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Are ADRs Riskier than Stocks?

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	Image Credit: DavidGSteadman (Flickr)


Understanding the Differences Between American Depository Receipts (ADR) and U.S. Stocks

 

If you own Anheuser Busch (BUD), AstraZeneca (AZN), NIO, SONY, or even Toyota (TM) and purchased them on a U.S. exchange, it is likely you possess an American Depository Receipt, commonly referred to as an ADR.  ADRs have been in the news in recent days as those that stem from China are receiving more attention from the SEC and lawmakers in Washington. Some of the best companies in the world trade in the U.S. as ADRs, but there is a real distinction between a U.S. company stock and a foreign private issuer trading on a U.S. exchange – the number one rule of investing is, know what you’re buying.

 

An ADR is not a Stock?

ADRs allow U.S. investors to invest in non-U.S. companies while providing these companies easier access to the U.S. capital markets. Over 2000  non-U.S. issuers from over 70 countries use ADRs as a means of raising capital or establishing a trading presence in the states.

An ADR is a negotiable certificate that evidences an ownership interest in American Depositary Shares (ADS), which in turn, represents an interest in the shares of the non-U.S. company that have been deposited with a U.S. bank. It does represent shares of stock and ownership interest but is not considered a stock certificate. The terms ADR and ADS are often used interchangeably by market participants. ADRs help the investor in a foreign-based company to avoid foreign exchange transactions and non-$USD currency risk – they clear through the U.S. settlement system.

An ADR may represent the underlying shares on a one-for-one basis or may represent a fraction of a share or multiple shares. Ratios allow ADRs to be priced at an amount more typical of U.S. market share prices. They’re created by a depositary bank when the foreign company, or an investor who already holds the underlying non-U.S. securities, delivers them to the bank or its custodian in the non-U.S. company’s home country. The bank will issue ADRs to the investor in the U.S., and the investor will be able to re-sell the ADRs on a U.S. exchange or OTC.  

As ADRs give holders the rights to underlying shares, holders may surrender ADRs in exchange for the shares of the non-U.S. company, often in the native currency. These transactions are generally performed by brokers and others who are active in foreign securities markets.

 

An ADR may not be established unless the non-U.S. company is either subject to the reporting requirements under the Securities Exchange Act of 1934 or is exempt under the Act. ADRs are always registered with the SEC on a Form F-6 registration statement.

 

They may be considered “sponsored” or “unsponsored.” Sponsored ADRs are those in which the non-U.S. company enters into an agreement directly with the U.S. depositary bank to arrange for recordkeeping, forwarding of shareholder communications, payment of dividends, and other services. An unsponsored ADR is set up without the cooperation of the non-U.S. company and may be created by a broker-dealer wishing to establish a U.S. trading market. An ADR, however, may not be shown unless the non-U.S. company is either subject to the reporting requirements under the Securities Exchange Act of 1934 or is exempt under the Act. ADRs are always registered with the SEC.

How the Market View ADRs?

Market participants have generally categorized ADRs into three “levels,” depending on the extent to which the foreign company has accessed the U.S. markets:

Level 1 ADR programs establish a trading presence but may not be used to raise capital. It is the only type of facility that may be unsponsored and, as a result, may be traded only on the over-the-counter market. No information about the issuer would be available on the SEC’s EDGAR system; information should be available on the issuer’s website.

Level 2 ADR programs establish a trading presence on a national securities exchange but may not be used to raise capital.

Level 3 ADR programs may be used to both establish a trading presence and also to raise capital for the foreign issuer. The non-U.S. company would be required to file annual reports.

 

 

What Fees are Charged?

ADR depositary banks charge holders of ADRs custody fees, sometimes referred to as Depositary Services Fees, to compensate the depositary banks for inventorying the non-U.S. shares and performing registration, compliance, dividend payment, communication, and recordkeeping services. A common practice for the collection of the custody fee is for the ADR depositary bank to subtract the amount of the fee from the gross dividends paid by the bank to ADR holders. Typically, the Depository Trust Company (DTC) will announce both the gross dividend rate and the net dividend rate after deducting the ADR custody fee. However, a number of ADR issues do not pay periodic dividends, which prevents the fees from being collected through this process. In this case, DTC charges the fee to its users (i.e., banks and broker-dealers) who pass them on to their customers. Depositary banks may charge other fees, such as relating to the distribution of dividends, foreign currency exchange, voting of shares, and other matters.

What Should Investors Do Before Investing in ADRs?

Like any other investment, you should learn as much as you can about a company before you invest. Research the political, economic, and social conditions in the company’s home country so you will understand better the factors that affect the company’s financial results and stock price. You should understand that non-U.S. companies are subject to financial and other disclosure requirements that differ from those required of U.S. public companies. Except for the annual report, companies are generally only required to disclose what is required in their native country.  Disclosures may also not be as extensive or comparable to that of U.S. public companies.

Prior to investing in an ADR, investors should learn from their broker-dealer what fees are charged to them as ADR investors. Typically, fees are assessed per ADR. For example, 1000 ADRs could be assessed a fee ranging from $20 to $50. Fees can be viewed in the section of the registration statement often titled “Description of American Depository Shares” or “Description
of American Depository Receipts.” The websites of depositary banks that are active in the U.S. also contain information about investing in ADRs and serve as a source of information for investors.

Take-Away

The means by which most ADRs transact each day is not unlike that of a U.S. stock certificate. Investors should be aware of small nuances of fee differences, reporting requirements, and sovereign or political risk.  Reviewing equity research and analysis from highly ranked analysts is another recommended step investors could take to make sure they are getting information from experienced professionals able to spot things that they may overlook.

Suggested Reading:



The Lifecycle of a SPAC

Analysis of a SPAC





Regulation of a SPAC

Merger of a SPAC

Sources:

https://www.sec.gov/investor/alerts/adr-bulletin.pdf

Release – Arizona Gold and Golden Predator File Joint Circular

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Arizona Gold and Golden Predator File Joint Circular

 

TORONTO, July 27, 2021 (GLOBE NEWSWIRE) — Arizona Gold Corp. (“Arizona”) (TSX: AZG, OTCQB: AGAUF) and Golden Predator Mining Corp. (“Golden Predator”) (TSX.V:GPY; OTCQX:NTGSF) announced today that they have filed a joint management information circular (the “Circular”), which will be mailed out to their respective shareholders for the meetings to be held on August 25, 2021, in connection with the previously announced transaction (the “Transaction”) whereby Arizona will acquire all of the issued and outstanding shares of Golden Predator pursuant to a plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia) previously announced on June 28, 2021.

Arizona and Golden Predator encourage shareholders to read the meeting materials in detail. An electronic copy of the Circular is available on Arizona’s website at www.arizona-gold.com and on Golden Predator’s website at www.goldenpredator.com. The Circular is also available on SEDAR under the issuer profiles of both companies at www.sedar.com. Shareholders are strongly encouraged to vote online following the instructions set out on the form of proxy or voting instruction form which will be mailed along with the Circular.

TRANSACTION HIGHLIGHTS

  • Creates a diversified near-term gold producer in North America through sequential development of the fully permitted Copperstone mine in Arizona followed by the Brewery Creek mine in the Yukon;
  • Combined resource base1 of approximately 1.1 million oz gold in the Measured & Indicated categories, plus an additional approximate 1.5 million oz gold in the Inferred category, paired with considerable exploration upside at each project;
  • Improved capital markets scale to enhance investor visibility and positioning amongst peers, plus a broadened shareholder base;
  • Combined cash and investments of $23M2, including shareholdings in Seabridge Gold Inc., C2C Gold Corp. and Group 11 Technologies Inc.;
  • Experienced leadership team including Giulio Bonifacio as President & CEO and William Sheriff as Non-Executive Chairman, to be supported by a technical team with backgrounds in both mine-building and operations; and
  • On closing of the Transaction, it is anticipated that Arizona will change its name to Sabre Gold Mines Corp.

Shareholders of each of Arizona and Golden Predator holding, in the aggregate, approximately 36.20% of the issued and outstanding Arizona shares and approximately 22.03% of the issued and outstanding Golden Predator shares, respectively, as at July 23, 2021, have entered into voting support agreements pursuant to which they have agreed, among other things, to vote in favour of the Share Issuance Resolution and the Arrangement Resolution, respectively (each as hereinafter defined). These include voting support agreements from entities affiliated with Eric Sprott, in the case of Arizona and Golden Predator, and from PowerOne Capital Limited and Pat DiCapo, in the case of Golden Predator.

ARIZONA MEETING

The meeting of holders of Arizona common shares (the “Arizona Meeting”) will be held at 1:00 p.m. (Toronto time) on Wednesday, August 25, 2021 at the offices of Peterson McVicar LLP, Suite 902, 18 King Street East, Toronto, Ontario, Canada, M5C 1C4.

Holders of Arizona common shares (“Arizona Shareholders”) of record at the close of business on July 26, 2021 will be entitled to vote at the Arizona Meeting. Out of an abundance of caution and in an effort to adopt measures that assist our community in slowing the spread of the novel coronavirus disease 2019, also known as COVID-19, in order to protect the health and safety of our community, Arizona Shareholders, employees and other stakeholders, we are inviting Arizona Shareholders to attend the Arizona Meeting virtually, which will be conducted via live audio webcast online at https://virtual-meetings.tsxtrust.com/1212.

Arizona Shareholders will be asked to consider and pass an ordinary resolution (the “Share Issuance Resolution”) approving the issuance of Arizona common shares to Golden Predator shareholders (the “Share Issuance”) in connection with the Transaction, pursuant to which, among other things, all of the issued and outstanding common shares of Golden Predator will be exchanged for Arizona common shares on the basis of 1.65 Arizona common shares per common share of Golden Predator. Upon completion of the Transaction, existing Arizona and Golden Predator shareholders will own approximately 55% and 45% of the combined company common shares, respectively, on an outstanding basis.

Arizona Shareholders will also be asked to consider and pass a special resolution (the “Name Change Resolution”) to change the name of Arizona to “Sabre Gold Mines Corp.” or such other name to be determined by Arizona, effective on or around the completion of the Transaction.

The meeting materials provided to Arizona Shareholders contain important information regarding voting, the Transaction and a summary of the events leading up to the Transaction, including the reasons that led to Arizona’s Board of Directors (the “Arizona Board”) to unanimously determine that the Transaction is fair, from a financial point of view, to Arizona. The Arizona Board unanimously recommends that Arizona Shareholders vote for the Share Issuance Resolution and Name Change Resolution at the Meeting.

The meeting materials are available on Arizona’s website at www.arizona-gold.com and under Arizona’s SEDAR profile at www.sedar.com.

GOLDEN PREDATOR MEETING

The meeting of holders of Golden Predator common shares (the “Golden Predator Meeting”) will be held at 10:00 a.m. (Vancouver time) on Wednesday, August 25, 2021 at the offices of Morton Law LLP, 1200 – 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8.

Holders of Golden Predator common shares (“Golden Predator Shareholders”) of record at the close of business on July 16, 2021 will be entitled to vote at the Golden Predator Meeting. Out of an abundance of caution and in an effort to adopt measures that assist our community in slowing the spread of the novel coronavirus disease 2019, also known as COVID-19, in order to protect the health and safety of our community, Golden Predator Shareholders, employees and other stakeholders, we are inviting Golden Predator Shareholders to attend the Meeting virtually by contacting Golden Predator by telephone at 604-260-0289 or by email at [email protected] to be provided with a virtual conference link.

Golden Predator Shareholders will be asked to consider and, if deemed advisable, pass a special resolution approving the Arrangement (the “Arrangement Resolution”). To be effective, the Arrangement Resolution must be approved at the Golden Predator Meeting by (i) at least 66 ?% of the votes cast on the Arrangement Resolution by the Golden Predator Shareholders, and (ii) at least a majority of the votes cast on the Arrangement Resolution, excluding any “interested party”, as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

The meeting materials provided to Golden Predator Shareholders contain important information regarding voting, the Transaction and a summary of the events leading up to the Transaction, including the reasons that led to Golden Predator’s Board of Directors unanimously determining that the Transaction is fair, from a financial point of view, to Golden Predator Shareholders and in the best interest of Golden Predator. The Golden Predator Board unanimously recommends that Golden Predator Shareholders vote for the Arrangement Resolution at the Meeting.

The meeting materials are available on Golden Predator’s website at www.goldenpredator.com and under Golden Predator’s SEDAR profile at www.sedar.com.

CONDITIONS FOR COMPLETION OF THE TRANSACTION

The Transaction is subject to various closing conditions, including receipt of (i) final court approval of the Arrangement, (ii) the required approval at the Arizona Meeting of the Share Issuance Resolution, (iii) the required approval at the Golden Predator Meeting of the Arrangement Resolution, and (iv) regulatory approvals of the Transaction, including TSX approval of the Share Issuance and TSXV approval of the Transaction.

For additional information on Arizona and the Copperstone mine, please visit the website at www.arizona-gold.com. For additional information on Golden Predator and the Brewery Creek mine, please visit the website at www.goldenpredator.com.

Contact Information
Arizona Gold Corp.
Giulio Bonifacio
CEO & Director
604-318-6760
[email protected]		 Golden Predator Mining Corp.
William Sheriff
Executive Chair
972-333-2214
[email protected]

Cautionary Statements

Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. Such statements include, but are not limited to, statements with respect to the anticipated completion of the Transaction. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Arizona and/or Golden Predator to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: (i) any inability of the parties to satisfy the conditions to the completion of the Transaction on acceptable terms or at all; and (ii) receipt of necessary stock exchange, court and shareholder approvals. Although management of each of Arizona and Golden Predator has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, 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. Accordingly, readers should not place undue reliance on forward-looking statements. Neither party will update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. The parties caution readers not to place undue reliance on these forward-looking statements and it does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

This press release is not and is not to be construed in any way as, an offer to buy or sell securities in the United States. The distribution of the Arizona common shares in connection with the transactions described herein will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) and the Arizona common shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Arizona common shares, nor shall there be any offer or sale of the Arizona common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 For Copperstone, please reference the independent technical report titled “National Instrument 43-101 Technical Report: Preliminary Feasibility Study for the Copperstone Project, La Paz County, Arizona, USA” completed by Hard Rock Consulting, LLC, effective date April 1, 2018. For Brewery Creek, please reference the Independent technical report titled “NI 43-101 Technical Report on Resources – Brewery Creek Project, Yukon, Canada” completed by Gustavson Associates LLC, effective date May 31, 2020.

2 Includes pro forma cash of $9.6M at March 31, 2021 and pro forma equity investments calculated as at June 25, 2021, excluding transaction costs.

Release – Chakana Intersects 12m of Massive Sulfide with 27.39 Copper 967.7 gt Silver and 0.38 gt Gold at Soledad Peru

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Chakana Intersects 12m of Massive Sulfide with 27.39% Copper, 967.7 g/t Silver, and 0.38 g/t Gold at Soledad, Peru

Soledad Project Highlights Include:

  • Huancarama East – 41m of 1.40 g/t Au, 1.24% Cu, and 79.5 g/t Ag (2.83% Cu-eq) from 112m depth;
  • Paloma West – 48.45m of 1.09 g/t Au, 0.84% Cu, and 39.6 g/t Ag (1.89% Cu-eq) starting at 20.3m depth;
  • Bx1 – 53m of 4.51 g/t Au, 1.22% Cu, and 55.5 g/t Ag (4.64% Cu-eq) starting at 40m depth; and 12m of 0.38 g/t Au, 27.39% Cu, and 967.7 g/t Ag (35.91% Cu-eq) starting at 140m depth;
  • Bx7 – 39m of 1.39 g/t Au, 0.13% Cu, and 50.4 g/t Ag (2.25 g/t Au-eq) starting at 211m depth.

Vancouver, B.C., July 27, 2021 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), is pleased to provide results from nine resource definition and exploration holes totaling 1,993.15m from the Soledad project, Ancash, Peru (Table 1). Drilling continues as part of a fully funded 26,000m exploration and resource drilling program planned for 2021 (Fig. 1). The Company will complete approximately 16,000m of resource definition drilling. These results will increase confidence in the initial resource estimate, anticipated in Q4 of 2021.

“These results are an outstanding continuation of the drill program we started in 2020. We have seen zones of massive sulfide at Soledad before but never to this extent. Even with 55,000 metres drilled to date on multiple mineralized breccia pipes, we are still encountering these types of features, which demonstrates the exceptional upside potential of this project. This is particularly significant when you consider that we have only tested 15 out of 110 targets thus far,” stated President and CEO David Kelley.

Drill Results

Table 1. Mineralized intervals from drilling at:

Huancarama (Resource Definition)

DDH #

 

From – To (m)

Core Length
(m)

Au
g/t

Ag
g/t

Cu
%

Cu-eq
%*

Au-eq
g/t*

SDH21-200

91.00

182.00

91.00

0.34

58.6

0.62

1.34

2.05

SDH21-203

69.00

162.70

93.70

0.43

45.8

0.55

1.22

1.87

SDH21-205

85.00

184.00

99.00

0.71

40.0

0.56

1.37

2.09

including

112.00

153.00

41.00

1.40

79.5

1.24

2.83

4.34

Paloma West (Resource Definition)

DDH #

 

From – To (m)

Core Length
(m)

Au
g/t

Ag
g/t

Cu
%

Cu-eq
%*

Au-eq
g/t*

SDH21-201

1.20

4.25

3.05

6.27

46.7

 

 

6.88

and

20.30

68.75

48.45

1.09

39.6

0.84

1.89

2.89

SDH21-202

28.00

69.00

41.00

0.47

49.9

1.06

1.79

2.74

and

85.00

98.55

13.55

0.65

24.5

1.01

1.64

2.52

SDH21-204

91.50

114.00

22.50

0.15

13.7

1.15

1.37

2.09

Bx 1 (Resource Definition)

DDH #

 

From – To (m)

Core Length
(m)

Au
g/t

Ag
g/t

Cu
%

Cu-eq
%*

Au-eq
g/t*

SDH21-206

0.00

93.00

93.00

4.76

39.0

0.71

4.16

6.36

including

0.00

40.00

40.00

5.08

17.1

 

 

5.30

including

40.00

93.00

53.00

4.51

55.5

1.22

4.64

7.10

and

173.20

182.00

8.80

0.26

100.7

1.99

3.02

4.62

and

196.00

214.00

18.00

0.11

46.3

0.62

1.09

1.66

and

232.00

262.00

30.00

2.26

57.5

1.48

3.45

5.28

and

285.00

308.00

23.00

0.55

52.7

2.08

2.89

4.42

SDH21-208

0.00

93.00

93.00

3.79

42.0

0.66

3.50

5.35

including

0.00

39.00

39.00

3.40

22.2

0.12

 

3.87

including

39.00

93.00

54.00

4.07

56.3

1.05

4.19

6.41

and

132.40

140.00

7.60

1.86

140.7

1.93

4.35

6.65

and

140.00

152.00

12.00

0.38

967.7

27.39

35.91

 

and

152.00

296.00

144.00

0.34

32.2

0.77

1.27

1.94

Bx 7 (Exploration)

DDH #

 

From – To (m)

Core Length
(m)

Au
g/t

Ag
g/t

Cu
%

Cu-eq
%*

Au-eq
g/t*

SDH21-207

155.00

196.00

41.00

0.43

100.6

0.12

 

1.93

and

211.00

250.00

39.00

1.39

50.4

0.13

 

2.25

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au-eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

Huancarama East

Three holes were drilled through the Huancarama East breccia pipe to the northeast from a platform on the south side of the complex (Figs. 2 and 3). All three holes intersected mineralized breccia, with depths ranging between approximately 70m to 200m below surface. The breccia pipe has approximate lateral dimensions of 100m by 60m and is open at depth. Additional infill holes have been drilled as part of the ongoing drill program. Examples of mineralized drill core from these holes are shown in Figure 5.

Paloma West

Paloma West is located 300m northwest of Huancarama and is part of the Paloma trend (Fig. 2). Three holes were drilled to further define mineralization from surface to a depth of approximately 100m depth. The breccia pipe demonstrates zoning with stronger gold and silver grades near surface and increasing copper grades with depth. Mineralization is open at depth. Examples of mineralized drill core from these holes are shown in Figure 5.

Bx 1

There are two breccia pipes at Bx 1, the Main Zone that crops out at surface, and the North Zone that is 40 metres north of the Main Zone and 125m below surface (Fig. 3). Additional holes were planned to penetrate the north zone to fill in gaps for the resource estimate (see news release dated June 26, 2018). A significant zone of massive sulfide was intersected in hole SDH21-208 (Figs. 4 and 5). Textures indicate sulfide replacement of tourmaline breccia, a common feature documented in several of the breccia pipes. The massive sulfide zone is part of a continuous mineralized interval of 163.6m length, starting at 132.4m depth within the North Zone. Assay composites for the massive sulfide interval were averaged separately from the overlying and underlying intervals given the extreme grade ranges. Additional in-fill holes have been completed at Bx1 to supplement the existing drilling for the resource estimate.

Bx 7

One exploration hole was completed in Bx 7, a mineralized breccia pipe located 300 metres northeast of Bx 1. The hole encountered two mineralized intervals with elevated gold and silver grades, and low overall copper grades. Mineralization is open at depth. Additional holes are needed to define the geometry of the breccia pipe and grade characteristics.

2021 Resource and Exploration Drill Program

Results reported here are part of the fully funded 2021 drill program of 26,000m. Combined with the drilling in the second half of 2020, approximately 32,000m is anticipated through 2021. Of this, 15,939.35m have been reported in 76 drill holes. The remaining metres will focus on new targets located in the northern half of the project that have not been drilled previously but are strategic to any eventual development at Soledad. Exploration targets have been ranked based on their technical merit, access, and logistics.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 55,000 metres of exploration and resource definition drilling has been completed since 2017, testing 15 of 110 total exploration targets, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley”
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email:[email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 – View looking north showing outcropping breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Breccia pipes shown in green are new discoveries made in 2020. Other pipes and occurrences remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.

Figure 2 – Map showing drill holes reported in this release, outcropping tourmaline breccias (darker red shapes), and modeled breccia pipes (light red shapes) based on all drill holes. Light gray contours are 25m interval. Untested outcropping targets are also shown. Blue rectangle in the inset map shows the area of Figure 2 within the overall Chakana property.

Figure 3 – 3D sectional views of the various breccia pipes reported in this release. Light red 3D shapes show breccia pipe geometry based on all drill holes within each pipe. All breccia pipes are presented at the same scale.

Figure 4 – Massive sulfide intersected in the North Zone breccia pipe at Bx 1. Core diameter is 6.35cm (HQ).

Figure 5 – Select core photos from Paloma West, Huancarama East, and Bx 1 reported in this release: Paloma West SDH21-202 (34.7m) mosaic tourmaline breccia with chalcopyrite-pyrite cement; Paloma West SDH21-204 (97.3m) mosaic breccia with chalcopyrite filling void space in breccia; Huancarama East SDH21-205 (112.9m) black tourmaline breccia with chalcopyrite filling void spaces; Bx 1 SDH21-206 (47.15m) shingle breccia with selective partial clast replacement by chalcopyrite and pyrite; Bx 1 SDH21-208 (246.9) mosaic breccia cemented with chalcopyrite and pyrite. Core diameter is 6.35cm (HQ) in all instances.

Publicly Traded Chinese Companies Duty to Shareholders

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	Image Credit: rose_symotiuk (flickr)


Disclosures by Chinese Corps. Trading on U.S. Exchanges Have a Defined Duty to Shareholders

 

Commissioner Allison Lee of the Securities and Exchange Commission (SEC) is requiring that Chinese companies listed on U.S. stock exchanges disclose any known risks related to the Chinese government interfering in their business. This adds an extra level of responsibility toward investors from corporations domiciled in China. Any disclosures are to be included as part of their regular reporting.

Impact

Regular annual and quarterly filings by all public companies contain discussions of the firm’s liquidity, capital resources, results of operations, any favorable or unfavorable trends in the industry, and any significant events or uncertainties. This could include lawsuits, political risks, and other potential shocks.  For companies headquartered in China and listed on a U.S. exchange, they will need to specifically address known risks that are present due to the Chinese government.

There are at least 248 Chinese companies listed on three major U.S. exchanges with a total market capitalization of $2.1 trillion, according to the U.S.-China Economic and Security Review Commission (USCC). There are also eight national-level Chinese state-owned enterprises listed in the U.S. To the extent that any of the companies have reportable circumstances, it may place them in the difficult situation of being required to highlight activities related to the Chinese government and their specific business. If not complied with, they could face penalties from the SEC, including delisting.

Why the Requirement

There are five SEC commissioners, Commissioner Lee’s remarks are the first by an SEC official since Chinese regulators enacted a massive cyber-investigation of ride-hailing company Didi Global last week. The actions by the Chinese government came a few days after its $4.4bn NYSE listing. The “meddling” is suspected of erasing 25 percent of investor value. There is concern among policymakers that Chinese corporations are violating the current SEC rules that require public companies to disclose to investors material risks that may impact their businesses. This order spells out that government meddling must be included.

The Wall Street Journal reported that Didi was warned by regulators to delay its initial public offering and address its cybersecurity. Didi has said it had no idea about the investigation before listing. The SEC does not disclose active investigations.

 

 

Additional Information

During the past decade, Washington policymakers have focused on having US-listed Chinese companies comply with U.S. Public Company Accounting Oversight Board regulations. Last year, Congress passed a law that would delist Chinese companies from U.S. exchanges if they did not comply with U.S. auditing standards. The SEC has been asked by lawmakers to devote more resources to these risks. “U.S. regulators must ensure that American investors and workers are protected from the anti-market behavior that is scarring American investors,” said Senator Bill Haggerty, Senate Banking Committee, in a statement to Reuters.

High-quality, reliable disclosure, including financial reporting, is the core mission of the SEC. It’s tasked with protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. Although China-based Issuers that access the U.S. public capital markets generally have the same disclosure obligations and legal responsibilities as other non-U.S. issuers, the Commission’s ability to promote and enforce high-quality disclosure standards for China-based Issuers may be materially limited. This leaves the door open to greater risk that their disclosures may be incomplete or misleading. In addition, in the event of investor harm, investors generally will have substantially less access to recourse in comparison to U.S. domestic companies and foreign issuers in other jurisdictions.

Suggested Reading:



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Will Inflation be Transitory or Persistent

 

Sources:

https://www.sec.gov/corpfin/disclosure-considerations-china-based-issuers

https://www.cnbc.com/2021/07/07/china-is-cracking-down-on-stocks-that-trade-on-us-exchanges-what-it-means-if-you-hold-them.html

https://www.uscc.gov/

https://businesshala.com/u-s-listed-chinese-companies-must-disclose-government-interference-risks-sec-official/

 

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Release – Palladium One Expands the Tyko Sulphide Nickel-Copper Project to 24500 hectares and Completes VTEM Survey

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Palladium One Expands the Tyko Sulphide Nickel-Copper Project to 24,500 hectares and Completes VTEM Survey

 

KEY HIGHLIGHTS

  • Two Earn-in agreements expand the Tyko Nickel-Copper Project by 950 hectares
  • Additionally, 3,500 hectares were purchased from the original Optionors of the Tyko Project.
  • Tyko Nickel-Copper Project currently over 24,500 hectares
  • 3,100-kilometer airborne Electro Magnetic (VTEMmax) geophysical survey completed
  • Summer exploration field crews are onsite conducting reconnaissance mapping, prospecting and soil sampling. The first 1,000 soil samples have been sent for assaying, results pending

July 27, 2021 – Toronto, Ontario – The footprint of the Tyko Nickel-Copper Project, which returned drill intercepts from massive magmatic sulphide of up to 9.9% Nickel equivalent (“Ni_Eq”), (23.0% Copper equivalent, 30.1 g/t Gold equivalent*) over 3.8 meters in hole TK21-023 (Table 1) has been expanded by 4,400 hectares, said Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today.

Tyko has grown from 20,100 hectares to over 24,500 hectares since the Phase II drill program was completed.

An option agreement with First Class Metals Ltd, for the Pickle Lake property, consists of 700 hectares located on the west side of the Tyko project and is proximal to the historic RJ zone which returned up to 1.2% Ni_Eq (2.78% Cu_Eq and 3.6g/t Au_Eq*) over 16.2 meters in hole TK16-002 (see news release April 12, 2016). A second option agreement for the Cupa Lake property with a local prospector consists of 250 hectares and is located 8km east of the Smoke Lake Zone.

President and CEO, Derrick Weyrauch commented, “Tyko continues to impress and warrants increased levels of expenditure and exploration. Results to date demonstrate robust mineralization spread over at least 18 kilometers, yet the area has seen virtually no government mapping or exploration. We believe that in addition to the high-grade Smoke Lake zone, there are new zones off nickel-copper mineralization yet to be discovered. We are awaiting result from the 3,100-kilometer airborne Electro Magnetic (VTEMmax) survey which will guide further exploration.”

200-square kilometer, VTEMmax survey

Geotech’s Versatile Time Domain Electromagnetic airborne system (VTEMmax) survey has been completed across the entire Tyko project. The survey comprised greater than 3,100-line kilometers of closely spaced (100-meter) flight lines. It is the most comprehensive and sensitive airborne geophysical survey ever flown on the Tyko property and covered large areas for which no airborne Electro Magnetic surveys had ever been flown, including the area surrounding the Shabotik showing, having up to 1.0% Nickel, see press release August 19, 2019.

Summer Field Program

Mapping, prospecting and soil sampling is well underway with 1,000 soil samples having already been submitted to the assay lab. This program is designed to ground truth historic and new geophysical anomalies. The vast majority of the Tyko project has seen little to no exploration, or even government mapping.

Figure 1. Tyko Project, with various historic total field magnetic surveys as the background. Newly acquired ground is shown in black hatched areas.

Table 1: Select 2020 & 2021 Drill Results from the Smoke Lake

Hole

From
(m)

To
(m)

Width
(m)

Ni_E
%

Cu_
%

Au_
g/t*

Ni
%

Cu
%

Co
%

PGE g/t
(Pd+Pt
Au)

Pd
g/t

Pt
g/t

Au
g/t

TK20-016

29.0

32.8

3.8

8.74

20.38

27.16

6.65

3.70

0.09

1.51

0.67

0.81

0.03

Inc.

29.8

32.5

2.7

9.80

22.86

30.45

7.47

4.16

0.10

1.64

0.74

0.87

0.03

TK20-022

46.8

51.0

4.2

7.46

17.40

23.05

5.83

2.74

0.09

1.28

0.56

0.70

0.01

Inc.

48.5

50.6

2.1

8.78

20.48

26.68

7.26

2.34

0.12

1.30

0.48

0.81

0.01

TK20-023

5.3

12.8

7.5

6.07

14.15

18.94

4.49

2.86

0.06

1.01

0.44

0.55

0.02

Inc.

8.9

12.8

3.8

9.87

23.02

30.10

8.13

2.88

0.11

1.33

0.61

0.71

0.02

Inc.

8.9

10.5

1.6

11.05

25.79

33.08

9.80

1.67

0.13

1.27

0.54

0.72

0.01

TK21-034

66.3

73.0

6.7

4.57

10.67

14.30

3.42

2.05

0.05

0.81

0.39

0.40

0.01

Inc.

66.3

71.3

5.0

5.95

13.88

18.57

4.47

2.62

0.06

1.06

0.51

0.53

0.02

Inc.

66.3

68.0

1.7

9.54

22.26

29.46

7.50

3.51

0.09

1.64

0.73

0.88

0.02

TK21-035

4.9

9.3

4.5

7.45

17.38

22.98

5.89

2.70

0.08

1.06

0.54

0.50

0.02

Inc.

6.0

7.7

1.7

10.17

23.73

30.51

9.09

1.23

0.13

1.34

0.73

0.59

0.02

TK21-041

130.4

132.8

2.4

5.96

13.91

18.45

4.74

1.97

0.07

1.15

0.60

0.52

0.02

Inc.

131.2

132.8

1.7

8.28

19.31

25.53

6.65

2.60

0.09

1.52

0.78

0.71

0.03

(1) Reported widths are “drilled widths” not true widths.
(2) * Au_Equivalent is calculated for comparison purposes using recent spot prices, $8lb nickel, $4.4/lb copper, $19/lb cobalt, $2,700/oz palladium, $1,150/oz platinum, $1,900/oz gold.
(3) **Italicised orange highlighted results are previously released results see news release June 23, 2021

*Nickel Equivalent (“Ni_Eq”) and Copper Equivalent (“Cu_Eq”)
Nickel and copper equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne (US$3.00 per pound) for copper, US$15,432 per tonne (US$7.00 per pound) for nickel and US$30,865 per tonne (US$14 per pound) for Cobalt. This calculation is consistent with the commodity prices used in the Company’s September 2019 NI 43-101 Kaukua resource estimate.

Transaction Details

First Class Metals Ltd. – Pickle Lake (formerly, Pezim II) Property – 700 hectares – Grant of Earn-In Right

The Company can earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:

Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:

Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and

Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).

Upon the Company earning either a 51% or 80% working interest in the Earn-In Properties, a Joint Venture Agreement shall be formed and the Company shall be the operator. Should either party not fully participate in future expenditures, its ownership interest shall be diluted and if one party is diluted to a 10% working interest, that party (“NSR Holder”) shall be granted a 1% NSR Royalty in respect of the Earn-In Properties, while the Surviving Party shall be granted a 100% undivided working interest. The Surviving Party shall have the right at any time to purchase from the NSR Holder the 1% NSR Royalty by way of a one-time payment to the NSR Holder of $1,000,000 for the full 1% NSR.

A 2% NSR royalty (“Existing NSR) right in the Earn-In Properties is subject to a 100% Buy-Back Right in favor of the Joint Venture or Surviving Party. Each 1% of the NSR royalty can be bought back and extinguished at a fixed price of C$500,000.

Prospector –Cupa Lake Property – 250 hectare – Grant of Earn-In Right

The Company will earn a 100% working interest in the Prospector Earn-In Properties by incurring exploration expenses in relation to the properties, paying both cash and common share consideration, and granting a 1% Net Smelter Return Royalty (the “NSR Royalty”), as follows:

(i) Upon signing this agreement – Optionee to pay the Optionor $4,000 in cash and shall issue to the Optionor 10,000 common shares of Palladium One Mining Inc.

(ii) Year 1 – Canadian Exploration Expenses in the amount of not less than $20,000, and paying the Optionor $6,000 in cash and issuing the Optionor 20,000 common shares of Palladium One Mining Inc. on or before the 1st anniversary of the Effective Date;

(iii) Year 2 – additional Canadian Exploration Expenses in the amount of not less than $40,000 (for an aggregate amount of $60,000) and paying the Optionor $12,000 in cash and issuing the Optionor 30,000 common shares of Palladium One Mining Inc. on or before the second anniversary of the Effective Date; and

(iv) Year 3 – additional Canadian Exploration Expenses in the amount of not less than $120,000 (for an aggregate amount of not less than $180,000) and paying the Optionor $36,000 in cash and issuing the Optionor 30,000 common shares of Palladium One Mining Inc. on or before the third anniversary of the Effective Date

The Company shall maintain the right at any time to purchase from the Prospector one-half (50%) of the 1% NSR royalty interest by way of a one-time payment to the Prospector of $1,000,000.

Claim Purchase

The Company has acquired 3,500 hectares of new clams by re-imbursing staking costs to the original optionors of the Tyko Project. These new claims are considered part of the original option agreement and thus are subject to a 3% NSR for which one half (50%) can be purchased at any time for $1,500,000.

QA/QC
The Phase II drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company.

Drill core samples were split using a rock saw by Company staff, with half retained in the core box. The drill core samples were transported by company staff the Company’s core handling facility, to Actlabs laboratory in Thunder Bay, Ontario. Actlabs, is an accredited lab and are ISO compliant (ISO 9001:2015, ISO/IEC 17025:2017). PGE analysis was performed using a 30 grams fire assay with an ICP-MS or ICP-OES finish. Multi-element analyses, including copper and nickel were analysed by four acid digestion using 0.5 grams with an ICP-MS or ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance at the time of import. All standards associated with the results in this press release were determined to be acceptable within the defined limits of the standard used

About Tyko Ni-Cu-PGE Project
The Tyko Ni-Cu-PGE Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel-copper (2:1 ratio) project with the most recent drill hole intercepts returning up to 9.9% Ni_Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 1.3g/t PGE) in hole TK-20-023.

Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One
Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium-dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: [email protected]

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Release – Seanergy Announces Delivery and Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

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Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

 

July 27, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of a previously-announced Capesize vessel acquisition, the M/V Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date.

The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese corporation, which is an existing charterer of Seanergy. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 17 to maximum 24 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).

Moreover, Seanergy received approval, from one of its existing lenders to partially finance the acquisition of the M/V Friendship. The loan facility of up to $13.0 million bears interest rate of LIBOR + 3.25%, has a four-year term and will be repaid through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment.

Company fleet on a fully delivered basis and following the sale of the M/V Leadership:

Vessel Name Vessel Size Class Capacity (DWT) Year Built Yard Scrubber Fitted Employment Type
Partnership Capesize 179,213 2012 Hyundai Yes T/C Index Linked
Championship Capesize 179,238 2011 Sungdong Yes T/C Index Linked
Lordship Capesize 178,838 2010 Hyundai Yes T/C Index Linked
Premiership Capesize 170,024 2010 Sungdong Yes T/C Index Linked
Squireship Capesize 170,018 2010 Sungdong Yes T/C Index Linked
Knightship Capesize 178,978 2010 Hyundai Yes T/C Index Linked
Gloriuship Capesize 171,314 2004 Hyundai No T/C Index Linked
Fellowship Capesize 179,701 2010 Daewoo No T/C Index Linked
Geniuship Capesize 170,058 2010 Sungdong No T/C Index Linked
Hellasship Capesize 181,325 2012 Imabari No T/C Index Linked
Flagship Capesize 176,387 2013 Mitsui Engineering No T/C Index Linked
Patriotship Capesize 181,709 2010 Saijo – Imabari Yes T/C Fixed Rate -$31,000/day
Tradership Capesize 176,925 2006 Namura Shipbuilding No T/C Index Linked
Friendship Capesize 176,952 2009 Namura Shipbuilding No T/C Index Linked
Goodship Capesize 177,536 2005 Mitsui Engineering No Voyage/Spot
Worldship * Capesize 181,415 2012 Japanese Shipyard Yes T/C Fixed Rate -$31,750/day
Total / Average age   2,829,631 11.4      

* Delivery expected within August 2021

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a fully-delivered basis, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.4 years and aggregate cargo carrying capacity of approximately 2,829,631 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: [email protected]

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

Release – Comtech Telecommunications Corp. Awarded $1.1 Million Contract for High-Power Amplifiers

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Comtech Telecommunications Corp. Awarded $1.1 Million Contract for High-Power Amplifiers

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jul. 27, 2021– 
July 27, 2021— 
Comtech Telecommunications Corp. (NASDAQ: CMTL), a global leading provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today, that during its fourth quarter of fiscal 2021, its 
New York-based subsidiary, 
Comtech PST Corp., which is part of Comtech’s Government Solutions segment, was awarded a 
$1.1 million contract for solid-state high-power amplifier systems from a major domestic prime contractor.

These highly integrated amplifiers are essential transmit and receive elements in a complex data communication system. They add to an installed base of 
Comtech solid-state high-power RF amplifiers previously delivered to this major domestic prime contractor.

“This follow-on contract demonstrates our continued leadership position in providing integrated high-power transmit and receive technology and the ongoing demand for our solid-state high-power amplifiers utilized by major OEMs in both domestic and international markets,” said  Fred Kornberg, Chairman of the Board and Chief Executive Officer of 
Comtech Telecommunications Corp.

Comtech PST Corp. (www.comtechpst.com) is a leading independent supplier of high-power, high performance RF microwave amplifiers and control components for use in a broad spectrum of applications including defense, medical, satellite communications systems and instrumentation.

Comtech Telecommunications Corp. is a leading provider of next-generation 911 emergency systems and critical wireless communication technologies to commercial and government customers around the world. Headquartered in 
Melville, New York and with a passion for customer success, 
Comtech designs, produces and markets advanced and secure wireless solutions to customers in more than 100 countries. For more information, please visit www.comtechtel.com

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s 
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such 
Securities and Exchange Commission filings.

Comtech Investor Relations:
631-962-7005
[email protected]

Source: 
Comtech Telecommunications Corp.

Release – OSS to Demonstrate Long-Range Visual Observation System at Sea-Air-Space Conference, August 2-4 2021

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OSS to Demonstrate Long-Range Visual Observation System at Sea-Air-Space Conference, August 2-4, 2021

 

ESCONDIDO, Calif., July 27, 2021 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, will demonstrate a long-range visual observation system with a leader in Augmented Intelligence at the Sea-Air-Space 2021 (SAS) conference being held next week at the Gaylord National Convention Center.

The system supports multi-spectrum real-time observation at up to 30 nautical miles. It can detect a building on fire or an approaching aircraft that has entered restricted airspace. High-performance compute processing, machine learning, and analytics allows the detection and monitoring of objects of interest day or night, regardless of smoke, dust or fog.

The all-weather ruggedized system includes military grade electro-optical and infrared video sensors, a proven enterprise AI framework, and high-performance edge AI inference system powered by OSS. This combination can automatically recognize inconsistencies and abnormalities and provide predictive warnings. The product is intended for ships and vehicles, reflecting the company’s focus on AI Transportables.

As the largest maritime exposition in the U.S., the event brings together U.S. defense industry and key military decision-makers for three days of informative educational sessions, important policy discussions and a dynamic exhibit hall floor. Hosted by the Navy League of the United States, Sea-Air-Space attracts maritime leaders from sea services around the globe.

“OSS is pleased to return to this live tradeshow and is looking forward to demonstrating this product in addition to our other market leading products at SAS,” said Jim Ison, chief sales marketing officer of OSS. “OSS brings unique expertise in high speed PCIe interconnect and scalable GPU compute systems as required by the most demanding military and aerospace applications.”

OSS’s AI on the Fly® solutions accelerate autonomous vehicles, record high-speed surveillance data, detect real-time threats, deploy countermeasures, and sift through mountains of radio transmission data—all designed to give an advantage at the edge.

These AI on the Fly solutions are differentiated from the traditional datacenter-centric AI infrastructure in how they deploy the latest highest-speed commercial processing, input/output, networking and storage technologies for operation in harsh and rugged environments. They meet stringent requirements for shock and vibration, redundancy, large operating temperature, altitude ranges and uninterrupted power.

The solutions are ideally suited for AI Transportables, the fastest growing segment of edge computing. The edge computing market is expected to grow at a compound annual growth rate of 34% to $15.7 billion by 2025, according to MarketsandMarkets.

Visitors to SAS can see OSS AI on the Fly systems at booth #112. They can also be ordered directly from OSS sales engineers at [email protected].

For any questions about OSS, please contact Ron Both of CMA at (949) 432-7557 or submit your request here.

About Sea-Air-Space
The Navy League’s Sea-Air-Space Exposition was founded in 1965 as a means to bring the U.S. defense industrial base, private-sector U.S. companies and key military decision-makers from the sea services together for an annual innovative, educational, professional event located in the heart of Washington, D.C. Sea-Air-Space is now the largest maritime exposition in the U.S. and continues as an invaluable extension of the Navy League’s mission of maritime policy education and sea service support. For more information, visit www.seaairspace.org/welcome.

About One Stop Systems
One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays and Ion Accelerator™ SAN, NAS and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles and rugged entertainment applications.

OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge’, especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Forward-Looking Statements
One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the use of our products and applications in certain industries. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: risks associated with the fitness of One Stop Systems’ products in rugged government applications, identification of threats or fires, the ability of OSS to exhibit at the show or provide a live demo; risks associated with the performance of our products combined with a partner’s third party product, system, or application; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

OSS Media Contact:
Katie Rivera
One Stop Systems, Inc.
Tel (760) 745-9883
Email contact

Investor Relations:
Ronald Both or Grant Stude
CMA
Tel (949) 432-7557
Email contact

Source: One Stop Systems, Inc.

Released July 27, 2021

Release – electroCore Announces Issuance of New Patent for Migraine Treatment using Smartphones

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electroCore Announces Issuance of New Patent for Migraine Treatment using Smartphones

 

ROCKAWAY, NJ, July 27, 2021 (GLOBE NEWSWIRE) —  
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced that the United States Patent and Trademark Office (USPTO) has issued 
U.S. Patent No. 11,065,444 to electroCore, relating to the use of a mobile phone for stimulating the trigeminal nerve to treat disorders.

The newly issued patent includes descriptions of devices and methods that allow a patient to self-treat a medical condition, such as migraine headache, by non-invasive electrical stimulation of nerves of the head, particularly supraorbital, supratrochlear, infraorbital, and mental nerves in the vicinity of their foramen or notch. The system comprises a handheld mobile device, such as a smartphone, that is applied to the surface of the patient’s head. One or more electrodes apply electrical impulses through the patient’s skin modulating a targeted nerve to treat the medical condition. The system is designed to address problems that arise particularly during self-treatment, when a medical professional is not present.

This newly allowed patent is owned by electroCore and is the latest 
U.S. patent to issue in connection with the company’s non-invasive development program for pain.

“We are pleased with the continued advancement of electroCore’s non-invasive approaches to treating patients,” commented JP Errico, a founder, board member and investor of electroCore, who was also an inventor of the new patent. “These new developments expand the breadth and ease of use by which electroCore’s therapy may be deployed, enabling even more patients worldwide to receive much needed relief at home.”

About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine and the acute treatment of migraine and episodic cluster headache.

For more information, visit www.electrocore.com.

About gammaCoreTM
gammaCoreTM (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.

gammaCore (nVNS) is FDA cleared in 
the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients. gammaCore is CE-marked in the 
European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.

gammaCore is contraindicated for patients if they:

  • Have an active implantable medical device, such as a pacemaker, hearing aid implant, or any implanted electronic device
  • Have a metallic device, such as a stent, bone plate, or bone screw, implanted at or near the neck
  • Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone)

Safety and efficacy of gammaCore have not been evaluated in the following patients:

  • Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
  • Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
  • Pediatric patients (less than 12 years)
  • Pregnant women
  • Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia

Please refer to the gammaCore Instructions for Use for all of the important warnings and precautions before using or prescribing this product.

Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the availability and impact of payer coverage, the potential of nVNS generally and gammaCore in particular and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the 
SEC available at www.sec.gov.


Investors:
Rich CockrellCG Capital
404-736-3838
[email protected]

or

Media Contact:
Jackie Dorsky
electroCore
908-313-6331
[email protected]

Release – Flotek and Resolute Oil Collaborate to Expand Green Chemistry

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Flotek and Resolute Oil Collaborate to Expand Green Chemistry

 

HOUSTON, July 27, 2021 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK), a leader in green specialty chemistries serving industrial, commercial and consumer markets, announced today it has entered into a long-term agreement with Resolute Oil, a leader in high-quality white mineral oil serving consumer and industrial customers, to leverage capabilities and facilities to drive growth in adjacent green chemistry markets. The agreement includes options to renew until 2036.

Through the agreement, Resolute Oil will fully utilize Flotek’s entire 15-acre campus, including its 38,000 square foot chemical blending facility, based in Waller, TX, to manufacture United States Pharmacopeia-National Formulary (USP-NF)-grade white mineral oil distributed globally to customers in the agricultural, energy, food & beverage, cosmetic, and personal care markets. Flotek’s facility is customized for the production of green chemistries and certified by the U.S. Food and Drug Administration (FDA) and Environmental Protection Agency (EPA), facilitating the production of food-grade chemistries.

With more than 164 patent assets, Flotek has leveraged its best-in-class research and innovation capabilities to become a global leader in sustainable chemistry technologies serving customers in consumer and industrial markets. The collaboration between Flotek and Resolute Oil will enable the companies to leverage their expertise and access adjacent market verticals for mutual benefit.

The Company also has significant blending capacity at its 90,000 sq ft. ISO 9001:2015-certified manufacturing facility in Marlow, OK. Flotek utilizes its manufacturing capabilities and capacity to blend products on behalf of suppliers in a contracted capacity.

About Flotek

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

About Resolute Oil

Resolute Oil is a global supplier of specialty hydrocarbon products to many markets, including agriculture, oil and gas, ink, cosmetics, and personal care. Our products include highly refined technical-, NF-, and USP-grade white mineral oils, base oils, low-aromatic solvents, and petrolatum. The team at Resolute Oil has decades of experience, and we take pride in providing industry-best customer service. Resolute Oil has worldwide storage, production, and packaging capabilities. Our MaxPar®, MaxPure®, MaxNap®, MaxSol®, and MaxSolv® brands are universally recognized for purity, performance, and consistency. Resolute Oil also works with customers to develop and blend application-specific formulations in our state-of-the-art labs. To learn more, visit resoluteoil.com.

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

Release – CoreCivic Announces 2021 Second Quarter Earnings Release and Conference Call Dates

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CoreCivic Announces 2021 Second Quarter Earnings Release and Conference Call Dates

 

BRENTWOOD, Tenn., July 27, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2021 second quarter financial results after the market closes on Monday, August 9, 2021.  

A live broadcast of CoreCivic’s conference call will begin at 10:00 a.m. central time (11:00 a.m. eastern time) on Tuesday, August 10, 2021, and will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. The live broadcast can also be accessed by dialing 800-353-6461 in the U.S. and Canada, including the confirmation passcode 7244786. An online replay of the call will be archived on our website promptly following the conference call. In addition, there will be a telephonic replay available beginning at 1:00 p.m. central time (2:00 p.m. eastern time) on August 10, 2021, through 1:00 p.m. central time (2:00 p.m. eastern time) on August 18, 2021. To access the telephonic replay, dial 888-203-1112 in the U.S. and Canada. International callers may dial +1 719-457-0820 and enter passcode 7244786.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:    Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024

Media: Steve Owen – Vice President, Communications – (615) 263-3107

Grindrod Shipping (GRIN) – Another Positive Move to Acquire JV Interest

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Tuesday, July 27, 2021

Grindrod Shipping (GRIN)
Another Positive Move to Acquire JV Interest

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Remaining IVS Bulk joint venture interest of 31.1% acquired for $46.3 million. We view this move as positive since it effectively expands the fleet by four (two Supras/Two Handys) and eliminates another joint venture interest. Pricing is based on May 13th appraisal and April 30th financials. Funding will be comprised of combo of IVS Bulk existing cash and a new credit line of $23 million to redeem IVS preferred and existing GRIN cash after IVS Bulk preferred redemption.

    Dry bulk market thesis intact.  Supply/demand fundamentals appear favorable and 1H2021 TCE rate performance has been better than expected. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and declining capital availability, while demand should rebound on the back of global stimulus packages and solid secular minor bulk trends. CEO Martyn Wade …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Euroseas Ltd. (ESEA) – Positive Impact of Another Oakland Rate Reset

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Tuesday, July 27, 2021

Euroseas Ltd. (ESEA)
Positive Impact of Another Oakland Rate Reset

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Another positive reset on the Oakland intermediate. Yesterday morning, the fleet employment table was updated on the web site to show that the TCE rate on the Oakland had moved up to $64.7k/day over the weekend versus the last reset of $38.0k/day in April. The reset is the last one under a charter that is based on 90 percent of the Contex index for 4,250 TEU vessels, which had moved up into the more than $70.0k/day range. Once the current charter ends in late October, the Oakland is likely to move onto a longer term charter.

    Tight supply and higher container rates are positives for upcoming charters.  According to Contex indices, rates have moved up by more than 40% over the past several weeks. Our current estimates assume that the feeders (Spetses/Diamantis/Corfu/Evridiki) will soon secure longer term work at charter rates in the $20.0k—$25.0k/day range …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.