VANCOUVER, BC, Feb. 19, 2021 /CNW/ - Minerva Intelligence
Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial
intelligence company focused on knowledge engineering, is pleased
to announce the successful implementation of its TARGET software
for Giga Metals Corp. (TSXV: GIGA) ("Giga Metals" or "Giga") in
conjunction with the recent release of their Parnaiba Basin Project
results. Giga enlisted Minerva's Cognitive AI-powered prospect
generation software, TARGET, to identify and evaluate new
prospective exploration targets in the Piaui State of Nordeste,
Brazil.
Giga Metals, after validating the results produced by Minerva's
TARGET software, made the decision to acquire exploration permits
covering significant new regional sediment-hosted copper anomalies
along the southern perimeter of the Parnaíba Sedimentary Basin in
southern Piauí State, Northeast Region, Brazil.
"The commercial validation of our TARGET software is yet another
indication of the power of Minerva's Cognitive AI-powered
software," said Scott Tillman, CEO
of Minerva Intelligence. "The successful deployment of our TARGET
software highlights the value we are able to provide to companies
that are managing large datasets and seeking to incorporate an
artificial intelligence element into the decision-making process.
Our success with Giga in Brazil,
in conjunction with our recent success in Mexico, points to even greater success in the
future in delivering results for mining and exploration companies
around the world."
Using Minerva's TARGET software, Giga was able to sift through,
organize and evaluate large datasets that were subsequently used to
analyze the validity of the prospective exploration region.
TARGET's mapping technology was able to determine, based on
existing comprehensive datasets, that the project in Brazil had a high likelihood of success and as
a result Giga should pursue investment in the region. The final
result of the analysis was a list of AI-produced target areas
throughout Brazil that are
completely auditable and explainable, and, most importantly,
actionable by Giga.
"TARGET enabled us to work our way through an immense volume of
regional geological data to focus on areas prospective for the
deposit types of interest to us," said Giga CEO Mark Jarvis. "This is a type of regional
survey that was previously possible only for a major mining company
with a large team of geologists. It is exciting to experience
at first hand how artificial intelligence is now making this type
of survey accessible to smaller companies."
Jake McGregor, Minerva's COO, is
delighted that the Company's efforts in Brazil had finally been validated. "In 2019
Minerva was contracted by Giga to build a set of prospectivity maps
for the country of Brazil,"
explained McGregor. "In this capacity the Company compiled various
datasets from across the country, both from public and private
sources, and significant work was undertaken by Minerva to
standardize and translate the data from Portuguese to English and
then into the standard terminologies that we use in our mineral
deposit models. It is extremely rewarding to see our clients
getting value out of that hard work."
More information on Minerva's TARGET technology can be found at
http://minervaintelligence.com/TARGET.
In further news, the Company is hereby announcing the
closing of its previously announced private placement (see news
release dated January 19, 2021) for
gross proceeds of $145,005 (the
"Private Placement"). These funds were raised by the Company
issuing 966,700 units at a price of $0.15 per unit, each unit consisting of one
common share and one common share purchase warrant entitling the
holder to purchase one additional common share at a price of
$0.20 until February 17, 2023.
All securities issued on closing of the Private Placement are
subject to a hold period under applicable Canadian securities laws,
expiring on June 18, 2021.
Certain of the Company's directors and officers participated in
the Private Placement for an aggregate of
726,500 units. This participation constitutes a
"related party transaction" for the purposes of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101,
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying upon
exemptions from the requirements to obtain a formal valuation and
seek minority shareholder approval for the related persons'
participation in the Private Placement on the basis that the fair
market value of the participation by related parties in the Private
Placement is less than 25% of the Company's current market
capitalization.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company
based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Their proprietary evidence-based
decision-making software is bringing the benefits of artificial
intelligence technology to industries dependent on reasoning with
complex technical and scientific data.
Although Minerva's applications currently focus on earth
science-related domains, including natural hazards and mineral
exploration, the company's technology has potential application in
diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture
(symbol MVAI). For further details, please refer to their website
www.minervaintelligence.com.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States or to, or for the account or benefit of, "U.S.
persons," as such term is defined in Regulation S under the U.S.
Securities Act, unless an exemption from such registration is
available.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes
certain information that may be deemed "forward-looking
information". Forward-looking information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. All information in this
release, other than information of historical facts, including,
without limitation, the availability of financing to the Company
are forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking information.
Forward-looking information is based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from the forward-looking information include
changes in project parameters as plans continue to be refined,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
regulatory changes, delays in receiving approvals, and other risks
detailed herein and from time to time in the filings made by the
Company with securities regulatory authorities in Canada. Mineral exploration and development of
mines is an inherently risky business. Accordingly, actual events
may differ materially from those projected in the forward-looking
information. For more information on the Company and the risks and
challenges of our business, investors should review our continuous
disclosure filings which are available at www.sedar.com. Readers
are cautioned not to place undue reliance on forward-looking
information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
The TSX Venture Exchange has neither approved nor disapproved
of the contents of this press release. 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.
SOURCE Minerva Intelligence Inc.
