Search Blog
Categories
May 2020
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031

Tags

INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against iQIYI, Inc.

Corporate Logo

Los Angeles, California–(Newsfile Corp. – April 8, 2020) – The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or “the Company”) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. iQIYI is the subject of a report by Wolfpack Research released on April 7, 2020. According to the report, “IQ was committing fraud well before its IPO in 2018 and has continued to do so ever since.” Wolfpack Research alleges that the Company inflated its 2019 revenue figure by 27% to 44% and overstating its user numbers by 42% to 60%. Based on this report, shares of iQIYI fell sharply in intraday trading on April 8, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.

310-301-3335

info@schallfirm.com

www.schallfirm.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54308

2-DAY DEADLINE ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Spirit AeroSystems Holdings, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

Corporate Logo

Los Angeles, California–(Newsfile Corp. – April 8, 2020) – The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit AeroSystems” or “the Company”) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between October 31, 2019 and February 27, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before April 10, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Spirit AeroSystems failed to maintain effective internal controls on financial reporting. The Company also failed to comply with its existing accounting rules and principles on potential contingent liabilities. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Spirit AeroSystems, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

Cell: 424-303-1964

info@schallfirm.com

SOURCE:

The Schall Law Firm

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54306

MONDAY DEADLINE ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Six Flags Entertainment Corporation and Encourages Investors with Losses in Excess of $500,000 to Contact the Firm

Corporate Logo

Los Angeles, California–(Newsfile Corp. – April 8, 2020) – The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Six Flags Entertainment Corporation (NYSE: SIX) (“Six Flags” or “the Company”) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between April 25, 2018 and January 9, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before April 13, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Six Flags suffered from park development delays in China with partner Riverside. The delays were not “short-term” by any reasonable definition, in fact, the delays were both long-term and material in nature. Riverside was in a state of severe financial distress and did not have the resources necessary to complete its projects with the Company. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Six Flags, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

Cell: 424-303-1964

info@schallfirm.com

SOURCE:

The Schall Law Firm

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54307

SEC Provides Temporary, Conditional Relief for Business Development Companies Making Investments in Small and Medium-sized Businesses

Washington, D.C.–(Newsfile Corp. – April 8, 2020) – The Securities and Exchange Commission today announced that it is providing temporary, conditional exemptive relief for business development companies (BDCs) to enable them to make additional investments in small and medium-sized businesses, including those with operations affected by COVID-19. BDCs were created to provide capital to smaller domestic operating companies that otherwise may not be able to readily access the capital markets. Today’s relief will provide additional flexibility for BDCs to issue and sell senior securities in order to provide capital to such companies, and to participate in investments in these companies alongside certain private funds that are affiliated with the BDC. Today’s relief is subject to investor protection conditions, including specific requirements for obtaining an independent evaluation of the issuances’ terms and approval by a majority of a BDC’s independent board members.

“Many small and medium-sized businesses across the country are struggling due to the effect of COVID-19, and today’s temporary, targeted action will enable BDCs to provide their businesses with additional financial support during these times,” said Chairman Jay Clayton. “The method for calculating the level of permitted financing and the other important conditions included in the order are designed to ensure that this temporary relief will both protect and benefit investors in the BDCs.”

Today’s relief is the latest in a series of steps the Commission has taken to assist financial market participants in addressing the impacts of the coronavirus. The Commission’s website provides additional information regarding its response. The Commission and its staff continue to assess impacts relating to the coronavirus on investors and market participants, and will consider additional relief from other regulatory requirements where necessary or appropriate. Firms and financial professionals affected by the coronavirus are encouraged to contact the staff with questions and concerns.

Division of Investment Management contact information:

For general questions or concerns related to impacts of the coronavirus on the operations or compliance of funds and advisers, please email IM-EmergencyRelief@sec.gov.

INVESTOR ACTION REMINDER: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Zoom Video Communications, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

Corporate Logo

Los Angeles, California–(Newsfile Corp. – April 8, 2020) – The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Zoom Video Communications, Inc. (NASDAQ: ZM) (“Zoom” or “the Company”) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between April 18, 2019 and April 6, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before June 8, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Zoom failed to maintain appropriate data privacy and security measures. The Company falsely claimed its service featured end-to-end encryption. The Company’s users suffered an increased risk of having their personal data accessed by third parties including Facebook. The Company’s userbase was likely to shrink as news of security flaws came to light. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Zoom, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

info@schallfirm.com

SOURCE:

The Schall Law Firm

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54296

South Korean IVD Company, SUGENTECH’s, COVID-19 IgM-IgG Rapid Test Listed on FDA

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7055/54277_ddbdced1943c090f_001.jpg

SUGENTECH’s COVID-19 IgM&IgG 5-10 minutes rapid test kit is listed on the U.S. FDA’s database and can be used in the U.S., as stated in Section IV.D of the FDA’s Policy for Diagnostic Tests for Coronavirus Disease-2019, and is planning to go further to seek EUA from U.S. FDA

Seoul, South Korea–(Newsfile Corp. – April 8, 2020) – ‘SGTi-flex COVID-19 IgM&IgG’ is an immunochromatographic test kit for the qualitative determination of COVID-19’s IgM and IgG antibodies in whole blood (finger prick or venous), serum or plasma. The kits are accurate and easy to use, and results can be observed with the naked eye within 5-10 minutes. It has already received CE-IVD certification and is approved for exports from South Korean MFDS, and it showed 94.4% accuracy in clinical trials, which has been done with 250 samples in Daegu, South Korea.

SGTi-flex COVID-19 IgM&IgG test kit

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7055/54277_ddbdced1943c090f_001full.jpg

‘SGTi-flex COVID-19 IgM&IgG’ is already being distributed in many countries in the EU and Asia, and in recent field tests in many renowned labs, including LMZ Dr. Risch Group in Switzerland, ‘SGTi-flex COVID-19 IgM&IgG’ has shown prominent performance in the neutralization test and been recognized even significant detection of early patient with IgM. SUGENTECH is planning to go further to seek EUA from the U.S. FDA.

Limits of RT-PCT for COVID-19

The real-time PCT (RT-PCR) test seeking the COVID-19 specific virus suffers from some inherent drawbacks such as 1) limitation of good sample patients (recent study tells that the upper respiratory sample has 30% sensitivity), 2) the need for specially trained technicians and equipped certified labs to run the test, and 3) high level of need in resources, e.g. cost and time.

Moreover, it has been reported that many COVID-19 virus-shedding patients are asymptomatic or have very few symptoms, and the period of virus shedding starts very early and stays so long, even when the virus titer is quite low.

‘SGTi-flex COVID-19 IgM&IgG’ is a serological (blood) rapid test.

‘SGTi-flex COVID-19 IgM&IgG’ detects the presence of COVID-19 specific lgM & lgG antibodies, which are specific proteins made within days after infection, even in patients that don’t have symptoms. The antibodies detected by this test indicate that a person had an immune response to COVID-19, whether symptoms developed from infection or the infection was asymptomatic. Antibody test results are important in detecting infections with few or no symptoms. It covers the entire course of infection and improves the overall diagnosis of COVID-19 in acute phases of illness.

It is very important to diagnose COVID-19 to defend against the expansion of COVID-19. ‘SGTi-flex COVID-19 IgM/IgG’ helps communities to identify infection and isolate people without symptoms but suspected to be infected by COVID-19.

About SUGENTECH

SUGENTECH is a South Korean IVD company and is listed on the Korean Stock Exchange (KOSDAQ: 253840). For more information, please visit: http://sugentech.com or contact info@sugentech.com.

MEDIA CONTACT:
Jongyoon Park, CFO/Managing Director
jypark@sugentech.com

Related Files

SGTi-flex COVID-19 IgM & IgG test_Clinical Evaluation.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54277

Benchmark Botanics Announces Appointment of CFO

Corporate Logo

Vancouver, British Columbia–(Newsfile Corp. – April 8, 2020) – Benchmark Botanics, Inc. (CSE: BBT) (“Benchmark” or the “Company”), is pleased to announce that it has appointed Paul Haber, CPA, CA, C. Dir as it’s new Chief Financial Officer.

Mr. Haber comes to Benchmark with a wealth of public company expertise having helped many companies successfully navigate the capital markets to achieve their expansion and growth plans.

William Ying, Chief Executive Officer said, “We are pleased to welcome Paul aboard. We have many exciting initiatives that we look forward to working with him on and believe all of our stakeholders will be interested to learn more about these as we execute on these plans over the coming year.”

About Benchmark

Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada. The Company’s business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia, where it is legal to do so.

Benchmark is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint.

Benchmark’s 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company’s Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.

As part of its expansion strategy the company with a partner completed a second facility, a 4-acre Greenhouse Operation in Pitt Meadows, BC. The Company through its wholly owned subsidiary and licensed producer Potanicals Green Growers Inc., has received its second cultivation license, effective November 29, 2019, from Health Canada for the Pitt Meadow greenhouse.

Benchmark Botanics has also acquired 51% of a company that holds a cannabis research and development licence issued from Health Canada under The Cannabis Act and its regulations.

For further information, please visit the Company’s website at www.benchmarkbotanics.com or the Company’s profile at www.sedar.com.

If you would like to be added to Benchmark’s news distribution list, please sign up at this link https://benchmarkbotanics.com/signup/ Investor Relations info@bbtinc.ca

ON BEHALF OF THE BOARD OF

BENCHMARK BOTANICS INC.

“William Ying”
William Ying
Chief Executive Officer
Tel: 604-238-0005

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

Forward-Looking Statements

This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Except as required by law, the Company does not intend to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54301

In Response to Self-Executing Congressional Mandates, SEC Adopts Offering Reforms for Business Development Companies and Registered Closed-End Funds

Washington, D.C.–(Newsfile Corp. – April 8, 2020) – The Securities and Exchange Commission today voted to adopt rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act relating to business development companies and other closed-end funds.

Business development companies—or BDCs—are a type of closed-end fund established by statute that primarily invest in small and developing companies. As directed by Congress, the rules will allow business development companies and other closed-end funds to use the securities offering rules that are already available to operating companies. The amendments are designed to streamline the registration, offering and investor communications processes for BDCs and registered closed-end funds and will provide important benefits to market participants and investors, including advancing capital formation and modernizing and streamlining disclosures. The Commission’s reforms will allow eligible funds to engage in a streamlined registration process that has long been available to operating companies, including modernized communications and prospectus delivery procedures and requirements. As a result, they will be better able to respond to market opportunities.

“The amendments we are adopting will modernize the offering process for eligible funds in a way that, as borne out by our experience with operating companies, will benefit both investors in these funds and the companies in which they invest,” said SEC Chairman Jay Clayton. “This is another example of our staff’s laudable efforts to modernize our rules in a manner that furthers all aspects of our mission. It is my hope, particularly when many of our small and medium sized businesses are facing profound challenges not of their own making, that these and other modernization efforts will provide those businesses more efficient access to financing.”

The reforms include changes that supplement the specific amendments mandated by Congress. These changes are designed to better align the modern immediately-effective or automatically effective offering process long available to other types of funds with the structures of the newly eligible funds. They also include disclosure requirements and new structured data requirements that will make it easier for investors and others to analyze fund data.

Most of the amendments will become effective on Aug. 1, 2020.

###

FACT SHEET

Securities Offering Reform for BDCs and Closed-End Investment Companies

April 8, 2020

Action

The Commission is adopting rule and form amendments to allow business development companies (“BDCs”) and registered closed-end funds (collectively, “affected funds”) to use the registration, offering, and communications rules that are already available to operating companies. In 2018, Congress passed two laws directing the Commission to adopt many of these changes. The reforms also include other amendments designed to help implement the congressionally-mandated amendments by further harmonizing the disclosure and regulatory framework for these funds with that of operating companies.

These amendments are designed to reduce regulatory costs and facilitate capital formation, particularly for small and mid-sized businesses, while modernizing disclosures to streamline the way in which funds provide valuable information to investors.

Background

In 1980, Congress established BDCs for the purpose of making capital more readily available to small, developing and financially-troubled companies that do not have ready access to the public capital markets or other forms of conventional financing. In 2018, Congress directed the Commission, through the Small Business Credit Availability Act (the “BDC Act”) and the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Registered CEF Act”), to adopt rules that allow BDCs and other closed-end investment companies to use the securities offering rules that are already available to operating companies.

Highlights

Shelf Offering Process and New Short-Form Registration Statement

Eligible affected funds will be able to engage in a streamlined registration process to sell securities “off the shelf” more quickly and efficiently in response to market opportunities through the use of a new short-form registration statement. Like operating companies, affected funds will generally be eligible to use the short-form registration statement if they meet certain filing and reporting history requirements and have a public float of $75 million or more. These amendments are designed to allow affected funds to raise capital more efficiently and cost-effectively and provide affected funds with greater flexibility to manage the timing of their offerings in response to market opportunities.

Ability to Qualify for Well-Known Seasoned Issuer (WKSI) Status

Eligible affected funds will be able to qualify as WKSIs and benefit from the same processes available to operating companies that qualify as WKSIs. These include a more flexible registration process and greater latitude to communicate with the market. Like operating companies, affected funds will qualify as WKSIs if they meet certain filing and reporting history requirements and have a public float of $700 million or more. Allowing eligible affected funds to qualify for WKSI status will provide flexibility to those funds, including an ability to promptly tap favorable conditions in the public market, and may facilitate both capital formation and a reduction in the cost of capital for these funds.

Immediate or Automatic Effectiveness of Certain Filings

The amendments will expand the scope of rule 486 under the Securities Act of 1933 to registered closed-end funds or BDCs that conduct continuous offerings of securities, as defined under Commission rules. The amendments will permit these funds to make certain changes to their registration statements on an immediately-effective basis or on an automatically effective basis a set period of time after filing. Rule 486 currently applies only to closed-end funds that operate as “interval funds,” and these amendments will provide parity for other non-listed closed-end funds.

Communications and Prospectus Delivery Reforms

Affected funds will be able to use many of the communication rules currently available to operating companies, including the use of a “free writing prospectus,” certain factual business information, forward-looking statements, and certain broker-dealer research reports. Like operating companies, affected funds will be able to satisfy their final prospectus delivery obligations by filing their prospectuses with the Commission.

These amendments are designed to reduce regulatory costs while providing more timely information to investors.

New Method for Interval Funds and Certain Exchange-Traded Products to Pay Registration Fees

Instead of registering a specific amount of shares and paying registration fees at the time of filing, under the amendments, closed-end funds that operate as “interval funds” will register an indefinite number of shares and pay registration fees based on net issuance of shares. This approach is similar to that permitted for mutual funds and exchange-traded funds. The amendments also will allow continuously offered exchange-traded products that are not registered under the Investment Company Act to use a similar approach.

Periodic Reporting Requirements

To support the short-form registration statement framework, affected funds filing a short-form registration statement will be required to include certain key prospectus disclosure in their annual reports. In addition, affected funds filing a short-form registration statement will be required to disclose material unresolved staff comments. Registered closed-end funds also will be required to provide management’s discussion of fund performance (or MDFP) in their annual reports, similar to requirements that currently apply to mutual funds, exchange-traded funds, and BDCs.

Incorporation by Reference Changes

The registration form for affected funds currently requires a fund to provide new purchasers with a copy of all previously-filed materials that are incorporated by reference into the registration statement. The amendments will eliminate this requirement and instead require affected funds to make incorporated materials readily available on a website.

Structured Data Requirements

Affected funds will be required to tag certain registration statement information, similar to current tagging requirements for mutual funds and exchange-traded funds. BDCs also will be required to submit financial statement information, as operating companies currently do. Funds that file Form 24F-2 in connection with paying their registration fees, including mutual funds and exchange-traded funds (as well as interval funds under today’s amendments), will be required to submit the form in XML format.

What’s Next?

The rule and form amendments will become effective on Aug. 1, 2020, with the exception of the amendments related to registration fee payments by interval funds and certain exchange-traded products, which will become effective on Aug. 1, 2021.

In addition, the Commission is adopting compliance dates for certain requirements under the amendments to provide a transition period after the effective date of the final rule:

  • The requirement for registered closed-end funds to provide MDFP in their annual reports to shareholders will have a compliance date of Aug. 1, 2021.
  • Inline XBRL structured data reporting requirements for financial statement, registration statement information, and prospectus information will have a compliance date of Aug. 1, 2022 for affected funds that are eligible to file a short-form registration statement. For all other affected funds subject to these structured data reporting requirements, the compliance date is Feb. 1, 2023.
  • The requirement that Form 24F-2 filers (including existing filers) file reports on Form 24F-2 in an XML structured data format will have a compliance date of Feb. 1, 2022.

Airborne Magnetic Survey Identifies Multiple Target Structures on Rock Creek Project – Elko, County, Nevada

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7042/54283_09a4edc524a1081a_002.jpg

Calgary, Alberta–(Newsfile Corp. – April 8, 2020) – Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) (“Crestview” or “the Company”) is pleased to announce it has acquired a geophysical use licence with Edcon-PRJ, Inc. of Lakewood, Colorado for aeromagnetic data. The subject data consists of high-quality data collected by Edcon-PRJ, Inc. over a 155 square kilometre area centered on the Rock Creek property, which covers 1525 acres (617 Ha).

  • 155 square kilometer airborne magnetic survey centered on the Rock Creek project area.
  • Evaluation of the survey has identified multiple north-south structures on the property worthy of ground follow-up.
  • Near term plans are to focus additional geochemical sampling and geological mapping to better delineate these north-south structures and determine their gold bearing potential. Additional geophysical tools are also being considered to help map vein locations and areas of sedimentary rock hosted alteration/gold mineralization at depth.

See the following hyperlink to view our news release video
Figure 1: Crestview Exploration Inc. Rock Creek Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7042/54283_09a4edc524a1081a_002full.jpg

The company engaged the services of Frank P. Fritz of Fritz Geophysics to complete an interpretation of the data. The company supplied current geological mapping, related data and reviewed what is known about the project area and the location of current exploration targets to aid in the interpretation.

The interpretation indicates the area is dominated by north-south structures throughout the project. In addition, locally, the many volcanic flows and volcanic ashfalls appear to have a north-northeast trend, which is consistent with the company’s mapping data.

Interpretation of the magnetic data reinforces the two northerly structures that contain mineralized veins and breccias geologically mapped on the claims. The company hypothesizes additional mineralized vein and vein breccias could be found along these other north-south structures on the property as interpreted from the geophysics. An important target has also been identified where one of the interpreted northerly structures cuts across the west edge of a large volcanic dome interpreted to lie in the east-central part of the claims. The area where this particular structure intersects the flank of the interpreted volcanic dome is also occupied by a strong northerly trending magnetic high which may reflect deeper mineralized sources. Structures along the flanks of volcanic domes are favourable for localizing precious metal mineralization.

Further, an interpreted north-south trending granitic dike extends from a large interpreted granitic body located just south of the claim block, northerly to the south edge of the interpreted dome described above. This large dike appears to occupy one of the more prominent interpreted north-south structures further confirming the veracity of the structural preparation. In other locations near and within the project area, these types of dikes can be mineralized.

The company considers these above described north-south trending structures and dikes, along with the strong magnetic high on the flank of the dome as priority targets and is currently evaluating methods to further explore them prior to drilling.

Figure 2: Rock Creek Property Crestview Exploration Inc.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7042/54283_09a4edc524a1081a_003full.jpg

North-south structures play a significant role on the Carlin Trend as many of the deposits on the trend lie along a north-south structural corridor which begins in the Bootstrap-Capstone deposit area and extends to the Ren deposit. This same or closely related structural zone likely extends north from Ren north through the Falcon mine, which is located about four miles south of the project.

M. J. Abrams, Crestview’s vice-president exploration commented “The project lies in the southwest part of the Red Cow aka Big Cottonwood Canyon caldera within an area of closely spaced or nested Eocene age calderas; and has a complex volcanic and intrusive geological history. More work is planned to fully understand the geology and its relationship to the mineralization on the property. The complexity of the geology bodes well for the exploration potential on the project in that each of the geological events could have positively impacted the amount of mineralization introduced to the property.”

This News Release was prepared by M.J. Abrams; BS and MS Geology, CPG #11451; Idaho PG #570. M.J. Abrams is a Qualified Person as defined by NI 43-101 and has reviewed the scientific and technical disclosure included in this news release.

About Crestview Exploration Inc:
The Rock Creek Project is a volcanic and sediment-hosted, epithermal precious metal property, which is adjacent to mines with historical production, situated in the Tuscarora Mountains of northern Elko County, Nevada. Together the property comprises 74 unpatented lode mining claims. The Tuscarora Mountains host the northern end of Carlin-trend mineralization, a cluster of major, large gold deposits.

For further information please contact:
Glen Watson, Chief Executive Officer
Tel: 1-604-803-5229
Email: Glen@crestviewexploration.com
www.crestviewexploration.com

Forward-Looking Information
This news release includes certain information that may be deemed “forward-looking information” under applicable securities laws. All statements in this release, other than statements of historical facts, that address acquisition of the Property and future work thereon, mineral resource and reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedar.com. The Company 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54283

Platinum Group Metals Ltd. Reports Second Quarter Results

Corporate Logo

Vancouver, British Columbia and Johannesburg, South Africa–(Newsfile Corp. – April 8, 2020) – Platinum Group Metals Ltd. (TSX: PTM); (NYSE American: PLG) (“Platinum Group” “PTM” or the “Company“) reports the Company’s financial results for the six months ended February 29, 2020 and provides a summary of recent events and outlook.

An implementation budget and work program are now underway advancing the Company’s palladium dominant Waterberg project, located on the North Limb of the Bushveld Complex in South Africa (the “Waterberg Project“). The budget and program are 100% funded by Impala Platinum Holdings Ltd. (“Implats“) and are managed by Waterberg JV Resources (Pty) Limited (“Waterberg JV Co.“) representing the joint venture owners, being Platinum Group, Implats, Japan Oil, Gas and Metals National Corporation (“JOGMEC“), Hanwa Co. Ltd. and Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo“). The Waterberg Project is advancing while abiding by government health restrictions.

For details of the condensed consolidated interim financial statements for the six months ended February 29, 2020 (the “Financial Statements“) and Management’s Discussion and Analysis for the six months ended February 29, 2020, please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company’s website at www.platinumgroupmetals.net. Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request.

All amounts herein are reported in United States dollars unless otherwise specified. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings or results reported.

Recent Events

On March 31, 2020 the termination date of Implats’ Purchase and Development Option (the “Purchase and Development Option“) was amended, by formal agreement, from the original date of April 17, 2020 to 90 calendar days following receipt of an executed Mining Right for the Waterberg Project. In consideration, Implats is funding 100% of a new implementation budget and work program (the “Work Program“). The Work Program, to cost approximately Rand 55 million, is aimed at increasing confidence in specific areas of the Waterberg DFS while awaiting the grant of a Mining Right and Environmental Authorization. Under the Purchase and Development Option Implats may elect to increase its stake in Waterberg JV Co. from 15% to 50.01% by purchasing an additional 12.195% equity interest from JOGMEC for $34.8 million and earning a further 22.815% interest by making a firm commitment to an expenditure of $130.0 million in development work. Implats made a strategic investment of $30.0 million in November 2017 to purchase a 15% stake in the project.

On December 19, 2019 the Company closed a non-brokered private placement of 3,225,807 common shares at price of $1.24 each for gross proceeds of $4.0 million. Hosken Consolidated Investments Limited (“HCI“), an existing major shareholder of the Company, subscribed for 1,612,931 common shares through Deepkloof Limited (“Deepkloof“), a wholly owned subsidiary of HCI, increasing HCI’s effective ownership percentage in the Company to approximately 31.67%.

On September 24, 2019 the Company published the results of an independent Definitive Feasibility Study for the Waterberg Project (the “Waterberg DFS“). Later, on December 5, 2019, the shareholders of Waterberg JV Co. formally approved the Waterberg DFS. The Waterberg DFS concludes that the Waterberg Project will be one of the largest and potentially lowest cash cost underground PGM mines globally. The associated technical report entitled “Independent Technical Report, Waterberg Project Definitive Feasibility Study and Mineral Resource Update, Bushveld Complex, South Africa” dated October 4, 2019 was filed on SEDAR on October 7, 2019. Key findings of the Waterberg DFS include:

  • The Waterberg DFS projects a fully mechanised, shallow, decline access palladium, platinum, gold and rhodium (“4E“) mine at an annual steady state production rate of 420,000 4E ounces and a 45 year mine life on current reserves. Peak project funding is estimated at $617 million.
  • After-tax Net Present Value (“NPV“) of $982 million, at an 8% real discount rate, using spot metal prices as at September 4, 2019 (Incl. $1,546 Pd/oz) (“Spot Prices“).
  • After-tax NPV of $333 million, at an 8% real discount rate, using three-year trailing average metal prices up until September 4, 2019 (Incl. $1,055 Pd/oz) (“Three Year Trailing Prices“).
  • After-tax Internal Rate of Return (“IRR“) of 20.7% at Spot Prices and 13.3% at Three Year Trailing Prices.
  • On site life of mine average cash cost (inclusive of by-product credits and smelter discounts) for the spot price scenario equates to $640 per 4E ounce.
  • Updated measured and indicated mineral resources1 of 242.4 million tonnes at 3.38g/t 4E for 26.4 million 4E ounces (using 2.5 g/t 4E cut-off) and the deposit remains open on strike to the north and below a depth cut-off of 1,250-meters.
  • Proven and probable mineral reserves2 of 187.5 million tonnes at 3.24 g/t 4E for 19.5 million 4E ounces (using 2.5 g/t 4E cut-off), a significant increase from the Waterberg Project’s 2016 Pre-Feasibility Study.

On August 21, 2019 the Company closed a public offering of securities on a bought deal basis in the United States of 8,326,957 common shares of the Company at a price of $1.25 per share for gross proceeds of approximately $10.41 million.

On August 21, 2019 the Company also completed or executed, as the case may be:

  • A new credit agreement with Sprott Private Resource Lending II (Collector), LP (“Sprott“) for a $20.0 million senior secured credit facility (the “2019 Sprott Facility“) maturing August 21, 2021, bearing interest at 11.00% per annum and which may be extended for a further year at the option of the Company.
  • A subscription by Deepkloof, on a private placement basis, for 6,940,000 common shares of the Company (“Common Shares“) at a price of $1.32 per share for aggregate gross proceeds $9,160,800.
  • A subscription by Liberty Metals & Mining, LLC (“LMM“), on a private placement basis, for 7,575,758 Common Shares at a price of $1.32 per share for aggregate gross proceeds of $10.0 million; and
  • A payout agreement with respect to the full settlement of a $43.0 million secured loan facility due to LMM.

On July 12, 2019, Platinum Group, together with an affiliate of Anglo American Platinum Limited (”Anglo”), launched a new venture through a jointly owned company, Lion Battery Technologies Inc. (”Lion”) to accelerate the development of next generation battery technology using platinum and palladium.

Results For The Six Months Ended February 29, 2020

The Company has taken significant steps to cut costs and reduce debt during the last year. During the six months ended February 29, 2020, the Company realized a net loss of $2.55 million (February 28, 2019 – net loss of $9.46 million). General and administrative expenses during the period were $1.91 million (February 28, 2019 – $2.91 million). Losses on foreign exchange were $0.36 million (February 29, 2019 – $0.56 million), primarily due to variance in the US Dollar to Canadian Dollar exchange rate. Stock based compensation expense, a non-cash item, totalled $0.74 million (February 28, 2019 – $0.16 million). Interest costs of $2.71 million were lower in the current period (February 28, 2019 – $4.98 million) due to lower debt levels. A gain on fair value of financial instruments of $3.06 million was recognized in the current period (February 28, 2019 – $2.43 million loss) due predominantly to a decrease in the value of unexercised US$1.70 common share purchase warrants that expired on November 22, 2019. Basic and diluted loss per share for the six months ended February 29, 2020 totalled $0.04 as compared to a loss of $0.32 per share for the six months ended February 28, 2019.

Accounts receivable at February 29, 2020 totalled $0.40 million (February 28, 2019 – $0.51 million) while accounts payable and accrued liabilities amounted to $0.94 million (February 28, 2019 – $4.02 million). Accounts receivable were comprised of mainly of amounts receivable for value added taxes repayable to the Company in South Africa. Accounts payable consisted primarily of engineering and professional fees and regular trade payables.

Total expenditures on the Waterberg Project, before partner reimbursements, for the six months ended February 29, 2020 were approximately $1.70 million (February 28, 2019 – $5.13 million). At period end, $37.41 million in accumulated net costs had been capitalized to the Waterberg Project. Total expenditures on the property since inception to February 29, 2020 are approximately $72 million.

For more information on mineral properties, see Note 3 of the Financial Statements.

Outlook

The Company’s key business objective is to advance the palladium dominant Waterberg Project to a development and construction decision. The Company achieved several of these key objectives during the past twelve months. The positive results of the recent Waterberg DFS provide a solid value assessment for the Waterberg Project in 2020. Engineering is proceeding on the Waterberg Project as planned.

The execution of the amended Purchase and Development Option on March 31, 2020 was a positive milestone as Implats approved 100% funding of a Rand 55 million Work Program for the Waterberg Project. Over the next few months, the Work Program will focus on project optimization, risk mitigation and housing considerations. The Work Program is currently being carried out remotely in compliance with South African stay at home orders aimed at halting the spread of the COVID-19 virus.

The Company will continue working towards its next major milestone of obtaining the Mining Right for the Waterberg Project. The expected grant of a Mining Right may be delayed from previous guidance as a result of the current South African stay at home order and possible future restrictions. Contact with government and regulatory agencies has continued to date.

Concentrate offtake negotiations with Implats are currently in process, along with other offtake possibilities being considered, subject to Implats’ right to match. The current spot metal basket price per 4E ounce for the Waterberg Project is approximately 18% above the spot 4E metal basket price in the Waterberg DFS.

The long term market outlook for strong palladium demand and the potential for continued palladium supply deficits indicates a bright future for the Waterberg Project. In the near term, the COVID-19 pandemic and related measures taken by governments have created uncertainty and adverse impacts.

The Company’s battery technology initiative through Lion with Anglo represents an exciting opportunity in the high-profile lithium battery research and innovation field. Recent work in the lab on Lion’s innovations has been very promising and in line with our technical objectives. The investment in Lion creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market which use palladium and platinum.

The Company will follow government health directives in the months ahead. The health and safety of employees is a priority. The company plans to drive ahead with its core business objectives while reducing costs where possible in this period of market uncertainty.

As well as the discussions within this press release, the reader is encouraged to also see the Company’s disclosure made under the heading “Risk Factors” in the Company’s 2019 annual Form 20-F, which was also filed as the Company’s AIF in Canada.

Qualified Person

R. Michael Jones, P.Eng., the Company’s President, Chief Executive Officer and a shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) and is responsible for preparing the scientific and technical information contained in this news release. He has verified the data by reviewing the detailed information of the geological and engineering staff and independent qualified person reports as well as visiting the Waterberg Project site regularly.

About Platinum Group Metals Ltd. and Waterberg Project

Platinum Group Metals Ltd. is the operator of the Waterberg Project, a large, low cost, bulk underground palladium and platinum deposit located in South Africa. The Waterberg Project was discovered by Platinum Group and is being jointly developed with Implats, JOGMEC, Mnombo and Hanwa Co. Ltd.

The Company is also invested with Anglo in a promising battery technology that uses platinum and palladium through a private battery technology company, Lion.

Platinum Group has implemented a work from home policy for both the South Africa and Canadian offices, inline with government directives. The Company is continuing with operations utilizing the Company’s pre-existing remote, secure IT connectivity and video conferencing in order to continue working effectively.

On behalf of the Board of
Platinum Group Metals Ltd.

Frank R. Hallam
CFO, Corporate Secretary and Director

For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net

Disclosure

The Toronto Stock Exchange and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

The recent COVID-19 pandemic and related measures taken by government create uncertainty and have had, and may continue to have, an adverse impact on many aspects of the Company’s business, including employee health, workforce productivity and availability, travel restrictions, contractor availability, supply availability, the Company’s ability to maintain its controls and procedures regarding financial and disclosure matters and the availability of insurance and the costs thereof, some of which, individually or when aggregated with other impacts, may be material to the Company.

This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively “forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the amendment to the Purchase and Development Option and other agreements as discussed herein, potential exercise by Implats of the Purchase and Development Option, financing and mine development at the Waterberg Project and grant of the mine right application. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including possible adverse impacts due the global outbreak of COVID-19 (as described above), the Company’s inability to generate sufficient cash flow or raise sufficient additional capital to make payment on its indebtedness, and to comply with the terms of such indebtedness; additional financing requirements; the 2019 Sprott Facility is, and any new indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited (“PTM RSA”), and PTM RSA has pledged its shares of Waterberg JV Co. to Sprott, under the 2019 Sprott Facility, which potentially could result in the loss of the Company’s interest in PTM RSA and the Waterberg Project in the event of a default under the 2019 Sprott Facility or any new secured indebtedness; the Company’s history of losses and negative cash flow; the Company’s ability to continue as a going concern; the Company’s properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; Implats may not exercise the Purchase and Development Option; the Company may become subject to the U.S. Investment Company Act; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co. or Mnombo; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company’s common shares may be delisted from the NYSE American or the Toronto Stock Exchange if it cannot maintain compliance with the applicable listing requirements; and other risk factors described in the Company’s most recent Form 20-F annual report, annual information form and other filings with the U.S Securities and Exchange Commission (“SEC”) and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company’s business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Estimates of mineralization and other technical information included herein have been prepared in accordance with NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, mineralization may not be classified as a “reserve” unless the mineralization can be economically and legally extracted or produced at the time the “reserve” determination is made. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC Industry Guide 7. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and historically have not been permitted to be used in reports and registration statements filed with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In particular, “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Disclosure of “contained ounces” in a resource is permitted disclosure under NI 43-101; however, SEC Industry Guide 7 normally only permits issuers to report mineralization that does not constitute “reserves” by SEC Industry Guide 7 standards as in-place tonnage and grade without reference to unit measures. Accordingly, descriptions of the Company’s mineral deposits in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of SEC Industry Guide 7.


1 Measured 58.5 million tonnes at 3.42 g/t 4E and Indicated 183.9 million tonnes at 3.37 g/t 4E
2 Proven 48.3 million tonnes at 3.28 g/t 4E and Probable 139.2 million tonnes at 3.22 g/t 4E

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54271