Minnova Announces Approval of Loan
Minnova Announces Approval of Loan
Toronto, Ontario--(Newsfile Corp. - July 24, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF)
("
Minnova
" or the "
Company
"), announces that, further to its press release of July 21, 2023, the TSX
Venture Exchange has approved the issuance of an aggregate of 132,000 common shares (the
"
Common Shares
") of the Company, in connection with its unsecured promissory note (the
"
Promissory Note
"), dated July 20, 2023, with a non-arm's length creditor to the Company (the
"
Creditor
"), in the principal amount of $33,000 (the "
Principal Amount
"). The Common Shares
represent 20% of the Principal Amount divided by the Market Price (as defined and determined in
accordance with the policies of the TSX Venture Exchange) at a deemed price of $0.05 per Common
Share as a loan bonus.
Interest on the outstanding Principal Amount of the Promissory Note will accrue from the original date of
issue at a rate of fifteen percent (15%) per annum until the Maturity Date. Interest payments will be paid
monthly five (5) business days from last calendar day of each month, commencing on January 31, 2024
until the Maturity Date or such earlier date on which the Promissory Note is repaid.
All Common Shares issued in connection with the Promissory Note will be subject to a hold period of
four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The issuance of the Common Shares constitutes a related party transaction within the meaning of TSX
Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -
Protection of Minority Security
Holders in Special Transactions
("
MI 61-101
") as the Creditor is a director of the Company. The
Company is relying on the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is
not listed on a specified market and the fair market value of Note does not exceed 25% of the market
capitalization of the Company in accordance with MI 61-101.
About Minnova Corp.
Minnova Corp. is an evolving cleantech company building a worldwide pipeline of green energy projects.
Our subsidiary, Minnova Renewable Energy, is focused on innovative carbon reduction technologies
such as the 3rd generation biomass gasification technology developed by DUMA Engineering (2018)
Inc. As of September 30, 2022 Minnova owns 50% interest in DUMA. Acquisition of the remaining 50%
interest will consist of a combination of cash payments and shares and will be dependent on several
conditions, including; a) long run test performance of the demonstration plant to produce a 50%
hydrogen content syngas, b) other techno-economic and environmental considerations, and c) filing of
patent applications. In addition to receipt of all regulatory approvals.
Prior to 2021 Minnova Corp. has focused on the restart of its PL Gold Mine, which included completion
of a Positive Feasibility Study in 2018. The study concluded the restart of the PL Mine, at an average
annual production rate of 46,493 ounces over a minimum 5-year mine life was economically robust.
Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine
benefits from a short pre-production timeline forecast at 15 months, a valid underground mining permit
(Environment Act 1207E), an existing 1,000 tpd processing plant, over 7,000 meters of developed
underground ramp to -135 metres depth. The project is fully road accessible and close to existing mining
infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.
Qualified Person
Mr. Chris Buchanan, M. Sc., P. Geo., a consultant of the Company and a "Qualified Person" under
National Instrument 43-101, has reviewed and approved the scientific and technical information in this
press release.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or
.
Visit our website at
www.minnovacorp.ca
.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release contains certain "forward-looking information" within the meaning of applicable
securities laws. Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential",
"proposed" and other similar words, or statements that certain events or conditions "may" or "will"
occur. These statements are only predictions. Forward-looking information is based on the opinions
and estimates of management at the date the information is provided, and is subject to a variety of
risks and uncertainties and other factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. For a description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the Company's
Management's Discussion and Analysis. The Company undertakes no obligation to update forward-
looking information if circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to
comply with this restriction may constitute a violation of U.S. Securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/174665