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Ohio Edison Wraps Up Grid Modernization Work to Enhance Service Reliability for Customers in Northeast Ohio

PR Newswire

AKRON, Ohio, Nov. 24, 2020 /PRNewswire/ — Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is wrapping up grid modernization work expected to enhance electric service reliability for more than 200,000 customers in parts of Trumbull, Mahoning, Ashtabula and Columbiana counties.

Customers will benefit from installation of more than 20 new automated reclosing devices that will help limit the frequency, duration and scope of service interruptions. The electrical devices work like a circuit breaker in a home that shuts off power when trouble occurs, with the added benefit of automatically reenergizing a power line within seconds for certain types of outages to keep power safely flowing to customers.

These devices allow utility personnel to automatically restore service to customers rather than sending a crew to investigate, which is especially helpful in rural or hard-to-access areas. This automated technology is safer and more efficient. To determine the best locations for these devices, utility personnel reviewed outage patterns across Ohio Edison’s service territory and identified areas that would benefit from an automated reclosing device.

The projects also include replacing 11 miles of existing power lines with thicker, durable wire designed to withstand tree debris and severe weather elements. New utility poles were installed to support the electrical infrastructure and additional power lines were constructed to connect customers to an alternate circuit, allowing for more flexibility in restoring outages due to events such as storms or vehicle accidents. The work provides a backup power feed that will help keep the lights on for customers if wires or equipment on their regular line are damaged or need to be taken out of service.

“Severe storms have the potential to cause damage to poles, wires and substations, requiring crews to make repairs in difficult conditions,” said Ed Shuttleworth, regional president of Penn Power and Ohio Edison. “The completion of this work ahead of winter strengthens our electric system to help keep the power flowing safely and reliably to customers when they depend on it the most to stay warm and comfortable, and it will benefit them year-round.”

The work in this area began in March and is on track for completion by the end of the year. It is part of Ohio Edison’s Grid Modernization Plan, a three-year investment approved by the Public Utilities Commission of Ohio (PUCO) to modernize the electric distribution system in Ohio. Similar grid modernization work is planned across the entire Ohio Edison footprint.

Ohio Edison serves more than one million customers across 34 Ohio counties. Follow Ohio Edison on Twitter @OhioEdison, on Facebook at www.facebook.com/OhioEdison, and online at www.ohioedison.com.

FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com. Follow FirstEnergy on Twitter: @FirstEnergyCorp.

Editor’s Note:  Photos of Ohio Edison crews restringing power lines and installing new equipment are available for download on Flickr.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ohio-edison-wraps-up-grid-modernization-work-to-enhance-service-reliability-for-customers-in-northeast-ohio-301179868.html

SOURCE FirstEnergy Corp.

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The Illuminating Company Wraps Up Projects to Strengthen Electric System in Ashtabula and Lake Counties

PR Newswire

BRECKSVILLE, Ohio, Nov. 24, 2020 /PRNewswire/ — The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is wrapping up grid modernization work expected to enhance electric service reliability for more than 150,000 customers in Ashtabula and Lake counties.

Customers will benefit from installation of 37 new automated reclosing devices that will help limit the frequency, duration and scope of service interruptions. The electrical devices work like a circuit breaker in a home that shuts off power when trouble occurs, with the added benefit of automatically reenergizing a power line within seconds for certain types of outages to keep power safely flowing to customers.

Reclosing devices allow utility personnel to automatically restore service to customers rather than sending a crew to investigate, which is especially helpful in rural or hard-to-access areas. This automated technology is safer and more efficient. To determine the best locations for these devices, utility personnel reviewed outage patterns across The Illuminating Company’s service territory and identified areas that would benefit from an automated reclosing device.

The projects also include replacing 11 miles of existing power lines with thicker, durable wire designed to withstand tree debris and severe weather elements. New utility poles were installed to support the electrical infrastructure and additional power lines were constructed to connect customers to an alternate circuit, allowing for more flexibility in restoring outages due to events such as storms or vehicle accidents. The work provides a backup power feed that will help keep the lights on for customers if wires or equipment on their regular line are damaged or need to be taken out of service.

In addition, nearly 30 capacitor banks are being installed to help ensure all customers served by a single power line receive the same flow of safe, reliable electric service by evenly distributing electricity down the line.

“This work to modernize our distribution system is necessary to meet the growing energy demands of our customers for many years to come,” said Mark Jones, regional president of The Illuminating Company. “The completion of this work ahead of winter is an added bonus because it strengthens our electric system when customers depend on it the most to stay warm, and it will benefit them year-round.”

The first phase of this work in this area began in July and should be completed by the end of this year. It is part of The Illuminating Company’s Grid Modernization Plan, a three-year investment approved by the Public Utilities Commission of Ohio (PUCO) to modernize the electric distribution system in Ohio. In 2021, the company plans to start the second phase of work in this area, which includes installing nearly 30 additional automated reclosing devices, 37 capacitor banks and other equipment that will benefit thousands of customers in Ashtabula and Lake counties.

The Illuminating Company serves more than 750,000 customers across Ashtabula, Cuyahoga, Geauga, Lake and Lorain counties. Follow The Illuminating Company on Twitter @IlluminatingCo and on Facebook at www.facebook.com/IlluminatingCo.

FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com. Follow FirstEnergy on Twitter: @FirstEnergyCorp.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-illuminating-company-wraps-up-projects-to-strengthen-electric-system-in-ashtabula-and-lake-counties-301179866.html

SOURCE FirstEnergy Corp.

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USA Technologies Elyssa Steiner to Speak at madconNYC Digital Marketing Summit

USA Technologies Elyssa Steiner to Speak at madconNYC Digital Marketing Summit

MALVERN, Pa.–(BUSINESS WIRE)–USA Technologies, Inc. (NASDAQ: USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market today announced its participation in the madconNYC Digital Marketing Summit.

Elyssa Steiner, USAT’s vice president of Marketing will be a featured speaker on the “What’s Working in Content Now” panel, which takes place virtually on December 1, 2020 at 12 PM ET. The panel will discuss how marketers are employing strategies such as virtual thought leadership, social media, email newsletters, and AR/VR. There will also be a candid conversation looking at what has delivered results in 2020—and what definitely hasn’t—as well as what they think will work going forward. Lastly, the panelists will dive into the sales funnel, discussing what kind of content works at every stage of a customer’s journey. Panelists include: Gary J. Nix, founder and chief strategist, BRANDarchist; Shachar Orren, chief marketing officer, EX.CO; and Joel Montagne, founder and CEO, Trivver. The session will be moderated by Monique Valeris, senior editor, Good Housekeeping.

The madconNYC Digital Marketing Summit is a unique event for brand marketers who want to learn about the latest tools, technologies, and trends that they can use to more effectively reach their target audience members and promote their business or products.

When:

 

December 1, 2020

 

 

12:00 P.M. – 12:45 P.M. Eastern Time

 

 

 

Where:

 

madconNYC is a virtual experience event

   
Registration:   For more details on the conference and for registration information, please visit https://virtual.madconnyc.com/.

About madconNYC and Reed Exhibitions

madconNYC is an all-virtual experience designed to help marketers traverse the dynamic landscape of brand marketing in a self-directed environment. Its live events and year-round resources are produced by Reed Exhibitions, a leading global events business that combines face-to-face with data and digital tools to help customers learn about markets, source products and complete transactions. Reed operates over 500 events in almost 30 countries across 43 industry sectors, attracting more than 7 million participants. madconnyc.com | reedexhibitions.com

About USA Technologies

USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.

— G-USAT

Media and Investor Relations Contact:

Alicia V. Nieva-Woodgate

USA Technologies

+1 720.808.0086

[email protected]

Investor Relations:

ICR, Inc.

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Other Consumer Food/Beverage Retail Other Technology Software Finance Supply Chain Management Internet Hardware Consumer Data Management Professional Services Technology Mobile/Wireless Marketing Other Retail Advertising Communications

MEDIA:

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DEADLINE ALERT for BTU, PT, and TCMD: The Law Offices of Frank R. Cruz Reminds Investors of Class Actions on Behalf of Shareholders

LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) — The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies.  Investors have until the deadlines listed below to file a lead plaintiff motion.

Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to [email protected].

Peabody Energy Corporation (NYSE: BTU)
Class Period:  April 3, 2017 – October 28, 2019
Lead Plaintiff Deadline:  November 27, 2020


Shareholders with $250,000 losses or more are encouraged to contact the firm

The complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Peabody had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event; (2) Peabody failed to follow its own safety procedures; (3) as a result, the North Goonyella mine was at a heightened risk of shutdown; (4) Peabody’s low-cost plan to restart operations at the North Goonyella mine posed unreasonable safety and environmental risks; (5) the Queensland Mines Inspectorate (“QMI”), the Australian body responsible for ensuring acceptable health and safety standards, would likely mandate a safer, cost-prohibitive approach; (6) as a result, there would be major delays in reopening the North Goonyella mine and restarting coal production; and (5) that, as a result, of the foregoing, Defendants’ statements about the Peabody’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Pintec Technology Holdings Limited (NASDAQ: PT)
Class Period:  October, 2018 IPO
Lead Plaintiff Deadline:  November 30, 2020

The complaint alleges that the Registration Statement was false and misleading and omitted to state material facts. Specifically, Defendants failed to disclose to investors: (1) that Pintec erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that there were material weaknesses in the Company’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) that, as a result of the foregoing, Pintec’s financial results for fiscal 2017 and 2018 had been misstated; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Pintec’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Tactile Systems Technology, Inc. (NASDAQ: TCMD)
Class Period:  May 7, 2018 – June 8, 2020
Lead Plaintiff Deadline:  November 30, 2020

The complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in fact, the total addressable market for Tactile’s medical devices was materially smaller; (2) to induce sales growth and share gains, the Company and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations; (3) the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of the Tactile’s claims and criminal and civil liability; (4) Tactile’s profits were in part the product of unlawful conduct and thus unsustainable; and that as a result of the foregoing, (5) the Companys’ public statements, including its year-over-year revenue growth and the purported growth drivers, were materially false and misleading at all relevant times; and (6) that, as a result of the foregoing, the Defendants’ statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com



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Moore Kuehn Encourages FBM, CIT, OSB, and CXO Investors to Contact Law Firm

NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) — Moore Kuehn, PLLC, a securities litigation law firm located on Wall Street in downtown New York City, is investigating potential claims concerning whether the following proposed mergers are fair to shareholders. Moore Kuehn may ultimately seek increased consideration, additional disclosures, or other relief and benefits on behalf of the shareholders of these companies:

Foundation Building Materials has agreed to be acquired by American Securities for $1.37 billion or $19.25 per share in cash.


  • CIT Group, Inc.


    (


    NYSE: CIT)

A registration statement was recently filed with the SEC regarding First Citizens BancShares’ acquisition of CIT Group. Under the proposed transaction, shareholders of CIT will receive 0.0620 of a share First Citizens’ class A common for every share owned.   The investigation concerns whether CIT Group’s board oversaw an unfair process and ultimately agreed to an inadequate price.

Norbord has agreed to be acquired by West Fraser Timber for $3.1 billion in an all-stock deal. Under the terms of the agreement, Norbord shareholders will receive 0.675 of a West Fraser share for each Norbord share. 


  • Concho Resources Inc.


    (


    NYSE


    :


    CXO


    )

A registration statement was recently filed with the SEC regarding ConocoPhillips’ acquisition of Concho Resource, which may omit material information regarding the financial metrics and analyses used to evaluate the merger. Under the proposed transaction, shareholders of Concho will receive 1.46 shares of ConocoPhillips per share.

Moore Kuehn is investigating whether the Boards of the above companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process.

Moore Kuehn encourages shareholders who would like to discuss their rights to contact Fletcher Moore, Esq. by email at [email protected] or telephone at (212) 709-8245. The consultation and case are free with no obligation to you.     Shareholders should contact the firm immediately as there may be limited time to enforce your rights.  

Moore Kuehn is a 5-star New York City-based law firm with attorneys representing investors and consumers in class action litigation involving securities law violations, financial fraud, breaches of fiduciary duties, and other claims. For additional information about Moore Kuehn, please go to http://www.moorekuehn.com/practice/new-york-securities-litigation/.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
[email protected]
(212) 709-8245



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Subversive Capital Acquisition Corp., the Largest Cannabis SPAC in History, Announces Transaction with Shawn “JAY-Z” Carter, Roc Nation, Caliva and Left Coast Ventures

Subversive Capital Acquisition Corp., the Largest Cannabis SPAC in History, Announces Transaction with Shawn “JAY-Z” Carter, Roc Nation, Caliva and Left Coast Ventures

Newly formed vertically integrated cannabis company to be named TPCO Holding Corp. (The Parent Company), will be the largest in California

Shawn “JAY-Z” Carter will join The Parent Company as Chief Visionary Officer to guide brand strategy and The Parent Company Social Equity Ventures, a corporate venture fund investing in Black-owned and minority-owned cannabis businesses

Entertainment powerhouse Roc Nation signs exclusive cannabis partnership with The Parent Company

$36.5mm in equity commitments from existing and new shareholders provides sufficient cash to satisfy closing conditions

Transaction expected to close in January 2021

Class A Units currently trade on the NEO under the symbol “SVC.A.U” and on the OTCQX under the symbol “SBVCF”

Conference call and webcast available for replay

TORONTO–(BUSINESS WIRE)–Subversive Capital Acquisition Corp. (NEO: SVC.A.U, SVC.WT.U; OTCQX: SBVCF) (“SCAC”), a special purpose acquisition company (SPAC), today announced it has entered into definitive transaction agreements (the “Agreements”) with global icon, entrepreneur and MONOGRAM founder, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation, CMG Partners Inc. (Caliva), California’s most trusted cannabis brand and leading direct-to-consumer platform, and Left Coast Ventures, Inc. (Left Coast Ventures), a predominant cannabis and hemp company with low-cost manufacturing and a diversified portfolio of brands, to form TPCO Holding Corp. (The Parent Company) (the “Transaction”). SCAC is the largest SPAC in both cannabis and Canadian history and will seek to redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company.

Shawn “JAY-Z” Carter, who will become The Parent Company’s Chief Visionary Officer following closing of the Transaction, said: “Although we know we can’t fully redeem the injustices created by the ‘war on drugs’, we can help shape a brighter and inclusive future. The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice. We’re creating something people can trust and we’re investing in our future, our people, and our communities.”

SCAC’s Chairman, Michael Auerbach, said: “California is the most powerful cannabis economy in the world, and we have a unique opportunity to consolidate the market with The Parent Company. With its advanced infrastructure, industry leading operational efficiencies, proven strategy of brands, and cultural influence, The Parent Company is expected to be best positioned for the inevitable end of cannabis prohibition in the United States.”

Steve Allan, who will become The Parent Company’s CEO following closing of the Transaction, said: “In addition to building the most influential portfolio of cannabis and hemp brands in the world, The Parent Company’s vertical operational platform has been designed for growth and future mergers and acquisitions, forging a path to redefine the cannabis industry in California.”

SCAC has received private placement commitments of $36.5 million at a price of $10.00 per share issuable immediately prior to, and conditional on, completion of the Transaction (the “Private Placement”). Investors inthe private placement commitments received to date include Fireman Capital Partners, Tuatara Capital, and Subversive Capital, the largest investors in Caliva and Left Coast Ventures, as well as Roc Nation artists Rihanna, Yo Gotti, and Meek Mill. The proceeds of the Private Placement are intended to be used in connection with the Transaction and to fund the growth of The Parent Company following closing. The Private Placement remains subject to the approval of the Neo Exchange Inc. (the “Exchange”). Based on sources and uses of capital, SCAC will have sufficient cash to satisfy the Transaction’s closing conditions.

Chris Akelman, Partner at Fireman Capital Partners (“FCP”), said: “Caliva and Left Coast Ventures are two proven cannabis operators, and California is an incredible market with a huge opportunity for consolidation. I’m proud of FCP’s role and confident that The Parent Company will go on to build industry-leading brands in the cannabis space.”

SCAC has filed today an investor presentation which describes in more detail the proposed business of The Parent Company. The presentation is available under SCAC’s profile on www.sedar.com as well as their website www.subversivecapital.com.

The Parent Company Investment Highlights

  • Proven Business Model with Attractive Valuation – Merger of two top California operators, Caliva and Left Coast Ventures, will create a fully vertically integrated platform with cultivation, manufacturing, brands, retail and delivery to support further brand development and an aggressive M&A strategy. Caliva and Left Coast Ventures expect combined pro forma revenues of $185 million in 2020 and $334 million in 2021. These acquisitions together constitute SCAC’s “qualifying transaction”.
  • Progressive Operational Platform – Both Caliva and Left Coast Ventures have deep California roots that will allow The Parent Company to own its supply chain, enabling the company to leverage scale and profitably produce and distribute a broad portfolio of cannabis products for every consumer segment. The vertically integrated, omnichannel strategy is designed to maximize gross profit and EBITDA margins, scale consumer reach, generate proprietary consumer data, and beat the illicit market on price, quality, and convenience.
  • Omnichannel Platform – Caliva has built and validated a scalable omnichannel business offering customers convenient express or scheduled delivery, and in-store or curbside pick-up, all through a single user-centric e-commerce platform, Caliva.com. This omnichannel e-commerce platform, offering both a robust portfolio of high-margin owned brands as well as third-party brands, is designed to allow The Parent Company to rapidly scale its direct-to-consumer reach to all Californians. Coupled with the powerful sourcing and low-cost manufacturing capabilities at both Left Coast Ventures and Caliva, this omnichannel platform will seek to offer consumers across California compelling pricing and convenience while remaining profitable for The Parent Company.
  • Exclusive Brand Partnerships and Leading Cultural Influence– Brand strategy and marketing playbook led by Shawn “JAY-Z” Carter and Roc Nation, leveraging unparalleled cultural influence of leading artists and entertainers to build the most valuable and scalable brand IP in cannabis.
  • Unrivaled Consumer Reach– Caliva currently reaches over 50% of consumers in California through their existing platform for delivery. The Parent Company is expected to have the greatest consumer reach of any cannabis company in California reaching 75% of consumers in the state by the end of 2021 and almost 90% by the end of 2022 through scaling of its omnichannel platform.
  • Strong Balance Sheet – SCAC currently holds approximately $575 million in cash-in-trust, which would make The Parent Company one of the most well-capitalized cannabis companies in the United States assuming no redemptions. The Parent Company expects to pursue an aggressive M&A strategy to accelerate growth, market share gains, and profitability.
  • Industry-Defining Social Impact– Led by Shawn “JAY-Z” Carter, The Parent Company will fund The Parent Company Social Equity Ventures with an initial target of $10 million and an annual contribution of at least 2% of its net income to invest in minority-owned and Black-owned cannabis businesses and contribute to the effort to rectify the wrongs of prohibition through initiatives that are working toward meaningful change in the criminal justice system. These initiatives will include bail reform, industry vocational training, job placement, expungement clinics, and Social Equity application support.
  • Experienced Management Team – The Parent Company will be led by an experienced executive team with deep knowledge of the combined companies, the cannabis industry, and the consumer packaged goods, technology and financial industries. Following the closing of the Transaction, The Parent Company will be led by:

– Steve Allan as CEO

– Brett Cummings as CFO, President of Left Coast Ventures

– Dennis O’Malley as COO, President of Caliva

– Shawn “JAY-Z” Carter as Chief Visionary Officer

The Parent Company’s Board of Directors is expected to include:

– Carol Bartz, former CEO of Yahoo and Autodesk

– Desiree Perez, CEO of ROC NATION

– Al Foreman, Partner of Tuatara Capital

– Daniel Neukomm, CEO of La Jolla Group

– Jeffry Allen, Director of NetApp and Barracuda

– Leland Hensch, CEO of SCAC

– Michael Auerbach, Founder and Chairman of SCAC

Pursuant to the applicable rules, SCAC will file with the Canadian securities regulatory authorities of each of the provinces and territories of Canada, except Quebec, a non-offering prospectus containing disclosure regarding the Transaction and The Parent Company assuming completion of the Transaction. The preliminary prospectus is expected to be filed shortly. Investors and security holders may obtain a copy of the definitive agreements for the Transaction and the prospectus, when filed, under SCAC’s profile on the SEDAR website at www.sedar.com.

Transaction Terms and Conditions

Caliva Transaction

Pursuant to the terms of the definitive transaction agreement with respect to Caliva (the “Caliva Agreement”), SCAC will directly purchase each share of capital stock of Caliva owned by Canadian shareholders and, immediately thereafter, Caliva will merge with a newly-formed wholly-owned Delaware subsidiary of SCAC, with Caliva continuing as the surviving entity and becoming a wholly-owned subsidiary of SCAC (collectively, the “Caliva Transaction”). Under the terms of the Caliva Agreement, upon closing of the Caliva Transaction the Caliva shareholders will receive aggregate consideration of approximately $282.9 million (subject to certain adjustments and holdbacks). Caliva shareholders will receive consideration in the form of newly issued common shares in the capital of SCAC (“SCAC Common Shares”), subject to exceptions for certain U.S. persons that will receive consideration in cash.

In addition, the Caliva shareholders may receive the following additional consideration post-closing:

  • up to approximately 17.4 million additional SCAC Common Shares in the event the volume weighted average trading price (“VWAP”) of SCAC Common Shares reaches $13.00, $17.00 and $21.00 within three years of closing (with one-third of such shares delivered at each such price threshold); and
  • up to approximately 3.9 million additional SCAC Common Shares (subject to certain reductions on account of the Private Placement, the “Caliva Earnout Shares”) if the aggregate consolidated cash of SCAC, at closing, net of short term indebtedness, is less than $225.0 million, in which case a proportionate number of Caliva Earnout Shares would become payable based on whether The Parent Company raises cash proceeds to cover such shortfall in the 12 months following closing and whether the weighted average price per share for any equity securities used to raise such cash proceeds is below $10.00 per share.

Left Coast Ventures Transaction

Pursuant to the terms of the definitive transaction agreement with respect to Left Coast Ventures (the “LCV Agreement”), SCAC will acquire Left Coast Ventures by merging such entity with and into a newly-formed wholly-owned subsidiary of SCAC, with Left Coast Ventures continuing as the surviving entity and becoming a wholly-owned subsidiary of SCAC (the “LCV Transaction”). Under the terms of the LCV Agreement, upon closing of the LCV Transaction the Left Coast Ventures shareholders will receive aggregate consideration of approximately $142.2 million (subject to certain adjustments and holdbacks) less the Sisu Consideration (as defined below). Left Coast Venture shareholders will receive consideration in the form of newly issued SCAC Common Shares, subject to exceptions for certain U.S. persons that will receive consideration in cash. In connection with the consummation of the LCV Transaction, SCAC has also agreed to repay in full certain promissory notes of LCV for an aggregate amount equal to $15.0 million (the “LCV Note Repayment”) which LCV Note Repayment will adjust the consideration paid to Left Coast Ventures shareholders on closing.

In addition, the Left Coast Venture shareholders may receive up to approximately 3.9 million additional SCAC Common Shares in the event the VWAP of SCAC Common Shares reaches $13.00, $17.00 and $21.00 within three years of closing (with one-third of such shares delivered at each such price threshold).

Concurrently with the completion of the LCV Transaction, Left Coast Ventures will acquire Sisu Extraction, LLC (“Sisu”) pursuant to an agreement and plan of merger dated November 23, 2020 (the “Sisu Agreement”). Pursuant to the terms of the Sisu Agreement, the transaction will be structured as a merger of a newly-formed wholly-owned subsidiary of Left Coast Ventures with and into Sisu, with Sisu continuing as the surviving entity. Under the terms of the Sisu Agreement, upon closing of the Sisu Transaction the Sisu members will receive aggregate consideration of approximately $76.3 million of consideration (subject to certain adjustments and holdback, the “Sisu Consideration”). Sisu members will receive consideration in the form of $15.0 million in cash and the remainder in newly issued SCAC Common Shares, subject to exceptions for certain U.S. persons that will receive consideration in cash.

The LCV Note Repayment and cash portion of the Sisu Consideration may, in certain circumstances, be partially satisfied by convertible notes issued by SCAC (the “SCAC Notes”). All or any portion of each SCAC Note will be convertible, at the option of the holder, into SCAC Common Shares at a conversion price equal to $10.00 per SCAC Common Share. The SCAC Notes will contain customary events of default and covenants restricting SCAC from incurring additional indebtedness or granting security without the prior approval of the holders of the majority of the principal amount of the SCAC Notes.

Subversive Capital Sponsor LLC (the “Sponsor”) has agreed to potentially forfeiting up to approximately 5.7 million SCAC Common Shares (subject to certain reductions), whereby one-third of such SCAC Common Shares will cease to be subject to forfeiture if the VWAP of SCAC Common Shares reaches $13.00, $17.00 and $21.00, respectively, within three years of closing of the Transaction. The Sponsor has also agreed to forfeit to SCAC (i) approximately 0.6 million SCAC Common Shares on closing of the Transaction, and (ii) a number of SCAC Common Shares equal to any Caliva Earnout Shares issued to the Caliva shareholders.

Concurrently with entering into the Caliva Agreement and the LCV Agreement, certain shareholders of Caliva and LCV entered into support and lock-up agreements pursuant to which such holders agreed to support the Caliva Transaction and the LCV Transaction, respectively, and agreed not to sell any SCAC Common Shares received under the Caliva Agreement or LCV Agreement, as applicable, for six months after the closing of the Transaction. The Sponsor and certain shareholders of SCAC will enter into a lock-up and forfeiture agreement upon closing of the Transaction restricting sales of SCAC Common Shares for six months after the closing of the Transaction. The Sponsor and certain shareholders of Caliva and Left Coast Ventures will also receive certain customary registration rights after the expiration of such lock-up periods.

Completion of the Transaction, which is expected in January 2021, remains subject to the satisfaction or waiver of certain customary conditions including, among other things, the requisite approval of the shareholders of Caliva and Left Coast Ventures, (b) the approval of the Exchange recognizing the Caliva Transaction and the LCV Transaction as SCAC’s qualifying acquisition and the listing of the SCAC Common Shares on the Exchange, (c) a final receipt for the prospectus having been issued by or on behalf of the securities authorities, (d) no law or order (other than U.S. federal cannabis laws) having been enacted, issued, promulgated, enforced or entered that prohibits or restrains the consummation of the Caliva Transaction or the LCV Transaction, (e) the conversion of SCAC’s Class A restricted voting shares and Class B shares into SCAC Common Shares, (f) contemporaneous closing of the Caliva Transaction and the LCV Transaction, and (f) the waiting period under the HSR Act having expired or being terminated (which waiting period expired on November 16, 2020).

OG Enterprises Transaction

Pursuant to the terms of the definitive transaction agreement (the “OG Enterprises Agreement”) with respect to OG Enterprises Branding, Inc. (“OG Enterprises”), Caliva will acquire the remaining 50% interest in OG Enterprises, which is currently 50% owned by Caliva and 50% owned by an affiliate of Shawn “JAY-Z” Carter, by merging such entity with and into Caliva (the “OG Enterprises Transaction”), with Caliva continuing as the surviving entity. Under the terms of the OG Enterprises Agreement, upon closing of the OG Enterprises Transaction the affiliate of Mr. Carter will receive 5.0 million SCAC Common Shares and will have the contingent right to receive up to an additional 1.0 million SCAC Common Shares post-closing in the event the VWAP of SCAC Common Shares reaches $13.00, $17.00 and $21.00 within three years of closing (with one-third of such shares delivered at each such price threshold). The affiliate of Mr. Carter will enter into a lock-up agreement upon closing of the Transaction restricting sales of SCAC Common Shares for six months after the closing of the Transaction.

Roc Nation Transaction

Pursuant to the terms of the binding heads of terms agreement (the “Roc Agreement”) with respect to Roc Nation, LLC (“Roc Nation”), The Parent Company will become Roc Nation’s “Official Cannabis Partner”, Roc Nation will provide The Parent Company with special access and rights with respect to Roc Nation’s roster of artists and athletes and Roc Nation will promote The Parent Company’s brand portfolio and provide various services specifically described therein.

The Roc Agreement will be effective as of the consummation of SCAC’s qualifying transaction and will remain in effect for an initial period of three years, provided that The Parent Company and Roc Nation may elect to extend the term for an additional three years upon terms to be mutually agreed. Over the initial three year term, of the Roc Nation agreement, The Parent Company will pay to SC Branding, LLC the following consideration in SCAC Common Shares: (i) $25 million payable following commencement of the term; (ii) $7.5 million payable in respect of the second year of the term; and (iii) $7.5 million payable in respect of the third year of the term.

This press release is not an offer of securities for sale in the United States, and the securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.

Canaccord Genuity Corp. is serving as financial advisor to SCAC. Blake, Cassels & Graydon LLP and Paul Hastings LLP are acting as legal counsel to SCAC. Benesch Friedlander Coplan & Aronoff LLP is serving as U.S. legal advisor and lead transaction counsel and Bennett Jones LLP as Canadian counsel to Caliva. Cooley LLP and Cassels Brock & Blackwell LLP are acting as legal counsel to Left Coast Ventures. Cummings & Lockwood LLC, Reed Smith LLP and Aird & Berlis LLP are acting as legal counsel to Shawn (“JAY-Z”) Carter and his affiliate entities. Stikeman Elliot LLP is acting as legal counsel to Canaccord Genuity Corp.

Conference Call

The Parent Company recorded a conference call with members of the executive management team to discuss this announcement. Investors interested in listening can do so via webcast at http://public.viavid.com/index.php?id=142580 or by dialing 844-512-2921 from the U.S., or 412-317-6671 from international locations, and entering confirmation code 13713699.

About Subversive Capital Acquisition Corp.

Subversive Capital Acquisition Corp. (SCAC) is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time. Founded by Michael Auerbach and led by Chief Executive Officer, Leland Hensch, SCAC is dedicated to investing in radical companies whose core missions subvert the status quo. For more information, visit www.subversivecapital.com.

About Roc Nation

Roc Nation, founded in 2008 by JAY-Z, has grown into the world’s preeminent entertainment company. Roc Nation works in every aspect of modern entertainment, with recording artists, producers, songwriters, and more. Roc Nation’s client list includes some of the world’s most recognizable names in entertainment, from Rihanna and Rapsody to Buju Banton and Snoh Aalegra. Roc Nation is a full-service organization, supporting a diverse roster of talent via artist management, music publishing, touring, production, strategic brand development, and beyond. Roc Nation Sports was founded in 2013, bringing the organization’s full-service touch to athletes across the NFL, NBA, MLB, and global soccer. For further information, visit rocnation.com.

About Caliva

Caliva is a leading single-state cannabis operator in California. Founded in 2015, Caliva’s industry advantage comes from its vertical integration and direct-to-consumer platform. This direct-to-consumer experience enables customers to purchase cannabis at Caliva’s retail stores and place orders online for in-store pickup or same-day delivery straight to their door. Caliva’s plant-based solutions serve over 1 million customers and are designed to fit any lifestyle. Caliva’s commitment to compliance and quality reinforce its position as THE MOST TRUSTED NAME IN CANNABIS™. For more information visit caliva.com or follow along on Instagram, @GoCaliva.

About Left Coast Ventures

Headquartered in Santa Rosa, CA, Left Coast Ventures is a diversified cannabis and hemp company specializing in cultivation, extraction, manufacturing, brand development, and distribution. Left Coast Ventures and its subsidiaries are working to shape the future of the legal cannabis industry in the United States through acquisitions, investments, and incubation while building a respected portfolio of top shelf brands. Wholly owned, licensed, and/or distributed brands within the Left Coast Ventures portfolio include Marley Natural, Mind Your Head by Mickey Hart, Mirayo by Carlos Santana, JEF, SoulSpring, Provault, Chill, Headlight, Get Zen, New Frontier Brewing, and Yummi Karma/High Gorgeous.

Forward Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SCAC’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: statements concerning the completion and proposed terms of, and matters relating to, the Transaction and the Private Placement and the expected timing thereof, statements concerning the listing of the common shares of SCAC following closing of the Transaction, the anticipated effects of the Transaction and the expected operations, financial results and condition of The Parent Company following closing of the Transaction, including The Parent Company’s expected management team, business strategy, competitive strengths, goals and expansion and growth plans. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SCAC’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Transaction or the Private Placement, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Investor Presentation dated November 24, 2020 which is available on SEDAR at www.sedar.com. SCAC undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Subversive Capital Acquisition Corp.

Berrin Noorata

[email protected]

Investor Relations

[email protected]

Nike Communications

[email protected]

KEYWORDS: California United States North America Canada

INDUSTRY KEYWORDS: Other Consumer Women Retail Other Professional Services Men Finance Consumer Professional Services Entertainment Other Natural Resources Agriculture Alternative Medicine Natural Resources Other Retail Health General Entertainment Specialty Celebrity

MEDIA:

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Posted on

Prime Mining Begins Drilling Los Reyes As New Trench Results Show More High-Grade at Surface

VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) — Prime Mining Corp. (the “Company”) (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: A2PRDW) announces that the first of at least two drill rigs has been mobilized to site for the Company’s inaugural 10,000 metre (“m”) diamond drill program on its 100% owned Los Reyes Gold and Silver Project in Sinaloa, Mexico. Additionally, new infill trench results from Zapote North continue to identify high-grade mineralization including a 34.5 m interval of 2.12 grams per tonne (“g/t”) gold and 18.8 g/t silver.

Prime Mining’s Chief Executive Officer Daniel Kunz commented, “We are pleased to begin drilling at Los Reyes. The trench sampling results continue to define high-grade gold and silver mineralization at surface. The Zapote deposits have outstanding gold and silver values over large outcropping areas and drilling there will focus on resource expansion.”

Core drilling begins this week at the Zapote North and Zapote South-Tahonitas deposits, two of the largest of eight known gold and silver deposits on the Los Reyes property. An initial twenty-one holes are planned for this area to expand the resource along strike and down dip. In addition, the drilling will infill areas to increase measured and indicated resources from inferred and provide silver assay data which is currently absent from parts of the historic reverse-circulation drill data.

A diamond drill contract has been awarded to a local drill contractor. Permits and surface rights agreements have been obtained and water access secured. Prime’s crews are preparing drill pads and a completing a new core logging facility. The year-long surface trenching and roadcut channel sampling program is being wrapped up. Concurrently, geological crews continue surface mapping and relogging of historic drill core holes. Data from the historic drilling, new surface mapping and the extensive surface trenching, adit and roadcut channel sampling are being integrated to form a robust dataset which will be utilized to guide the core drill program and expand the mineral resource estimate.

Re-logging of several existing diamond drill core holes has identified that adularia, a crystalline mineral, containing high-grade gold and silver, and locally with visible gold, is associated with other nearby altered rock types. The adularia appears to be vertically zoned which may provide a guide to effectively target areas of higher-grade gold and silver during drilling.

A study of alteration types has been completed by an expert Francisco Querol, PhD. The objective of this study is to determine the specific minerals associated with the hydrothermal system and their relationship with the mineralized structures.  The results of the study indicate that the clay kaolinite is related to the main mineralizing event and may be considered a pathfinder to locations of higher-grade mineralization. Secondary clays may also serve to indicate higher grade and include smectite, illite and montmorillonite. The initial data set was limited in size, so currently no assumptions can be made as to lateral or vertical zoning. Data will continue to be collected and analyzed throughout the drill program.

Surface Sampling Results Update

Infill trench sampling at Zapote North targeted areas with insufficient surface data. This data has been incorporated into the drill hole planning to maximize the expansion of the mineral resource estimate. Highlights from the latest results of trench sampling on the Zapote deposits are shown in Table 1.

Table
1
–
Zapote Trench
Sampling Results

Trench # From (m) To (m) Interval
(m) 		Gold
(g/t) 		Silver
(g/t)
ZA-5635N 1.5 36.0 34.5 2.12 18.8
including 22.5 24.0 1.5 9.87 22.6
ZA-5635N 43.5 52.5 9.0 0.43 16.1
ZA-5610N 64.5 78.0 13.5 0.92 31.1
ZA-4890N 0.0 33.0 33.0 1.47 22.4
including 13.5 16.5 3.0 5.11 19.0
ZA-4865N* 3.0 28.5 25.5 3.51 31.6
including+ 4.5 19.5 15.0 5.57 34.9
including+ 6.0 7.5 1.5 21.40 39.3
including+ 13.5 15.0 1.5 14.50 48.3
ZA-4865N 42.0 54.0 12.0 0.33 2.1
ZA-4840N* 0.0 51.0 51.0 1.37 131.6
including+ 0.0 37.5 37.5 1.76 175.3
including 0.0 7.5 7.5 6.21 698.6
including 1.5 4.5 3.0 9.94 1183.5

* Expanded previously reported trench; + previously reported results

Readers are encouraged to refer to Los Reyes – Surface Sampling Progress Figures D1, 3b, and 8 for graphic representation at: https://primeminingcorp.ca/maps-technical-data. Figure D1 includes a long section through the Zapote South-Tahonitas conceptual pit with proposed drill holes shown that will penetrate below the modeled resource into areas of expansion potential. Photos of the project area and current sampling operations are available at https://primeminingcorp.ca/gallery.

To-date, 6,214 trench, road-cut, and underground samples (along with quality assurance standards) have been submitted for assay.

QA/QC Protocols and Sampling Procedures

Surface sampling is targeting wide outcropping zones of hard quartz bearing altered bedrock. In hand dug trenches, local shallow overburden is removed to expose the mineralized bedrock material. Sample collection consists of crews, using hammers and chisels, chipping continuous 1.5 m channels to produce approximately 8 to 10 kilograms of material for each 1.5 m sample interval. The larger rocks within the collected material is then broken with a hammer to homogenize them to a standard size. On a canvas mat the collected material mixed, divided, and bagged. The bagged samples are then trucked to a lab for prep and assay. Similar samples are also collected from exposed road cuts and from open underground adit areas across mapped and unmapped structures. True widths of mineralized zones have not been calculated from the surface samples except where specified. Assay results range from below detection to 48.30 g/t gold and 1,250.0 g/t silver. Composite intervals use a cut-off grade of 0.2 g/t gold.

Quality control of the sampling program includes the insertion of reference standards and blanks as well as reject duplicate analysis to monitor the integrity of assay results. All samples are stored until picked up by Bureau Veritas Minerals and transported to its laboratory in Durango, Mexico. Samples are then dried, crushed, split and pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption spectroscopy (AAS) finish, and silver plus 34 other elements by multi-acid digestion and ICP finish, over-limits by fire assay and gravimetric finish. Bureau Veritas is an ISO/IEC accredited laboratory.

Kerry Sparkes, P.Geo., Executive Vice President of Exploration, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.

Los Reyes Gold and Silver Project

The Los Reyes Gold-Silver Project is district scale epithermal gold-silver project in a prolific mining region of Mexico. Mineralization in the Los Reyes area is typical of low sulfidation epithermal gold/silver systems. Over $20 million in exploration and engineering has already been spent on the project over 2 1/2 decades. Previous operators completed various prefeasibility studies and plans yet held back from development due to declining gold prices. While work completed has provided sufficient understanding of resources to fast-track Los Reyes to production, the bulk of work at Los Reyes has been conducted over less than 40% of the known structures leaving significant opportunity to expand known resources.

About Prime Mining Corp (TSX.V: PRYM) (OTCQB:PRMNF)

Prime is an ideal mix of successful capital markets and mining executives and experienced local exploration personnel who are expanding the exploration initiative at the historically productive Los Reyes gold and silver project in Sinaloa, Mexico. Current Measured and Indicated pit-constrained oxide mineral resources for the Property include 19.8 million tonnes containing 633,000 ounces of gold at 1.0 g/t and 16,604,000 ounces of silver at 26.2 g/t. Los Reyes holds substantial resource upside based on open extensions of known resources, ten kilometres of undrilled strike length and at least eight additional exploration targets. Prime Mining has a well-planned capital structure with significant management and insider ownership.

ON BEHALF OF THE BOARD OF DIRECTORS

Daniel Kunz

Chief Executive Officer

For further information, please contact:

Daniel Kunz

Chief Executive Officer and Director
Prime Mining Corp.
1307 S. Colorado Ave.
Boise, Idaho 83706
Telephone: 1-208-926-6379 office
email: [email protected]

Andrew Bowering

Executive Vice President and Director
Prime Mining Corp.
1507 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: (604) 428-6128
Facsimile: (604) 428-6430
E: [email protected]

Neither the
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.

Forward Looking Information

Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections, and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. There is no assurance the transactions noted above will be completed on the terms as contemplated, or at all. The Company’s actual results, programs, activities, and financial position could differ materially from those expressed in or implied by these forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc7b6a30-13a0-452c-8530-4a242bdfd1c8



Posted on

PharmaTher Provides Update on its Psychedelic Pharmaceuticals Programs

TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) — PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (“PharmaTher”) (CSE: PHRM) and a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, is pleased to provide a corporate update on its psychedelic pharmaceuticals program. Since its inception, the Company has built a unique product pipeline for novel uses of ketamine, psilocybin and undisclosed psychedelics. PharmaTher is positioning itself to partner its psilocybin program and panaceAI™, and focus on advancing its novel ketamine product pipeline in Parkinson’s disease, depression and pain via the U.S. Food and Drug Administration (“FDA”) regulatory pathway.

“We have made tremendous progress over the last several months that saw our product pipeline evolve to focus on the massive opportunity and potential of ketamine, an FDA approved drug with a known safety profile, to treat significant unmet medical needs for Parkinson’s disease, depression and pain,” said Fabio Chianelli, CEO of PharmaTher. “With our focus on ketamine through repurposing, combining it with an FDA approved drug and delivering it with our novel microneedle delivery system, we are now positioned to expedite our clinical development objectives by taking advantage of the FDA’s 505(b)(2) regulatory pathway and commercializing disruptive ketamine treatments for mental health and pain disorders.”

Ketamine for
Parkinson’s
D
isease

The Company entered into an exclusive license agreement with the University of Arizona for the development and commercialization of ketamine in the treatment of Parkinson’s disease. PharmaTher has applied for FDA Orphan Drug Designation for ketamine in the treatment of levodopa-induced dyskinesia associated with Parkinson’s disease, and is expected to be granted in Q1-2021. In addition, PharmaTher will shortly file its pre-investigational new drug (“IND”) request to the FDA with the aim to conduct a Phase II clinical study in the U.S. Prior clinical reports suggest that low-dose ketamine infusions are well tolerated and can improve pain and depression, both often comorbidities in Parkinson’s disease patients. Preclinical data and human case studies in Parkinson’s disease showed that low-dose sub-anesthetic ketamine infusion indicates tolerability, safety and the potential of long-term therapeutic benefit to reduce Levodopa-induced dyskinesia, improve on time, and reduce depression.1-5   The global Parkinson’s Disease market is expected to grow from USD $5 billion in 2019 to USD $7.5 billion by the end of 20256 and it is estimated that the potential market opportunity for LID-PD to be over USD $3 billion in the U.S. alone.

Ketamine Combination Formulation for
Depression

The Company is preparing to advance a novel combination formulation with ketamine and an undisclosed FDA approved drug for the treatment of depression. The combination drug has shown in pre-clinical models to enhance the antidepressant effect of ketamine, while attenuating the side effects (i.e., hallucinations, memory defects, addiction, cognitive function, social and motor disorders, etc.), thus offering a potentially safer and effective treatment option that can be used by patients for home use to treat their depression.   The global prevalence of depression is over 300 million patients and the annual cost to the U.S. is $200 billion, with current treatment options being ineffective and sub-optimal. The Company aims to conduct an FDA Phase II study for depression in 2021. In addition, this novel combination formulation paves the way for a distinctive product franchise targeting the multi-billion dollar and underserved market opportunities in mental health disorders.  

Ketamine
Microneedle
Patch for
Pain

The Company entered into an exclusive license agreement for the development and commercialization of a proprietary microneedle delivery system, developed in Khademhosseini Lab at the University of California, Los Angeles (“UCLA”), for use with psychedelic pharmaceuticals, including, ketamine.  

The microneedle delivery system in the form of a patch, is biocompatible and biodegradable, shown to deliver both water-soluble and insoluble drugs with desirable release profiles, can efficiently penetrate the stratum corneum layer (outer layer of the skin), enable flexible drug load capacity and combinations, and control-release delivery. The microneedle patch is minimally invasive, painless, and may overcome the potential drawbacks of oral administration, subcutaneous injections and other transdermal delivery systems. In addition, it will open up new market opportunities in multi-billion dollar categories such as pain, skin cancer, wounds, mucosal diseases and surgical applications.

PharmaTher is focused on realizing the potential of its proprietary microneedle patch by delivering ketamine to treat pain disorders such as neuropathic pain and post-operative pain. The Company has filed an application with the FDA to receive Orphan Drug Designation for ketamine in the treatment of Postherpetic neuralgia (“PHN”), a chronic neuropathic pain syndrome resulting from an outbreak of the herpes zoster virus, also known as shingles. According to Persistence Market Research, the global PHN market is expected to be valued at USD $908.4 million by 2026.

In addition, the novel ketamine microneedle patch will have the potential to treat the over 25 million chronic pain patients and the over 65 million surgical procedures in the U.S. The ketamine patch aims to overcome the serious side effects and abuse with opioids to treat chronic pain.

panaceAI™ and
Psilocybin
Partnering Programs

The Company is developing and commercializing panaceAI™, a drug repurposing artificial intelligence (“AI”) platform focusing on psychedelic pharmaceuticals, with the intention to expand PharmaTher’s product pipeline and intellectual property portfolio. The Company has built a psilocybin product pipeline, which includes the potential treatment of traumatic brain injury and stroke, and its recently discovered novel uses of psilocybin in the potential to treat certain cancers, for which a provisional patent was filed with the U.S. Patent and Trademark Office. This discovery led to PharmaTher to enter into an exclusive research collaboration with Revive Therapeutics Ltd. (CSE: RVV, USA: RVVTF) to advance the psilocybin program and to discover novel uses of undisclosed psychedelic compounds using panaceAI™. The research collaboration with Revive is PharmaTher’s first partnership with panaceAI™ and it validates PharmaTher’s business model in discovering novel uses of psychedelics and partnering these discoveries with life sciences companies seeking to expand their product pipeline with psychedelics.  

The partnership model for panaceAI™ and psilocybin allows PharmaTher to become a specialty life sciences company focused on its disruptive product pipeline with ketamine.

About PharmaTher Inc.

PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (CSE: PHRM), is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals. PharmaTher repurposes psychedelic pharmaceuticals, such as ketamine and psilocybin, for FDA approval to treat disorders of the brain and nervous system. Our goal is to advance the commercialization of panaceAI™, our drug repurposing artificial intelligence platform, and our ketamine focused product pipeline in the treatment of Parkinson’s Disease, depression, and pain. Learn more at:  PharmaTher.com and follow us on Facebook, Twitter and LinkedIn.

For more information, please contact:

Fabio Chianelli
Chief Executive Officer
PharmaTher Inc.
Tel: 1-888-846-3171
Email: [email protected]
Website: www.pharmather.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “potential” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the
Newscope Capital Corporation’s (the “
Company
)
current belief or assumptions as to the outcome and timing of such future events. Forward-looking information in this press release includes information with respect to U.S. patent
application of
psilocybin
to treat cancer, psychedelic drug repurposing, drug combinations
and discovery, U.S. Food and Drug Administration (“FDA”) approval, panaceAI™, psilocybin and ketamine programs towards human clinical studies under the FDA regulatory pathway and product developments. Forward-looking information is based on reasonable assumptions that have been made by the Company at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Company’s management’s discussion and analysis for the period of August 30, 2020 (“MD&A”), dated October 1, 2020, which is available on the Company’s profile at www.sedar.com.

References:


  1. UA Clinical Trial to Repurpose Ketamine for Parkinson’s Patients
    .

  2. US20190060254A1— Compositions and methods for treating motor disorders
    .

  3. Bartlett, et al, 2020. Preclinical evidence in support of repurposing sub-anesthetic ketamine as a treatment for L-DOPA-induced
     dyskinesia. Experimental Neurology. Volume 333
    .

  4. Bartlett, M.J., Joseph, R.M., LePoidevin, L.M., Parent, K.L., Laude, N.D., Lazarus, L.B., Heien, M.L., Estevez, M., Sherman, S.J., Falk, T., 2016. Long-term effect of sub-anesthetic ketamine in reducing L-DOPA-induced dyskinesias in a preclinical model
    .

  5. Sherman, S.J., Estevez, M., Magill, A.B., Falk, T., 2016. Case reports showing a long-term effect of subanesthetic ketamine infusion in reducing L-DOPA-induced dyskinesias. Case Rep. Neurol. 8, 53–58
    .

  6. 360iResearch 2020
    .



Posted on

KORE Mining Considering Spin-Out of South Cariboo Gold Exploration Assets to KORE Shareholders

PR Newswire


Spin-Out Would Create a Pure Play Exploration Company with


A High Grade Gold Discovery and Strategic Land Position in British Columbia

VANCOUVER, BC, Nov. 24, 2020 /PRNewswire/ – KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) (“KORE” or the “Company“) announces that the Board of Directors is considering maximizing the value of its gold portfolio by splitting KORE’s US development assets and Canadian exploration assets into separate publicly listed companies by way of a “spin-out” (“Transaction“) to KORE shareholders.  The Board has authorized management to consider the various transactional options to accomplish this objective in the most tax efficient and value creating manner.  It is anticipated a decision will be made in the coming weeks and a Transaction could be completed as early as Q1 2021.

If the Transaction is completed, the new stand-alone publicly listed gold company would include the Canadian exploration assets, consisting of a commanding 1,000 kilometers square claim position in the Cariboo Gold District including the FG Gold and Gold Creek gold projects – see Figure 1.  The Cariboo region of British Columbia is an active and experienced mining jurisdiction that is host to Osisko Gold Royalties Ltd’s (TSX:OR) Cariboo Gold Project and several large operating copper-gold mines. KORE would retain the US gold development pipeline assets with the Imperial gold project and the Long Valley gold project.

Scott Trebilcock, President and CEO stated, “With a dominant 1,000 square kilometre position in a highly prospective gold district, including the recent transformational high-grade discovery at FG Gold, KORE’s South Cariboo gold assets are an exceptional gold exploration story.  It is also a great time for the Cariboo gold district with Osisko’s aggressive exploration and development activity attracting attention and capital.  The spin-out would directly expose KORE shareholders to the value creation potential of this impressive exploration story.”

The Company recently intercepted 14.3 meters of 6.4 g/t gold at 386 meters downhole at FG Gold (see November 11, 2020news release).  This new discovery, which extends over 300 meters downdip from the known resource, opens up underground potential and could have a profound impact of the size and grade of the FG Gold deposit – see Figure 2.  Assays are pending for additional 14 holes over a 1,780 meters of lateral strike with 7 holes intersecting quartz veining with visible gold (see pictures on website). Drilling continues with 2,000 metres planned to expand Gold Creek through mid-December.

Mr. Trebilcock continued, “KORE will retain the Imperial and Long Valley development assets; simple, low cost gold heap leach projects in the US, each with their own robust returns and the potential to produce nearly 250,000 ounces of gold per year. KORE would remain attractive to investors looking for exposure to low cost gold development and potential mergers and acquisitions that quality assets can generate as the gold cycle matures.”

A final decision has not been made and there can be no assurance that this evaluation will result in a spin-out or other similar transaction. The Company will provide further updates at such time as the Board approves a specific transaction or otherwise concludes that disclosure is necessary or appropriate.

About KORE’s South Cariboo Exploration Assets

KORE controls 1,000 square kilometers of claims in its South Cariboo Gold District of British Columbia.  The claims host 110 km of structural trend that is highly prospective for gold deposits.  KORE has multiple projects in the District, including FG Gold and Gold Creek gold projects.  Much of the area is under-explored and wide open for additional discoveries.  The Cariboo region is a prolific gold region.  The District was host to the Cariboo gold rush in the late 1800’s, followed by a long history of modern gold mining.  The Cariboo region is accessible with local power, a well developed road network and skilled local labour. 

The FG Gold project hosts an orogenic gold deposit on a 20 kilometer trend defined by gold in soils and geophysics.  KORE’s 2020 drilling transformed the project, opening up the potential for both open pit and underground type mineralization.   The project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018. 

The Gold Creek project is an orogenic gold discovery centered on the “Camp Zone” which show similarities to the high-grade zone of the nearby Spanish Mountain Gold Deposit (TSXV:SPA).   The Camp Zone’s near surface mineralization currently extends over 400 metres along strike and is open along both strike and at depth.  KORE is currently drilling a planned 2,000 meter program to expand Gold Creek.

About KORE’s US Development Assets

Imperial is a 100% owned gold project located in Imperial County, California about 10 miles from the operating Mesquite mine owned by Equinox Gold Corp. (TSX: EQX).  In 2020, KORE completed a Preliminary Economic Assessment for an open pit heap leach operation yielding a post-tax NPV5% of $US 343 million and an IRR of 44% using $1,450 per ounce gold.  KORE also owns the Mesquite-Picacho District capturing the 28 km gold trend from Equinox’s operating Mesquite mine, through Imperial to the now closed Picacho mine.  The trend is underexplored and has the potential to host additional gold deposits. 

Long Valley is a 100% owned gold project located in Mono County, California. The Long Valley deposit is an intact epithermal gold deposit with a shallow, large 2.5 by 2 kilometer oxide gold footprint.  In 2020, KORE completed a Preliminary Economic Assessment for an open pit heap leach operation yielding a post-tax NPV5% of $US 273 million and an IRR of 48% using $1,600 per ounce gold.  KORE is currently permitting a drill program to expand the shallow oxide mineralization and test for high grade sulphides at depth.

About KORE Mining Ltd.

KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia.  KORE, supported by strategic investor Eric Sprott; and insiders, including management and Board, own 64% of the basic shares outstanding.  Further information on KORE and its assets can be found on the Company’s website at www.koremining.com and at www.sedar.com, or by contacting us as [email protected] or by telephone at (888) 407-5450.

On behalf of KORE Mining Ltd

“Scott Trebilcock”
Chief Executive Officer
(888) 407-5450

Technical information with respect to the Imperial deposit and project contained in this news release has been reviewed and approved by Marc Leduc, P.Eng., who is KORE’s designated qualified person under National Instrument 43-101 for the purposes of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any KORE common shares in the United States.

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 Statement Regarding Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements. 
Forward-looking statements in this news release include, but are not limited to, statements with respect to: the potential gold structures at the District deposits, next steps and timing regarding follow-up programs at the District, results of the PEA, including future project opportunities, future operating and capital costs, closure costs,  the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Imperial and Long Valley Projects, the technical viability of the Imperial and Long Valley Projects, the market and future price of and demand for gold, the environmental impact of the Imperial and Long Valley Projects, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Such
forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. 

Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors relating to whether or not mineralization extraction will be commercially viable;
risks related to mining operations and the hazards and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks related to the stage of the Company’s development, including
risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance;  exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest. 

In addition to the above summary, additional risks and uncertainties are described in the “Risks” section of the Company’s management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company’s issuer profile on www.sedar.com.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information 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 information. 

There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The Imperial and Long Valley PEAs are preliminary in nature, include 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 Imperial or Long Valley PEA will be realized.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/kore-mining-considering-spin-out-of-south-cariboo-gold-exploration-assets-to-kore-shareholders-301179776.html

SOURCE Kore Mining

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CORRECTING and REPLACINGRite Aid Updates COVID-19 Testing Program

CORRECTING and REPLACINGRite Aid Updates COVID-19 Testing Program

Asymptomatic testing will be available for individuals 13 and older at existing Rite Aid testing sites

CAMP HILL, Pa.–(BUSINESS WIRE)–
Please replace the release with the following corrected version due to multiple revisions.

The updated release reads:

RITE AID UPDATES COVID-19 TESTING PROGRAM

Asymptomatic testing will be available for individuals 13 and older at existing Rite Aid testing sites

To continue to provide its customers with an essential service during the pandemic, Rite Aid (NYSE: RAD) is updating its COVID-19 testing program through its partnership with the U.S. Department of Health and Human Services (HHS). Effective immediately, no-charge testing at Rite Aid’s existing testing sites will be expanded to individuals 13 years of age and older – regardless of whether the individual is symptomatic or asymptomatic.

Rite Aid’s COVID-19 testing locations utilize simple self-swab nasal tests overseen by Rite Aid pharmacists, and operate Monday through Friday 10 a.m. – 8 p.m. and Saturday and Sunday 10 a.m. – 5 p.m. At all testing locations, adult patients will be required to provide government issued identification and need to pre-register online at www.riteaid.com in order to schedule a time slot for testing. Testing will be temporarily unavailable at Rite Aid sites on Thanksgiving and Friday, November 27. Testing will resume on Saturday, November 28.

Previously, testing was only available to individuals 18 years of age or older. The expanded program allows parents or legal guardians of individuals 13-18 years of age to create Baseline COVID-19 accounts so that they may be screened and tested. Parents or legal guardians must provide consent for individuals under 18, show their government issued identification and must accompany their children to the appointment and supervise them during the test.

“We’re proud to continue serving as an essential part of the pandemic response in the neighborhoods we serve,” said Heyward Donigan, president and chief executive officer, Rite Aid. “Continuing to make testing available – and now, to a broader age range – is an important next step in continuing to fight COVID-19.”

Currently operating 301testing sites across 15 states, Rite Aid has been on the front lines of the COVID-19 pandemic, partnering with Verily and its Baseline COVID-19 Testing Program to provide screening, scheduling and return of results to participants for Rite Aid testing sites. BioReference Laboratories provides COVID-19 laboratory testing, while clinical oversight is provided by PWNHealth, a national clinician network that enables safe and easy access to diagnostic testing.

Rite Aid will continue to provide regular updates on the company’s progress with COVID-19 testing. A complete list of Rite Aid’s COVID-19 testing sites can be found at www.riteaid.com.

About Rite Aid Corporation

Rite Aid Corporation is on the front lines of delivering healthcare services and retail products to more than 1.6 million Americans daily. Our pharmacists are uniquely positioned to engage with customers and improve their health outcomes. We provide an array of whole being health products and services for the entire family through over 2,400 retail pharmacy locations across 18 states. Through Elixir, we provide pharmacy benefits and services to approximately 4 million members nationwide. For more information, www.riteaid.com.

MEDIA:

Chris Savarese

717-975-5718

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Teens Women Infectious Diseases Other Retail Men Convenience Store Health Consumer Retail

MEDIA:

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