the exceptional high-grade nature of the vein, possibly being, or
leading to, a “motherlode”-style feeder system. As the Company continues
reminding of the old saying “we drill for structure and we drift for
grade”, both holes indicate how potential drifting may encounter the
vein in case a potential production decision can be made in the future.
Drilling along veins at slight angles helps in locating possible “ore
shoots” and gaining a structural understanding of its vertical and
horizontal orientations/extensions for targeted follow-up drilling.
The
drill core was split with half core samples securely packaged and
delivered to ALS Canada Ltd. in Vancouver, BC. The core samples were
analyzed for gold by Fire Assay-Atomic Absorption and for 48 elements
(including silver and tellurium) by Four Acid – ICP-MS. Samples
exceeding 100 g/t gold were re-analyzed for gold by Fire Assay –
Gravimetric Finish. Samples exceeding 100 g/t silver were re-analyzed
for silver by Four Acid – ICP-AES. Samples exceeding 1,500 g/t silver by
Four Acid – ICP-AES were re-analyzed for silver by Fire Assay –
Gravimetric Finish. Quality control (QC) samples were inserted at
regular intervals.
Gold
and silver bearing quartz veins occur in multiple regions on the Gold
Drop property with high grade gold reported (samples exceeding 1 oz. /
ton gold reported).
Historic gold and silver production occurred at the Gold Drop, North Star, Amandy and Roderick Dhu vein systems.
David
Martin, P.Geo., a Qualified Person as defined by NI 43-101, is
responsible for the technical information contained in this News
Release.
To view the Original News release with pictures please go to the website or contact the company.
On Behalf of the Board of Directors, Barry Brown, Director 604-488-3900 [email protected]
Posted by AGORACOM
at 9:18 AM on Friday, January 18th, 2019
Drill results for holes 10 – 22 completed during 2018 exploration
Drilling conducted 1.5 km northwest of the historic Keymet Mine
Ky-18-14: 7.89% zinc equivalent over 34.3 m
GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has received drill core analytical results for 13 holes (Ky-18-10 to Ky-18-22) completed during the 2018 diamond drilling program at its Keymet Base Metal – Precious Metal Property, located near Bathurst, northeast New Brunswick. The program was conducted in the northwest region of the property approximately 1.5 km northwest of the historic Keymet Mine. Highlights include (core length):
Ky-18-14: 7.89% zinc equivalent over 34.3 meters (From 46.20 m to 80.50 m)
Ky-18-10: 10.91% zinc equivalent over 3.27 meters (From 85.03m to 88.30 m)
Elmtree 12 vein: System traced to approximately 145 meters depth, open at depth
Elmtree 12 vein: Strike length of approximately 110 meters and open along strike
Vein with semi-massive sulfides in Drill Hole Ky-18-14 at Elmtree 12 Vein System
The
2018 drilling program (13 holes totalling 1,484 meters) was conducted
in the northwest region of the Keymet property. Eleven drill holes
(Ky-18-10 to Ky-18-18, Ky-18-21 and Ky-18-22) tested the Elmtree 12 vein
system as in-fill drilling and along strike with some holes testing
deeper than previous drilling. Company management speculate the Elmtree
12 vein system to be striking approximately north-south and
sub-vertical. Great Atlantic had previously drilled six holes in the
Elmtree 12 vein system during 2015 and 2017, intersecting zinc, copper,
lead and silver bearing polymetallic veins (News Releases of February
23, 2016, December 20, 2017 and March 2, 2018). Two drill holes
(Ky-18-19 and Ky-18-20) tested the continuation of another base metal
and silver bearing vein southwest of the Elmtree 12 vein system. This
vein was discovered during 2017 drilling (Ky-17-8: 18.8% Zn, 3.5% Cu and
576 g/t Ag over 1.27 meters core length – News Release of March 2,
2018).
Sulfide Bearing Veins in Drill Hole Ky-18-14 at Elmtree 12 Vein System
Intersections
from 2015, 2017 and 2018 diamond drilling programs in the area of the
Elmtree 12 vein system include the following (core length):
Hole ID
From (m)
To (m)
Length (m)
Zn Equiv. (%)
Zn (%)
Cu (%)
Pb (%)
Ag (g/t)
Au (g/t)
2015 Diamond Drill Holes:
Ky-15-3
30.10
32.20
2.10
3.28
Ky-15-3
60.80
62.60
1.80
22.77
16.68
1.11
0.44
152
Ky-15-4
90.07
94.35
4.28
10.44
8.68
0.29
0.2
44.8
2017 Diamond Drill Holes:
Ky-17-5
81.00
81.80
0.80
20.24
13.65
1.20
0.45
166
Ky-17-6
119.45
131.50
12.05
8.31
3.54
0.92
0.28
115.6
Ky-17-6
incl. 119.45
124.40
4.95
16.05
7.67
1.57
0.48
209.3
Ky-17-6
148.80
149.75
0.95
4.9
Ky-17-6
164
183.96
19.96
0.64
Ky-17-8
31.00
32.27
1.27
39.90
18.8
3.55
1.16
576
Ky-17-9
45.75
47.13
1.38
6.29
4.29
0.29
0.23
55.4
2018 Diamond Drill Holes:
Ky-18-10
85.03
88.30
3.27
10.91
7.91
0.53
0.21
77.2
Ky-18-10
incl. 85.74
86.74
1.00
25.59
16.80
1.60
0.55
223
Ky-18-11
108.70
109.40
0.70
4.95
3.89
0.11
0.14
33.9
Ky-18-12
78.82
84.55
5.73
7.88
4.07
1.19
0.23
39.2
Ky-18-12
incl. 78.82
79.64
0.82
14.03
10.90
1.07
0.09
24.8
Ky-18-12
incl. 83.35
84.55
1.20
21.65
8.90
3.81
0.60
157
Ky-18-13
80.00
81.00
1.00
1.76
Ky-18-14
46.20
80.50
34.30
7.89
3.29
0.88
0.26
112.6
Ky-18-14
incl. 46.20
49.20
3.00
56.23
9.04
9.19
2.16
1158
Ky-18-14
incl. 62.48
63.00
0.52
18.49
15.45
0.96
0.13
32
Ky-18-14
incl. 67.00
67.60
0.60
13.59
13.05
0.09
0.05
14
Ky-18-14
incl. 76.00
80.50
4.50
14.27
12.08
0.31
0.30
59.8
Ky-18-16
77.20
77.72
0.52
33.48
4.47
7.85
0.72
478
Ky-18-17
10.43
11.00
0.57
11.72
6.37
0.10
6.08
14.5
Ky-18-17
67.00
67.50
0.50
7.23
6.05
0.21
0.15
27.5
Ky-18-18
72.50
73.50
1.00
2.74
2.04
0.09
0.11
19.6
Ky-18-19
13.02
13.72
0.70
1.05
Ky-18-20
32.00
32.28
0.28
10.75
2.39
1.82
0.87
164
Ky-18-21
145.50
147.00
1.50
8.26
2.31
0.89
0.81
156.6
Zinc
equivalent (% Zn Equiv.) values for drill hole intersections are based
on the following metal prices (as of January 16, 2019): Zinc US$2,467 /
tonne (US$1.119 / lb.), Lead US$1,953 / tonne (US$0.886 / lb.), Copper
US$5,881 / tonne (US$2.668 / lb.) and Silver US$15.605 per troy ounce.
Metal recoveries of 100% were applied in the zinc equivalent
calculations. The zinc equivalent calculation is as follows: Zn Equiv. =
100 x ((Ag Price in grams x Ag Grade) + (Pb Price x 2204.6 x Pb Grade
(%) / 100) + (Cu Price x 2204.6 x Cu Grade (%) / 100) + (Zn Price x
2204.6 x Zn Grade (%) / 100)) / Zn Price x 2204.6.
Drill holes
Ky-18-10 to Ky-18-13 were in-fill holes drilled east to slightly
southeast at 45 to 57 degree dips. Drill holes Ky-18-14, Ky-18-21 and
Ky-18-22 were collared closer to the vein system and at steeper dips
(78-83 degrees) to intersect the vein system at a shallower angle to
test continuity of mineralization along dip, locate possible ore shoots
and gain a structural understanding of the vein’s vertical and
horizontal orientations / extensions for targeted follow-up drilling.
Hole Ky-18-21, drilled under Ky-18-14, tested the zone deeper. The
mineralized intersection at 145.5-147 meters in this hole is the deepest
intersection by the Company in the Elmtree 12 vein system and indicates
the system is open at depth at this location. This interval also
returned anomalous values for cobalt, including 0.07% Co over 1.0 meter
core length.
The meta-sediments in the lower half of Ky-18-22 are intruded my mafic dykes, possibly cutting the vein system.
Drill
holes Ky-18-15 and Ky-18-16 tested the extension of the Elmtree 12 vein
system to the north. Ky-18-15 was drilled slightly northwest
(approximate 55 degree dip). Ky-18-16 was drilled slightly southwest
(approximate 73 degree dip). The metal rich intersection in Ky-18-16
indicates the mineralized system is open to the north at slightly deeper
levels.
Drill holes Ky-18-17 and Ky-18-18 tested the Elmtree 12
vein system south of previous Company drilling. Mineralized veins and /
or alteration was intersected in both holes, indicating the mineralized
system to be open to the south.
Drill holes Ky-18-19 and Ky-18-20
were located southwest of the known extent of the Elmtree 12 vein
system. These holes tested the extension of the high grade vein
intersected in 2017 hole Ky-17-8. Ky-18-19 was drilled slightly
northwest at an approximate 66 degree dip to intersect the vein deeper.
Hole Ky-18-19 did not confirm the down-dip extension of the mineralized
vein. Hole Ky-18-20 was drilled southwest at an approximate 55 degree
dip. This hole intersected a near-surface narrow copper, lead, zinc and
silver bearing zone (approximate 26 meters vertical depth) approximately
10 meters south of the high grade vein intersection of hole Ky-17-8.
Drill
core from the 2018 program was geologically logged and sampled at a
secure location in Miramichi, New Brunswick. Drill core samples were
submitted to ALS Canada for gold analysis (Fire Assay-AA) and for 33
element analysis (including copper, lead, zinc and silver) by Four Acid
and ICP-AES. Samples exceeding 1,500 g/t silver were re-analyzed for
silver by Fire Assay-Gravimetric Finish. Quality Control samples were
included as part of the sample submission. A Qualified Person verified
the 2015, 2017 and 2018 exploration data for Great Atlantic. The
Qualified Person managed these exploration programs at the Keymet
Property.
Historic Keymet Mine (1950s)
The
Company’s focus since acquiring the Keymet Property has been the
northwest region of the property in the area of reported polymetallic
veins with most work in the area of the Elmtree 12
copper-lead-zinc-silver bearing vein system. At least seven vein
occurrences with lead, zinc and +/- copper, silver and gold are reported
in this region of the property in addition to the polymetallic veins
reported at the historic Keymet Mine (source: New Brunswick Dept. of
Energy and Resource Development Mineral Occurrence Database). The Keymet
Mine operated during the mid-1950s, producing copper, lead, zinc and
silver. Production at this mine was terminated due to a fire at the
site.
Significant
precious metal – base metal deposits are reported within 4 km of the
Keymet Property. The Elmtree gold deposits are located within 3 km
west-southwest of the Keymet Property. The historic Nigadoo River Mine
is located approximately 4 km south of the Keymet Property. Polymetallic
massive sulfide veins were mined at the Nigadoo River Mine during the
1960s and 1970s with copper, lead, zinc and silver being produced. The
N.B Dept. of Energy and Resource Development Mineral Occurrence Database
reports shaft depth and production totals at this historic mine.
Production during 1967-1971 is reported as 1.126 million tonnes at 2.2%
Pb, 2.1% Zn, 0.24% Cu and 92.57 g/t Ag. Production during 1973-1977
(after a 2 year closure) is reported to be 0.733 million tonnes (only
partial metal grades reported). The shaft is reported to at least 470
meter deep.
The Nash Creek Zinc Project of Callinex Mines Inc. is
located approximately 15 kilometers northwest of the Keymet Property.
Callinex Mines Inc. recently filed a 43-101 Technical Report (effective
date March 21, 2018) which was completed by Tetra Tech Canada Inc. The
report includes updated mineral resource estimates for the Nash Creek
Zinc Project (Hickey and Hayes Zones) using a 1.5% Zn Equiv. cut-off.
This included 13,592,000 tonnes indicated estimated resources at 2.68%
Zn, 0.58% Pb and 17.8 g/t Ag; and 5,929,000 tonnes inferred estimated
resources at 2.68% Zn, 0.47% Pb and 13.9 g/t Ag (source: Callinex Mines
Inc. Website).
Readers are warned that mineralization at the
Elmtree gold deposits, historic Nigadoo River Mine and Nash Creek Zinc
Project is not necessarily indicative of mineralization on the Keymet
Property.
Access to the Keymet Property is excellent with paved
roads transecting the property, including a provincial highway. The
property covers an area of approximately 3,400 hectares and is 100%
owned by the Company.
Readers are warned that historical records
referred to in this News Release have been examined but not verified by a
Qualified Person. Further work is required to verify that historical
records referred to in this News Release are accurate.
David
Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP
Exploration for Great Atlantic, is responsible for the technical
information contained in this News Release.
On Behalf of the board of directors
“Christopher R Anderson“
Mr. Christopher R Anderson ” Always be positive, strive for solutions, and never give up “ President CEO Director 604-488-3900 – Dir
About Great Atlantic Resources Corp.: Great
Atlantic Resources Corp. is a Canadian exploration company focused on
the discovery and development of mineral assets in the resource-rich and
sovereign risk-free realm of Atlantic Canada, one of the number one
mining regions of the world. Great Atlantic is currently surging forward
building the company utilizing a Project Generation model, with a
special focus on the most critical elements on the planet that are
prominent in Atlantic Canada, Antimony, Tungsten and Gold.
Posted by AGORACOM-JC
at 4:19 PM on Wednesday, December 5th, 2018
Kiran Garimella
In Part 2, we saw how a simple concept of a linked list can morph into complex, distributed systems. Obviously, this is a simple, conceptual evolution leading up to blockchain, but it’s not the only way distributed systems can arise. Distributed systems need coordination, fault tolerance, consensus, and several layers of technology management (in the sense of systems and protocols).
Distributed systems also have a number of other complex issues. When the nodes in a distributed system are also decentralized (from the perspective of ownership and control), security becomes essential. That’s where complex cryptographic mechanisms come into play. The huge volume of transactions makes it necessary to address performance of any shared or replicated data, thus paving the way to notions of scaling, sharding, and verification of distributed data to ensure that it did not get out of sync or get compromised. In this segment, we will see that these ideas are not new; they were known and have been working on for several decades.
Cryptography
One important requirement in distributed systems is the security of data and participants. This motivates the introduction of cryptographic techniques. Ralph Merkle, for example, introduced in 1979 the concept of a binary tree of hashes (now known as a Merkle tree). Cryptographic hashing of blocks was implemented in 1991 by Stuart Haber & W. Scott Stornetta. In 1992, they incorporated Merkle trees into their scheme for efficiency.
The hashing functions are well-researched, standard techniques that provide the foundation for much of modern cryptography, including the well-known SSL certificates and the https protocol. Merkle’s hash function, now known as the Merkle-Damgard construction, is used in SHA-1 and SHA-2. Hashcash uses SHA-1 (original SHA-0 in 1993, SHA-1 in 1995), now using the more secure SHA-2 (which actually consists of SHA-256 and SHA-512). The more secure SHA-3 is the next upgrade.
Partitioning, Scaling, Replicating, and Sharding
Since the core of a blockchain is the database in the form of a distributed ledger, the question of how to deal with the rapidly growing size of the database becomes increasingly urgent. Partitioning, replicating, scaling, and sharding are all closely related concepts. These techniques, historically used in enterprise systems, are now being employed in blockchains to address performance limitations.
As with all things blockchain, these are not new concepts either, since large companies have been struggling with these issues for many decades, though not from a blockchain perspective. The intuitively obvious solution for a growing database is to split it up into pieces and store the pieces separately. Underlying this seemingly simple solution lies a number of technical challenges, such as how would the application layer know in which “piece†any particular data record would be found, how to manage queries across multiple partitions of the data, etc. While these scalability problems are tractable in enterprise systems or in ecosystems that have known and permitted participants (i.e., the equivalent of permissioned blockchains), it gets trickier in public blockchains. The permutations for malicious strategies seem endless and practically impossible to enumerate in advance. The need to preserve reasonable anonymity also increases the complexity of robust solutions.
Verification and Validation
Zero-knowledge proofs (ZKP) are techniques to prove (to another party, called the verifier) that the prover knows something without the prover having to disclose what it is that the prover knows. (This sounds magical, but there are many simple examples to show how this is possible that I’ll cover in a later post.) ZKP was first described in a paper, “The Knowledge Complexity of Interactive Proof-Systems†in 1985 by Shafi Goldwasser, Silvio Micali, and Charles Rackoff (apparently, it was developed much earlier in 1982 but not published until 1985). Zcash, a bitcoin-based cryptocurrency, uses ZKPs (or variants called zkSNARKs, first introduced in 2012 by four researchers) to ensure validity of transactions without revealing any information about the sender, receiver, or the amount itself.
Some of these proofs and indeed the transactions themselves could be implemented by automated code, popularly known as smart contracts. These were first conceived by Nick Szabo in 1996. Despite the name, it is debatable if these automated pieces of code can be said to be smart given the relatively advanced current state of artificial intelligence. Similarly, smart contracts are not quite contracts in the legal sense. A credit card transaction, for example, incorporates a tremendous amount of computation that includes checking for balances, holds, fraud, unusual spending patterns, etc., with service-level agreements and contractual bindings between various parties in the complex web of modern financial transactions, but we don’t usually call this a ‘smart contract’. In comparison, even the current ‘smart contracts’ are fairly simplistic.
Posted by AGORACOM-JC
at 4:11 PM on Wednesday, December 5th, 2018
Kiran Garimella
We saw in Part 1 that linked lists provide the conceptual foundation for blockchain, where a ‘block’ is a package of data and blocks are strung together by some type of linking mechanism such as pointers, references, addresses, etc. In this Part 2, we will see how this simple concept gives rise to powerful ideas that lay the foundation for distributed systems.
What happens when one of the links in the linked list or one of the computers (aka, ‘nodes’) in a distributed system falls sick (and responds slowly), gets taken down (‘hacked’), or dies? How does the full list (or chain) recover from such tragic events? This brings us to the notion of fault tolerance in distributed systems. Once changes are made to the data in one of the nodes (blocks), how do we ensure that the same information is consistent with other nodes? That introduces the requirement for consensus.
Pushing the analogy of the linked list a bit further, algorithms that manage linked lists are carefully designed not to break the list. Appending links to the end or the front, for that matter, is an easy operation (we just need to make sure that the markers that indicate the start and end of the list are updated correctly). However, removing a link (or member of the chain) or adding one is a bit trickier. When it is necessary to remove or insert into the middle of the list, it’s a bit more complicated, but a well-understood problem with known solutions. We won’t go into the specifics in this article because the intent is not to describe these operations but to convey a high-level historical perspective.
In distributed systems, fault tolerance becomes a very important topic. In one sense, it is a logical extension to managing a linked list on a single computer. Obviously, in real-world applications, each of the nodes in a distributed system are economic entities that depend on other economic entities to achieve their goals. Faults within the system must be minimized as much as possible. When faults are inevitable, recovery must be as quick and complete as possible. Computer scientists began studying the methods of fault tolerance in the mid-1950s, resulting in the first fault-tolerant computer, SAPO, in Czechoslovakia.
Besides fault tolerance, when information needs to be added to the distributed system (a bit like adding, deleting, or updating the elements of a linked list), the different parties must agree. The reason for agreement is that the data that goes into the ‘linked list’ is data that arises out of transactions between these parties. Without agreement, imagine the chaos! My node would record that I sent you $90 while your node would record only $19! Or, if I send you payment for a product, I expect to receive the product. There should be agreement, settlement, and reconciliation between the transacting parties. A stronger requirement in distributed systems is that once the parties agree to something, the data that is agreed upon cannot be changed by one of the parties without the concurrence of the other party or parties. The strongest version of this requirement is ‘immutability’, where it is technically impossible to make any changes to data that is agreed to and committed to the chain.
Fault-Tolerance and Consensus
Distributed systems, therefore, require fault-tolerance, consensus, and immutability in varying degrees, depending on the needs of the business. Mechanisms for fault-tolerance and consensus evolved since the early days. Notable developments are:
Byzantine Fault Tolerance (BFT) by Lamport, Shostak, and Pease in 1982, to deal with situations where one or more of the nodes in the distributed system become faulty or malicious.
Proof-of-Work (POW), first described in 1993 and the term coined in 1999, which is a technique for providing economic disincentives for malicious attacks. A precursor idea of POW was proposed in 1992 by Cynthia Dwork and Moni Naor, as a means to combatting junk mail—a problem that was already a significant nuisance way back in 1992!* Their solution was to require a sender to solve a computational problem that was easy enough for sending emails normally but becomes computationally expensive for sending massive amounts of junk emails.
A high-performance version of BFT, called Practical Byzantine Fault Tolerance (PBFT), by Miguel Castro and Barbara Liskov, in 1999; and so on.
Paxos**, a family of consensus algorithms, has its roots in a 1988 work by Dwork, Lynch, and Stockmeyer, and first published in 1998 (even though conceived several years earlier) by Leslie Lamport.
Raft consensus algorithm was developed by Diego Ongaro and John Ousterhout. Published in 2014, it was designed to be a more understandable alternative to Paxos.
State machine replication (SMR) is a framework for fault-tolerance and consensus is a way to resolve conflicts or achieve agreement on the state values. SMR’s beginnings are in the early 1980s, with an influential paper by Leslie Lamport, “Using Time Instead of Timeout for Fault-Tolerant Distributed Systems†in 1984.
In Part 3, we will do a high-level review of mechanisms designed to keep distributed systems secure, consistent, and able to handle large volumes of transactions.
*Their paper, “Pricing via Processing or Combatting Junk Mailâ€, begins with a charming expression of exasperation: “Some time ago one of us returned from a brief vacation, only to find 241 messages in our reader.â€
**No known relation to the blockchain company, Paxos.com
Posted by AGORACOM-JC
at 4:03 PM on Wednesday, December 5th, 2018
Kiran Garimella
Technologies of Blockchain – Part 1: The Foundations
Blockchain is not just a single technology but a package of a number of technologies and techniques. The rich lexicon in the blockchain includes terms such as Merkle trees, sharding, state machine replication, fault tolerance, cryptographic hashing, zero-knowledge proofs, zkSNARKS, and other exotic terms.
In this four-part series, we will provide a very high-level overview of each of the main components of technology. In reality, the number of technologies, variations, configurations, and considerations of trade-offs are numerous. Each piece in this puzzle was motivated by certain business requirements and technical considerations.
In this first part, we look at the origins of the ‘chain’ and the most important technological advancement that makes blockchain (and all e-commerce) possible, i.e., the Internet.
While there have been genuine innovations within the last decade, blockchain’s underlying technologies are mostly quite old (in computer science time scale). Let us unpack a typical blockchain to trace out the origins of the constituent technologies. In this short post, I’ll only point to a very small (some may say, infinitesimally small) subset of the historical origin of technologies that make the modern blockchain possible. I’ll make no attempt to trace the development of these concepts from origin to the present time (that would fill up several books). The fact that blockchain’s technologies have a long and respectable history should help us gain confidence that blockchain, as a technology, is not some fly-by-night, newfangled idea cooked up by the crypto fandom.
What is less certain and much more controversial is the economic justification for blockchain (or at least some types of blockchain), ranging from the unrealistic expectation that it is a panacea for all of humankind’s ills (most optimistically, for social and economic inequities), to the total and premature dismissal of blockchain in its entirety.
The Beginnings
At the conceptual heart of blockchain is the ‘chain’. By definition, the links of the chain are, well, linked. It’s a list of data elements or packets of information (in blockchain, these are called ‘blocks’) that are linked. A blockchain is, therefore, a type of linked list.
The concept of a linked list was defined by pioneers of computer science and artificial intelligence, Alan Newell, Cliff Shaw, and Herbert Simon, way back in 1955-56.
In the early days of computer science, data and processing power lived on individual computers. Soon, people wanted these computers to ‘talk’ to each other. The grand idea of an Intergalactic Computer Network was put forth by J. C. R. Licklider as early as 1963. Unfortunately, even after half a century of rapid development, we have achieved only a planetary-wide Internet so far. An ‘intergalactic’ network is still a few years away!*
These ideas and the need to connect dispersed computers gave rise to wide-scale distributed systems in the 1960s-70s, with the advent of ARPANET and Ethernet. Technically, these linked computers are not necessarily treated in the same way as a traditional linked list that lived on one computer, but the conceptual idea is similar. When data and computational power get dispersed, layers of management, coordination, and security become increasingly important.
Blockchain would not exist without the Internet, which itself would not exist without TCP/IP, developed by Bob Kahn and Vint Cerf in the 1970s and ‘80s. Along the way, some scientists managed to have some fun too. They carried out an April Fools prank in 1990 by issuing an RFC (1149) for IPoAC protocol (IP over Avian Carriers, i.e., carrier pigeons). The punch line was delivered in April 2001 when a Linux user group implemented CPIP (Carrier Pigeon Internet Protocol) by sending nine data packets over three miles using carrier pigeons. They reported packet loss of 55%. A joke that takes a decade to pull off is practically Saturday night live comedy in Internet time scale!
In part 2, we will see how the extension of the concept of linked list on the Internet leads to distributed systems, the attending challenges, and their solutions.
Posted by AGORACOM-JC
at 10:32 AM on Wednesday, December 5th, 2018
HPQ subsidiary, Beauce Gold Fields Inc has raised the minimum $550,000 concurrent private placement required for it’s listing on the TSX-Venture Exchange under the reserved stock symbol BGF
Following the satisfactory review, the Date of Record and subsequent Distribution and Listing Date will be announced.
MONTREAL, Dec. 05, 2018 — HPQ Silicon Resources Inc (“HPQâ€) (TSX Venture: HPQ) is pleased to inform shareholders that HPQ subsidiary, Beauce Gold Fields Inc (“BGFâ€) has raised the minimum $550,000 concurrent private placement required for it’s listing on the TSX-Venture Exchange (“Exchangeâ€) under the reserved stock symbol BGF.
Patrick Levasseur, President and CEO of HPQ Beauce Gold Fields subsidiary stated, “I would like to thank everyone who has subscribed to the private placement for the listing of BGF. This will allow HPQ to unlock the full potential value of the Beauce Gold property through a fresh new entity starting with a tight capital structure.†Mr. Levasseur also stated “The Beauce is Canada’s last underexplored historical placer mining camp. It’s similar to the placer to hard rock exploration projects in the Yukon or the Cariboo district in BC, that were both placer gold mining camps as well, but recently had major gold discoveries. Combining our large claims holding in St-Simon-Les-Mines together with our increasing knowledge of the geology, we believe we have narrowed the search in exploring for a hard rock gold depositâ€
TSX-V Conditional Approval and Concurrent Private Placement
The Listing of BGF was conditional to closing the private placement. The listing is also conditional to the submission of the Listing Application, the required financial statements plus various supporting documents that HPQ is submitting to the Exchange for satisfactory review.
Following the satisfactory review, the Date of Record and subsequent Distribution and Listing Date will be announced.
In this regard, the BGF’s notice for filing in connection with this Private Placement will be the following basis:
3,500,000 hard-cash units (HC Units) at the price of $0.10 per HC Unit for total of $350,000.00
1,666,666 flow-through units (FT Units) at the price of $0.12 per FT Unit for total of $200,000.00
Each HC Unit will be comprised of one common share and one warrant to purchase one common share at the price of $0.15 per share for two years following the closing date. Each FT Unit will be comprised of one flow-through common share and one-half of one warrant, with each full warrant allowing the holder to purchase one common share at the exercise price of $0.18 per share for a period of two years following the closing date.
Beauce Gold Fields – A Tight Capital Structure at Listing
Transactions
Number of Shares
Private Placement to HPQ
200,000
Spin-out – Shares at $0.10 per Share
13,350,000
HPQ Direct Ownership (≈ 15%)
2,870,000
Distributed to HPQ Shareholders (≈55%)
10,680,000
Flow Through Private Placement at $0.12 per Share
1,666,666
Hard Cash Private Placement at $0.10 per Share
3,500,000
BGF Shares outstanding at Listing
18,716,666
Warrants- Private Placement
4,333,333
Warrants – HPQ warrant holders *
4,158,350
Stock Option Plan (rolling 10%)
1,900,000
Fully Diluted Capital
29,108,349
* Subject to adjustment based on the final HPQ Ratio upon the Ex-Distribution Date.
About Beauce Gold Fields
BGF is a wholly owned subsidiary of HPQ Silicon into which HPQ gold assets were transferred.  Subject to approval by TSX-V, HPQ is in the process of listing BGF as a new public junior gold company, following the approval by shareholders during HPQ AGM held on Aug. 10, 2018, of the proposed terms of the plan of arrangement.
The Beauce Gold Fields project is a unique, historically prolific gold property located in the municipality of Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of 152 claims 100% owned by HPQ, the project area hosts a six kilometre long unconsolidated gold-bearing sedimentary unit (a lower saprolite and an upper brown diamictite). Textural observations (angularity) of gold nuggets suggest a relatively proximal source and therefore a short transport distance. The gold in saprolite indicates a close proximity to a bedrock source of gold, providing possible further exploration discoveries. The property was also hosts numerous historical gold mines that were active from 1860s to the 1960s (see HPQ SEDAR-filed report).
HPQ Silicon Resources Inc. is a TSX-V listed resource company planning to become a vertically integrated and diversified High Purity, Solar Grade Silicon Metal (SoG Si) producer and a manufacturer of multi and monocrystalline solar cells of the P and N types, required for production of high performance photovoltaic conversion.
HPQ’s goal is to develop, in collaboration with industry leaders, PyroGenesis (TSX-V:PYR) and Apollon Solar, that are experts in their fields of interest, the innovative PUREVAPTM “Quartz Reduction Reactors (QRR)â€, a truly 2.0 Carbothermic process (patent pending), which will permit the transformation and purification of quartz (SiO2) into high purity silicon metal (Si) in one step and reduce by a factor of at least two-thirds (2/3) the costs associated with the transformation of quartz (SiO2) into SoG Si. The pilot plant equipment that will validate the commercial potential of the process is on schedule to start mid-2019.
Disclaimers:
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S un der the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact
Bernard J. Tourillon, Chairman, President and CEO HPQ Tel (514) 907-1011
Patrick Levasseur, COO HPQ, President and CEO BGF Tel: (514) 262-9239 www.HPQSilicon.com
Posted by AGORACOM-JC
at 12:45 PM on Tuesday, December 4th, 2018
Recent news regarding Aphria Inc. does not in any way affect Tetra’s business, operations, clinical and drug registration and source of supply.
Company is well funded to continue these activities in 2019 with plans to expand our clinical activities in the U.S.
“Tetra is Not a Cannabis Company†Says CEO Chamberland
ORLEANS, Ontario, Dec. 04, 2018 — Tetra Bio-Pharma Inc (“Tetra†or “TBPâ€), (TSX VENTURE: TBP) (OTCQB: TBPMF) – Recent news regarding Aphria Inc. does not in any way affect Tetra’s business, operations, clinical and drug registration and source of supply. We are well funded to continue these activities in 2019 with plans to expand our clinical activities in the U.S. We remind shareholders that we are not a cannabis company but a bio-pharmaceutical firm.
“It’s important for our shareholders to understand that Tetra is not a cannabis company. We do not grow, or sell cannabis,†said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “Like the internationally recognized GW Pharma, we are a pharmaceutical company that discovers and develops prescription drugs. This strategy is entirely different from the hundreds of licensed producers and it is what makes Tetra completely unique. Our business model has, and will continue to be, to take a pharmaceutical pathway so that cannabinoid-derived drugs are integrated into the regulated healthcare system.â€
Tetra Bio-Pharma has made tremendous progress in developing its lead products as prescription drugs and is in a strong financial position to execute on our innovative and robust business strategy. The following are some of the major achievements that have taken place this year and that reflect Tetra’s work as a bio-pharmaceutical innovator:
Obtained the Drug Establishment License for the manufacturing of PPP001;
Completed the Type B and C meetings with the U.S. FDA;
Made a bid to acquire Panag Pharma Inc. and grow its intellectual property;
Advanced the timing of its filing for PPP001 in Europe;
Signed two distribution and sales agreements with pharmaceutical companies based in Israel and Portugal for our PPP001 drug product;
Successfully setup a growing Hemp Energy Drink business and shortly after ordered 1.7 million cans for sales;
Hired senior pharmaceutical industry talent with depth of experience to oversee operations in a timely, systematic way; and
Implemented plans to ensure supply of cannabis raw materials thus avoiding back orders on drug or commercial products.
Dr. Chamberland further stated, “Tetra has never been in a stronger position in its history and looks forward to continued execution of its strategy.â€
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company’s research and development strategies, including the ability to obtain orphan drug status, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. While no definitive documentation has yet been signed by the parties and there is no certainty that such documentation will be signed. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information, please contact Tetra Bio-Pharma Inc.
Robert (Bob) Bechard
Executive Vice President, Corporate Development and Licensing
514-817-2514 [email protected]
Posted by AGORACOM-JC
at 9:29 AM on Tuesday, December 4th, 2018
Appointed experienced, gaming industry and technology business leaders as Advisors to the Company
Enthusiast welcomes John Koller, Matt Levitan, Matt Ryan, and Mike Wall as Advisors to assist and provide expertise though its expansive growth
TORONTO, Dec. 04, 2018 – Enthusiast Gaming Holdings Inc. (“Enthusiast†or the “Companyâ€) (TSXV: EGLX), a digital media company building the largest community of authentic gamers, is excited to announce that it has appointed experienced, gaming industry and technology business leaders as Advisors to the Company. Enthusiast welcomes John Koller, Matt Levitan, Matt Ryan, and Mike Wall as Advisors to assist and provide expertise though its expansive growth.
John Koller has over 20 years of senior executive level experience in the video gaming sector with Electronic Arts (“EAâ€) and PlayStation. John spent 19 years as the VP of Marketing for PlayStation, during which he led five major platform launches, including the highly successful PlayStation 4 launch in North America. He also led and managed a multi-billion dollar PlayStation business in the US with full P&L responsibility. Prior to PlayStation, John was the head of marketing for Electronic Arts.
Matt Levitan has over two decades experience in the Canadian video game industry. Before starting his own agency, Matt spent 9 years at the helm of the Sony office as Senior Director of Marketing and Public Relations, directing all sales, marketing and operations efforts for the $500M annual business. Prior to Sony, Matt was VP, Client Services of Segal Communications, and directed all marketing and public relations efforts for PlayStation Canada from the agency side through the original PlayStation and PS2 lifecycles. Since 2014, Matt has helped create and launch a free-to-play Facebook game as well as starting his own consulting agency called Press Start Marketing.
Matt Ryan was the former lead at Nintendo Canada for communications and strategic partnerships, as well as retail and channel marketing, promoting gaming experiences to the masses via product-to-market campaigns for the launch of Wii, Wii U, Nintendo 3DS. Matt was also in charge of promoting all software franchises for the company, including; Mario, The Legend of Zelda, Donkey Kong, Pokemon and more. After Nintendo, Matt launched Trip To The Moon Marketing Inc., a marketing, communications and brand partnerships agency for entertainment, arts and culture brands. Matt is currently the VP of Marketing at National Access Cannabis, a best practices leader in delivering secure, safe, and responsible access to legal adult-use recreational and medical cannabis in Canada.
Mike Wall was Vice President, Sales at comScore, an Internet measurement pioneer that went public in 2007 and reached $2.5B market cap in 2015. Prior to his 11 years with comScore, he was Sales Executive at Visual Sports, a VR simulator startup founded in 2000 and acquired by market leader Full Swing Golf. Mike currently brings over 15 years of experience as a technology business leader, to provide angel investment, executive advisory and business consulting to high-growth Canadian startups. Mike is the Founder and Principal of Park Hill Ventures, an early-stage venture advisory firm supporting Canada’s innovation economy.
Eric Bernofsky, COO of Enthusiast commented, “We are delighted to welcome John Koller, Matt Levitan, Matt Ryan and Mike Wall as Advisors of Enthusiast Gaming. These veteran industry leaders have a track record of success within significant gaming and technology brands, like Electronic Arts, PlayStation, Nintendo, and comScore which will greatly benefit our operations. Their combined expertise will be invaluable for the Company to help us navigate the rapid growth of our business and continue executing on our growth strategy.â€
Founded in 2014, Enthusiast is the fastest-growing online community of video gamers. Through the Company’s unique acquisition strategy, it has a platform of over 70 owned and affiliated websites and currently reaches over 75 million monthly visitors with its unique and curated content. Enthusiast also owns and operates Canada’s largest gaming expo, Enthusiast Gaming Live Expo, EGLX, (www.eglx.ca). Over 30,000 people attended EGLX in October 2018. For more information on the Company, visit www.enthusiastgaming.com.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of the Corporation have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Posted by AGORACOM-JC
at 8:42 AM on Tuesday, December 4th, 2018
Entered into a definitive agreement to acquire all of the issued and outstanding shares of 495 Communications, LLC
495 is a leading advertising and content marketing company based in New York City and Santa Monica, California.
VANCOUVER, Dec. 4, 2018 – Good Life Networks Inc. (“GLN“, or the “Company“) (TSXV: GOOD) (FSE: 4G5), a programmatic advertising technology company, announced today that it has entered into a definitive agreement (the “Agreement“) to acquire all of the issued and outstanding shares (the “Purchased Shares“) of 495 Communications, LLC (“495“). 495 is a leading advertising and content marketing company based in New York City and Santa Monica, California. According to a third-party unaudited Quality of Earnings prepared by CohnReznick LLP in New York, as at August 31, 2018; 495’s Trailing Twelve Month revenue was reported at approximately USD$14.4M (CDN$18.1M equivalent), and adjusted EBITDA came in at USD$1.9M (CDN$3.3M equivalent).
“I’m thrilled to announce our second acquisition for 2018, which is also accretive to earnings,” stated CEO Jesse Dylan. “495 Communications is a content publisher with an impressive list of partners that includes more than 2,000 premium websites, as well as proprietary mobile and connected TV applications. This acquisition, along with the recently announced acquisition of ImpressionX, sets GLN up to achieve our aggressive earnings growth objectives for 2019 and beyond.”
Under the terms of the Agreement, consideration for the Purchased Shares will consist of the following:
a)Â Â Â Â Â US$3,500,000 in cash, payable to the members of 495 less the amount of outstanding indebtedness;
b)Â Â Â Â Â a cash earn-out, up to a maximum of US$5,500,000 for hitting performance benchmarks; and
c)Â Â Â Â Â a share/cash earn-out, to be satisfied, at the sole discretion of the Company, in cash or through the issuance of common shares of the Company (“GLN Shares“) up to a maximum amount of US$6,000,000 for hitting performance benchmarks, such GLN Shares to be issued at a per share price based upon the greater of (i) the 20-day volume weighted average trading price of the GLN Shares on the TSX Venture Exchange (the “TSX-V“) immediately prior to the date of issuance and (ii) the lowest price permitted by the policies of the TSX-V.
The Agreement was negotiated at arm’s length. 495 was advised by CREO | Montminy & Co. as financial advisor and Foundation Law Group served as legal counsel. GLN was advised by Oakhill Financial as financial advisor and Wang Legal served as legal counsel.
“GLN’s technology and growth strategy is in perfect alignment with our team at 495,” stated CEO Bret Polansky. “495 delivers compelling content and advertising across multiple devices, we have set the industry standard by which this is consumed on today’s cross market platforms. We look forward to adding our impressive suite of services, technology and large client and publisher rosters to the GLN family.”
Completion of the acquisition is subject to the Company obtaining debt financing on terms satisfactory to the Company. The Company expects to enter into a debt facility with a Schedule One bank on or before closing of the acquisition.
The Company anticipates the completion of the acquisition by the end of December 2018, pending TSX-V acceptance.
In connection with the acquisition of 495, the Company intends to issue Oak Hill Financial, Inc. (“Oak Hill“) 650,000 non-transferable finder’s warrants (the “Finder Warrants“) as a finder’s fee upon completion of the acquisition. The Finder Warrants will be exercisable into common shares of the Company at an exercise price of $0.34 per common share until the date that is 2 years after the date of issuance. The issuance of the Finder Warrants to Oak Hill is subject to the acceptance by the TSX-V.
The GLN Story
GLN’s technology is the engine that sits between advertisers and publishers. The GLN platform is built for cross device video advertising: mobile, in-app, desktop and CTV (Connected Television). The Programmatic Video Marketing Platform is powered by GLN’s proprietary machine learning technology that uses “Big Data” to intelligently target and connect digital advertisers with consumers without collecting PII (Personal Identifiable Information).
The platform is the cornerstone of GLN’s business, providing industry leading insights, data and revenue. This allows GLN to match advertisers to publishers in a way that provides significant and sustainable value to both. GLN’s patent pending machine learning algorithm can forecast the needs and wants of the brands they represent, maximizing the efficiency for their partners while increasing their margins and profitability.
The Programmatic Video Technology Platform features integrations at the server level with both publishers and advertisers. Our technology quickly finds the most valuable advertisement for every consumer. Publishers make more money through improved CPM (advertising fill rate) combined with a more engaged consumer experience. Advertisers make more money by reaching their target audience more effectively. GLN makes money by retaining a percentage of the advertiser’s fee. GLN is headquartered in Vancouver, Canada with offices in the US and UK and trades on the TSX Venture Exchange under the stock symbol “GOOD” and The Frankfurt Stock Exchange under the stock symbol 4G5.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of GLN. This information and these statements, referred to herein as “forwardâ€looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, including the timing, approval and completion of the acquisition of the Purchased Shares, TSX-V approval, ability of the company to secure debt financing, estimates and forecasts and statements as to management’s expectations and intentions with respect to the Company’s acquisition of 495. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. These forwardâ€looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation, risks relating to the timing of the acquisition of the Purchased Shares, risk related to securing a debt facility, successful completion of the acquisition of the Purchased Shares, fulfillment of all conditions to closing set forth in the Agreement, the number of securities of GLN that may be issued in connection with the transaction; GLN realizing on the anticipated value of acquiring the Purchased Shares, GLN maintaining its projected growth, acceptance of the TSX-V and general economic conditions or conditions in the financial markets. In making the forwardâ€looking statements in this news release, the Company has applied several material assumptions, including without limitation that the acquisition of the Purchased Shares will be successfully completed in the time expected by management and will generate the anticipated revenue and expand GLN’s global reach per management’s expectations. GLN does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in GLN’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
