Minnova Provides Default Status Update
Minnova Provides Default Status Update
Toronto, Ontario--(Newsfile Corp. - September 14, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink:
AGRDF) ("
Minnova
" or the "
Company
"), announces that further to its press releases of July 20, 2023,
August 3, 2023, August 17, 2023 and August 31, 2023, it is providing a default status report in
accordance with the alternative information guidelines set out in National Policy 12-203
- Cease Trade
Orders for Continuous Disclosure Defaults
("
NP 12-203
").
On August 3, 2023, the Company announced (the "
Default Announcement
") that it had not filed its
annual financial statements and management discussion and analysis for the year ended March 31,
2023, together with the related certification of filings under National Instrument 52-109 -
Certification of
Disclosure
in Issuers' Annual and Interim Filings (collectively, the "
Continuous Disclosure
Documents
") by the prescribed deadline of July 31, 2023.
Except as discussed below, there have been no material changes to the information contained in the
Default Announcement or any other changes required to be disclosed under NP 12-203.
The Company anticipates that the Continuous Disclosure Documents will be filed prior to September 30,
2023. The Company will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the
Continuous Disclosure Documents have been filed. In the event that the Company does not file the
Continuous Disclosure Documents by September 30, 2023 the Canadian Securities Regulatory
Authorities may impose an issuer cease trade order on the outstanding securities of the Company. The
Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it
remains in default of the filing requirements.
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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/180648