What Users of Artificial Intelligence Language Need to Keep in Mind


Image Credit: Alex Knight (Pexels)


Google’s Powerful AI Spotlights a Human Cognitive Glitch: Mistaking Fluent Speech for Fluent Thought

When you read a sentence like this one, your past experience tells you that it’s written by a thinking, feeling human. And, in this case, there is indeed a human typing these words: [Hi, there!] But these days, some sentences that appear remarkably humanlike are actually generated by artificial intelligence systems trained on massive amounts of human text.

People are so accustomed to assuming that fluent language comes from a thinking, feeling human that evidence to the contrary can be difficult to wrap your head around. How are people likely to navigate this relatively uncharted territory? Because of a persistent tendency to associate fluent expression with fluent thought, it is natural – but potentially misleading – to think that if an AI model can express itself fluently, that means it thinks and feels just like humans do.

Thus, it is perhaps unsurprising that a former Google engineer recently claimed that Google’s AI system LaMDA has a sense of self because it can eloquently generate text about its purported feelings. This event and the subsequent media coverage led to a number of rightly skeptical articles and posts about the claim that computational models of human language are sentient, meaning capable of thinking and feeling and experiencing.

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Kyle Mahowald, Assistant Professor of Linguistics, The University of Texas at Austin College of Liberal Arts and Anna A. Ivanova, PhD Candidate in Brain and Cognitive Sciences, Massachusetts Institute of Technology (MIT)..

The question of what it would mean for an AI model to be sentient is complicated (see, for instance, our colleague’s take), and our goal here is not to settle it. But as language researchers, we can use our work in cognitive science and linguistics to explain why it is all too easy for humans to fall into the cognitive trap of thinking that an entity that can use language fluently is sentient, conscious or intelligent.

Using AI to Generate Humanlike Language

Text generated by models like Google’s LaMDA can be hard to distinguish from text written by humans. This impressive achievement is a result of a decades long program to build models that generate grammatical, meaningful language.


Image: The first computer system to engage people in dialogue was psychotherapy software called Eliza, built more than half a century ago. Rosenfeld Media (Flickr)

Early versions dating back to at least the 1950s, known as n-gram models, simply counted up occurrences of specific phrases and used them to guess what words were likely to occur in particular contexts. For instance, it’s easy to know that “peanut butter and jelly” is a more likely phrase than “peanut butter and pineapples.” If you have enough English text, you will see the phrase “peanut butter and jelly” again and again but might never see the phrase “peanut butter and pineapples.”

Today’s models, sets of data and rules that approximate human language, differ from these early attempts in several important ways. First, they are trained on essentially the entire internet. Second, they can learn relationships between words that are far apart, not just words that are neighbors. Third, they are tuned by a huge number of internal “knobs” – so many that it is hard for even the engineers who design them to understand why they generate one sequence of words rather than another.

The models’ task, however, remains the same as in the 1950s: determine which word is likely to come next. Today, they are so good at this task that almost all sentences they generate seem fluid and grammatical.

Peanut Butter and Pineapples?

We asked a large language model, GPT-3, to complete the sentence “Peanut butter and pineapples___”. It said: “Peanut butter and pineapples are a great combination. The sweet and savory flavors of peanut butter and pineapple complement each other perfectly.” If a person said this, one might infer that they had tried peanut butter and pineapple together, formed an opinion and shared it with the reader.

But how did GPT-3 come up with this paragraph? By generating a word that fit the context we provided. And then another one. And then another one. The model never saw, touched or tasted pineapples – it just processed all the texts on the internet that mention them. And yet reading this paragraph can lead the human mind – even that of a Google engineer – to imagine GPT-3 as an intelligent being that can reason about peanut butter and pineapple dishes.

The human brain is hardwired to infer intentions behind words. Every time you engage in conversation, your mind automatically constructs a mental model of your conversation partner. You then use the words they say to fill in the model with that person’s goals, feelings and beliefs.

The process of jumping from words to the mental model is seamless, getting triggered every time you receive a fully-fledged sentence. This cognitive process saves you a lot of time and effort in everyday life, greatly facilitating your social interactions.

However, in the case of AI systems, it misfires – building a mental model out of thin air.

A little more probing can reveal the severity of this misfire. Consider the following prompt: “Peanut butter and feathers taste great together because___”. GPT-3 continued: “Peanut butter and feathers taste great together because they both have a nutty flavor. Peanut butter is also smooth and creamy, which helps to offset the feather’s texture.”

The text in this case is as fluent as our example with pineapples, but this time the model is saying something decidedly less sensible. One begins to suspect that GPT-3 has never actually tried peanut butter and feathers.

Ascribing Intelligence to Machines, Denying it to Humans

A sad irony is that the same cognitive bias that makes people ascribe humanity to GPT-3 can cause them to treat actual humans in inhumane ways. Sociocultural linguistics – the study of language in its social and cultural context – shows that assuming an overly tight link between fluent expression and fluent thinking can lead to bias against people who speak differently.

For instance, people with a foreign accent are often perceived as less intelligent and are less likely to get the jobs they are qualified for. Similar biases exist against speakers of dialects that are not considered prestigious, such as Southern English in the U.S., against deaf people using sign languages and against people with speech impediments such as stuttering.

These biases are deeply harmful, often lead to racist and sexist assumptions, and have been shown again and again to be unfounded.

Fluent Language Alone Does Not Imply Humanity

Will AI ever become sentient? This question requires deep consideration, and indeed philosophers have pondered it for decades. What researchers have determined, however, is that you cannot simply trust a language model when it tells you how it feels. Words can be misleading, and it is all too easy to mistake fluent speech for fluent thought.


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Third Fed Mandate Would Increase Level of Monetary Policy Difficulty



Image: FOMC participants gather for a two-day meeting held on June 14-15, 2022. (Fed Reserve)


Will a Third Mandate be Added to the Fed’s Challenges?

The House of Representatives just passed a bill that would add to the Federal Reserve’s monetary policy mandates. Currently, the Fed’s dual mandate is to seek maximum employment and maintain stable prices. If H.R. 2543 passes the Senate, the Fed mandate would also include “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit.” 

With the current mandates, the central bank is thought to be able to act independently to achieve stable prices and maximum employment. However, the Federal Reserve is always accountable to Congress. As we saw in late June, The Fed Chair testifies and reports to Congress on how the Federal Reserve is managing policy. They can be quite critical at these hearings, and there is often significant disagreement about how the economy should be handled.

The House bill passed last week 215-207 with little media notice. But it deserves attention because it may add a new layer of difficulty in implementing monetary policy.

Among those in the House that voted the amendment down is Congresswoman Stephanie Murphy of Florida. In her statement, she wrote, “The Federal Reserve’s dual mandate for monetary policy is to pursue price stability and maximum employment. At a time when Americans are facing the highest rate of inflation in four decades, the Federal Reserve’s priority should be to combat inflation without causing undue harm to economic growth and employment. By giving the Fed a new mandate, the bill could divert the Fed from its main mission and therefore cause harm to the very people it seeks to help. Those who stand to benefit the most from successful Federal Reserve action—and to lose the most from unsuccessful Fed action—are working families, including communities of color, struggling to afford gas, groceries, and other necessities.”

Supporters of the effort look at the broader implications beyond monetary policy, “I was proud to support the Financial Services Committee’s legislation today and thank Chairwoman Waters for her leadership.  As we address inflation and work to bring costs down for American families and small businesses, Congress must ensure that Americans aren’t losing money as a result of discrimination in lending, ”  said House Majority Leader Steny Hoyer.

The White House, which does not always comment on legislation, has thrown its support behind the bill. “The Administration strongly supports efforts to promote equity for underserved communities and increase access to safe and affordable financial services, wealth, and economic opportunity for all

Americans.” Earlier this month the President met with the Fed Chairman Powell, promising not to interfere with Fed policy and leaving the Federal
reserve responsible
for Fed policy and outcomes. The rare meeting between a Fed Open Market Committee (FOMC) chairman and a sitting President seemed to highlight the autonomy under which the Fed works to achieve its mandates. Biden openly told Powell prior to the closed-door meeting that addressing inflation was his “top priority” and added that his plan “starts with a simple proposition: respect the Fed.”

If passed by the Senate and signed into law H.R. 2543, would raise some challenges for the Federal Reserve. An example of the challenges could be that by stimulating to promote employment,  asset prices rise, which makes them less affordable; by not stimulating, employment can be lackluster.

We can see how the Fed is in a box now. If they fight inflation, they could weaken an economy to the point of causing a recession. If they don’t, inflation may continue to be a problem. If a third mandate is introduced, they would find themselves even further constrained by competing priorities. The Bill is now moving to the Senate. Sign up for Channelchek emails to stay updated on this and other important market-related information.


Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.warren.senate.gov/imo/media/doc/Final%20Federal%20Reserve%20Racial%20and%20Economic%20Equity%20Act%20One%20Pager2.pdf

https://www.federalreserve.gov/aboutthefed/files/the-fed-explained.pdf

https://www.wsj.com/articles/a-woke-mandate-for-the-federal-reserve-racial-equity-congress-house-joe-biden-11655659047

https://www.federalreserve.gov/faqs/why-is-it-important-to-separate-federal-reserve-monetary-policy-decisions-from-political-influence.htm

https://murphy.house.gov/news/documentsingle.aspx?DocumentID=2032

https://www.whitehouse.gov/wp-content/uploads/2022/06/HR-2543SAP.docx.pdf

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Release – Seanergy Maritime Announces Approval of Listing on the Nasdaq Capital Market and Ex-Distribution Date of June 27, 2022 for Spin-Off of United Maritime Corporation


Seanergy Maritime Announces Approval of Listing on the Nasdaq Capital Market and Ex-Distribution Date of June 27, 2022 for Spin-Off of United Maritime Corporation June 27, 2022 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that the application of United Maritime Corporation (“United”) to list its common shares on the Nasdaq Capital Market has been approved. In addition, the registration statement on Form 20-F filed by United in connection with its spin-off from Seanergy has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”).

Through United, Seanergy intends to effect a spin-off of the Company’s oldest Capesize vessel, the M/V Gloriuship. United is expected to adopt a diversified business model, with investments across various maritime sectors.

Seanergy shareholders do not need to take any action to receive United shares to which they are entitled, and do not need to pay any consideration or surrender or exchange Seanergy common shares. Seanergy common shareholders will receive one United common share for every 118 Seanergy common shares held at the close of business on June 28, 2022, the record date for the distribution which coincides with the previously-announced record date for Seanergy’s cash dividend of $0.025 per share for the first quarter of 2022. The distribution of United common shares is expected to be made on or around July 5, 2022. United common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on the first trading day after the date of distribution, under the ticker “USEA”.

Nasdaq has established an ex-distribution date for the distribution of United common shares of June 27, 2022. Beginning on that date, Seanergy shares will trade without an entitlement by the purchaser of such shares to United common shares distributed in connection with the spin-off. A “when-issued” trading market in United common shares will not be established, and United common shares will not begin trading on a standalone basis until the trading day following the date of distribution.

Fractional common shares of United will not be distributed. Instead, the distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing rates promptly after United’s common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution.

United has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 with the SEC, which includes a more detailed description of the terms of the spin-off. A copy of the registration statement on Form 20-F is available at www.sec.gov.

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. Upon completion of the spin-off and the delivery of the previously announced vessel acquisition, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,020,012 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”.

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, including statements regarding the anticipated spin-off of United, includinecurities Exchange Act of 1934, as amended) concerning future events, including statements regarding the anticipated spin-off of United, including transaction timing and certainty, the planned record and distribution dates, our and United’s anticipated competitive positioning and positioning for future success following the spin-off, and our intention to acquire an additional Capesize vessel. 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 impact of regulatory requirements or other factors on the Company’s ability to consummate the proposed spin-off; 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 og transaction timing and certainty, the planned record and distribution dates, our and United’s anticipated competitive positioning and positioning for future success following the spin-off, and our intention to acquire an additional Capesize vessel. 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 impact of regulatory requirements or other factors on the Company’s ability to consummate the proposed spin-off; 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, including the consummation of the Capesize vessel identified for acquisition; business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; 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: ir@seanergy.gr Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1540 New York, NY 10169 Tel: (212) 661-7566 E-mail: seanergy@capitallink.com

Release – Maple Gold Announces Voting Results of Annual General and Special Meeting



Maple Gold Announces Voting Results of Annual General and Special Meeting

Research, News, and Market Data on Maple Gold Mines

Vancouver, British Columbia–(Newsfile Corp. – June 24, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF)
(FSE: M3G) 
(“Maple Gold” or the “Company“) is pleased to announce the voting results at its Annual General and Special Meeting of shareholders held on Friday, June 24, 2022 (the “Meeting“).

The Company’s shareholders voted in favour of all matters brought before the Meeting, at which a total of 157,067,753 common shares were represented in person or by proxy, representing 46.8% of the Company’s issued and outstanding common shares. All director nominees set out in the Management Information Circular dated May 16, 2022 were elected as directors to serve until the next meeting of shareholders of the Company. Details of voting are as follows:

Nominee

Votes For

% Votes For

Votes Withheld

% Votes Withheld

Michelle Roth

110,433,268

81.77%

24,624,291

18.23%

B. Matthew Hornor

120,380,290

89.13%

14,577,269

10.87%

Sean Charland

103,012,749

76.27%

32,044,810

23.73%

Dr. Gérald Riverin

110,252,342

81.62%

24,805,217

18.37%

Maurice A. Tagami

105,145,793

77.85%

29,911,767

22.15%

 

At the Meeting, the shareholders of the Company also approved:

  • The re-appointment of Deloitte LLP as the auditor of the Company for the ensuing year and authorized the directors to fix their remuneration; and
  • The Company’s Amended and Restated Equity Incentive Plan as described in the information circular dated May 16, 2022.

Details of votes on all matters of business considered at the Meeting are available in the Company’s report of voting results on SEDAR (www.sedar.com).

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.

The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit 
www.maplegoldmines.com.

ON BEHALF OF
MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For
Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: 
jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: 
kpatankar@maplegoldmines.com

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 PRESS RELEASE.

Forward
Looking Statements:

This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.comThe Company does not intend, and expressly
disclaims any intention or obligation to, update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except as required by law.


Release – Great Lakes Announces Participation in Noble Capital Markets C-Suite Interview Series



Great Lakes Announces Participation in Noble Capital Markets C-Suite Interview Series

Research, News, and Market Data on Great Lakes Dredge & Dock

HOUSTON, June 27, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ:GLDD), the largest provider of dredging services in the United States today announced their participation in Noble Capital Markets’ C-Suite Interview Series, presented by Channelchek.

Great Lakes’ President & CEO, Lasse Petterson, and SVP, US Offshore Wind, Eleni Beyko, sat down with Noble Capital Markets Senior Research Analyst, Joe Gomes, for this exclusive interview. Topics covered include:

  • An introduction to Great Lakes’ new offshore wind division; market size and opportunities.
  • Why is offshore wind such an exciting opportunity for the company?
  • Update on the rock installation vessel currently under construction.
  • The Jones Act – Impacts on competition in the dredging and wind divisions.
  • What is driving growth in the dredging market?
  • What are Great Lakes’ biggest challenges going forward?

The interview was recorded on June 16, 2022 and is available now on Channelchek.

About Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 132-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

About Noble Capital Markets
Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 37 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports. www.noblecapitalmarkets.com email: contact@noblecapitalmarkets.com

About Channelchek
Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC/FINRA registered broker-dealer since 1984. www.channelchek.com email: contact@channelchek.com

For
further information contact:

Tina
Baginskis

Director,
Investor Relations

630-574-3024


Release – Tonix Pharmaceuticals Announces Trial Design of New Phase 2 Clinical Study of TNX-1300 for Cocaine Intoxication


Tonix Pharmaceuticals Announces Trial Design of New Phase 2 Clinical Study of TNX-1300 for Cocaine Intoxication

New Trial Design is Single-Blind, Placebo-Controlled, Potential Pivotal Study, Pending FDA Agreement

Expected to Include Women Based on Reproductive Toxicology Studies, Pending FDA Agreement

Planning to Include Patients Who Have Received Naloxone to Increase Enrollment

CHATHAM, N.J., June 27, 2022 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced the design of a new Phase 2 clinical trial of TNX-1300 (T172R/G173Q double-mutant cocaine esterase 200 mg, i.v. solution) for the treatment of cocaine intoxication. This new protocol has the potential to serve as a pivotal trial. TNX-1300 is a recombinant enzyme that efficiently degrades and metabolizes cocaine in cocaine users, as demonstrated in a prior Phase 2a randomized, double-blind, placebo-controlled clinical study, providing support of the use of TNX-1300 as a treatment for cocaine intoxication.1 The Company plans to submit the new protocol to the U.S. Food and Drug Administration (FDA).

A positive Phase 2a study of volunteer cocaine users in a controlled laboratory setting has been previously completed. TNX-1300 has been granted Breakthrough Therapy designation by the FDA. As a biologic and new molecular entity, TNX-1300 is eligible for 12 years of U.S. market exclusivity upon approval by the FDA, in addition to expected patent protection through 2029.

“The design of the new Phase 2 trial has the potential to serve as a pivotal trial,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “There are approximately 505,000 emergency room visits annually involving cocaine use, with approximately 61,000 of the visits involving detox services to treat cocaine overdose. In 2020, about 19,447 overdose deaths involving cocaine occurred in the U.S.2 We believe that TNX-1300 has the potential to be a new treatment option for the substantial morbidity and mortality caused by cocaine intoxication.”

“The new study replaces the Phase 2 open-label trial with TNX-1300 for cocaine intoxication originally expected to start in the second quarter of 2022, which was designed to evaluate feasibility of enrollment,” said Gregory Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals. “We expect to be able to include women in this study, pending FDA agreement, since we have now completed the required reproductive toxicology studies in which no incidents of toxicity were observed. Additionally, we will now admit patients into the study who might have received naloxone due to the intoxication symptoms they are presenting. Based on our learnings from the feasibility study, excluding patients who had received naloxone at the time of intoxication was a hindrance to enrollment. Both of these changes in the new protocol should improve our ability to enroll appropriate patients in a more timely manner.”

Currently there is no specific pharmacotherapy indicated for cocaine intoxication, a state characterized by acute agitation, hyperthermia, tachycardia, arrhythmias and hypertension, with the potential life-threatening sequalae of myocardial infarction, cerebrovascular accident, rhabdomyolysis, respiratory failure and seizures. Patients are currently managed only by supportive care for the adverse effects of cocaine overdose on the cardiovascular and central nervous systems. By targeting the cause rather than the symptoms of cocaine intoxication, the Company believes TNX-1300 may offer significant advantages to the current standard of care for cocaine overdose.

The Phase 2 trial is a single-blind, open-label, placebo-controlled, randomized study comparing the safety of a single 200 mg dose of TNX-1300 to standard of care alone for the treatment of signs and symptoms of acute cocaine intoxication in approximately 60 emergency department patients presenting with cocaine intoxication. During the treatment period, subjects assigned to receive TNX-1300 will receive a single IV injection of TNX-1300 administered over 2 minutes or less; whereas subjects assigned to receive standard of care alone will receive a single IV saline injection over 2 minutes or less. Both groups will be observed according to the site’s emergency department protocol. For both study arms, signs and symptoms of cocaine intoxication will be assessed at pre-determined time points after treatment (30 minutes and then at 60, 90, 120, 180, and 240 minutes). After randomization, blood samples will be drawn at specific time points. The primary endpoint of the study is reduction of systolic blood pressure associated with acute cocaine intoxication identified at study baseline comparing TNX-1300 and standard of care after 60 minutes. A variety of secondary endpoints will be measured, including reduction of circulating cocaine, cocaethylene and ecgonine methyl ester levels after at multiple post-baseline timepoints. Safety assessments will consist of incidence and severity of treatment-emergent adverse events, adverse events of special interest, 12-lead ECGs, and vital signs.

About TNX-1300

TNX-1300 (T172R/G173Q double-mutant cocaine esterase 200 mg, i.v. solution) is being developed under an Investigational New Drug application (IND) for the treatment of cocaine intoxication.  TNX-1300 is a recombinant protein enzyme produced through rDNA technology in a non-disease-producing strain of E. coli bacteria.  Cocaine esterase (CocE) was identified in bacteria (Rhodococcus) that uses cocaine as its sole source of carbon and nitrogen and that grows in soil surrounding coca plants.3 The gene encoding CocE was identified and the protein was extensively characterized.3-6 CocE catalyzes the breakdown of cocaine into metabolite ecgonine methyl ester and benzoic acid.  Wild-type CocE is unstable at body temperature, so targeted mutations were introduced in the CocE gene and resulted in the T172R/G173Q double-mutant CocE, which is active for approximately 6 hours at body temperature7. In a Phase 2 study, TNX-1300, at 100 mg or 200 mg i.v. doses, was well tolerated and rapidly reduced cocaine effects after cocaine 50 mg i.v. challenge.1

About Cocaine Intoxication and Overdose

Cocaine is an illegal recreational drug which is taken for its pleasurable effects and associated euphoria. Pharmacologically, cocaine blocks the reuptake of the neurotransmitter dopamine from central nervous system synapses, resulting in the accumulation of dopamine within the synapse and an amplification of dopamine signaling and its role in creating positive feeling. With the continued use of cocaine, however, intense cocaine cravings occur resulting in a high potential for abuse and addiction (dependence), as well as the risk of cocaine intoxication. Cocaine intoxication refers to the deleterious effects on several body systems, especially those involving the cardiovascular system. Common symptoms of cocaine intoxication include tachyarrhythmias and elevated blood pressure, either of which can be life-threatening. As a result, individuals with known or suspected cocaine intoxication are sent immediately to the emergency department, preferably by ambulance in case cardiac arrest occurs during transit. There are approximately 505,000 emergency room visits for cocaine abuse each year in the U.S., of which 61,000 require detoxification services. According to the National Institute on Drug Abuse, in 2020 the number of overdose death involving cocaine reached 19,447 individuals.2 According to a recent report by the U.S. Centers for Disease Control and Prevention,7 among all 2019 U.S. drug overdose deaths, approximately nearly 1 in 5 involved cocaine. In 2019, Black Americans experienced the highest death rate for overdoses involving cocaine, at 10.7 per 100,000.8

References

1 Nasser AFFudala PJZheng BLiu YHeidbreder CA randomized, double-blind, placebo-controlled trial of RBP-8000 in cocaine abusers: pharmacokinetic profile of rbp-8000 and cocaine and effects of RBP-8000 on cocaine-induced physiological effects. J Addict Dis. 2014;33(4):289-302.

2 National Institute on Drug Abuse (NIDA) National Institute on Drug Abuse – https://www.drugabuse.gov/related-topics/trends-statistics/overdose-death-rates; accessed June 19, 2022

3 Bresler MMRosser SJBasran ABruce NCGene cloning and nucleotide sequencing and properties of a cocaine esterase from Rhodococcus sp. strain MB1. Appl Environ Microbiol. 2000. 66(3):904-8.

4 Larsen NATurner JMStevens JRosser SJBasran ALerner RABruce NCWilson IACrystal structure of a bacterial cocaine esterase. Nat Struct Biol. 2002. 9(1):17-21.

5 Turner JMLarsen NABasran ABarbas CF 3rdBruce NCWilson IALerner RABiochemical characterization and structural analysis of a highly proficient cocaine esterase. Biochemistry. 2002. 41(41):12297-307.

6 Gao DNarasimhan DLMacdonald JBrim RKo MCLandry DWWoods JHSunahara RKZhan CGThermostable variants of cocaine esterase for long-time protection against cocaine toxicity. Mol Pharmacol. 2009. 75(2):318-23.

7 https://www.cdc.gov/drugoverdose/deaths/other-drugs.html; accessed June 19, 2022

8 Kariisa M, Seth P, Scholl L, Wilson N, Davis NL. Drug overdose deaths involving cocaine and psychostimulants with abuse potential among racial and ethnic groups – United States, 2004-2019. Drug Alcohol Depend. 2021 Oct 1;227:109001doi: 10.1016/j.drugalcdep.2021.109001. Epub 2021 Aug 28. PMID: 34492555.

Tonix Pharmaceuticals Holding Corp. *

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022 and interim data expected in the first quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the third quarter of 2022. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication that is Phase 2 ready and has been granted Breakthrough Therapy Designation by the FDA. TNX-1900 (intranasal potentiated oxytocin), a small molecule in development for chronic migraine, is expected to enter the clinic with a Phase 2 study in the second half of 2022. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s infectious disease pipeline consists of a vaccine in development to prevent smallpox and monkeypox called TNX-801, next-generation vaccines to prevent COVID-19, and a platform to make fully human monoclonal antibodies to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-1850, which are live virus vaccines based on Tonix’s recombinant pox live virus vector vaccine platform.

*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2022, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Olipriya Das, Ph.D. (media)
Russo Partners
Olipriya.Das@russopartnersllc.com
(646) 942-5588

Peter Vozzo (investors)
Westwicke/ICR
peter.vozzo@westwicke.com
(443) 213-0505

Release – Aurania Completes Renewal of Select Concessions in Peru


Aurania Completes Renewal of Select Concessions in Peru

Toronto, Ontario, June 27, 2022 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that it has completed the process of renewing certain annual mineral concession applications in Peru.  The concessions selected are part of the blocks with higher geological potential, where the application process has been completed and most of the concessions granted.  Minor field work is contemplated for these concessions in the coming months as a precursor to generating the initial technical report to support further work and/or a possible corporate transaction.

In total, 130 concessions were renewed covering an area of 128,700 hectares. Thirty of these concessions did not require payment in 2022 and the total cost for the other 100 concessions was US$296,000. 

The Company did not renew a total of 145 concessions, most of which still remain in the Peruvian application process, thereby focusing its resources on those concessions that can be advanced and/or transacted upon with clear ownership confirmation.  Although the Company believes that many of these concessions remain prospective, management determined that the additional annual costs and the continuing uncertainty of when the remaining concessions would be granted, were not appropriate for a non-core asset.

The renewed concessions noted above, represent the majority of those that had been previously granted to the Company over the last two years (see press release dated May 22, 2020).  In January 2020, the Company had applied for 419 mineral concessions covering 413,200 Hectares (“Ha”) in northern Peru based on a potential opportunity for additional copper and gold exploration as a result of the possible extension of a mineral belt from Aurania’s project in Ecuador (see press release dated Jan 17, 2020). 

In connection with the renewal of the Peruvian concessions, Dr. Keith Barron (the “Lender”) completed a loan of C$1,000,000 to the Company.  The loan is unsecured, bears interest at 2% per annum and matures upon notice of twelve months and one day from the Lender.  Up to US$300,000 of the loan was allocated to making annual concession payments in Peru, the balance funding working capital and ongoing exploration activities.

Dr. Keith Barron is a related party of the Company by virtue of the fact that he is the Chairman, the President and Chief Executive Officer, a promoter and a principal shareholder of the Company, and as a result, each of the Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying upon an exemption from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the Related Party Transactions, in reliance on Sections 5.5(a) and 5.7(1) of MI 61-101, respectively, as the fair market value of the Related Party Transaction, collectively, does not exceed 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to the Loan more than 21 days before the expected closing of the Loan as required by MI 61-101, as the Company required the funds from closing on an expedited basis for sound business reasons.

The Loan and the Insider Participation were approved by the members of the board of directors of the Company who are independent for purposes of the Related Party Transactions, being all directors other than Dr. Barron. No special committee was established in connection with the Loan and the Insider Participation, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

Qualified Person
The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

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

Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

Aurania Resources Ltd.
36 Toronto St, Suite 1050
Toronto, ON, Canada, M5C 2C5

Phone: (416) 367-3200
Email: ir@aurania.com

Voyager Digital (VYGVF) – Alameda Surrenders 4.5 Million Shares

Monday, June 27, 2022

Voyager Digital (VYGVF)
Alameda Surrenders 4.5 Million Shares

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Share Surrender. Alameda Research Ventures reported the surrender of 4.5 million Voyager shares on Friday. The shares were surrendered to the Company for no consideration. Voyager subsequently cancelled the shares. The shares represented approximately 2.29% of the then issued and outstanding shares and had a nominal value of about $2.6 million (US $).

Insider Regulations? We believe the exchange occurred to get Alameda back below the 10% ownership level so that Alameda is no longer a reporting insider and is no longer a related party to Voyager. Alameda currently holds 18.2 million Voyager shares or about 9.49% of the outstanding. We can only guess as to why Alameda returned the shares rather than selling them, but guess Alameda did not want to put additional pressure on the stock seeing how it performed last week. Obviously as Almeda is no longer a reporting insider, Alameda has more flexibility if it wanted to dispose of additional Voyager shares.

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. 

CoreCivic, Inc. (CXW) – Facility Sale Validates Asset Valuation; Buying Back Stock

Monday, June 27, 2022

CoreCivic, Inc. (CXW)
Facility Sale Validates Asset Valuation; Buying Back Stock

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

McRae Sale. In an 8-K filing on Friday, CoreCivic disclosed the Company has entered into an agreement with the Georgia Building Authority for the sale of the 1,978 bed McRae Correctional Facility for a purchase price of $130 million, or approximately $66,000 per bed. The McRae facility is currently under contract to the Bureau of Prisons until November 30th.

Validation. In our valuation section we have provided a per-bed valuation matrix to highlight what we believed to be the undervaluation of CoreCivic on an asset basis. The proposed sale of the McRae facility validates how undervalued these assets are, in our opinion. Applying the $65,723 per bed value to CoreCivic’s owned Safety and Properties Segments beds and subtracting out net cash results in a equity value per share in excess of $29, more than double the current trading price. And we are not including any value for the Community Segment….

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. 

Release – BioSig Announces Pricing of Public Offering of Common Stock



BioSig Announces Pricing of Public Offering of Common Stock

News and Market Data on BioSig Technologies

Westport, CT, June 24, 2022 (GLOBE NEWSWIRE) — BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the “Company”) a medical technology company advancing electrophysiology workflow by delivering greater intracardiac signal fidelity through its proprietary signal processing platform, today announced pricing of its previously-announced best efforts underwritten public offering of up to 4,666,667 shares of its common stock, $0.001 par value per share, at a price to the public of $0.75 per share. The gross proceeds to BioSig from this offering are expected to be $3,500,000.25, before deducting the underwriting discount and other estimated offering expenses payable by BioSig. The offering is expected to close on June 28, 2022, subject to customary closing conditions.  

Laidlaw & Company (UK) Ltd. is acting as sole book-running manager for the offering.

BioSig intends to use the net proceeds from the offering for the continuation of commercialization activities related to the PURE EP™ System, including additional support for organizational development, to fund working capital, and for general corporate purposes and other capital expenditures.

A shelf registration statement on Form S-3 (Registration No. 333-251859) relating to the public offering of the shares of common stock described above was previously filed with the Securities and Exchange Commission (SEC) and declared effective on January 12, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the underwritten public offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement, when available, and accompanying prospectus relating to the offering may be obtained from Laidlaw & Company (UK) Ltd., 521 Fifth Ave., 12th Floor, New York, NY 10175, Attention: Syndicate Dept.; email: syndicate@laidlawltd.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

 

About BioSig
Technologies

BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals (www.biosig.com).

The Company’s first product, PURE EP(TM) System, is a novel signal processing and acquisition platform designed to extract advanced diagnostic and therapeutic data that enhances physician workflow and increases throughput. PURE EP(TM) was engineered to address the limitations of existing EP technologies by empowering physicians with superior signals and actionable insights.

 

Forward-looking
Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward- looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market conditions, the satisfaction of customary closing conditions relating to the public offering and the Company’s intended use of proceeds, (ii) the geographic, social and economic impact of COVID-19 on our ability to conduct our business and raise capital in the future when needed, (iii) our inability to manufacture our products and product candidates on a commercial scale on our own, or in collaboration with third parties; (iv) difficulties in obtaining financing on commercially reasonable terms; (v) changes in the size and nature of our competition; (vi) loss of one or more key executives or scientists; and (vii) difficulties in securing regulatory approval to market our products and product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.


Andrew Ballou

BioSig Technologies, Inc.

Vice President, Investor Relations

55 Greens Farms Road

Westport, CT 06880

aballou@biosigtech.com

203-409-5444, x133

 

Primary Logo

Source: BioSig Technologies, Inc.

Released June 24, 2022


Release – Alvopetro Announces 2022 Annual and Special Meeting Voting Results and Implementation of Omnibus Incentive Plan



Alvopetro Announces 2022 Annual and Special Meeting Voting Results and Implementation of Omnibus Incentive Plan

Research, News, and Market Data on Alvopetro Energy

Jun 23, 2022

CALGARY, AB, June 23, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces the results of voting at its annual and special meeting (the “Meeting”) held virtually on June 22, 2022, and the implementation of the Omnibus Incentive Plan.

Voting Results

Alvopetro held the Meeting virtually on June 22, 2022.  Alvopetro shareholders approved the following resolutions.

1.        Election of
Directors

Shareholders approved the election of six nominees as directors of Alvopetro to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with the number and percentage of common shares represented at the meeting voting by way of ballot in favour of and withheld from voting of the individual nominees as follows:

Nominee

Votes For

Percent

Withheld

Percent

Corey C. Ruttan

12,986,045

98.072 %

255,360

1.928 %

Firoz Talakshi

12,989,155

98.095 %

252,250

1.905 %

Geir Ytreland

12,989,155

98.095 %

252,250

1.905 %

John D. Wright

12,986,352

98.074 %

255,053

1.926 %

Kenneth R. McKinnon

12,986,402

98.074 %

255,003

1.926 %

Roderick L. Fraser

12,990,615

98.106 %

250,790

1.894 %

2.       Appointment of
Auditors

Shareholders approved the appointment of KPMG LLP, Chartered Professional Accountants, to serve as auditors of Alvopetro for the ensuing year at such remuneration as may be determined by the Company’s board of directors, with 99.980% of the common shares represented at the Meeting voting in favour of the resolution.

3.       Approval of Omnibus
Incentive Plan

Shareholders approved the Omnibus Incentive Plan, the new share-based compensation plan of the Company, with 98.513% of the common shares represented in the Meeting voting in favour of the resolution.

Implementation of Omnibus Incentive Plan

Pursuant to the resolution approved by shareholders at the Meeting, Alvopetro has now implemented the Omnibus Incentive Plan. The Omnibus Incentive Plan replaces the Corporation’s existing Option Plan and Incentive Share Plan (collectively, the “Predecessor Plans”). No further grants will be made under the Predecessor Plans. Alvopetro employees, consultants and directors are eligible to participate in and receive grants under the Omnibus Incentive Plan.

The Omnibus Incentive Plan is a “rolling” share-based compensation plan pursuant to which participants may be awarded options, Restricted Share Units (“RSUs”), Deferred Share Units (“DSUs”) and Performance Share Units (“PSUs”). Under the Omnibus Incentive Plan, an aggregate of 10% of the common shares of the Company outstanding may be reserved for issuance under the Omnibus Incentive Plan and any other security-based compensation plans of Alvopetro, including the Predecessor Plans.  There is a sublimit of 5% of the common shares outstanding being reserved for the issuance of RSUs, DSUs and PSUs under the Omnibus Incentive Plan.  

Based on the current shares outstanding, a maximum of 3,410,251 of common shares may be reserved for issuance under the Omnibus Plan with a maximum sublimit of 1,705,125 common shares reserved for issuance of RSUs, DSUs and PSUs. As of the date hereof, no awards have been granted under the Omnibus Incentive Plan.  Under the Predecessor Plans, 1,199,997 common shares are reserved for issuance pursuant to options already granted and outstanding pursuant to the Corporation’s Option Plan and 563,165 Shares are reserved for issuance pursuant to RSUs and DSUs already granted and outstanding pursuant to the Corporation’s Incentive Share Plan, resulting in a total of 1,763,162 common shares reserved for issuance under the Predecessor Plans, representing an aggregate 5.2% of the common shares outstanding. 

A full copy of the Omnibus Incentive Plan is included as Schedule B to our 2022 Management Information Circular which can be found on our website at 
https://alvopetro.com/Shareholder-Documents and on SEDAR at www.sedar.com.

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy

Instagram – https://www.instagram.com/alvopetro/

LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd

YouTube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a
leading independent upstream and midstream operator in 
Brazil. Our
strategy is to unlock the on-shore natural gas potential in the state of Bahia
in 
Brazil,
building off the development of our Caburé natural gas field and our strategic
midstream infrastructure.

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 news release.

www.alvopetro.comTSX-V: ALV, OTCQX: ALVOF

SOURCE Alvopetro Energy Ltd.


Release – Element79 Gold Announces $2MM Private Placement and Shares for Debt Conversion



Element79 Gold Announces $2MM Private Placement and Shares for Debt Conversion

News and Market Data on Element79 Gold

VANCOUVER, BC /
ACCESSWIRE / June 23, 2022 /
 Element79 Gold Corp. (CSE:ELEM)(OTC
PINK:ELMGF)(FSE:7YS) 
(“Element79 Gold”, or the “Company“) is pleased to announce today a non-brokered private placement (“Private
Placement
“) of up to 4,000,000 units of the Company (each, a “Unit“) at a price of CAD$0.50 per Unit for anticipated gross proceeds up to CAD$2,000,000.

 

Each Unit will be comprised of one common share of the Company (a “Share“) and one non-transferrable common share purchase warrant (a “Warrant“). Each warrant is exercisable into one common share at a price of CAD$1.00 per share for a period of twenty-four months from the date of issuance, subject to acceleration 
(10-day VWAP above CAD $1.20, 30 days to settle). All securities issued pursuant to the Private Placement are subject to a statutory hold period expiring 4 months and one day from the date of issuance. Element79 Gold intends to use the net proceeds of the Private Placement to further operations and exploration initiatives in Nevada, as well as the Peruvian portfolio the Company plans to acquire through Calipuy Resources Inc. (news release dated June 20, 2022, available here), to make property payments, and for general and administrative purposes. Finders fees and commission may be payable in connection with the Private Placement.

Element79 Gold CEO James Tworek commented on this recent announcement stating, “This is the first formal capital raise for the Company since our IPO and we are excited about all of the progress we have made in the past 10 months, and our prospects for growth with our Nevada and Peruvian portfolios. Completing this raise will provide us with the funds to move efforts forward with our Flagship Maverick Springs as well as drilling, exploration and planning with the Lucero and Machacala.”

The Company further announces that it has entered into Debt Settlement Agreements (the “Debt Agreements”) with certain arms-length creditors (the “Creditors”) for the settlement of a total of $304,569 debt in respective debts for professional and consulting services provided by the Creditors to the Company. In settlement and full satisfaction of the debt in the amount of $222,194 the Company will issue 435,674 common shares (the ‘Shares“) at a deemed price of $0.51 per Share. In settlement and full satisfaction of the debt in the amount of $42,375, the Company will issue 69,420 Shares at a deemed price of $0.60 per Share, in full satisfaction of $35,000 the Company will issue 64,815 shares at a deemed price of $0.54, and will settle $5,000 through the issuance of 10,000 Shares at a deemed price of $0.50 per Share. Total aggregate number of common shares to be issued pursuant to the Debt Agreements is 579,908.

The issuance of the Shares to the Creditors is subject to the approval of the Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.

Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: 
jt@element79gold.com

For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: 
investors@element79gold.com

About Element79 Gold

Element79 Gold is a mining company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project (“Maverick Springs”) between the Elko and White Pine Counties in Nevada, USA and recently completed an 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The acquisition of Maverick Springs also included a portfolio of 15 properties along the Battle Mountain trend in Nevada and is completing analysis on these properties for further merit of exploration, along with the potential for sale or spin-out. The Company has recently entered into a definitive agreement to acquire two previously-producing high-grade Au-Ag mines in Peru. The Company’s management, exploration and operations teams have completed their due diligence trip to Peru to review these assets and establish its in-country Operations team. In British Columbia, the Company has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

Cautionary Note
Regarding Forward Looking Statements

This press contains “forward?looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward?looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Private Placement, the closing thereof, and the proposed use of proceeds of the Private Placement; the closing of the acquisition of the Peruvian properties; the Company’s plans for exploration and development of its mineral properties; the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward?looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: that the parties may not be able to complete the Private Placement as expected or at all, that that the proceeds of the Private Placement may not be spent as stated herein; that the acquisition of the Peruvian properties may not be completed, at all or on the terms announced; risks related to doing business in foreign jurisdictions; the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company’s other public disclosure documents, available on www.sedar.com. Although the Company 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. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

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

SOURCE: Element79 Gold Corp.


Will Consumers Finally Adjust Spending Down?


Image Credit: Frankieleon (Flickr)


US Household Saving Rate Vanishes, Credit Card Debt Soars

The United States consumption figure seems robust. A 0.9 percent rise in personal spending in April looks good on paper, especially considering the challenges that the economy faces. This apparently strong figure is supporting an average consensus estimate for the second-quarter gross domestic product (GDP) of 3 percent, according to Blue Chip Financial Forecasts.

However, the Atlanta Fed GDP nowcast for the second quarter stands at a very low 1.9 percent. If this is confirmed, the United States economy may have delivered no growth in the first half of 2022 after the decline in the first quarter, narrowly avoiding a technical recession.

The evidence of the slowdown is not just from temporary and external factors. Consumer and business confidence indicators present a less favorable environment than the expectations of an optimistic market consensus. According to the Focus Economics aggregate of estimates, the United States economy should grow a healthy 3.6 percent in 2022, helped by very strong third and fourth quarters, at 4.9 percent and 5.5 percent growth, respectively. The main driver of this surprisingly resilient trend is the unstoppable consumption estimates. However, there are important clouds on the horizon for the American consumer.

About the Author:

Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books Freedom or Equality (2020), Escape from the Central Bank Trap (2017), The Energy
World Is Flat
 (2015), and 
Life in the Financial Markets (2014). Daniel is
also
a professor of global economy at IE Business School in Madrid.

We cannot forget that consumer figures have been relatively solid, but at the same time, there has been a collapse in saving, with the personal saving rate falling from 8.7 percent in December to a fourteen-year low of only 4.4 percent in April.

The United States personal saving rate is now 3.3 percent below its prepandemic level, and in early May, the University of Michigan consumer confidence index fell from 65.2 to an eleven-year low of 59.1, deep into recessionary risk territory.

The plummeting saving rate is deeply concerning. It proves that consumers are suffering from elevated inflation as real wages remain in negative territory. From April 2021 to April 2022, seasonally adjusted real average hourly earnings decreased 2.3 percent, according to the Bureau of Labor Statistics.

Put these two figures together—real average earnings down 2.3 percent and the household saving rate almost halved. Families are struggling, wages are dissolved by inflation and savings are being wiped out. Consumer credit card debt is almost at all-time highs. Balances rose to $841 billion in the first three months of 2022, according to data from the Federal Reserve Bank of New York.

We cannot forget that consumer figures have been relatively solid, but at the same time, there has been a collapse in saving, with the personal saving rate falling from 8.7 percent in December to a fourteen-year low of only 4.4 percent in April.

The United States personal saving rate is now 3.3 percent below its prepandemic level, and in early May, the University of Michigan consumer confidence index fell from 65.2 to an eleven-year low of 59.1, deep into recessionary risk territory.

The plummeting saving rate is deeply concerning. It proves that consumers are suffering from elevated inflation as real wages remain in negative territory. From April 2021 to April 2022, seasonally adjusted real average hourly earnings decreased 2.3 percent, according to the Bureau of Labor Statistics.

Put these two figures together—real average earnings down 2.3 percent and the household saving rate almost halved. Families are struggling, wages are dissolved by inflation and savings are being wiped out. Consumer credit card debt is almost at all-time highs. Balances rose to $841 billion in the first three months of 2022, according to data from the Federal Reserve Bank of New York.


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