Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") is pleased to announce that a detailed biomarker analysis of the recently reported pre-clinical melanoma study conducted at Dalhousie University (the "Study") indicates that, beyond shrinking tumors on its own, Sona's Targeted Hyperthermia Therapy ("THT") also stimulates the innate immune system to target and eliminate untreated (contralateral) tumors when combined with a standard immunotherapeutic drug, IL-2. (See figure #1, below.) On the basis of efficacy data achieved in two different murine cancer models (triple negative breast cancer and malignant melanoma), the Company is now proceeding with safety and biocompatibility testing that will be required by regulating agencies to enter into human studies.
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Operator XR – Sales Update June 24
xReality Group Limited (“XRG” or the “Company”) is pleased to provide the following sales update for Operator XR, a wholly owned subsidiary of xReality Group Ltd. Operator XR provides Military and Law Enforcement agencies around the world with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure, and highly immersive.
Operator XR has continued the momentum throughout the final month of the financial year adding a further $1.43m in sales and increasing its ARR by 75% to $2.21m.
Highlights
- Sales of $1.43m (TCV) in the month of June
- 6 new customers won during the month and 1 renewal.
- Material Sale to a State Government Customer
- Australian Defence Force renew licence for trial extension.
- YTD Contract Value increase of 54% this month to $4.10m
- Annual Recurring Revenue Increased by 75% this month to $2.21m
Operator XR Annual Recurring Revenue (ARR)
- Total ARR = $2,210,042
- ARR increase last 30 days = $946,892 (75%)
Operator XR Total Contract Value (TCV)
- Total TCV YTD = $4,096,213
- Total TCV last 30 days = $1,432,738 (+54%)
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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XReality Group
Overview
xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company’s primary focus is to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
The company was co-founded by two Australian military veterans to build physical skydiving simulators for both military training and the tourist market. The company has since expanded its simulation portfolio from indoor skydiving to include out-of-home virtual reality entertainment, defense XR training, and XR software development. xReality targets both the entertainment and the enterprise markets, which include defense, law enforcement, and other government agencies.
The company was listed on the ASX on January 18, 2013, as Indoor Skydive Australia Group (ASX:IDZ) and was rebranded to xReality Group on December 8, 2021.
It operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
The global total addressable market for the Operator XR business in the law enforcement and military markets is valued at about $3.37 billion in annual recurring revenue (ARR). Of this, the United States accounts for $1.3 billion, or 40 percent of the total, while the rest of the world is $2 billion. xReality has rightly been focusing on increasing its presence in the US given its relatively high share in the global context.
The global military market is significantly higher than the law enforcement market. Overall, the military market is valued at $2.68 billion, and the law enforcement market is valued at $682.6 million. Here again, the US is a significant player accounting for the largest share of the global pie in both military and law enforcement.
Company Highlights
- Listed on the ASX, xReality Group is an Australia-based company that specializes in building and operating virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer leisure markets.
- The company serves both entertainment and enterprise segments that include defense and law enforcement agencies.
- xReality operates four major brands across the end markets which include - iFly Downunder and iFly Gold Coast (both entertainment and enterprise); Freak Entertainment (retail market); Red Cartel (both entertainment and enterprise); and Operator XR (enterprise), the most important segment for the company focused on defense and law enforcement agencies.
- The total addressable market for the Operator XR segment is valued at US$3.37 billion with the US accounting for nearly 40 percent of the total market.
- Operator XR continues to gain momentum in the US and Australia, with a year-to-date total contract value of $2.67 million, as of May 2024, and an annual recurring revenue of $1.27 million.
Key Business Units
Operator XR
Operator XR focuses on the enterprise segment, more specifically the defense and law enforcement sectors. Operator XR systems help military personnel and law enforcement officers train in operational tactics and procedures within a virtual reality environment. The VR system complements the existing training methods and helps its users to train more often, covering a broad range of scenarios centered on de-escalation tactics, use of force decision-making, and operational procedures.
The system was developed from the ground up, using the latest innovations in VR technology, with all IP owned by xReality. The company has invested a total of AU$2.5 million in the ongoing development of the Operator XR product. Operator XR offers several benefits: First, it provides a software platform that can be easily updated and configured. It offers significant cost savings and can simulate threats that cannot be replicated by other means. Second, it helps create the virtual environment at a fraction of the cost and time. Third, it creates an immersive environment allowing the use of live weapons and equipment leading to greater preparedness. Lastly, it can work offline enabling the training anytime and anywhere.
With offices in Sydney and Virginia, the segment focuses on two main markets – Australia and the US. The Australian operations were launched in 2021, followed by the US in 2023. With a go-to-market strategy focused on the ‘tier 3’ segment of the US law enforcement market, xReality made its first US law enforcement sale in August 2023. Tier 3 market includes nearly 3,000 police agencies with 40 to 500 officers.
As of May 2024, Operator XR has a year-to-date total contract value of $2.67 million, and an annual recurring revenue of $1.27 million. xReality now has existing contracts with a number of police departments in the US, including Oregon, Maryland, Alaska, Texas, Florida, Ohio, Arkansas, Indiana, and a training organisation based in California.
Operator XR is also making headway in Australia, with a recent purchase order from the Australian Defence Force for the delivery of two systems with a 3-year licence.
Further expansion efforts also include XReality Group’s partnership with a key technology partner in Mexico for the distribution of Operator XR’s VR technology for law enforcement and military markets.
iFly Downunder and iFly Gold Coast
xReality operates indoor skydiving facilities under the brands – iFly Downunder (located in Sydney) and iFly Gold Coast (located in Queensland). During FY 2023, xReality invested significantly in enhancing both iFly Downunder and iFly Gold Coast, resulting in upgrades to mechanical cooling systems, IT hardware and building works. This segment serves both the entertainment and enterprise markets. The first indoor skydiving tunnel was launched in 2014.
Since then, xReality has been serving about 200,000 visitors annually. iFly provides a steady, stable revenue cash flow, essential to fund the growth side of the business.
Freak Entertainment
Freak Entertainment is xReality’s virtual reality entertainment brand, established in 2019 to bring a market-leading VR experience to a retail footprint. The brand and IP are 100 percent owned by xReality, which includes cutting-edge technology and in-house-built games. It has served nearly 300,000 customers across its five locations in New South Wales and Queensland. Freak Entertainment venues offer various entertainment options such as VR arcade games, VR Escape Rooms, and VR Laser Tag among others.
Red Cartel
Red Cartel develops software products that cater to both the entertainment and enterprise markets. A leading expert in developing AR, VR, XR and enterprise software for the entertainment, oil and gas, healthcare, mining and government sectors, Red Cartel has more than 20 years of market track record. xReality acquired Red Cartel in August 2021 to deliver in-house development capability and support its other three businesses.
Management Team
John Diddams – Non-Executive Chairman
John Diddams holds a bachelor’s degree in commerce from the University of NSW, is a fellow of the Australian Society of CPAs, and is a fellow of the Australian Institute of Company Directors. He has more than 40 years of financial and management experience in Australia and overseas, with rich experience in the practical application of ASX listing rules, Australian corporations’ law, international accounting standards, and corporate governance principles. Diddams has a strong track record in driving business performance, mergers and acquisitions, due diligence and corporate governance.
Wayne Jones – Director and Chief Executive Officer
Wayne Jones has been the company's founder and CEO since November 2011. Before establishing xReality, he was a Commander with the Special Air Service Regiment (SASR) and was responsible for the development and performance of teams in complex and challenging environments. He holds formal qualifications in project management, business, security, and risk management, and financial management, and is a member of the Australian Institute of Company Directors. He has more than 25 years of experience in leading teams and delivering results. He is an experienced skydiver and maintains his involvement with the Australian Defense Force. He is also the president of the Australian Special Air Service Association (NSW Branch).
Danny Hogan – Non-Executive Director
Danny Hogan joined the Australian Regular Army in 1991 and, in 1997 was selected for further service within the Special Air Service Regiment. He has been recognized and awarded for his actions and leadership during his 21-year military career, including the Medal for Gallantry. He was selected for and completed a two-year military exchange in the US with two of the country’s elite Special Forces Commands. Hogan was a highly qualified senior dive instructor within the Special Air Service Regiment. He served as an executive director and the chief operations officer of xReality from the foundation of the company until November 2019, at which time he became a non-executive director. He is a member of the Australian Institute of Company Directors.
Kim Hopwood – Executive Director and Chief Technology and Products Officer
Kim Hopwood has more than 20 years of experience across technology, media, management, and operations. He started his career as a network engineer at Cisco, then co-founded digital agency Pusher in 2004. He has worked with xReality since 2012 as a supplier, and then as a freelance consultant before joining full-time in 2019. In his role as chief technology and products officer, he is responsible for all products along with the development of company strategy.
Mark Smethurst – Non-Executive Director
Mark Smethurst is an accomplished senior executive leader, with a highly successful track record commanding large and diverse teams both in Australia and overseas. He is a former Australian Military Brigadier General and has rich experience in dealing with Australian and international defense and supply chains. He was head of preparedness, and director of General Joint Force Analysis, responsible for developing futures concepts, experimentation, lessons, and preparedness.
Philip Copeland – Non-Executive Director
Philip Copeland is an experienced senior leader in the enterprise software-as-a-service (SaaS) sector and has a highly successful track record scaling enterprise SaaS businesses into global markets across highly regulated industries including government and financial services. He was the former CEO and founder of Avoka Software, a digital business enablement platform. He is the chairman of xReality’s International Growth Committee.
Stephen Tofler – Chief Financial Officer
Stephen Tofler was appointed CFO and company secretary in February 2019. He has more than 20 years of experience as a CFO in financial services, manufacturing and in public practice. He is formally qualified as a CPA, maintains a CPA Public Practice Certificate, and has a Bachelor of Business degree.
Linius Technologies Limited (ASX: LNU) – Trading Halt
Description
The securities of Linius Technologies Limited (‘LNU’) will be placed in trading halt at the request of LNU, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 8 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Linius Technologies Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Operator XR –Awarded $800,000 Government Contract
Key highlights
- Total Contract Value $809,600
- Delivery Q1 FY2025
- Full payment received 03 July 2024.
This latest sale, combined with continued momentum in the month of June to new US Law Enforcement customers sees a 75% increase to Operator XR’s Annual Recurring Revenue (ARR) during June from $1.26M to $2.21M.
Operator XR, a wholly owned subsidiary of xReality Group Ltd, provides Military and Law Enforcement agencies around the world with a unique, integrated Virtual Reality System for specialist training, mission planning that is portable, secure, and highly immersive.
Operator XR has received full payment for the delivery of its Virtual Reality Training System scheduled for Q1, FY2025.
XRG CEO Wayne Jones said, “Building off the recent success with the Australian Defence Force, we are excited to be broadening our user base across other agencies in Australia.”
This ASX Release is authorised by the Board of xReality Group Limited, pursuant to and in accordance with Listing Rule 3.1, all other details of the transaction are confidential.
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Linius Now Live with First Deployment in American Football
Linius Technologies Limited (ASX:LNU) (Linius or Company) – the only cloud-based solution that unlocks the value of video archives with immersive, deeply personalized viewer experiences via its Linius Media Solutions portfolio – is pleased to announce that the deployment of its sports solution, Whizzard, is now live with its customer Lone Star Conference.
Highlights:
- Linius Whizzard is now live with users at Lone Star Conference (LSC) for their American Football content from the 2023 season onwards
- LSC, Linius’ second customer in the US college sports market, signed a 3-year agreement in April 2024 covering football and basketball
- LSC using Whizzard to curate highlights and for automated highlights of all games
- Deployment marks the first use of Linius solutions in American football, one of the most highly monetized sports globally
- Reduced deployment time driving cost efficiencies for future growth in this market
- Significant opportunity for Linius in US college sport as NCAA has 150 conferences and 1,100 schools
Linius Whizzard and Whizzard Highlights will be used initially by internal media and marketing teams at the conference to curate and publish content to The Lone Star Conference Digital Network1, conference website, and social media. Individual schools will then have the option to access the services to search, curate, and publish their own content. The agreement covers men’s football (American Football) plus men’s and women’s basketball competitions with capacity to expand to other sports in the future.
Linius Chief Executive Officer (CEO), James Brennan, said“The deployment of Whizzard at LSC for American football is a significant milestone for Linius. Football is a highly data driven sport and highlights the power of Whizzard very effectively. American football is one of the most highly monetised sports in the world and having our first live example creates tremendous opportunity across college, professional, and even youth/amateur sport. In the pros, the NFL generates over $25 billion USD, roughly 80% higher than any other sport2, while in college sports, football generates more revenue than the next 35 sports combined!3 Unleashing the value of football archives is a top priority for Linius.
The deployment of Whizzard at LSC was very efficient, as it was nearly identical to the deployment at Peach Belt Conference. Basketball was completed in just over two weeks, and our first deployment in football was completed in a month, with future deployments expected to reduce significantly from there. As we continue to focus on growth in the US college sport market, this will allow us to scale in support of the 150 conferences and 1,100 universities in the NCAA.”
It is significant, being the first for American Football, and further validates Linius’ technology and business model within the large US collegiate sports market. It also provides a platform for further expansion into the existing lucrative market for automated highlights solutions.
LSC will immediately use Whizzard to prepare content for its annual Media Day later this month, where it will promote the partnership with Linius and show content from Whizzard to their media and advertising partners. Further, they will begin preparing pre-season promotional content in advance of the upcoming 2024 football season in September.
Click here for the full ASX Release
This article includes content from Linius Technologies Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sona's Cancer Therapy Triggers Abscopal Effect, Eliminating Distant Tumors In Preclinical Melanoma Study
Sona's Chief Medical Officer and the Study's principal investigator, Dr. Carman Giacomantonio, commented, "With two separate murine cancer models completed, we now believe it is clearthat Sona's THT therapy causes cancer specific proteins (cancer antigens) to become visible to the immune system. This in turn causes novel, innate immune responses ultimately enabling development of cancer-specific immunity. This is essentially the goal of all current immunotherapy research and treatment strategies. When combined with a standard of care immunotherapeutic drug (IL-2), the resultant immunity in our models was strong enough to generate an immune response in remote (contralateral) tumors. Finally, we were excited to observe that the immunity generated by Sona's gold nanorod-based THT therapy in our preclinical models is lasting. In other words, we observed a "vaccine effect" whereby we were unable to immediately grow new tumors in mice whose primary tumors had responded to Sona's gold nanorod THT therapy combined with standard immunotherapy. This is the proof of concept we were looking for."
Following treatment with Sona's THT for melanoma in mice, an analysis of key metrics of immune memory showed that remote tumors could not be established in mice with primary tumors previously treated with Sona's gold nanorod-based THT therapy when combined with standard (IL-2) immunotherapy. Furthermore, an examination of the upregulation of inflammatory gene expression for 17 genes for both Sona's 4T1 (triple negative breast cancer) and B16 (melanoma) models showed a strong pattern of expression enhancement, a further indication of the success Sona's THT therapy had in effectuating a fundamental change to the innate immune system. (See figure #2, below.)
Sona CEO, David Regan, commented, "Seeing the gene expression data which supports the longevity of the new immunity achieved together with the observation that new cancer tumors did not take in the treated mice in this preclinical study, gives hope that Sona's therapy could be used with immunotherapeutic drugs to treat cancer effectively and reduce the likelihood of recurrences.Given our success in demonstrating this concept in two different murine cancer models, we are now moving forward aggressively with the study program required by regulators that would allow us to progress this novel therapy into the clinic for a first-in-human trial. Our initial indication will target the thousands of people who suffer from late-stage, unresectable melanoma for which no other therapy has worked."
The results discussed in this release are preliminary and have not been subject to peer review. Upon completion, the Company expects that the full Study will be submitted for peer review and scientific journal publication.
Figure 1: Sona's THT Therapy Combined with IL-2 Inhibits Growth of Distant Tumors
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5500/214441_sonafig1nocaption%20(1).jpg
4T1 (Triple Negative Breast Cancer)B16 (Melanoma)
Figure 2: Gene Expression Heat Maps
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5500/214441_4beae7dd94ed7a13_003full.jpg
Contact:
David Regan, CEO
+1-902-536-1932
david@sonanano.com
About Sona Nanotech Inc.
Sona Nanotech, a nanotechnology Life Sciences company, is developing Targeted Hyperthermia Therapy™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (41-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion - thus enabling drugs to reach all tumor compartments more effectively. The size, shape, and surface chemistry of the gold nanorods target the leaky vasculature of solid tumors, and the selective thermal sensitivity of tumor tissue enables the therapy to deliver clean margins. Targeted Hyperthermia Therapy promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.
Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications with an assessment by the Nanotechnology Characterisation Laboratory that detected neither endotoxins nor microbial contamination. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, Sona's preclinical and clinical study plans and its product development plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona 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 required by law.
Not for distribution to United States newswire services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214441
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E-Power Resources Inc. Announces Commencement of the 2024 Tetepisca Exploration Program
Commencement of the Tetepisca Exploration Program for 2024
E-Power Resources Inc. (CSE: EPR) ("E-Power" or the "Company") announces that it has mobilized its exploration crew to the Tetepisca Graphite Project and the 2024 exploration program is underway.
The objectives of the exploration program are:
- Detailed mapping and sampling of 4-5 selected surface showings with samples of roughly 200-250 kgs each.
- Early stage geological and geophysical prospecting at selected target areas on our large land position.
- Collect a bulk sample of 20-30 tonnes collectively from 3-5 selected target areas based on the results of the Phase 1 detailed mapping and sampling. The permit application for this work has been submitted. These 20-30 tonnes will enable us to have an inventory of material available for processing to produce a graphite concentrate available to users.
- Preliminary, near-surface, evaluation of selected showings using a man-portable drill.
The Company may post photos of the ongoing work on its website and in various public forums.
Option Grants
The Company also announces it has made option grants to certain directors, officers and consultants. A total of 1,700,000 options were issued. The options will expire on June 10, 2029, and have a strike price of 12 cents.
About E-Power Resources Inc.
E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company's disclosure record on SEDAR (www.sedarplus.ca) or contact the Company by email at info@e-powerresources.com.
On Behalf of the Board of Directors
James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214289
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PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Principal Technologies Inc. (the " Company ") (TSXV: PTEC) (FSE: J07), is pleased to announce the closing of the first tranche (" Tranche 1 ") of its previously announced non-brokered private placement (the " Offering ") with one investor, MRPT Invest UG (" MRPT "), a company owned and controlled by Markus Mair . The Company issued a total of 4,000,000 units at $0.25 per unit for gross proceeds of $1,000,000 . Each unit (a " Unit ") will consist of one common share (a ' Share ") of the Company and one common share purchase warrant (a " Warrant "). Each Warrant entitles the holder to purchase one additional Share of the Company at $0.30 for a period of two (2) years from the date of closing. The Warrants are subject to a blocker term that prohibits exercise of the Warrants to the extent the holder would as a result of any exercise exceed 19.99% of then issued Shares.
As a result of the acquisition of Units, Mr. Mair now owns and/or controls directly and indirectly 7,003,333 Shares and 4,000,000 Warrants, representing 19% of the issued and outstanding Shares of the Company and 26.92% on a partially diluted basis, but, as noted above, Mr. Mair will be restricted to 19.99% at any one time. Prior to this transaction, Mr. Mair, through MRX Invest UG (a company owned and controlled by Mr. Mair), held 3,003,333 Shares of the Company, representing 9.14% of the issued and outstanding Shares of the Company. Mr. Mair selectively invests in growth opportunities and has been a significant supporter of the Company during the acquisition phase.
Mr. Mair and his related entities acquired these securities for investment purposes and, as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by Mr. Mair in connection with the Offering will be available under the Company's profile on SEDAR+ at ( www.sedarplus.ca ).
Proceeds of the Offering will be used for general working capital and corporate purposes of the Company, including those as may be required by Vivostat A/S (" Vivostat ") conditional on the closing of the acquisition of Vivostat.
All securities issued pursuant to Tranche 1 of the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. The Offering remains subject to final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Jerry Trent , Chief Executive Officer
Principal Technologies Inc.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits and approvals; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca . The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Principal Technologies Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2024/20/c8931.html
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