Posted by AGORACOM-JC
at 10:50 AM on Thursday, August 8th, 2019
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Nickel prices shot up on Thursday, with London nickel set for its biggest one-day gain in a decade
Three-month nickel on the London Metal Exchange rallied as much as 12.7%
SINGAPORE — Nickel prices shot up on Thursday, with London nickel set for its biggest one-day gain in a decade and Shanghai nickel touching a record high amid worries that major supplier Indonesia could soon ban exports of ore.
Three-month nickel on the London Metal Exchange rallied as much as
12.7%, its strongest one-day jump since 2009, while the most-traded
nickel contract on the Shanghai Futures Exchange rallied to 124,890 yuan
($17,736.53) a tonne, its highest on record.
Traders and analysts cited market chatter that major nickel ore
supplier Indonesia, which also supplies tin, would soon ban exports of
some ores.
“I just heard that there will be a regulation released in the near future, but details are unclear,†said a nickel analyst.
London tin rallied 2.3% and Shanghai tin jumped 2.1% by 0200 GMT.
“People believe the ban is coming,†said an executive at a major nickel producer in Indonesia.
Posted by AGORACOM-JC
at 8:39 AM on Thursday, August 8th, 2019
Announced that Aquilini GameCo Inc. has executed a secured senior loan agreement with an arm’s length third party pursuant to which the Lender has agreed to loan up to C$20 million to GameCo.
“The additional $20 million loan to GameCo further validates the confidence in our ability to execute on our accretive growth strategy…. said Menashe Kestenbaum, Chief Executive Officer of Enthusiast.
TORONTO, Aug. 08, 2019 — Enthusiast Gaming Holdings Inc. (TSXV: EGLX)(OTCQB: EGHIF), (“Enthusiast†or the “Companyâ€), one of the largest vertically integrated video gaming media companies in North America, is pleased to announce that Aquilini GameCo Inc. (“GameCoâ€) has executed a secured senior loan agreement with an arm’s length third party (“Lenderâ€) pursuant to which the Lender has agreed to loan up to C$20 million to GameCo.
“The additional $20 million loan to GameCo further validates the
confidence in our ability to execute on our accretive growth strategy.
The funds will allow the merged company to continue adding valuable
assets to our combined portfolio of 85+ gaming websites, 900 YouTube
Channels, 8 professional esports teams and 50+ professional esports
influencers, said Menashe Kestenbaum, Chief Executive Officer of Enthusiast.
“We have built a strong foundation that has positioned us as leaders in
the industry, and together, we will continue building the largest,
vertically integrated gaming media and esports company in the world.â€
C$20 Million Secured Loan
Under the terms of the facility letter dated as of August 2, 2019,
the Lender has agreed to provide GameCo with a loan of up to $20 million
(the “Facilityâ€) comprising two advances: (i) an initial advance in an amount of up to C$3 million (the “Initial Advanceâ€)
at the request of GameCo following satisfaction or waiver by the Lender
of certain conditions precedent and (ii) a further advance in an amount
equal to the remaining difference between C$20 million and the amount
of the Initial Advance (the “Further Advanceâ€) at the
request of GameCo following satisfaction or waiver by the Lender of
certain additional conditions precedent, including the completion of the
Transactions (as defined below).
The loan has a term (the “Termâ€) which expires on the date that is 24 months from the date which the Transactions (as defined below) are completed (the “Maturity Dateâ€).
Interest (or standby fees at an equivalent rate in lieu thereof) shall
accrue at a rate per annum that is equal to the prime rate plus 5.05%
calculated on the aggregate amount of the Facility, compounded monthly,
whether or not the conditions precedent are satisfied or the Facility is
advanced.
Interest (and any such equivalent amount by way of standby fee) will
be capitalized during the first 12 months of the Term and, commencing in
August 2020, interest shall be payable in cash on the last business day
of each and every month until the Maturity Date.
The Facility will be used for purposes of (i) working capital and (ii) to finance future acquisitions.
GameCo will be entitled to prepay all or a part of the Facility at
any time, from time to time, without bonus or penalty after the date
that is twelve (12) months following the date of completion of the
Transactions. GameCo has paid the Lender a $400,000 (plus applicable
HST) administrative fee and has further agreed to pay the Lender a
success fee in an amount that is equal to 4.1% per annum, payable
monthly, calculated on the full amount of the Facility from the date of
the Initial Advance.
“Including this Facility, our organization has completed C$55
million of cash financings in a few short months, making us one of the
largest funded gaming and esports organizations globally. We are
continuing to execute on our acquisition strategy on an accretive basis,
and recognize the confidence the Lender has placed in our business
model,†said Alex Macdonald, Chief Financial Officer of GameCo and incoming Chief Financial Officer of Enthusiast.
Canaccord Genuity Corp. acted as special advisor to GameCo in
connection with the Facility in consideration of a cash fee equal to
2.0% on the gross proceeds raised from the Facility (totalling
$400,000), payable on a pro rata basis on the date of the Initial
Advance and the date of the Further Advance based on the amounts
advanced to GameCo on each date.
The Sims Resource Deferred Payment
Enthusiast is also pleased to announce that it has made arrangements
to exercise its early pay down option in relation to The Sims Resource
(“TSRâ€) acquisition (see press release dated January 7, 2019).
Enthusiast now expects to pay the remaining portion of the purchase
price in tranches with the deferred payment fully satisfied by end of
September 2019, subject to the completion of the Arrangement (as defined
below). This will allow Enthusiast to realize a higher profit margin
due to a decrease in capital costs associated with the acquisition.
The Transactions
On May 31, 2019, J55 announced that it had entered into (i) an amalgamation agreement (the “Amalgamationâ€)
with GameCo and a wholly owned subsidiary of J55, pursuant to which J55
has agreed to acquire all of the outstanding common shares of GameCo
and (ii) an arrangement agreement (the “Arrangementâ€)
with Enthusiast and GameCo, pursuant to which, after completion of the
Amalgamation, J55 has agreed to acquire all of the outstanding common
shares of Enthusiast. Immediately prior to closing of the Amalgamation,
GameCo will complete its acquisition (the “Luminosity Acquisitionâ€, and together with the Amalgamation and Arrangement, the “Transactionsâ€) of Luminosity Gaming Inc. and Luminosity Gaming (USA), LLC.
The completion of the Amalgamation and Arrangement remain subject to
the closing conditions set out in the Amalgamation Agreement and
Arrangement Agreement, respectively, including approval of the TSX
Venture Exchange and the approval of the requisite majority of the
shareholders of J55 and Enthusiast Gaming, as applicable.
CONTACT INFORMATION
Investor Relations:
Julie Becker Head of Investor Relations & Marketing [email protected] (604) 785.0850
Forward Looking Statements
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
GameCo’s use and repayment of the Facility and the Company’s exercise of
its early pay down option in relation to TSR acquisition. Forward
looking statements consist of statements that are not purely historical,
including any statements regarding the use of the proceeds of the
Facility and the Company’s exercise of its early pay down option in
relation to TSR acquisition as well as the terms and completion of
Amalgamation, the Arrangement and the Luminosity Acquisition. Such
statements are subject to risks and uncertainties that may cause actual
results, performance or developments to differ materially from those
contained in the statements, including risks related to factors beyond
the control of the Company. The risks include the following: the ability
of the Company to repay the Facility; the ability of the Company to
exercise its early pay down option in relation to TSR acquisition;
conditions not being satisfied for the Arrangement or Amalgamation
closing; and other risks that are customary to transactions of this
nature. No assurance can be given that any of the events anticipated by
the forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them.
This press release does not constitute an offer to sell or
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the “U.S.
Securities Actâ€) or any state securities laws and may not be offered or
sold within the United States or to a U.S. Person unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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.
Posted by AGORACOM-JC
at 8:34 AM on Thursday, August 8th, 2019
Highlights
Life of mine (LOM) of 14 years, with 6 million tonnes annually of potential process plant feed at an average grade of 0.88 g/t Palladium Equivalent (PdEq) and process recovery rate of 80%, resulting in an annual average payable PdEq production of 119,000 ounces
Pre-Production capital requirements: $495 M
Undiscounted cash flow before income and mining taxes of $586M
Undiscounted cash flow after income and mining taxes of $384M
August 8th, 2019 – Rockport, Canada – New Age Metals Inc. (NAM or the Company) (TSXV:NAM)(OTC:NMTLF)(FSE:P7J.F) Harry Barr, Chairman & CEO, stated; “We are pleased to announce that we have filed our National Instrument 43-101 Technical Report on the Preliminary Economic Assessment (PEA) on the Company’s 100% owned River Valley PGM Project in Sudbury, Ontario Canada (River Valley or the Project) titled “Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment of the River Valley Project” with an Effective Date of June 27, 2019, on SEDAR at www.sedar.com. The PEA demonstrates positive economics for a large-scale open pit mining operation, with 14 years of Palladium and Platinum production.”
(*) Cautionary statement NI 43-101: The
PEA was prepared in accordance with National Instrument 43-101 Standards
of Disclosure for Mineral Projects (“NI 43-101”). Readers are cautioned
that the PEA is preliminary in nature. It includes Inferred Mineral
Resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as Mineral Reserves, and there is no certainty that the PEA
will be realized. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability.
All currency is stated as CDN$ unless stated otherwise.
PEA Highlights (CDN$ unless otherwise noted): – Life of mine (LOM) of 14 years, with 6 million tonnes annually of potential process plant feed at an average grade of 0.88 g/t Palladium Equivalent (PdEq) and process recovery rate of 80%, resulting in an annual average payable PdEq production of 119,000 ounces – Pre-Production capital requirements: $495 M – Undiscounted cash flow before income and mining taxes of $586M – Undiscounted cash flow after income and mining taxes of $384M – Average unit operating cost of $19.50/tonne over the life-of-mine – LOM average operating cash cost of $971 per ounce (US$709/oz) and all-in sustaining cash cost of $972 per ounce (US$709/oz) at a 1.37 CDN: USD exchange rate. – A mining contractor will be engaged for the open pit mining – Pre-tax NPV (5%): $261M, After-tax NPV (5%): $138 M – Pre-tax IRR: 13%, After-tax IRR: 10% – Assumed metal prices of US$1,200/oz Pd, US$1,050/oz Pt, US$1,350/oz Au, US$3.25/lb Cu, US$8.00/lb Ni, US$35/lb Co – Using a + 20% Pd price sensitivity (to the base case of US$1,200/oz Pd) US$1,440 /oz Pd returns a pre-tax IRR of 19% and an after tax-IRR of 15%. – River Valley process plant feed will be treated by a conventional sulphide flotation process plant to produce a single saleable PGE concentrate that will be transported to the Sudbury area for smelting/refining – Potential for up to 325 jobs at the peak of production
Project Economics and Sensitivities
The economic results of the PEA are
summarized in Table 1 on an after-tax basis. The sensitivities and the
impact of cash flows have been calculated for +/- 20% variations against
the base case.
Table 1: Project Economics Sensitivity. All values shown are on an after-tax basis.
Project Sensitivity Analysis
Pd Price Sensitivity
%
-20%
-15%
-10%
-5%
Base Case
+5%
+10%
+15%
+20%
US$/oz
960
1,020
1,080
1,140
1,200
1,260
1,320
1,380
1,440
NPV (CDN$ M)
-23
16
59
98
138
179
220
260
300
IRR (%)
4
6
7
8
10
11
12
13
15
OPEX Sensitivity
%
-20%
-15%
-10%
-5%
Base Case
+5%
+10%
+15%
+20%
Cost Per Tonne
16
17
18
18
19
20
21
22
23
NPV (CDN$ M)
212
194
175
157
138
120
102
83
68
IRR (%)
14
12
11
10
10
9
8
7
7
CAPEX Sensitivity
%
-20%
-15%
-10%
-5%
Base Case
+5%
+10%
+15%
+20%
CAPEX (CDN$ M)
397
422
446
471
496
521
546
570
595
NPV (CDN$ M)
284
248
212
175
138
102
64
28
-6
IRR (%)
14
13
12
11
10
8
7
6
5
Updated Mineral Resource Estimate
The pit constrained Updated Mineral
Resource Estimate which formed the basis of the PEA, is set out in Table
2 and was prepared by WSP under the supervision of Todd McCracken, P.
Geo., an “Independent Qualified Person”, as defined in NI 43-101. The
effective date of this Updated Mineral Resource Estimate is January 9,
2019. The Updated Mineral Resource database contains 710 boreholes with
106,554 assays records in the database, and 2,642 surface channel
samplings. The Updated Mineral Resource Estimate was completed on the
Dana North, Dana South, Pine, Banshee, Lismer, Lismer Extension, Varley,
Azen, Razor, and River Valley Extension Zones, using the ordinary
kriging (OK) methodology on a capped and composited borehole dataset
consistent with industry standards. Validation of the results was
conducted thought the use of visual inspection, swath plots and global
statistical comparison of the model against inverse distance squared (ID2) and nearest neighbour (NN) models.
Table 2: Pit Constrained Updated Mineral Resource Estimate for River Valley PGM Project – Effective Date June 27, 2019.
Click Image To View Full Size
Class
PGM + Au (oz)
PdEq (oz)
PtEq (oz)
Measured
1,394,000
1,701,000
1,701,000
Indicated
983,000
1,166,000
1,166,000
Meas +Ind
2,377,000
2,867,000
2,867,000
Inferred
841,000
1,059,000
1,059,000
Notes:
1.CIM definition standards were followed for the Mineral Resource Estimate.
2.The 2018 Mineral
Resource models used Ordinary Kriging grade estimation within a
three-dimensional block model with mineralized zones defined by
wireframed solids.
3.A base cut-off
grade of 0.35 g/t PdEq was used for reporting Mineral Resources in a
constrained pit and 2.00 g/t PdEq was used for reporting the Mineral
Resources under the pit.
6.Mineral Resources that are not Mineral Reserves do not have economic viability
7. The Inferred
Mineral Resource in this estimate has a lower level of confidence than
that applied to an Indicated Mineral Resource and must not be converted
to a Mineral Reserve. It is reasonably expected that the majority of the
Inferred Mineral Resource could be upgraded to an Indicated Mineral
Resource with continued exploration.
About NAM’S PGM Division
NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley Project)
in the Sudbury Mining District of Northern Ontario (100 km east of
Sudbury, Ontario). Recently the Company announced the results of the
first PEA (see News Release – June 27th, 2019)
completed on the River Valley Project. The PEA has been developed by
various independent consultants – P&E Mining Consultants Inc.
(P&E) was responsible for the open pit mining, surface
infrastructure, tailings facility, and project economics; DRA Americas
Inc. (“DRA”) was responsible for all metallurgical test work and
processing aspects of the Project; and WSP Canada Inc. (“WSP”) was
responsible for the Mineral Resource Estimate. The PEA is a preliminary
report, however, it has demonstrated that there are potentially positive
economics for a large-scale mining open pit operation, with 14 years of
Palladium and Platinum production.
On April 4th, 2018,
NAM signed an agreement with one of Alaska’s top geological consulting
companies. The companies stated objective is to acquire additional PGM
and Rare Metal projects in Alaska. On April 18th, 2018,
NAM announced the right to purchase 100% of the Genesis PGM Project,
NAM’s first Alaskan PGM acquisition related to the April 4th
agreement. The Genesis PGM Project is a road accessible, under
explored, highly prospective, multi-prospect drill ready Palladium (Pd)-
Platinum (Pt)- Nickel (Ni)- Copper (Cu) property. A comprehensive
report on previous exploration and future phases of work was completed
by Avalon Development of Fairbanks Alaska in August 2018 on Genesis.
On August 29, 2018, the Avalon report
was submitted to NAM, management is actively seeking an
option/joint-venture partner for this road accessible PGM and Multiple
Element Project using the Prospector Generator business model. See our
latest press release dated July 25, 2019 which details the current summer work program for the Genesis Project.
About NAM’S Lithium Division
The
Company has eight pegmatite hosted Lithium Projects in the Winnipeg
River Pegmatite Field, located in SE Manitoba. Three of the projects are
drill ready. The Company has applied for a drill permit for its
Lithium Two Project and expects the final permit to be granted by the
end of July. This Pegmatite Field hosts the world class Tanco Pegmatite
that has been mined for Tantalum, Cesium and Spodumene (one of the
primary Lithium minerals) in varying capacities, since 1969. NAM’s
Lithium Projects are strategically situated in this prolific Pegmatite
Field. Presently, NAM is the largest mineral claim holders for Lithium in the Winnipeg River Pegmatite Field. On January 15th 2018, NAM announced an agreement with Azincourt Energy Corporation (see Jan 15, 2018, Feb 22nd, 2018 and April 11th, 2018, May 2nd, 2018 Press Releases.
Qualified Persons and NI 43-101 Disclosure
The PEA was prepared under the
supervision of Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
The Updated Mineral Resource Estimate was prepared by Todd McCracken,
P.Geo. of WSP Canada Inc. Metallurgical test work and process plant
design and cost estimates were prepared by Jim Kambossos, P. Eng. of
DRA Americas Inc. All three are independent Qualified Persons in
accordance with NI 43-101. Mr. Puritch has reviewed and approved the
technical information in this news release. Michael Neumann, P.Eng.,
Managing Director for NAM is the Company Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the technical
content of this news release.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr, Chairman and CEO
For further information on New Age Metals, please contact Harry Barr at 613-659-2773, or [email protected]
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.
Cautionary Note Regarding Forward
Looking Statements: This release contains forward-looking statements
that involve risks and uncertainties. These statements may differ
materially from actual future events or results and are based on current
expectations or beliefs. For this purpose, statements of historical
fact may be deemed to be forward-looking statements. In addition,
forward-looking statements include statements in which the Company uses
words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”,
“confident”, “intend”, “strategy”, “plan”, “will”, “estimate”,
“project”, “goal”, “target”, “prospects”, “optimistic” or similar
expressions. These statements by their nature involve risks and
uncertainties, and actual results may differ materially depending on a
variety of important factors, including, among others, the Company’s
ability and continuation of efforts to timely and completely make
available adequate current public information, additional or different
regulatory and legal requirements and restrictions that may be imposed,
and other factors as may be discussed in the documents filed by the
Company on SEDAR (www.sedar.com), including the most recent reports that
identify important risk factors that could cause actual results to
differ from those contained in the forward-looking statements. The
Company does not undertake any obligation to review or confirm analysts’
expectations or estimates or to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
Investors should not place undue reliance on forward-looking statements.
Tags: clean energy, CSE, palladium, PGM, PGM Demand, stocks, tsx, tsx-v Posted in Featured, New Age Metals | Comments Off on New Age Metals $NAM.ca Files NI 43-101 Technical Report for Preliminary Economic Assessment on the River Valley #PGE #PGM Project in Sudbury $WG.ca $XTM.ca $WM.ca $PDL.ca
Posted by AGORACOM-JC
at 8:25 AM on Thursday, August 8th, 2019
Announced it’s Oregon State subsidiary, Empower Healthcare Corp. has been awarded it’s Hemp-Handlers License from the Oregon Department of Agriculture (ODA)
Under license number AG-R1062748IHH, allowing the Company to commence build-out and operate the new 5,000 sq. ft. extraction facility in Sandy, OR.
VANCOUVER, Aug. 8, 2019 – EMPOWER CLINICS INC. (CSE: CBDT) (Frankfurt 8EC) (OTC: EPWCF) (“Empower” or the “Company“), a vertically integrated and growth-oriented CBD life sciences company, and a multi-state operator of medical health & wellness clinics in the U.S., is pleased to announce it’s Oregon State subsidiary, Empower Healthcare Corp. has been awarded it’s Hemp-Handlers License from the Oregon Department of Agriculture (ODA) under license number AG-R1062748IHH, allowing the Company to commence build-out and operate the new 5,000 sq. ft. extraction facility in Sandy, OR.
The Company has also commenced the application process with the
Oregon Department of Agriculture for the Food Establishment Plan permit
that will allow the Company to manufacturer and produce a wide array of
edible products in the new facility or in an adjacent location. Popular
edible CBD products can include gummies, drinks & beverages,
chocolate, pantry items such as peanut butter and honey and baked goods.
“The ODA has strict requirements regarding the award of a
hemp-handlers license and/or a Food Establishment permit, to ensure that
extraction operators and CBD product producers operate to the highest
of standards.” said Steven McAuley, Empowers Chairman &
CEO. “The award of the hemp-handlers license is a significant milestone
for our company as we continue on our path of growth and vertical
integration.”
The Company, with the support of the team at Pathangay Architects www.pathangayarchitects.com
is now able to move into the next phase of facility design and building
permit applications based on the ODA license approval. Preliminary
security systems and IT networks have been installed and the Company
anticipates draft architectural drawings to be completed in Q3 2019 and
initial extraction equipment orders to be placed.
ABOUT EMPOWER
Empower is a vertically integrated and growth-oriented CBD life
sciences company, and a multi-state operator of medical health &
wellness clinics, operating the Sun Valley Health clinic brand www.sunvalleyhealth.com, for its nine corporate locations and for franchises in the United States.
As a CBD product manufacturer under the Solievo brand, the company
distributes its lines through clinics, online and through retail
partners. Extraction operations are currently being developed in the
Company’s new extraction facility in Oregon.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley Chief Executive Officer
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain “forward-looking statements”
or “forward-looking information” (collectively “forward looking
statements”) within the meaning of applicable Canadian securities laws. All
statements, other than statements of historical fact, are
forward-looking statements and are based on expectations, estimates and
projections as at the date of this news release. Forward-looking statements
can frequently be identified by words such as “plans”, “continues”,
“expects”, “projects”, “intends”, “believes”, “anticipates”,
“estimates”, “may”, “will”, “potential”, “proposed” and other similar
words, or information that certain events or conditions “may” or “will”
occur. Forward-looking statements in this news release include
statements regarding; the Company’s intention to open a hemp-based CBD
extraction facility; the effectiveness of the extraction technology; the
expected benefits for Empower’s patient base and customers; the
benefits of CBD based products; the effect of the approval of the Farm
Bill; the growth of the Company’s patient list and that the Company will
be positioned to be a market-leading service provider for complex
patient requirements in 2019 and beyond. Such statements are only
projections, are based on assumptions known to management at this time,
and are subject to risks and uncertainties that may cause actual
results, performance or developments to differ materially from those
contained in the forward-looking statements, including; that the Company
may not open a hemp-based CBD extraction facility; that the hemp-based
CBD extraction facility may not be fully operation by Q3 2019 if at all;
that legislative changes may have an adverse effect on the Company’s
business and product development; that the Company may not be able to
obtain adequate financing to pursue its business plan; general business,
economic, competitive, political and social uncertainties; failure to
obtain any necessary approvals in connection with the proposed
acquisitions and partnerships; and other factors beyond the Company’s
control. No assurance can be given that any of the events anticipated by
the forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. Readers are cautioned not to
place undue reliance on the forward-looking statements in this release,
which are qualified in their entirety by these cautionary statements.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements in this release, whether as a result of new information,
future events or otherwise, except as expressly required by applicable
laws.
Investors: Steve Low, Boom Capital Markets, [email protected], 647-620-5101; Investors: Steven McAuley, CEO, [email protected], 604-789-2146; For French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-MARICopyright CNW Group 2019
Tags: CSE, Hemp, Marijuana, stocks, tsx, tsx-v, weed Posted in All Recent Posts, Empower Clinics Inc., Featured | Comments Off on Empower Clinics $CBDT.ca Receives its #Hemp-Handlers Licence from Oregon Department of Agriculture and Commences Food Establishment Application to Produce Edibles $WEED.ca $CGC $ACB $APH $CRON.ca $HEXO.ca $OGI.ca
Posted by AGORACOM-JC
at 6:50 PM on Wednesday, August 7th, 2019
Further to the press release issued on May 31, 2019, J55 has received conditional approval from the TSX Venture Exchange for its proposed Qualifying Transaction with Aquilini GameCo Inc.
Pursuant to which J55 has agreed to acquire all of the issued and outstanding securities of GameCo.
VANCOUVER, British Columbia, Aug. 07, 2019 — J55 Capital Corp. (“J55â€) (TSX-V: FIVE.P) and Enthusiast Gaming Holdings Inc. (“Enthusiastâ€) (TSXV: EGLX)(OTCQB: EGHIF) are pleased to announce that further to the press release issued on May 31, 2019, J55 has received conditional approval from the TSX Venture Exchange (“Exchangeâ€) for its proposed Qualifying Transaction (as defined in the policies of the Exchange) with Aquilini GameCo Inc. (“GameCoâ€) (the “Qualifying Transactionâ€), pursuant to which J55 has agreed to acquire all of the issued and outstanding securities of GameCo.
J55 and Enthusiast have also received conditional approval from the
Exchange for their proposed merger by plan of arrangement pursuant to
which J55 will acquire all outstanding common shares of Enthusiast (the “Arrangementâ€, and together with the Qualifying Transaction, the “Transactionsâ€). Further, Enthusiast has obtained an interim order from the Ontario Superior Court of Justice (Commercial List) (the “Interim Orderâ€)
in connection with the Arrangement. The Interim Order authorizes
Enthusiast to call, hold and conduct an annual and special meeting (the “Enthusiast Meetingâ€) of the holders of the common shares of Enthusiast (the “Enthusiast Shareholdersâ€),
pursuant to which the Enthusiast Shareholders will consider and, if
determined advisable, approve the Arrangement. Enthusiast Shareholders
will receive 4.22 post-First Consolidation (as defined below) common
shares of J55 (“J55 Sharesâ€) in exchange for each
Enthusiast Share pursuant to the Arrangement. Following the consummation
of the Transactions and the Second Consolidation (as defined below),
Enthusiast Shareholders will hold 0.5275 J55 Shares for each Enthusiast
common share previously held. No fractional shares will be issued
pursuant to the Second Consolidation; in such case, a downward
adjustment shall be made to the nearest whole J55 Share without
consideration in respect thereof.
J55 Annual and Special Meeting
J55 will hold an annual and special meeting (the “J55 Meetingâ€) of the holders of the J55 Shares (the “J55Shareholdersâ€, and together with the Enthusiast Shareholders, the “Shareholdersâ€)
on August 26, 2019 at the offices of Clark Wilson LLP, Suite 900 – 855
West Georgia Street, Vancouver, British Columbia V6C 3H1 at 10:00 a.m.
(Vancouver time). The record date for determining J55 Shareholders
entitled to receive notice of and vote at the J55 Meeting was fixed as
at the close of business on July 17, 2019.
At the J55 Meeting, the J55 Shareholders will consider, and if
determined advisable, approve among other things, the Qualifying
Transaction and the Arrangement. Pursuant to Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special Transactions
and Exchange Policy 5.9, because the Qualifying Transaction is a
Related Party Transaction (as defined in the policies of the Exchange),
the Qualifying Transaction must be approved by at least a majority of
all votes cast by the disinterested J55 Shareholders at the J55 Meeting.
Further, pursuant to Exchange Policy 2.4, the Qualifying Transaction
must be approved by a majority of all votes cast by J55 Shareholders
after excluding the votes of Non-Arm’s Length Parties (as defined in
Exchange Policy 2.4) to J55 or the Qualifying Transaction, and persons
acting jointly or in concert with such Non-Arm’s Length Parties. The
Arrangement must be approved by at least a majority of all votes cast by
the J55 Shareholders on the resolution in respect of the Arrangement at
the J55 Meeting.
Enthusiast Annual and Special Meeting
In accordance with the Interim Order, Enthusiast will hold an annual and special meeting of the Enthusiast Shareholders (the “Enthusiast Meetingâ€, together with the J55 Meeting, the “Meetingsâ€)
on August 26, 2019 at the offices of Stikeman Elliott LLP, 5300
Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9 at 10:00
a.m. (Toronto time). The record date for determining Enthusiast
Shareholders entitled to receive notice of and vote at the Enthusiast
Meeting was fixed as at the close of business on July 19, 2019. The
Arrangement must be approved by at least 66â…”% of all votes cast by the
Enthusiast Shareholders on the resolution in respect of the Arrangement
at the Enthusiast Meeting.
Information Circular and Meeting Materials
In connection with the Meetings, J55 and Enthusiast mailed a joint management information circular dated July 23, 2019 (the “Circularâ€), notices of meeting and forms of proxy and related meeting materials (collectively, the “Meeting Materialsâ€)
to their Shareholders on July 26, 2019 and August 5, 2019,
respectively. Shareholders are urged to carefully review all Meeting
Materials as they contain important information concerning the
Transactions and the rights and entitlements of the Shareholders in
relation thereto. The Meeting Materials are available on SEDAR under
J55’s and Enthusiast Gaming’s respective profiles at www.sedar.com.
The terms of each of the Transactions are summarized in the press
release issued on May 31, 2019 and the full details of each of the
Transactions are contained in the Circular. The anticipated hearing date
for the application for the final order of the court (the “Final Orderâ€)
has been scheduled to take place on August 29, 2019 at 9:30 a.m.
(Toronto time) in Toronto, Ontario. Subject to obtaining the Final
Order, the required approvals from the Shareholders at the Meetings, the
final approval from the Exchange, and satisfying the conditions to
implementing the Qualifying Transaction as set out in the amalgamation
agreement entered into between J55, a wholly-owned subsidiary of J55 and
GameCo on May 30, 2019, as amended (the “Amalgamation Agreementâ€),
and the Arrangement as set out in the arrangement agreement entered
into between J55, GameCo and Enthusiast on May 30, 2019 (the “Arrangement Agreementâ€), the Transactions are anticipated to be completed in early September 2019.
Summary Financial Information
GameCo Financial Statements
GameCo’s audited financial statements for the period from August 29,
2018 to December 31, 2018, and unaudited interim financial statements
for the three months ended March 31, 2019 (collectively, the “GameCo Financial Statementsâ€), which were prepared in accordance with IFRS, have been appended to the Circular.
A summary of financial information from the GameCo Financial
Statements, disclosed in accordance with Exchange policies, is included
in the table below:
As at March 31, 2019 (unaudited)
As at December 31, 2018 (audited)
Total Assets
$29,854,729
$5,865,179
Total Liabilities
$1,522,388
$421,538
Total Shareholder’s Equity
$28,332,341
$5,443,641
Revenue
$0
$0
Cost of Sales
N/A
N/A
Expenses
$371,978
$384,105
Net Income (Loss) and Comprehensive Income (Loss) for the Period
$(371,978)
$(384,105)
Net Income (Loss) per Share
$(0.002)
$0.00
Luminosity Gaming Financial Statements
As previously announced in the press release issued May 31, 2019,
immediately prior to the closing of the Qualifying Transaction, GameCo
will complete its acquisition of Luminosity Gaming Inc. (“Luminosity Canadaâ€) and Luminosity Gaming (USA), LLC (“Luminosity USAâ€, which together with Luminosity Canada is herein referred to as “Luminosity Gamingâ€).
Luminosity Gaming’s combined audited financial statements for the three
years ended December 31, 2018, 2017 and 2016, and unaudited interim
financial statements for the three months ended March 31, 2019
(collectively, the “Luminosity Financial Statementsâ€), which were prepared in accordance with IFRS, have been appended to the Circular.
A summary of financial information from the Luminosity Financial
Statements, disclosed in accordance with Exchange policies, is included
in the table below:
As at March 31, 2019 (unaudited)
As at December 31, 2018 (audited)
As at December 31, 2017 (audited)
As at December 31, 2016 (audited)
Total Assets
$420,299
$1,044,305
$1,179,002
$956,714
Total Liabilities
$977,959
$962,869
$796,740
$370,291
Total Shareholder’s Equity
$420,299
$1,004,305
$1,179,002
$956,714
Revenue
$426,868
$3,847,127
$2,647,491
$3,336,340
Cost of Sales
$759,632
$3,081,916
$2,247,785
$2,039,101
Expenses
$218,729
$723,461
$409,662
$193,459
Net Income (Loss) and Comprehensive Income (Loss) for the Period
$(440,042)
$184,188
$(23,161)
$846,206
Net Income (Loss) per Share
$(4,400)
$1,849
$(232)
$8,462
(1) Calculation includes loss/gain from foreign exchange and provision for/recovery of income taxes.
Pro Forma Financial Statements of the QT Resulting Issuer and Resulting Issuer
J55 has prepared unaudited pro forma financial statements as at March 31, 2019 and for the year ended December 31, 2018 (the “Pro Forma Financial Statementsâ€)
that incorporate the completion of each of the Transactions. A summary
of the Pro Forma Financial Statements of J55 following the completion of
the Qualifying Transaction (the “QT Resulting Issuerâ€) and the completion of the Arrangement (the “Resulting Issuerâ€),
disclosed in accordance with Exchange policies, is included in the
table below, and a copy of the Prof Forma Financial Statements have been
appended to the Circular:
For the Three Months Ended March 31, 2019
J55
GameCo
Luminosity
QT Pro Forma Adjustments
QT Resulting Issuer
Enthusiast Gaming
Resulting Issuer Pro Forma Adjustments
Resulting Issuer Pro Forma
Total Assets
$1,238,585
$29,854,729
$420,299
$35,634,284
$67,147,897
$13,976,402
$111,334,464
$192,458,763
Total Liabilities
$81,503
$1,522,388
$977,959
$10,100,000
$12,681,850
$10,507,172
$(7,750,000)
$15,439,022
Total Shareholder’s Equity (Deficit)
$1,157,082
$28,332,341
$(557,660)
$25,534,284
$54,466,047
$3,469,230
$119,084,464
$177,019,741
Revenue
–
–
$426,868
$(113,334)
$313,534
$2,060,709
–
$2,374,243
Cost of Sales
–
–
$759,632
–
$759,632
$1,939,994
–
$2,699,626
Expenses
$62,202
$371,978
$218,729
$113,334
$766,243
$2,280,564
–
$3,046,808
Net Income (Loss) and Comprehensive Income (Loss) for the Period(1)
$(62,202)
$(371,978)
$(440,042)
$(226,668)
$(1,100,890)
$(2,501,497)
–
$(3,583,674)
(1) Calculation includes loss/gain from foreign exchange and provision for/recovery of income taxes.
For the Year Ended December 31, 2018
J55
GameCo
Luminosity
QT Pro Forma Adjustments
QT Resulting Issuer
Enthusiast Gaming
Resulting Issuer Pro Forma Adjustments
Resulting Issuer Pro Forma
Revenue
–
–
$3,847,727
–
$3,847,127
$10,970,855
–
$14,817,982
Cost of Sales
–
–
$3,081,916
–
$3,081,916
$9,428,575
–
$12,510,491
Expenses
$62,202
$321,978
$723,461
$7,028,964
$8,136,605
$19,952,828
2,800,000
$30,889,433
Net Income (Loss) and Comprehensive Income (Loss) for the Period(1)
$(62,202)
$(371,978)
$184,888
$(7,028,964)
$(7,228,256)
$(19,159,497)
$(2,800,000)
$(29,348,067)
(1) Calculation includes loss/gain from foreign exchange and provision for/recovery of income taxes.
Consolidations and Name Change
As previously announced in the press release dated May 31, 2019, in
connection with the closing of the Qualifying Transaction, J55 intends
to consolidate (the “First Consolidationâ€) the issued
and outstanding J55 Shares on the basis of 1.25 pre-First Consolidation
J55 Shares for one post-First Consolidation J55 Share prior to the
completion of the Qualifying Transaction. The First Consolidation will
be completed using the push out method and letters of transmittal will
not be sent to J55 Shareholders.
Following, and in connection with, the closing of the Arrangement, J55 intends to complete a second consolidation (the “Second Consolidation†and together with the First Consolidation, the “Consolidationsâ€)
of the issued and outstanding J55 Shares on the basis of 8 post-First
Consolidation J55 Shares for one post-Second Consolidation J55 Share.
The purpose of the Second Consolidation is to decrease the number of
issued and outstanding J55 Shares. The J55 Shares issued in
considerations for the common shares of GameCo pursuant to the
Qualifying Transaction and the J55 Shares issued in consideration for
the Enthusiast Shares pursuant to the Arrangement will be subject to the
Second Consolidation. Immediately following the closing of the
Transactions but prior to the Second Consolidation, it is expected that
there will be 568,438,454 J55 Shares issued and outstanding. Following
the Second Consolidation, it is expected that there will be
approximately 71,054,803 J55 Shares issued and outstanding.
In connection with the Transactions, J55 also plans to change its name (the “Name Changeâ€)
from “J55 Capital Corp.†to “Enthusiast Gaming Holdings Inc.â€, and to
change its trading symbol to “EGLX†or such other symbol as approved by
the Exchange. Enthusiast will change its name to “Enthusiast Gaming
Properties Inc.†and the Enthusiast Shares will be delisted from the
TSXV and the OTCQB, and Enthusiast will apply to cease to be a reporting
issuer.
In accordance with J55’s Articles, the Consolidations and the Name
Change do not require the approval of the J55 Shareholders and may be
completed subject to board approval. The First Consolidation, Second
Consolidation, Name Change and change in trading symbol are subject to
the approval of the Exchange.
Directors and Officers
As announced in the May 31, 2019 press release, the board of
directors of the Resulting Issuer is expected to consist of seven
members, including three nominees of J55, being Francesco Aquilini,
Adrian Montgomery and Stephen Maida, and two nominees of Enthusiast,
being Menashe Kestenbaum and Alan Friedman. J55 and Enthusiast now wish
to announce the remaining nominee of Enthusiast will be Ben Colabrese,
and the independent nominee will be Michael Beckerman. Additional
information regarding all proposed directors and officers of the
Resulting Issuer is contained in the Circular.
Consulting Agreements
GameCo has entered into, and plans to enter into, certain consulting
agreements prior to the closing of the Transactions. Under these
consulting agreements, as compensation for consulting services to be
rendered, it is expected that the consultants will be issued a certain
number of J55 Shares on the Closing at a price of $0.45 per share,
subject to the approval of the Exchange and the J55 Shareholders. J55
Shares issued pursuant to such consulting agreements will be subject to
certain voluntary escrow or escrow required by the Exchange and will be
released from escrow upon certain milestones being met and services
being rendered. Further information concerning such consulting
agreements is included in the Circular.
Trading Halt
As of the date of this release, trading of the J55 Shares is halted.
J55 anticipates that trading will remain halted until all documentation
in respect of the Transactions has been received and approved, as
necessary, by the Exchange.
ON BEHALF OF THE BOARD OF J55
“John Veltheer†John Veltheer Chief Financial Officer, Secretary and Director
ON BEHALF OF THE BOARD OF ENTHUSIAST
“Menashe Kestenbaum†John Veltheer Chief Executive Officer and Director
Completion of the Transactions is subject to a number of
conditions, including but not limited to, Exchange acceptance and if
applicable pursuant to Exchange Requirements, majority of the minority
shareholder approval. Where applicable, the Transactions cannot close
until the required shareholder approval is obtained. There can be no
assurance that the Transactions will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection
with the Transactions, any information released or received with respect
to the Transactions may not be accurate or complete and should not be
relied upon. Trading in the securities of a capital pool company should
be considered highly speculative. The TSX Venture Exchange Inc. has in
no way passed upon the merits of the proposed transaction and has
neither approved nor disapproved the contents of this press release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding the
completion of the Qualifying Transaction, the Arrangement, and related
transactions. Forward looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such statements
are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in
the statements, including risks related to factors beyond the control
of J55 or Enthusiast. The risks include the following: conditions not
being satisfied for the Arrangement or Qualifying Transaction closing;
and other risks that are customary to transactions of this nature. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits J55 or Enthusiast will obtain from them.
This press release does not constitute an offer to sell or
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the “U.S.
Securities Actâ€) or any state securities laws and may not be offered or
sold within the United States or to a U.S. Person unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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.
For further information regarding J55, please contact:
John Veltheer Chief Financial Officer, Secretary and Director Telephone: 604-562-6915 Email: [email protected]
For further information regarding Enthusiast, please contact:
Julia Becker Head of Investor Relations & Marketing Telephone: 604-785-0850 Email: [email protected]
10% of
all the Silver ever produced on earth came within a 100km diameter of its past
producing Tabasquena Mine.
What
makes Advance Gold even more exciting is the fact they’ve found just as much
gold as silver since they started drilling Tabasquena over the past couple of
years.
After
discovering a cluster of epithermal veins in the “first layer of their
cake”, CEO Allan Barry Laboucan thinks he’ll find the massive source in the
second layer…. Because that’s where mines all around him have found their
source.
Watch
this great interview with him to find out why you should be circling Labour Day
on your calendar.
Posted by AGORACOM-JC
at 12:05 PM on Wednesday, August 7th, 2019
SPONSOR: Enthusiast Gaming Holdings Inc. (TSX-V: EGLX) Uniting gaming communities with 80 owned and affiliated websites, currently reaching over 75 million monthly visitors. The company exceeded 2018 target with $11.0 million in revenue. Learn More
EGLX: TSX-V
Esports Are Beginning to Eclipse Traditional Sports
More young people are dreaming of becoming professional gamers than professional athletes
In British Columbia and beyond, esports are booming. Many universities are forming esports teams for games like Overwatch, League of Legends, Rocket League, Counter-Strike, and Dota 2 to compete in collegiate leagues around the world.
by Alex Rodriguez
In 2018, esports had a total audience size of 380 million, and esports research firm Newzoo predicts that that number will increase to 557 million by 2021.
As a result, an increasing number of large brands will sponsor events and tournaments, which has lead Newszoo to believe that esports will reach a market value of $1.7 billion USD by 2021, overtaking the revenue generated by rugby.
If you think that sounds like a lot of money, this year Fortnight will become the first game to offer a prize pool of $39 million for the Fortnight
World Cup in July. With prize pools growing so large, it’s easy to see
why gaming as a whole is flourishing. Instead of simply playing for fun,
people are now seeing gaming as a possible investment in skills that
could win you prizes.
The grand opening of the Gaming Stadium
in Richmond on June 28 was a milestone for esports in British Columbia.
With its construction came the creation of Canada’s first dedicated
esports gaming stadium.
They host competitive events most
days of the week for various video games that either individuals or
teams can sign up for. All of their events are broadcasted on Twitch—the
leading live streaming platform for gamers and esports events—using
great production quality. The Gaming Stadium is sure to cultivate new
talent in the community as the local population will be able to go there
to practice, socialize, and get a sense of what being an esports player
feels like.
In 2018, esports had a total audience size of 380 million,
and esports research firm Newzoo predicts that that number will
increase to 557 million by 2021. As a result, an increasing number of
large brands will sponsor events and tournaments, which has lead Newszoo
to believe that esports will reach a market value of $1.7 billion USD by 2021,
overtaking the revenue generated by rugby. They also predict that, with
the help of esports, the global games market will generate over $180
billion USD.
As the life of a professional gamer
continues to look more and more lucrative, it may eventually become more
common for parents to push their children towards becoming a digital
athlete than it is to involve them in traditional sports.
Posted by AGORACOM-JC
at 11:09 AM on Wednesday, August 7th, 2019
SPONSOR: North Bud Farms Inc. (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. Learn More.
NBUD: CSE
Drink Makers Seek to Include CBD and Cannabis Beverage Alternatives
According to data compiled by Fior Markets, the global cannabis beverages market is expected to reach USD 4.56 Billion by 2025 while exhibiting a CAGR of 16.8% during the forecast period from 2018 to 2025.
In particular, edibles are more abundant in regions where recreational cannabis is legal. On the other hand, the cannabis-infused beverage industry is experiencing significant strength because of large beverage corporations entering into the marketspace.
NEW YORK, Aug. 7, 2019 — As the cannabis industry continues to develop, savvy consumers and businesses are creating innovative new ways to ingest cannabis. Due to widespread stereotypes, many imagine cannabis users relying on hastily rolled joints. However, as the legal industry continues to accelerate, new products are constantly emerging. For instance, in legal markets such as Colorado or California, extracts and concentrates have become increasingly popular because of their potency and immediate effects. Specifically, Colorado has witnessed its extract and concentrate sales eclipse its flower sales in recent years. And while extracts and concentrates are widely popular, other vendors have incorporated cannabis into edibles and beverages.
In particular, edibles are more abundant in regions where
recreational cannabis is legal. On the other hand, the cannabis-infused
beverage industry is experiencing significant strength because of large
beverage corporations entering into the marketspace. Notably, big
alcohol has set its sights on the cannabis market because of its
declining primary revenue drivers. As a result, many companies are
adding cannabis-infused beverages to their product lines in order to
combat lower sales numbers that are a result of the declining alcohol
consumption levels. However, to note, most companies are predominantly
only adding CBD, or cannabidiol, to their beverages because of
regulatory restrictions on THC.
Moreover, companies are marketing CBD-infused beverages as health and
wellness products rather than recreational or relaxation products. And
while the infused beverage market is already experiencing a surge in
momentum in legal regions, it’s expansion into new territories is
expected to spur its growth. According to data compiled by Fior Markets,
the global cannabis beverages market is expected to reach USD 4.56 Billion by 2025 while exhibiting a CAGR of 16.8% during the forecast period from 2018 to 2025.
Tags: Cannabis, CBD, CSE, Hemp, Marijuana, otc, stocks, tsx, tsx-v, weed Posted in North Bud Farms Inc | Comments Off on North Bud Farms Inc. $NBUD.ca – Drink Makers Seek to Include #CBD and #Cannabis Beverage Alternatives $WEED.ca $CGC $ACB $APH $CRON.ca $HEXO.ca $TRST.ca $OGI.ca
Posted by AGORACOM-JC
at 10:13 AM on Wednesday, August 7th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
India’s Education Policy Updates After 30 Years: 4 Experts Share What It Really Means
On 31 May 2019, the Ministry of Human Resource Development (MHRD) released a draft of the National Education Policy (NEP).
This is the ï¬rst update to India’s education policy in nearly 30 years, and there has been plenty of debate on the recommendations, and it was open to the public for feedback and suggestions till July 31.
Central Square Foundation’s (CSF) monthly newsletter The EDge asked
eminent names from the education sector to share their thoughts on some
key aspects of the policy.
1. Ashish Dhawan, Founder and Chairman, Central Square Foundation
What is your initial response to the draft NEP? If implemented, how do you see the impact of the policy on our education system?
The draft NEP was a long time coming, but it has made some bold and
welcome recommendations to shift the focus of the education system
towards quality, and improving student learning outcomes. It takes a
long-term view in terms of the emphasis on flexibility and skills to
ensure that our children are equipped for a rapidly changing job
scenario.
When I read it, my immediate thought was that we now have a policy document, even though it’s a draft, that explicitly recognizes that we are currently in a severe learning crisis, and that this crisis starts in the early years. This is significant. If we were to focus and get this one thing right, i.e., ensure all children have foundational literacy and numeracy skills, this in itself would have a tremendous impact on the education system.
What are some of the key steps the government can take for
the successful implementation of the policy? How can the policy
translate into real action?
The challenge is that current state capacity to deliver quality
education is weak, and we do not have the resources to focus on so many
things at the same time. My one advice to the government would be that
they should almost ruthlessly prioritise–they should first focus on
ensuring that all children achieve foundational literacy and numeracy,
and then phase in other priorities, as needed.
Separately, I think it’s important to remember that implementation
rests with states. The centre’s role is primarily one of catalysing
demand for critical reforms with the states, setting broader policy
goals, providing funding to states, and so on. The centre cannot be too
prescriptive in terms of ‘how’ states need to implement. In fact, it
needs to give states the autonomy to choose the most cost-effective
pathways, while maintaining accountability for the right outcomes. The
centre should also think about enabling states to develop 3-5 year
plans, and not annual plans.
What, according to you, are the big misses of the draft NEP, if any?
One of the key concerns with the draft education policy is that like
many other policies, it may be attempting to do too much. As a system,
we first need to focus on getting the basics right–ensure that all our
children achieve foundational literacy and numeracy by class 3. Without
this prioritisation, the system will continue to grapple with multiple
competing priorities.
We cannot hope to achieve foundational learning for all our children
if we don’t measure it correctly. Therefore, one of the biggest areas of
reform in this regard, which is not adequately addressed by the policy
in its current form, is the need to ensure independent and reliable
learning data to measure early grade learning outcomes.
While the NEP does call out regular adaptive assessments, there is a
need to have a large-scale, independent, household-based,
government-backed assessment, which measures outcomes for children
attending public and private schools. This survey must be housed in and
administered by an autonomous institution, which is at arm’s length from
the delivery ministry, ensuring there is no conflict of interest. This
learning data is critical for the government to meaningfully hold the
system accountable and keep us honest.
Read CSF’s full interview with Ashish Dhawan, here.
2. Geeta Gandhi Kingdon, Professor, University College London and President, City Montessori School, Lucknow
The NEP refers to the creation of an independent agency to
gather and analyse data for the education system. What are crucial data
gaps on private schools that the government should strive to fill?
There is hardly any data on private schools
because they are rarely included in studies or surveys done by the
government. It is as if private school students belong to another
country. For example, the National Achievement Survey (NAS) is conducted
only in government and aided schools and excludes private unaided
schools. We need more information about private schools to get a fuller
picture of the education sector.
What do you think of the proposition to separate regulation,
provision, and policy-making in the NEP? How do overlapping interests
between these functions presently impact private schools?
The idea of separating roles is very good, because if the government
performs all the roles–funder, provider, regulator, policy maker,
assessor–it leads to many conflicts of interest. However, the NEP does
not go far enough because it does not separate funding and provision–the
government is both the funder and producer of education, i.e., it runs
schools itself.
The NEP does not consider public funding for privately produced
education (public-private partnerships). It is a myth that in
educationally developed countries, all schools are state-run. Actually,
they are only publicly funded, not publicly run. This is an important
distinction that many in government are unaware of.
In India, there is an entrenched belief that the government shouldn’t
just fund education, it must also produce it (i.e., run the
schools)–even when it has struggled to deliver quality. Our main focus
should be to ensure that all elementary education is publicly funded, so
that parents do not have to pay to send their children to school. But
the operation of the schools could be in private hands if they are
deemed to be more efficient, i.e., to deliver better child outcomes at
lower costs.
The NEP has also proposed the establishment of an independent State
School Regulatory Authority (SSRA) for each state, to handle all aspects
of school regulation and accreditation. It recommends reducing the
burden of over-regulation on private schools, and regulating public and
private schools within the same framework/benchmarks. These are welcome
proposals. Much depends, however, on how the SSRA will operate. Will it
subject public schools to accountability pressures? Will government
schools go through a process of recognition like private schools? And
will they also be closed down if they do not comply with the norms of
the RTE Act? The NEP doesn’t clarify this, leaving open the possibility
of the continuation of non-accountable public schools and resultant poor
learning outcomes.
Read CSF’s full interview with Geeta Gandhi Kingdon, here.
3. Rukmini Banerji, CEO, Pratham Education Foundation
The draft NEP includes pre-primary education as part of the
‘foundational stage’ (ages 3-8) and strongly recommends that this stage
must be a continuum. Do you agree? How should we approach this?
I welcome the strong focus on the early years. Building strong
foundations in the early years allows children to ‘leap forward’. The
widespread phenomena of ‘falling behind’ that we see today, happens
because the right things are not done at the right time.
The draft policy states that children in the 3-8 year age group
should receive a flexible, “play-based, activity-based, and
discovery-based†education. However, it is fair to say that the
educational establishment in India, including the government bodies at
the central, state, and district levels have little or no experience
with the preschool age group.
Pre-primary classes are often part of primary schools in the private
sector and much of the student intake happens in lower or upper
kindergarten. However, research studies show that most activities in
these institutions in the early age group are ‘school-like’ and do not
provide the flexible, play-based, and developmentally appropriate
activities that are suited for supporting the development of young
minds. So, despite several years of preschool education, such children
are still not ‘ready’ for class 1.
At the same time, the Integrated Child Development Services (ICDS)
system run by the Ministry of Women & Child Development (MWCD) is
typically overwhelmed by responsibilities in health, immunisation, and
nutrition. So, in the anganwadis, early childhood stimulation or
development has not received the high priority it needs.
Bringing these two ministries together, all the way from the centre
to the states, districts, and villages, will be a huge and challenging
task, but one that is certainly worth undertaking. Clear financial
calculations will be needed to support this convergence exercise in a
sustained way.
One of the objectives the draft NEP states is that every
child in grade 5 and beyond should achieve foundational literacy and
numeracy – can you talk about some of the specifics with regard to the
pedagogical and curricular changes that will be needed to achieve this
goal?
According to ASER data, only about 50 percent of class five children
are able to read in class 2 (or higher). The other half is spread across
several reading levels, starting from not being able to recognise
letters to just about coping with simple sentences. This is one of the
biggest challenges in primary schools, the wide dispersion of learning
levels. The teacher’s daily dilemma is to figure out what to teach and
to whom. To complete the curriculum guided by grade-level textbooks,
teachers usually choose to focus on the ‘top of the class’, leaving
others to catch up on their own. Even the RTE Act prescribes that
teachers “must complete entire curriculum within specified timeâ€.
The draft NEP highlights several causes for the learning crisis,
including the lack of school readiness, but it doesn’t address the
negative consequences of overambitious curricula or the common practice
of teaching to the top of the class. The real challenge is, therefore,
to schedule ‘catch-up’ routines into the regular school schedule. Given
the size, depth, and magnitude of the ‘catch-up’ required, we will need a
persistent and high-priority effort for at least five years or more.
The alignment of key elements of the school system such as teacher
training, teaching-learning material, ongoing teacher support,
mentoring-monitoring, assessment, and course correction towards
achieving stated goals is critical. Perhaps this alignment for
foundational learning will now be possible, given the overarching
direction of the new policy.
Read CSF’s full interview with Rukmini Banerji, here.
4. Sridhar Rajagopalan, President and Chief Learning Officer, Educational Initiatives
The draft NEP calls for the appropriate integration of technology
into all levels of education. What is your initial response to the
draft in terms of how it envisions the role of technology in education?
The draft policy mentions India’s unique leadership in the technology
space and acknowledges that the right policy and implementation can
help India become a global leader in EdTech. Overall, the policy seems
to have its heart in the right place, yet many challenges plague the
successful implementation of EdTech in our country.
For example, one of the most common issues with all EdTech projects
is the disproportionate focus on hardware as compared to the software or
content.
One big miss. without a doubt, is that it fails to recognise the role
of the private, for-profit players and their international experience.
It would have been useful to look into what has been tried already in
EdTech and the challenges those efforts faced. While the collective goal
should be to strengthen state resources and capacities and help curate
high-quality open resources, there should be an effort to learn from the
for-profit EdTech players and view them as providers of co-existing and
complementing solutions.
Again, for implementation of suggestions made in the policy,
do you think we have adequate infrastructure and capacity in our schools
and state systems? What could be the challenges in creating that
infrastructure and capacity?
The infrastructure and capacity do not exist, but like with anything
new, they can be developed over time as these projects expand. However,
problems arise if the approach tends to focus more on scaling than on
quality. Ironing out all possible issues at the scale of 20-100 schools
is very important, and a disproportionate focus at this scale will
ensure fewer challenges at a larger scale of say 1,000 or 2,000 schools.
What is important in all this is generating effective assessment
solutions and protocols to provide learning feedback. Again, this should
be done in a low-stake, quality-focused manner while gradually scaling
up and taking key players and partners along.
Read CSF’s full interview with Sridhar Rajagopalan, here.
Posted by AGORACOM-JC
at 8:35 AM on Wednesday, August 7th, 2019
Entered into a strategic partnership with Endocanna Health Inc. a research and development biotechnology company specializing in endocannabinioid DNA testing, and a partly owned subsidiary of Heritage Cannabis (CSE: CANN)
Endocanna will manufacture its patent-pending Endocannabinoid DNA Test Kits for and license its proprietary DNA technology to Empower.
VANCOUVER, Aug. 7, 2019 – EMPOWER CLINICS INC. (CSE: CBDT) (Frankfurt 8EC) (OTC: EPWCF) (“Empower” or the “Company“), a vertically integrated and growth-oriented CBD life sciences company, and a multi-state operator of medical health & wellness clinics in the U.S., is pleased to announce it has entered into a strategic partnership with Endocanna Health Inc.(“Endocanna“), a research and development biotechnology company specializing in endocannabinioid DNA testing, and a partly owned subsidiary of Heritage Cannabis (CSE: CANN)
Endocanna will manufacture its patent-pending Endocannabinoid DNA
Test Kits for and license its proprietary DNA technology to Empower.
Empower will immediately make the Endocanna kits available to its
corporate owned medical clinics that include 165,000 patients in Oregon, Arizona, Washington State and Nevada.
The Company plans to include the DNA Test Kits as a standard offering
in the Sun Valley Health franchise program, and has commenced it’s
roll-out in the United States.
“We continue to focus our initiatives on patient care and wellbeing,
ensuring we have the ability to provide best-in-class care and advice
using the most advanced technology available.” said Steven McAuley,
Empowers Chairman & CEO. “The Endocanna DNA Test Kit can give our
physicians the potential to have even greater insight into each
individual patient’s propensity for success, on how CBD based therapies
may interact with their individual regulatory system.”
The Kits are designed to provide consumers with personalized data
about how cannabidiol (CBD) and other cannabinoids may interact with
their body, plus the technology may allow the company to provide
patients with science-backed cannabis product suggestions based on their
specific DNA.
“Using Endocanna Health’s proprietary DNA report, we can personalize
and provide a cannabinoid wellness protocol tailored to an individual’s
needs.” said Len May, CEO & Co-Founder of Endocanna Health. “Empower
and their Sun Valley Health clinic network, provides an immediate
opportunity for us to work with physicians and patients to develop
advanced science surrounding the endocannabinioid system and CBD based
therapies.”
About Endocanna Health Inc.
Endocanna is a company based in Los Angeles, CA that has
developed Endocannabinoid DNA testing to assist individuals in taking
control of their own health, by utilizing cannabis products specifically
suited for themselves. The recently expanded database of genetic
markers now allows for a thorough review of potential products, which
are helpful to address the needs of patients. EndoDNA testing packages
are currently available in the United States, and will shortly be introduced to Canada and other select cannabis-forward countries. For more information visit www.endocannahealth.com
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis
provider that currently has two Health Canada approved licenced
producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure
Corp. both regulated under the Cannabis Act Regulations. Working under
these two licences, Heritage has two additional subsidiaries, Purefarma
Solutions, which provides extraction services, and BriteLife Sciences
that is focused on cannabis based medical solutions. Heritage as the
parent Company, is focused on providing resources for its subsidiaries
to advance their products or services to compete both domestically and
internationally.
ABOUT EMPOWER
Empower is a vertically integrated and growth-oriented CBD life
sciences company, and a multi-state operator of medical health &
wellness clinics, operating the Sun Valley Health clinic brand www.sunvalleyhealth.com, for its nine corporate locations and for franchises in the United States.
As a CBD product manufacturer under the Solievo brand, the company
distributes its lines through clinics, online and through retail
partners. Extraction operations are currently being developed in the
Company’s new extraction facility in Oregon.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley Chief Executive Officer
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain “forward-looking statements”
or “forward-looking information” (collectively “forward looking
statements”) within the meaning of applicable Canadian securities laws. All
statements, other than statements of historical fact, are
forward-looking statements and are based on expectations, estimates and
projections as at the date of this news release. Forward-looking statements
can frequently be identified by words such as “plans”, “continues”,
“expects”, “projects”, “intends”, “believes”, “anticipates”,
“estimates”, “may”, “will”, “potential”, “proposed” and other similar
words, or information that certain events or conditions “may” or “will”
occur. Forward-looking statements in this news release include
statements regarding; the Company’s intention to open a hemp-based CBD
extraction facility, the expected benefits to the Company and its
shareholders as a result of the proposed acquisitions and partnerships;
the terms of the proposed acquisitions and partnerships; the
effectiveness of the extraction technology; the expected benefits for
Empower’s patient base and customers; the benefits of CBD based
products; the effect of the approval of the Farm Bill; the growth of the
Company’s patient list and that the Company will be positioned to be a
market-leading service provider for complex patient requirements in 2019
and beyond. Such statements are only projections, are based on
assumptions known to management at this time, and are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
forward-looking statements, including; that the Company may not open a
hemp-based CBD extraction facility; that the hemp-based CBD extraction
facility may not be fully operation by Q2 2019 if at all; that
legislative changes may have an adverse effect on the Company’s business
and product development; that the Company may not be able to obtain
adequate financing to pursue its business plan; general business,
economic, competitive, political and social uncertainties; failure to
obtain any necessary approvals in connection with the proposed
acquisitions and partnerships; and other factors beyond the Company’s
control. No assurance can be given that any of the events anticipated by
the forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. Readers are cautioned not to
place undue reliance on the forward-looking statements in this release,
which are qualified in their entirety by these cautionary statements.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements in this release, whether as a result of new information,
future events or otherwise, except as expressly required by applicable
laws.
Investors: Steve Low, Boom Capital Markets, [email protected], 647-620-5101; Investors: Steven McAuley, CEO, [email protected], 604-789-2146; For French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-MARICopyright CNW Group 2019
Tags: Cannabis, CSE, Hemp, Marijuana, stocks, tsx, tsx-v, weed Posted in Empower Clinics Inc. | Comments Off on Empower Clinics $CBDT.ca Enters Into Strategic Partnership With Heritage #Cannabis Subsidiary Endocanna Health to Create and Sell #Endocannabinoid DNA Test Products $WEED.ca $CGC $ACB $APH $CRON.ca $HEXO.ca $OGI.ca $CANN.ca
