EnWave Signs Technology Evaluation and License Option Agreement with a Top Canadian Cannabis Producer, Granting an Exclusive Option to use Radiant Energy Vacuum Technology in a European Country

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" – https://www.youtube.com/watch?v=AyKTfx_H0Tk&t=60s ) announced today that the Company has signed a Technology Evaluation and License Option Agreement (“TELOA”) with one of Canada’s largest licensed cannabis producers (the “LP”) to enable the LP to evaluate EnWave’s patented Radiant Energy Vacuum (“REV™”) technology for rapid decontamination and dehydration of cannabis.

Under the terms of the TELOA, EnWave has granted the LP a six-month term to evaluate and refine processes using REV™ for cannabis decontamination and dehydration, and an exclusive option to license REV™ for processing cannabis in a country in Europe. The LP will rent a pilot-scale REV™ machine during the term of the TELOA to facilitate the evaluation of EnWave’s technology. All other terms of the TELOA are confidential.

The TELOA extends EnWave’s continued success in pursuing additional opportunities to serve the rapidly growing global medical and recreational cannabis market.

About EnWave

EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.

REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Company, NutraDried Food Company LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

  1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
  2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
  3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

 EnWave Corporation
Dr. Tim Durance
President & CEO

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.

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.

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One company, one name – worldwide

LAPP, the expert in connection technology, is developing its brand. By using the name LAPP – in capital letters and with no additions – the family company is underlining its international alignment and positioning as a leading supplier of connection solutions. In future, national subsidiaries and departments will all operate under the name LAPP with no additions. The message is clear – one name and one logo for the entire company, offering its customers the same outstanding service at all times, wherever they are. The new brand identity will be on display for the first time at the Hanover Trade Fair. In future, the family name will represent the company’s fundamental values – focus on success, focus on customers, innovation and family. 

The new branding is LAPP’s response to the fact that what was originally a cable manufacturer has developed into a provider of connection solutions. Name affixes such as “Kabel”, “Cable” or “Cablo”, which have been used in many countries since the company was founded in 1959, will disappear. In recent years, LAPP has successfully developed into a provider of integrated solutions and branded products for numerous industries and applications; as evidenced by the positive results for the past financial year which saw a 13.9 per cent increase of global turnover. “Now is the right time to have a uniform name worldwide and a unified logo to link everything together,” explains Chairman Andreas Lapp. Customers and their needs were at the heart of the decision. “These days it is no longer so important in which country our customers buy our products and where they are delivered to – we’ve been working as an international team for a long time. It is a logical progression for our external identity to reflect that. And what’s more: that is exactly what our customers expect”, Andreas Lapp continues. 

The change is a logical step in the company’s development but is also a joint decision by the Lapp family – LAPP is still LAPP. This was shown by the change of generations that occurred in 2017, when Matthias Lapp, a member of the third generation of the founding Lapp family, took over the role of CEO for Europe, Africa, the Middle East and South America.

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MedTech: How a Modern MES Increases Efficiency

The level of operational efficiency strongly dictates manufacturing profit. How can it not, as it is the ratio between output gained from manufacturing and the input required to produce it. For the Medical Device manufacturing industry, however, the relationship is a complex one, as increasingly sophisticated products and stringent regulations require multiple processes and checks. Moreover, increasing efficiency means nothing without maintaining, or even improving, quality.

Manufacturing Execution Systems (MES) have been gradually adopted over the last decade in the manufacture of medical devices. To meet the ever changing demands of the marketplace, however, MES also needs to change and adapt. The market now demands increasingly intricate and often customized or even personalized solutions. Quality expectations are also higher and compliance with requirements of agencies such as the FDA progressively stringent. And rightly so – the FDA has product quality at the top of its priority list because they must protect the safety of patients.

New technologies and ways of delivering healthcare, including proactive self-monitoring has led Individuals to expect much better medical outcomes at a lower cost. In addition, continued research as well as non-traditional competitors, such as Google and Apple making in-roads into the Medtech space is opening up many opportunities to deliver healthcare in more efficient ways. For example, the ability to produce patient specific devices provides a way to personalize and tailor care needs to the individual. ‘Lab on a chip’ (LOC) technology is another example. This greatly increases automation and throughput for screening – enabling faster analyses at reduced costs.

So what has changed to enable economic production of patient-specific devices at high quality?

The answer lies new Smart Manufacturing methods coupled with the ability to leverage the Internet of Things (IoT) to gather large amounts of data and turn it into valuable, actionable intelligence. A modern MES is the foundation required for manufacturers to fully realize the multiple benefits, flexibility and efficiency throughout the production process and keep pace with the constant change of the modern world.

Modern MES solutions are designed to reduce the need for human interaction with the production process. This frees up valuable resources for other tasks and reduces the risk of human error – adding to both efficiency and quality. They also make use of the masses of real-time data that is now produced from the shop floor. The low cost of sensors and electronics means there is more information coming from the production processes with materials, assemblies and production equipment communicating and passing data into the MES. This real-time data provides the intelligence required for swift decision making and enables operators to react more quickly to production problems. In turn, this means less re-work is required and fewer corrective action plans need to be opened.

Other areas where the MES can help improve efficiency include equipment maintenance. By integrating maintenance management into the MES, it can control activities to maximize equipment availability and minimize impact on production. Using data from plant machines, it can determine what actions are needed and even predict possible risk areas; deploying technicians when and where needed and optimizing the use of their time. Areas such as calibration can be monitored and controlled – ensuring calibration certification is maintained in a timely manner while, again, minimizing impact on production time.

Future-ready MES and Big Data

One of the big changes with a future-ready MES is its ability to make the use of the increasing masses of data available from a shop floor. First and foremost, this removes the need for paper records as all information can be held by the system and be made readily available when and where it is needed. By handling this data in new ways and treating the shop floor as a de-centralized production model, the production environment also becomes an inherently flexible one.

What does this mean? Well, this is where the ability to economically individualize products comes in. Production no longer need be a linear process but more like a dynamic marketplace where products or assemblies can choose their path through the shop floor based on what processing needs they have. This fundamental change in the approach to manufacturing also means that continuous adjustments and improvements can be made to processes – helping to build quality into a product rather than inspect it at the end.

Overall the next generation of MES are helping to redefine MedTech manufacturing. Their flexibility, dynamic nature and ability to handle and analyse masses of shop floor data (Big Data) dramatically increases operational efficiency. The intelligence gleaned from production of current products can also be used to facilitate more rapid introduction of new products. The ability to dynamically change production also means engineers are no longer constrained by the limits of the production line and the path is cleared for even more ingenious innovations to be realized. As all of these boundaries are lifted, who knows what wondrous technologies will be available for medical care in the future!

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nextLAP presents SmartRack for rapid and flexible digitisation of order-picking processes

nextLAP GmbH, a specialist in IoT-based solutions for the digital management and automation of production and logistics processes, has developed SmartRack, a solution which is used, among other things, for the efficient digitisation of order-picking processes in production and logistics. It leverages IoT devices and is connected to an IP/1 platform – both in-house developments of nextLAP. SmartRack allows factories to optimise their material flows, ergonomics and inventories using real-time data. Electronics supplier Limtronik will demonstrate how it works at stand D26, hall 7 at HANNOVER MESSE 2018.

Thanks to the modular SmartRack system, which is employed, for example, in the automotive sector, all kinds of order-picking processes can be easily digitised and automated, from pick-to-light, pick-to-box, eKanban and multi-pick to forward/reverse order-picking of batches and sequences. To do this, storage racks and areas are equipped accordingly with IoT components and connected to nextLAP’s IP/1 platform. The system includes buttons with a processor and LED screen, a controller and a screen or tablet. Because the system has been designed like an app, its operation and configuration can be tailored precisely to the various areas of application.

All data is collected centrally in the platform, where it is processed in real time. The system can be connected to existing MES and ERP systems. The big data obtained from the digitised process is used to generate improvement measures and alternative action (using algorithms and artificial intelligence). Building on IoT, SmartRack thus combines conventional automation features of order-picking processes with digitisation features involving big data and machine learning.

SmartRack keeps administrative costs low, as it is quick and easy to install, configure and maintain, with no IT expertise or knowledge of automation required. The solution is leased “as a service” on a monthly basis with no fixed term; usage, maintenance and support are included.

Electronics factory expects potential savings of around 30 percent

At Limtronik, where the SmartRack system is already in its launch phase, savings of approximately 30 percent are anticipated on the standard costs for order-picking processes (routes, ergonomics, inventories, process times etc.). SmartRack enables the flagging of defective parts, incorrect components in the box or special retrievals; the control station/group leader to be called; real-time inventory management; replenishment control based on real-time consumption; flexible repositioning and reconfiguring by the technical department; online monitoring of the availability of the SmartRack components, and much more.

Limtronik will demonstrate the SmartRack and all its components at HANNOVER MESSE 2018 at stand D26 in hall 7 (joint stand with SEF Smart Electronic Factory e.V.).

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Global Clearance Solutions to support HI with mine clearance, development and social protection of vulnerable populations in Northern Chad

Global  Clearance Solutions (GCS) is a leading company in the security industry and a provider of safe, reliable and cost-efficient solutions for the effective clearance/disposal of explosive remnants of war (ERW), including landmines, unexploded ordnance (UXO), improvised explosive devices (IEDs) and cluster munition. Additionally, the company offers a wide range of services and training in the field of EOD and IEDD*.

For the implementation of the humanitarian program "Support to mine clearance, development and social protection of vulnerable populations" in northern Chad, financed by the European Union (Emergency Trust Fund for Africa), HI (Humanity & Inclusion), formerly known as Handicap International, was looking for a mechanical demining solution. The requirement was for a versatile remote-operated system that can use several types of tool attachments and be easily implemented in the harsh environment of the deployment ground.

After a comprehensive public tender procedure, GCS was selected as the best solution provider for the delivery of the hardware package consisting of the GCS-200. This product is an unmanned multi-purpose EOD platform designed for heavy-duty clearance tasks with maximum survivability in high-threat environments. The configuration for Chad includes tiller and sifter bucket attachments. GCS also provides transport and support equipment such as an 8×8 truck and an off-road trailer, a field workshop and a transport container complete with a set of spare parts, consumables, oils and lubricants.

Additionally, GCS will provide a four-week training course for the operators, a two-week training course for the maintainers and service support in northern Chad. GCS’s competent field technicians will accompany HI’s operators and mechanics during their daily operational activities which will enable operators and mechanics to gain more confidence and proficiency in using and maintaining the equipment. This approach will enable maximum output of the equipment in Chad’s challenging environment.

* expolsive ordnance disposal (EOD) and improvised explosive devices disposal (IEDD)

About Humanity & Inclusion (formely Handicap International)

HI is an independent international association that has been working for 35 years in situations of poverty and exclusion, conflict and disaster. Working alongside people with disabilities and vulnerable people, HI acts and speaks out to meet their basic needs and improve their living conditions. HI is committed to promoting respect for dignity and fundamental rights. Since its inception in 1982, HI has implemented development programs in more than 60 countries and is involved in many emergency situations. The network of 8 national associations (Belgium, Canada, France, Germany, Luxembourg, Switzerland, the United Kingdom and the United States) is constantly working to mobilize resources, co-manage projects and promote the principles and actions of the organization. HI is one of the six founding associations of the International Campaign to Ban Landmines, winner of the 1997 Nobel Peace Prize and winner of the 2011 Conrad N. Hilton Award.

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Brand staging with a focus on food trends

For the market leader Handtmann, the Anuga FoodTec 2018 had a clear central focus: the trade fair visitors and the future market opportunities of the food industry. Where is the trend headed and how should companies position themselves in the future?

From the perspective of Handtmann, nutrition today covers many elements, including individuality, lifestyle, self-optimisation, enjoyment and much more. In this playground for new food products, the company sees a chance for food producers and customers to tap into new potential markets.

Creative, trendy food or established classics?
The message communicated from the spacious, back-lit fabric graphics makes it clear that anyone who values a premium but also fruitful implementation of his/her food products will find a willing partner in Handtmann.

The displayed machines, which featured the most modern food technology and techniques, stood testament to this. They framed the innovative core messages and the inviting communication zone of the trade fair booth. The highlight for the visitors was the operational show kitchen, which served new food trends to taste as well as classics to enjoy.

After an increase in the overall area of the trade fair as well as the double-digit growth in exhibiting companies (+13 %) was clear in advance of the event, Anuga FoodTec 2018 was also able to achieve a significant visitor increase of almost 11%.

Handtmann succeeded in taking advantage of these positive conditions. With KECK’s emotive trade fair concept, over 20% more leads could be generated in comparison to Anuga FoodTec 2015.
Congratulations.

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US Cobalt and First Cobalt Provide Transaction Update

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (“First Cobalt”) and US Cobalt Inc. (TSX-V: USCO, OTCQB: USCFF) (“US Cobalt” – https://www.youtube.com/watch?v=LY4qXCoWstE ) are pleased to announce that US Cobalt has mailed its management information circular, relating voting materials and letters of transmittal (collectively, the “Meeting Materials”) to US Cobalt’s securityholders in connection with the special meeting (the “Meeting”) of US Cobalt’s securityholders to be held on May 17, 2018.

At the Meeting, US Cobalt’s securityholders will be asked to approve the previously announced plan of arrangement transaction (the “Transaction”), announced March 14, 2018, pursuant to which First Cobalt will acquire all of the issued and outstanding shares of US Cobalt. US Cobalt shares will be exchanged on the basis of 1.5 First Cobalt common shares for each US Cobalt common share.

US Cobalt’s board of directors unanimously recommends that US Cobalt securityholders vote in favour of the proposed Transaction. If the Transaction is approved at the Meeting, subject to the receipt of final court approval and other regulatory approvals (including approval from the Committee on Foreign Investment in the United States), it is anticipated that the Transaction will be completed on or about May 28, 2018.

The Meeting of US Cobalt securityholders will be held on May 17, 2018 at the offices of Cassels Brock & Blackwell LLP, Suite 2200, 885 West Georgia Street, Vancouver, BC V6C 3E8 at 11:00 a.m. (Pacific time). All US Cobalt securityholders are encouraged to vote by proxy or in person at the Meeting. 

The Meeting Materials have been filed on US Cobalt’s profile on SEDAR (www.sedar.com) and US Cobalt’s website (www.uscobaltinc.com). 

About First Cobalt

First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. First Cobalt controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing cobalt battery materials. First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America.

About US Cobalt

US Cobalt is focused on the acquisition and development of high grade battery metal deposits in North America. The Iron Creek Cobalt Project, located in the prolific Idaho Cobalt Belt, is the focus of a 40-hole, 35,000 foot (10,700 metre) drill campaign to confirm a 1.3M ton grading 0.59% cobalt historical estimate (non-compliant with NI 43-101) and a Resource Estimate prepared in accordance with NI 43-101 is expected on the project in 2018.

As an exploration company with cobalt and lithium assets in both Idaho and Utah, US Cobalt is well positioned in the pipeline for potential future production of battery grade metals which are critical components to power storage solutions including lithium-ion batteries for electric vehicles and consumer electronics.

On behalf of First Cobalt Corp.

Trent Mell
President & Chief Executive Officer

On behalf of US Cobalt Inc.

Wayne Tisdale
President

For more information visit or contact:

Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891
www.firstcobalt.com

Wayne Tisdale
President
info@uscobaltinc.com
+1.604.639.4457
www.uscobaltinc.com

In Europe:

Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. In particular, forward-looking information included in this news release includes, without limitation, the anticipated closing date of the Transaction, the receipt of final court approval and other regulatory approvals. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for each of First Cobalt and US Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt and US Cobalt believe that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt and US Cobalt disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Historic Estimates

US Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and US Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. US Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. US Cobalt believes that the historical estimates are relevant to continuing exploration on the Iron Creek property.

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Smarter limb lengthening with the FITBONE® systems

At the EPOS international pediatric orthopedics meeting from April 11 to 14, 2018 in Oslo (Norway), the emphasis for WITTENSTEIN intens was on treatment techniques for young patients, involving custom-made versions of the FITBONE® systems for extremity correction and lengthening.

The EPOS (European Pediatric Orthopedic Society) Annual Meeting was held this year in Oslo. Presentations on a variety of pediatric orthopedics topics and various parallel symposiums were attended by a total of round about 700 people. The options which are available for correcting extremities and treating bone defects using active implants were discussed at length. FITBONE® systems are not simply a successful method for extremity correction and lengthening; they also enable unique solutions for segment transport where the indications are more complicated indications, as two very interesting lectures at this year’s Annual Meeting clearly showed.

Custom-made versions of the FITBONE® systems

Professors Rainer Baumgart (ZEM Germany, Munich) and Franck Accadbled (Hôpital des Enfants, Toulouse University Hospital) spoke about patients who have benefited from successful treatment with FITBONE® systems following osteosarcoma or Ewing sarcoma resections. In the majority of the instances described, special custom-made versions of the FITBONE® system were used, in some cases combined with BioXpand® tumor endoprostheses (implantcast GmbH, Buxtehude, Germany). The average bone deformation of Professor Accadbled’s patients was 15.5 cm (from 8 to 24 cm). Besides treating defects as large as 20 cm, Professor Baumgart has also undertaken extensions of up to 14 cm with BioXpand in order to compensate growth-related leg length discrepancies ensuing from tumor resections. Both authors reported very good clinical and radiological outcomes. They each cited the technical reliability of the systems which were used and the avoidance of infections due to the treatment with fully implantable intramedullary nails as the biggest advantages.

Smart treatment concept for patients

Furthermore, the mostly young patients are able to perform the distraction or bone transport process themselves conveniently and in a controlled way, typically at a rate of 1 mm per day, using the handy, lightweight FITBONE® control set. This smart treatment concept establishes a significant degree of personal freedom for the patients concerned and is a positive psychological effect which additionally assists the healing process.

Very good outcomes and high reliability, even with difficult indications

Accadbled and Baumgart also provided answers to numerous questions from interested industry professionals in a series of “Meet the Expert” sessions. It was plain that treating young patients with such complex indications is likely to confront the attending physician with daunting challenges in many respects. It is therefore all the more important to have access to reliable treatment methods plus a wide range of products based on a mature technology platform. All in all, the versatile solutions featuring the FITBONE® systems and the professional exchange of ideas and experiences met with wholehearted approval.

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ISRA expands market position with technology offensive for display glass inspection

ISRA VISION AG (ISIN: DE 0005488100), one of the world’s top companies for industrial image processing (Machine Vision) as well as globally leading in surface inspection of web materials and 3D machine vision applications, sees its expanded R&D activities in the area of display glass confirmed by another major order for thin glass inspection.

A new order with a volume of around 3.5 million euros includes a combined solution with surface inspection and 3D deflectometry, which covers all process steps for thin glass production up to delivery and underscores the current customer demand for these technologies.

ISRA is continually reinforcing its own technological base with new and upgraded systems, new inspection innovations, embedded technologies and intelligent INDUSTRIE 4.0 architectures. Thanks to strategic investments in the display inspection product family, ISRA is now able to offer a custom portfolio for the automated quality assurance of thin glass and reflective surfaces. These inspection systems are ready to reliably meet the high quality standards for the production of state-of-the-art thin glass for display applications. A global increase in demand for display glass components has made quality assurance for these products a strategic growth market with attractive future potential, especially in the production centers in China, Taiwan, and Korea.

With a robust order position, ISRA has gotten off to a dynamic start in the new 2017 / 2018 financial year. The company continues to focus its strategic and operational planning on expanding the corporate infrastructure in all company areas as it prepares for the next revenue dimension of beyond 200 million euros. For the current financial year, management plans further revenue growth in the low double digit range with profit margins at least stable on their current high levels.

 

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Osisko Closes Financing on Victoria Gold’s Eagle Gold Project

Osisko Gold Royalties Ltd (TSX & NYSE:OR) (“Osisko” – https://www.youtube.com/watch?v=DiYMIzhstxE&t=26s) is pleased to announce that it has completed the previously announced C$148 million financing transaction (the “Financing”) with Victoria Gold Corp. (TSX-V:VIT) (“Victoria”), pursuant to which Osisko acquired from Victoria a 5% net smelter return (“NSR”) royalty (the “Royalty”) for C$98 million (the “Royalty Purchase”) on the Dublin Gulch property (the “Property”) which hosts the Eagle Gold project located in Yukon, Canada, and purchased from Victoria, on a private placement basis, 100 million common shares of Victoria at a price of C$0.50 per common share (the “Private Placement”).

Sean Roosen, Chair and Chief Executive Officer of Osisko, commenting on the transaction, “The addition of the Eagle royalty strengthens our Canadian asset base and adds near-term Canadian gold to Osisko’s growth profile from a fully permitted, fully-financed and shovel-ready project located in Yukon, a premier mining jurisdiction. We are very pleased to partner with Victoria to develop Canada’s next premier gold mine, and to generate important benefits for all project stakeholders.”

The Royalty Purchase

As part of the transaction, Osisko has purchased a 5% NSR royalty on all metals and minerals produced from the Property, which includes the Eagle and Olive deposits, until an aggregate of 97,500 ounces of refined gold have been delivered to Osisko, and a 3% NSR royalty thereafter. The purchase price for the royalty is an aggregate of C$98 million, of which a first tranche of C$49 million was advanced as of the date hereof, and the second tranche of C$49 million will be funded pro rata to drawdowns under the subordinated debt component of the Orion debt facilities.

The Private Placement

As part of the Private Placement, Osisko has purchased 100 million common shares of Victoria at a price of C$0.50 per common share.

Immediately prior to the closing of the Private Placement, Osisko had beneficial ownership of, or control and direction over, 20,427,087 common shares of Victoria, representing approximately 4.0% of Victoria’s issued and outstanding common shares. Immediately following the closing of the Private Placement, Osisko owns beneficial ownership of, or control and direction over 120,427,087 common shares, representing approximately 15.7% of Victoria’s issued and outstanding common shares. All securities issued to Osisko under the Private Placement are subject to a four-month hold period from the date hereof, pursuant to applicable securities legislation. Additionally, in connection with the Financing, Osisko has obtained the right to nominate one of the members of Victoria’s board of directors.

Osisko acquired the common shares described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Victoria Gold in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Victoria and other relevant factors.

This news release is issued under the early warning provisions of the Canadian securities legislation. A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Victoria’s profile. To obtain a copy of the early warning report, you may also contact Vincent Metcalfe, Vice President, Investor Relations of Osisko at (514) 940-0670. Victoria’s head office is located at 80 Richmond St. West, Suite 303, Toronto, Ontario, M5H 2A4.

In connection with the Financing, Victoria has also entered into, as of the date hereof, definitive and binding agreements with an affiliate of Orion Mine Finance (“Orion”), pursuant to which Orion has agreed to provide debt facilities to Victoria, and has purchased from Victoria, on a private placement basis, 150 million common shares of Victoria at a price of C$0.50 per common share. Victoria has also entered into definitive agreements with Caterpillar Financial Services Limited with respect to a US$50 million equipment financing facility. All of such agreements were entered into with respect to a construction financing package totaling approximately C$505 million in aggregate (including the Financing) that is expected to fully fund the development of the Project through to commercial production.

The Dublin Gulch Property and the Eagle Gold Project

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 85 kilometres from the village of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometres, and is the site of Victoria’s Eagle Gold Deposit. The Eagle Gold mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 15.5% interest in Osisko Mining Inc., a 12.7% interest in Falco Resources Ltd. and a 32.6% interest in Barkerville Gold Mines Ltd.

Osisko is a corporation incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-Looking Statement

Certain statements contained in this press release may be deemed “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian Securities Laws and the United States Private Securities Litigation Reform Act of 1995 (collectively, the “forward-looking statements”). All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward-looking statements. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (Including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of Osisko, the realization of the anticipated benefits deriving from its investments and the transaction with Victoria. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by Osisko (gold and silver); fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, influence of macroeconomic developments; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; litigation; title, permit or license disputes related to interests on any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties, delays or adverse climatic conditions on any of the properties in which Osisko holds a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

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