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INTERVIEW: Monarques Gold Discusses Aggressive Work Program on Fully Permitted Croinor Gold Mine $MQR.ca
Posted by
at 12:08 PM on Friday, June 9th, 2017
Gold Drop Property Multiple Gold Bearing Rock Samples including 19.6 g/t Gold at Historic C.O.D Shaft and 14.1 g/t Gold at New Vein Showing Greenwood $GGX.ca
Posted by
at 8:54 AM on Thursday, June 8th, 2017
- Seven grab quartz vein samples collected at the Gold Drop Southwest Zone returned in excess of 1 gram per tonne gold (g/t Au)
- Two of these samples exceeded 10 g/t Au including a sample adjacent to the historic C.O.D. shaft (19.65 g/t Au) and a bedrock vein sample along a new access road which returned 14.1 g/t Au
Vancouver, British Columbia – GGX Gold Corp. (TSXV: GGX) (the “Company†or “GGXâ€) is pleased to announce analytical results for initial rock samples collected during May 2017 at its high-grade Gold Drop property, located near Greenwood in southern British Columbia. Seven grab quartz vein samples collected at the Gold Drop Southwest Zone returned in excess of 1 gram per tonne gold (g/t Au). Two of these samples exceeded 10 g/t Au including a sample adjacent to the historic C.O.D. shaft (19.65 g/t Au) and a bedrock vein sample along a new access road which returned 14.1 g/t Au. This new vein showing is approximately 680 metres northeast of the C.O.D. shaft. The property covers geologically prospective ground in the well-mineralized Greenwood Mining Division. The property hosts numerous low-sulfide, gold and silver bearing quartz veins or vein systems, four of which were previously mined. One focus of the current work is to locate and sample reported veins and document historic workings. Such work was conducted in the Gold Drop Southwest Zone during May 2017.
To view the graphic in its original size, please click here
During May 2017 the Company collected multiple rock samples at the Gold Drop Southwest Zone. Gold and silver bearing veins are reported in this area including the C.O.D. and Tel 2 gold – silver vein occurrences (B.C. MINFILE Occurrence No. 082ESE285 and082ESE287). The Company located the C.O.D. vein and historic C.O.D. shaft and other historic trenches and pits in this area during May. Rock samples were collected during the program at the C.O.D. vein at and close to the C.O.D. shaft; and from quartz veins northeast and northwest of the C.O.D. shaft. The samples were submitted to ALS Minerals in North Vancouver for gold analysis (Fire Assay and AAS). Select samples were also analyzed for 33 additional elements (Four Acid and ICP-AES). The Company has received analytical results for the first 20 samples collected. Seven of these rock samples exceeded 1 g/t Au (all being grab rock samples), listed in the following table:
| Sample No. | Au (g/t) | Comments | ||
| Sample from southwest striking C.O.D. quartz vein (approximately 1 metre wide) | ||||
| V108001 | 19.95 | at historic C.O.D. shaft. | ||
| V108002 | 1.20 | Sample from C.O.D vein 15 metres southwest of V108001. | ||
| Sample from pyrite bearing, southwest striking quartz vein (approximately 1 | ||||
| metre wide) at historic shaft approximately 750 metres northeast of sample | ||||
| V108003 | 2.93 | V18001. | ||
| Sample from pyrite bearing, newly exposed quartz vein (approximately 0.5 | ||||
| metres wide) along new road. Approximately 80 metres southwest of sample | ||||
| V108005 | 14.10 | V108003 and approximately 680 metres northeast of V108001 (C.O.D. shaft). | ||
| Sample of quartz vein from small pit approximately 40 metres northeast of | ||||
| V108007 | 2.03 | sample V108003. | ||
| Sample of quartz vein from small pit approximately 170 metres northeast of | ||||
| V108008 | 2.11 | sample V108003. | ||
| Sample of quartz vein (approximately 0.5-0.75 metres wide) from small pit | ||||
| V108011 | 2.02 | approximately 420 northwest of sample V108001. | ||
To view the graphic in its original size, please click here
This historic C.O.D. shaft is reported to be approximately 21 metres deep, and reported to have been sunk around 1900 on a gold bearing quartz vein (C.O.D. occurrence). The shaft was reported to have been de-watered in 1983 with the vein in the shaft being sampled. Historic 1980s trenches reportedly traced the vein to the southwest to the Tel 2 occurrence. The quartz vein in the shaft (C.O.D occurrence) is reported to be 1.22 metres wide, striking northeast – southwest. A 1988 diamond drill hole reported adjacent to the shaft was reported to intersect 7.4 g/t Au and 86.8 g/t Ag over 0.75 metres (true width of mineralization not reported). Chip samples during 1983 from the vein were reported to average 10.3 g/t Au and 102.6 g/t Ag over a length of 1.2 metres. A 1988 quartz vein grab sample from a trench southwest of the C.O.D. shaft was reported to return 20.8 g/t Au and 115.6 g/t Ag (Tel 2 gold and silver occurrence). This 1988 sample was reported as banded chalcedonic quartz.
Excavator trenching is underway now to further expose and trace the gold being veins sampled in May. Trenching in the area of sample V108005 is a high priority to Company management. This newly exposed quartz vein is on the approximate northeast trend of the C.O.D. vein. Samples V108003, V108007 and V108008 were also collected in this general area and further northeast of V108005. Trenching will test the area between the C.O.D shaft and this area of gold bearing veins.
Historic shaft in southwest region of Gold Drop Property
To view the graphic in its original size, please click here
To view the graphic in its original size, please click here
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 assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
On Behalf of the Board of Directors,
Barry Brown, Director
604-488-3900
Forward Looking Information
This news release includes certain statements that constitute “forward-looking information†within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects†or “does not expectâ€, “is expectedâ€, “anticipates†or “does not anticipateâ€, “plansâ€, “estimates†or “intendsâ€, or stating that certain actions, events or results “mayâ€, “couldâ€, “wouldâ€, “might†or “will†be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed at the Gold Drop Property. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ggxgold06082017.pdf
Namaste Announces Record Monthly Sales of CAD$1.108M $N.ca
Posted by
at 11:47 AM on Wednesday, June 7th, 2017
- Achieved record monthly sales and traffic for the month of May
- Total unaudited sales amount for May is CAD$1.108 million representing
- 4.7% increase in sales from April
VANCOUVER, British Columbia, June 07, 2017 – Namaste Technologies Inc. (“Namaste†or the “Companyâ€) (CSE:N)(FRANKFURT:M5BQ)(OTCMKTS:NXTTF) is pleased to announce that it has achieved record monthly sales and traffic for the month of May. The total unaudited sales amount for May is CAD$1.108 million representing a 4.7% increase in sales from April.
The table below depicts at a high level gross revenues including traffic and conversion rates for Namaste sites. Note that ‘Namaste’ from the table below represents all sites which operate under the ‘Namaste Vapes’ brand. This table does not include revenue generated from wholesale, drop shipping or other sales channels.
Total net sales as reported by the Company (including shipping revenues and after discounts and refunds) were CAD$1,108,034 in May 2017, as compared to CAD$1,058,192 in April 2017, representing a 4.7% increase.
Below are gross sales of the major sites operated by the Company. Not included are drop-ship sales, Distribution Goods, channel sales and direct sales. These represent approximately 9.9% of total revenues. Revenues below are excluding shipping revenues and before discounts and refunds. Effective May 7, 2017 VaporSeller is integrated with NamasteVapes.
Select operating data May 2017 in $CAD
| Traffic | Conversion | Orders | Basket Price | Gross Revenues | ||||
| Namaste | 109,677 | 1.72 | % | 1,883 | $ | 235 | $ | 442,930 |
| Australian Vaporizers | 47,472 | 4.03 | % | 1,911 | $ | 193 | $ | 368,003 |
| EDIT | 248,248 | 0.75 | % | 1,867 | $ | 88 | $ | 163,840 |
| GreenVapes | 3,394 | 1.86 | % | 63 | $ | 302 | $ | 19,039 |
| Total | 411,821 | 1.40 | % | 5,772 | $ | 173 | $ | 996,711 |
Further analysis of the e-commerce sites shows that the percentage of recurring traffic of the larger sites has increased and is currently between 28% and 37% of total traffic depending on the site. In addition, recurring revenues represent more than 50% of total revenues which points at an increased average basket price for recurring customers. Furthermore the conversion ratio of recurring traffic is much higher than the conversion of new visitors. The conversion of new visitors to the Namaste Vapes sites was 1.01% and for recurring visitors it was 2.99% in May. The conversion of new visitors to the EDIT sites was 0.52% and for recurring visitors it was 1.33% in May.
The Company made good progress with its wholesale division Distribution Goods. Revenues in May increased with 8.9% to C$72,324 compared with the previous month. Distribution Goods was the fastest growing division after Australian Vaporizers, which reported a 15% increase in sales in May compared with April.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased with the results of May sales. The integration of Australian Vaporizers has gone well thanks to our management team and we are expecting continued growth along with reduction of operating expenses going forward into this quarter.â€
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
“Sean Dollingerâ€
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
FORWARD LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.
Contact: Main: + 1 (786) 389-9771 www.namastetechnologies.com [email protected]
PyroGenesis Receives Second Order for 3D Printing Powders During Ramp-Up Phase; Interest in Powders Continues to Increase $PYR.ca
Posted by
at 10:29 AM on Wednesday, June 7th, 2017
- Signed its second contract for an order of titanium powder (Ti-6Al-4V) from a US based end user
- This is second order placed during the ramp-up phase of the Company’s powder production system and exceeds the original expectations for powder sales during this phase
MONTREAL, QUEBEC–(June 7, 2017) – PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and plasma torch products, is pleased to announce today that it has signed its second contract for an order of titanium powder (Ti-6Al-4V) from a US based end user (the “Client”), the name and origin of which will not be disclosed for competitive reasons. Note, this is the second order placed during the ramp-up phase of the Company’s powder production system (the “System”), and exceeds the original expectations for powder sales during this phase.
PyroGenesis‘ System uses Plasma Atomization to make small, uniform, fully dense and spherical metal powders that flow like water, and which are highly sought after in the additive manufacturing industry.
PyroGenesis is the inventor of Plasma Atomization. The Company first began producing powders using this technology for the biomedical industry between 2001-2004. In 2015, PyroGenesis invested approximately $2MM in improving both the production rate and particle size distribution, which not only led to a patent pending, but also to PyroGenesis’ decision to re-enter the market and produce powders for the AM industry. The System is the first of many PyroGenesis expects to make to address an increasing need for metal powders in the AM industry.1
“As previously announced on March 30, 2017, we did not expect this type of interest before ramp-up was complete, and we would have considered any sample orders (i.e. up to 500kg) made before such time to be very significant as this would further validate our strategic decision to enter into powder production,” said P. Peter Pascali, President and CEO of PyroGenesis. “Although this order is a sample order what is truly noteworthy is it’s the second order we have received during ramp up. The fact that this Client has taken the time to sample our powders and allocate the funds to qualifying it internally, all before the ramp-up phase is complete is extremely significant. The two sample orders received to date exceed our initial expectations for powder sales. We believe that a third sample order received during the ramp up phase would underscore the interest in the marketplace for PyroGenesis‘ products and unique expertise.”
On March 30th, 2017, PyroGenesis announced that it had completed the assembly of its first powder production system, and that the first powder run exceeded expectations. The ramp-up that was already underway was expected to take place over the ensuing (4) months (April-July).
“We note that so far the operational performance and progress to date, during the ramp-up phase, far exceed our expectations,” said Pierre Carabin, Chief Technology Officer of PyroGenesis. “Our team remains focused and dedicated to our commitments to deliver high quality powders to the additive manufacturing industry, while continuing to innovate and improve our process which is arguably, already, the gold standard for the industry.”
“These continue to be very exciting times for PyroGenesis,” said Mr. Pascali. “This second order, and although noteworthy, we continue to be cautious from concluding that anything of significance will happen quickly. Discussions take time and we are still in the early phases. Suffice it to say at this point that there have been no disappointments and we continue to be happy with the progress and developments to date.”
The Company will be issuing an in depth update on the progress of its Powder Production business line within the next week where a review will take place on all aspects of that sector.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Its core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Its operations are ISO 9001:2008 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). For more information, please visit www.pyrogenesis.com
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 ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
1 Wohlers Report 2016 (ISBN 978-0-9913332-2-6)
Rodayna Kafal
VP, Investor Relations and Communications
(514) 937-0002
[email protected] or [email protected]
INTERVIEW: Namaste Discusses Receiving Health Canada Medical Device Establishment Licence in Order to Distribute Approved Vaporizers $N.ca
Posted by
at 9:07 AM on Thursday, June 1st, 2017
PyroGenesis Q1 2017 Results: Cash Flow Positive on EBITDA (Adj.) Basis; Revenues Increase 67%; Gross Margins Increase to 52%; Current Backlog $9.4MM $PYR.ca
Posted by
at 10:41 PM on Tuesday, May 30th, 2017
- Revenues increased 67% to $1.7MM in Q1 2017 from $1.0 MM posted in Q1 2016;
- Gross profit after amortization of intangible assets increased to 52% in Q1 2017, from – 5.5% over the same period in 2016. (Gross profit before amortization of intangible assets increased to 52% in Q1 2017 from 29% over the same period in 2016);
- Most importantly, Q1 2017 was profitable on an EBITDA (adjusted) basis. Q1 2017 posted an EBITDA (adj.) of $22.6K versus a EBITA (adj.) loss of $649.5K;
MONTREAL, QUEBEC–(May 30, 2017) – PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, is pleased to announce today its financial and operational results for the first quarter ended March 31, 2017.
Q1 2017 results reflected the following highlights:
- Revenues increased 67% to $1.7MM in Q1 2017 from $1.0 MM posted in Q1 2016;
- Gross profit after amortization of intangible assets increased to 52% in Q1 2017, from – 5.5% over the same period in 2016. (Gross profit before amortization of intangible assets increased to 52% in Q1 2017 from 29% over the same period in 2016);
- Most importantly, Q1 2017 was profitable on an EBITDA (adjusted) basis. Q1 2017 posted an EBITDA (adj.) of $22.6K versus a EBITA (adj.) loss of $649.5K;
- Over $13.5MM in contracts were signed, and work begun on, since June 30, 2016 which, taken in context of historic revenues (2016: $5.2MM; 2015: $6.2MM; 2014: $5.8MM) is quite significant. Backlog of signed contracts as of the date of this writing is $9.4MM;
- Cash on hand at March 31st 2017 was $1.3 MM (December 31st 2016: $385K).
At year end 2016, we described the preceding twelve months as being a pivotal year for PyroGenesis as the Company shifted its focus away from being a fabricator of plasma-based systems that produced unique titanium powders, in favour of becoming a producer of metal powders for the Additive Manufacturing Industry (the “Industry”). Given their unique properties (pure, small, spherical, and uniform; which make them flow like water), these powders are greatly sought after in the Industry, particularly 3D printing. Given this strategic shift, together with the backlog of signed contracts from our non-additive manufacturing business (“Core/Traditional Lines of Business”) of over $13MM since June 30, 2016, we projected that 2017 was shaping up to be a break out year for PyroGenesis, and Q1 2017 has not disappointed.
The Company will be issuing an in depth update on the progress of its Powder Production business line within the next two weeks where a review will take place on all aspects of that sector. Suffice it to say at this point that there have been no disappointments and we are very happy with the progress and developments to date.
What is key to note is that these results reflect revenues from what we call our Core/Traditional Lines of Business (ie no revenues from powder sales at all), however expenses reflect certain costs of building our first powder production system which came on stream in Q1 2017 and is, as previously announced, currently ramping up to full production.
We are more convinced than ever before that 2017 is the breakout year we have been positioning the Company for, for a number of reasons:
- The healthy gross margins established in 2016 (before consideration of the 2016 write- offs), have improved, and are expected to continue to improve once powder production is in full swing;
- Established backlog of signed contracts, the majority of which are expected to be completed in 2017;
- Our Core/Traditional Lines of Business are poised to contribute significantly to the bottom line and be both profitable and significant in their own right.
The following is a non-exhaustive review of PyroGenesis‘ main commercial activities:
- Powder Production: The Company has met every milestone announced on the road to making metal powders for the Industry. It was recently announced that the assembly of the first powder production system was completed and that the first powder run exceeded expectations. The ramp up is under way and is expected to take place linearly over the ensuing months. As announced in recent press releases interest has far exceeded Managements’ expectations and an initial contract was signed for a sample amount of powder. Also recently announced was the fact that the Company has signed a number of agreements with significant and potential players in the Industry reflecting various discussions regarding the possibility of concluding certain business relationships or transactions geared to the production of powders. The current system is the first of many PyroGenesis expects to make to address an increasing need for metal powders in the Industry1.
- DROSRITEâ„¢: The DROSRITE™ Furnace System was proven out at a North American customer’s Mexican facility during the first half of 2016. Soon thereafter, a successful demonstration of the DROSRITEâ„¢ System in the Middle East took place, following which an unsolicited request to exclusively market the process in the region was received and is currently being discussed. Management’s belief that the supply and installation of the first commercial sale in North America would enable the Company to leverage this success to generate a continued flow of orders for additional DROSRITEâ„¢ systems is being borne out. This recent flurry of activity and interest for the DROSRITEâ„¢ system bodes well for 2017 where we now expect to have at least 3 orders placed. We continue to expect the first follow on contracts to be signed in the 2nd half of 2017. The market potential for PyroGenesis’ DROSRITEâ„¢ system, from Aluminium dross alone, exceeds $400MM.
- HPQ: On August 2, 2016 PyroGenesis announced that it had signed contracts totalling CDN $8,260,000 with HPQ Silicon Resources Inc., formally Uragold Bay Resources Inc. for the sale of IP and to provide a 200 metric tonne (MT) per year PUREVAP™ pilot system to produce silicon metal directly from quartz. This system will for the most part be constructed in 2017, with advancement of the contract accelerating in the second half of the year. According to percent completion accounting standards for revenue recognition the majority of these revenues will be recognized in the 2nd half of 2017. Of note, if successful, PyroGenesis benefits from a 10% royalty on all revenues derived from the use of this system by HPQ, subject to annual minimums.
- Chemical Warfare Destruction System: The Company recently announced that PyroGenesis has, in coordination with the US-based Southwest Research Institute (SwRI), successfully completed long-duration performance tests using the Company’s tactical Plasma Arc Chemical Warfare Agents Destruction System (“PACWADS”) using surrogate chemical warfare agent material. These tests supported the Defense Advanced Research Projects Agency (DARPA) Agnostic Compact Demilitarization of Chemical Agents (ACDC) program and far exceeded minimum requirements with over 99.9999% destruction efficiency. The PACWADS has, as of this writing, been delivered to the testing site and is currently going through final testing using real chemical warfare agents. These tests should be completed by the end of Q3 2017 (this timeline however is out of the Company’s control). Again this bodes well for 2017 as we would expect additional contracts resulting from a successful completion of the final testing. However, no indication has been given as to the size, if any, such procurement would entail.
- Other Contracts: There are other contracts being discussed (such as a third order for a PAWDS for a New US Aircraft Carrier which is expected to be ordered sometime towards the end of 2017/beginning of 2018 with an estimated value of approximately $6MM; SPARC system sales, amongst others) which give us confidence that 2017 will be the break out year.
| 1 | Wohlers Report 2016 (ISBN 978-0-9913332-2-6) |
Given the above, we expect a strong performance in the coming year, and based on existing contracts, the Company expects to be profitable in 2017 (excluding any contribution from powder sales) as noted above. Our projections for 2017 are only heightened by the reception we have received so far and how our entrance as a powder producer has been so well received by the Additive Manufacturing community.
Management remains focused on reducing PyroGenesis’ dependency on long-cycle projects by developing a strategic portfolio of volume driven, high margin/low risk products that resolve specific problems within niche markets, and doing so by introducing these plasma-based technologies to industries that have yet to consider such solutions.
Management is also actively targeting recurring revenue opportunities that will generate a growing, and profitable, regular cash flow to the Company.
PyroGenesis has one of the largest concentrations of plasma expertise in the world, with over 250 years of accumulated technical experience and 59 patents, combined with unique relationships with major Universities performing cutting edge plasma research and development, which positions the Company well to execute upon its various strategies.
Financial Summary
Revenues
The Company posted revenues of $1,696,138 in the first quarter of 2017 (“Q1, 2017”), representing an increase of 67% compared with $1,016,853 recorded in the first quarter of 2016 (“Q1, 2016”). Revenue recorded in Fiscal 2016 was generated primarily from (i) the sale of intellectual property and development of a vacuum arc reducing process to convert Silica into high purity Silicon metal, (ii) manufacture and further field testing of Tactical PACWADS, the first mobile plasma system for destruction of chemical warfare agents under contract with an international military consortium, (iii) the demonstration of the viability of PyroGenesis’ existing plasma chemical warfare agent destruction platform with locally available materials, for the complete eradication of chemical warfare agents without creating hazardous by-products, and (iv) support services related to PAWDS-Marine systems supplied to the US Navy.
Cost of Sales and Services and Gross Margins
Cost of sales and services before amortization of intangible assets was $820,864 in Q1, 2017, representing an increase of 13% compared with $723,256 in Q1, 2016. Total costs of sales and services, was $820,264 representing a decrease of 24% compared with $1,072,524 in Q1, 2016.
Various factors, including, but not limited to, the mix of long and short-term manufacturing projects, project complexity and scale, and project R&D content, may significantly impact both the composition and overall level of cost of sales and services reported in a given period, as the mix of labor, materials and subcontracts may be significantly different.
The costs incurred in Q1, 2017 are primarily attributable to the work completed under PyroGenesis’ project to develop a vacuum arc reducing process to convert Silica into high purity Silicon metal, work completed on the tactical mobile plasma system for destruction of chemical warfare agents under contract with an international military consortium, and support services related to PAWDS Marine systems supplied to the US Navy.
Investment tax credits recorded against cost of sales are primarily related to client funded projects that qualify for tax credits from the provincial government of Quebec. Qualifying tax credits increased to $132,246 in Q1, 2017, compared with $108,815 in Q1, 2016. This represents an increase of 22% quarter-over-quarter. The Company continues to make investments in research and development projects incorporating the involvement of strategic partners and government bodies.
In Q1, 2017, the gross margin before amortization of intangible assets was $875,874, which represents 51.6% of revenue. This compares with a gross margin before amortization of intangible assets of $293,597 (28.9% of revenue) for Q1, 2016.
The amortization of intangible assets of Nil in Q1, 2017 ($349,268 in Q1, 2016) relates to the licenses and know-how purchased in 2011 from a company under common control. This expense is a non-cash item and the underlying asset was fully amortized by December 31, 2016.
Selling, General and Administrative Expenses
Selling, general and administrative expenses (“SG&A”) for Q1, 2017 were $1,148,916, representing an increase of 10% compared with $1,048,915 reported for Q1, 2016. Excluding the costs associated with share-based compensation (a non-cash item in which options vest over a four year period), SG&A expenses increased by 3% in Q1, 2017 compared with Q1, 2016.
The increase in SG&A expenses is attributable to the net effect of (i) a decrease of 2% in employee compensation, (ii) an increase of 10% for professional fees, primarily due to increase in investor relations, (iii) a decrease of 1% in office and general expenses, due to a decrease in courses and seminars, (iv) travel costs increased by 6%, due to an increase in travel abroad, (v) depreciation on property and equipment decreased by 22%, (vi) government grants decreased by 100% due to lower level of activities supported by such grants, (vii) other expenses increased by 1%, primarily due to the reduced cost of freight and shipping, and (viii) an increase in share base payments of 12% primarily due to the vesting structure of the stock option plan and the stock options offered on September 25, 2016.
Total Comprehensive Loss
The comprehensive loss for Q1, 2017 was $298,610 compared to a loss of $1,248,661 in Q1, 2016, representing a decrease of 76% quarter-over-quarter.
The decrease of $950,051 in the comprehensive loss in Q1, 2017 is primarily attributable to: (i) an increase in product and service related revenue of $679,285, (ii) an increase in cost of sales and services totaling $97,009 as explained above, (iii) an increase in SG&A expenses of $100,002 as explained above, (iv) an increase in R&D expenses of $25,187 primarily due to the fact that many of the Company’s engineering and R&D resources were concentrated on activities within projects under construction for clients, with such costs being recorded within cost of sales, (v) an increase in net finance costs of $6,647 due to an increase in accretion costs on convertible debentures, (vi) an increase in finance income of $150,343 due to the adjustment of the fair market value of other investments.
EBITDA
The EBITDA loss in Q1, 2017 was $115,565 compared with an EBITDA loss of $715,937 for Q1, 2016, representing a decrease of 84%.
Adjusted EBITDA gain in Q1, 2017 was $22,586 compared with an Adjusted EBITDA loss of $649,506 for Q1, 2016. The increase of $672,092 in the Adjusted EBITDA in Q1, 2017 is mainly attributable to the decreased comprehensive loss of $950,051, a decrease in depreciation on property and equipment of $7,058, a decrease of $349,268 in amortization of intangible assets, offset by an increase in finance charges of 6,647 and an increase in share-based payments of $71,720.
Liquidity
As at March 31, 2017, the Company had cash on hand of $1,278,447 and negative working capital of $6,004,376 compared with a cash balance of $385,257 and negative working capital of $2,079,353 as at December 31, 2016.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Its core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Its operations are ISO 9001:2008 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). For more information, please visit www.pyrogenesis.com
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 ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
PyroGenesis Canada Inc.
Mr. P. Peter Pascali
President and CEO
(514) 937-0002
[email protected]
GGX Gold Corp Provides Update on 2017 Exploration Program on the Gold Drop Property $GGX.ca
Posted by
at 8:56 AM on Tuesday, May 30th, 2017
- Announced an update for the 2017 exploration program at its high grade Gold Drop property, located near Greenwood in southern British Columbia
- Focus of the current work is to locate and sample reported veins and document historic workings
- Exploration program will focus on 6 priority areas, covering areas of gold and silver bearing veins
Vancouver, British Columbia – GGX Gold Corp. (TSXV: GGX) (the “Company†or “GGXâ€) is pleased to announce an update for the 2017 exploration program at its high grade Gold Drop property, located near Greenwood in southern British Columbia. The Company has also expanded the Gold Drop property to the west by staking of additional mineral claims. The property now covers an area of approximately 4200 hectares. The property covers geologically prospective ground in the well-mineralized Greenwood Mining Division. The property hosts numerous low-sulfide, gold and silver bearing quartz veins or vein systems, four of which were previously mined. The focus of the current work is to locate and sample reported veins and document historic workings.
To view the graphic in its original size, please click here
The 2017 exploration program will focus on 6 priority areas, covering areas of gold and silver bearing veins (B.C. MINFILE occurrences and other veins reported in historic B.C. assessment reports). These priority areas are the Gold Drop – North Star vein system, Ken vein and Silent Friend veins in the eastern region; Amandy vein and Roderick Dhu vein in the northwest region; and Tel – C.O.D. veins in the southwest region (Southwest Zone). An area of high grade gold and silver mineralization discovered in 2015 at a trench at the North Star vein is high priority target for the Company. Grab samples from this trench returned 159 g/t Au (grams per tonne) and 744 g/t Ag, 12.2 g/t Au and 78 g/t Ag; and 12.5 g/t Au and 100 g/t Ag.
Phase I of the 2017 work program on the Gold Drop property is currently underway with initial focus on the Gold Drop Southwest Zone. Gold and silver bearing quartz veins are reported in this region of the property. One reported quartz vein in this region is referred to as the C.O.D. The northeast-southwest striking C.O.D. vein is reported to be traced by a series of shafts and pits for a distance of 1500 metres and reported to have a maximum width of 1.5 metres at surface. The Company has located historic workings during May in the area of this reported vein, including shafts and trenches. One located shaft is the C.O.D shaft which is reported to be approximately 20 metres deep. A 1988 quartz vein grab sample from a trench in this region southwest of the C.O.D. shaft was reported to return 20.8 g/t Au and 115.6 g/t Ag (Tel 2 gold and silver occurrence)
The Company has located and sampled new exposures of a vein interpreted by Company management to be the C.O.D. vein. New showings of this vein have been exposed by recent logging activity in the area. Several of these exposures were sampled during May. These have been further exposed in May by excavator pitting and hand trenching
To view the graphic in its original size, please click here
Historic shaft in southwest region of Gold Drop Property
Banded chalcedonic quartz has been reported in a historic trench southwest of the C.O.D shaft. This material is of possible epithermal origin. A historic sample was reported to return s of 0.608 oz./ton Au (20.8 grams / tonne) and 3.38 oz./ton Ag (115.8 grams / tonne). These historic trenches were located in May but have filled in over time. The Company has identified the area of the C.O.D. vein and the reported chalcedonic quartz as a trenching target.
Other discoveries during May include an exposure described by Company personnel as a chalcedonic vein breccia. This exposure is located further northeast of the C.O.D. shaft. Â Due to the steepness of the area the vein has been hand trenched and chip sampled.
To view the graphic in its original size, please click here
Mineralized quartz stockwork has also been discovered, hand trenched and sampled in a 1 metre shear zone striking east – west (steeply dipping). The host rock is silicified with pyrite and trace bornite. Native copper has also been observed. Nearby is a heavily altered, limonite stained shear with rare quartz stringers.
To view the graphic in its original size, please click here
A silicified granodiorite dyke with significant quantities of arsenopyrite, pyrite and trace amounts of chalcopyrite, bornite and native copper has been located within the newly staked western claims. This showing was exposed by hand trenching during May. Chip sampling has been conducted at this exposure with samples submitted for analysis.
To view the graphic in its original size, please click here
A total of 39 rock samples have been collected during May, 2017 on the Gold Drop Southwest Zone. These samples have been submitted to ALS Minerals in North Vancouver for gold analysis. Multi-element analysis is also being conducted for select samples. Gold and multi-element analyses are pending.
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 assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
On Behalf of the Board of Directors,
Barry Brown, Director
604-488-3900
Forward Looking Information
This news release includes certain statements that constitute “forward-looking information†within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects†or “does not expectâ€, “is expectedâ€, “anticipates†or “does not anticipateâ€, “plansâ€, “estimates†or “intendsâ€, or stating that certain actions, events or results “mayâ€, “couldâ€, “wouldâ€, “might†or “will†be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed at the Gold Drop Property. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ggxgold05302017.pdf
Source: GGX Gold Corp. (TSX Venture:GGX)
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INTERVIEW: Patriot 1 Technologies Discusses Superior Weapon detection Technology $PAT.ca
Posted by
at 5:49 PM on Thursday, May 25th, 2017
INTERVIEW: HPQ Discusses New Scaling Up Milestones; 62% Increase in Impurity Removal Using Low Purity Feedstock; 531% Conversion Yield Increase $HPQ.ca
Posted by
at 9:53 AM on Wednesday, May 24th, 2017
Tetra Bio-Pharma Signs Definitive Agreement for Two Products with Panag Pharma $TBP.ca
Posted by
at 4:31 PM on Tuesday, May 23rd, 2017
- Signed definitive agreement with Panag Pharma Inc. for the development and commercialization of novel cannabinoid based formulations for the treatment of pain and inflammation
- Combined total market potential of both products in the USA in 2014 is estimated over US$5.5 billion
OTTAWA, ONTARIO–(May 23, 2017) – Tetra Bio-Pharma Inc. (“Tetra” or the “Company“) (CSE:TBP)(CSE:TBP.CN)(CNSX:TBP)(OTCQB:TBPMF), announced today it has signed a definitive agreement with Panag Pharma Inc. for the development and commercialization of novel cannabinoid based formulations for the treatment of pain and inflammation. Combined total market potential of both products in the USA in 2014 is estimated over US$5.5 billion. The recent press release on May 17th for the filing of a patent in ocular disease combined with the patents from Panag in the ocular space make this agreement very lucrative.
Per the definitive agreement, Tetra will have exclusive access to sell the ocular and topical drug products in North America with right of first negotiation for outside U.S. and Canadian territories. In addition, Tetra will have a right of first negotiation for future cannabinoid-based products.
Tetra will work in close collaboration with Panag’s team of experts to ensure a rapid and successful development leading to marketing authorization. Panag will continue work in the development of novel products for unmet medical need and Tetra will take the lead in commercializing these novel drug products.
“We are very pleased to announce this partnership with Panag as we work towards building an innovative product pipeline focused on cannabis,” said Andre Rancourt, CEO of Tetra Bio-Pharma. “Tetra is committed to generating revenues in 2017 by launching several products in the retail market through its partnership with Panag.”
Panag has developed potential new cannabinoid-based therapies for ocular and topical anti-inflammatory and pain markets. The total ocular anti-inflammatory market was estimated at over $3 billion in the USA in 2014 and includes conditions such as post-op inflammation, allergic conjunctivitis and inflammatory dry eye. Panag also developed a cannabinoid topical drug product for the local treatment of pain and inflammation. In 2014, the over the counter sales of topical analgesics were estimated at over $2.5 billion according to IMS.
“We will prioritize the development of the ocular therapy as this is a promising innovative product with high medical need and a significant potential financial reward,” said Guy Chamberland, Chief Scientific Officer of Tetra Bio-Pharma. Tetra has positioned itself to become a leader in topical pain relief.
Corporate Update:
Tetra changed today at the opening of the U.S. markets its OTCQB stock symbol to TBPMF.
The Company issued 501,800 new shares as part as of a service agreement as previously announced in a news release on June 20, 2016.
The Company issued an additional 250,000 new shares as part of a service agreement with MAPH Enterprises, LLC, effective May 8, 2017 to broaden U.S. investor awareness.
About Panag Pharma:
Panag Pharma Inc. is a Canadian based bio-tech company focused on the development of novel cannabinoid based formulations for the treatment of pain and inflammation. Panag believes that pain relief should be safe, non-addictive and above all; effective. The Panag Pharma team of PhD scientists and medical doctors are among the world’s leading researchers and clinicians in the area of pain treatment and management. They bring a combined experience of over 100 years in research and clinical care of people dealing with chronic pain and inflammatory conditions. Panag’s current pipeline of pain relief products include formulations for the topical application to the skin, the eye and other mucous membranes. Recently approved by Health Canada and currently undergoing clinical trials, Panag Pharma’s Topical AOTC provides a new approach to the treatment of chronic pain and inflammation.
About Tetra Bio-Pharma:
Tetra Bio Pharma is a multi subsidiary publicly traded company (CSE:TBP)(CSE:TBP.CN)(CNSX:TBP)(OTCQB:TBPMF) engaged in the development of Bio Pharmaceuticals and Natural Health Products containing Cannabis and other medicinal plant based elements.
Tetra Bio Pharma is focused on combining the traditional methods of medicinal cannabis use with the supporting scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators physicians and insurance companies. More information is available about the company at: www.tetrabiopharma.com.
The Canadian Securities Exchange (“CSE”) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
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, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, 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. 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.
Source: Tetra Bio-Pharma Inc.
Tetra Bio-Pharma Inc.
Edward Miller
Vice President, IR & Corporate Communications
(514) 360-8040 Ext. 203
[email protected]
www.tetrabiopharma.com