TIDMFFWD
RNS Number : 9587W
FastForward Innovations Limited
20 November 2017
20 November 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Market Update
Nuuvera targeting IPO on TSX-V in December 2017; IPO fundraise
at C$2.50 per subscription receipt (subject to listing)
Offer for Company's interest in Leap Gaming
Intensity doses new patient; preliminary findings that tumor
shrank
Ahead of release of its half year figures on 28 December 2017,
the Company is pleased to provide shareholders with the following
update in relation to its investee company portfolio:
Nuuvera Inc. ("Nuuvera")
Further to FastForward's announcement on 9 October 2017, the
Company notes the recent announcement by Mira IX Acquisition Corp.
("Mira") (TSXV:MIA.P) confirming that it has entered into a
definitive agreement dated November 17, 2017 (the "Amalgamation
Agreement") with Nuuvera Corp. ("Nuuvera") and Mira's wholly-owned
subsidiary, Mira IX Subco Inc. ("Mira Subco"), pursuant to which
Mira Subco will amalgamate with Nuuvera (the "Amalgamation") to
complete Mira's qualifying transaction (the "Transaction") in
accordance with the policies of the TSX Venture Exchange (the
"TSXV"). The Amalgamation is structured as a three-cornered
amalgamation and as a result the amalgamated corporation ("Amalco")
will become a wholly-owned subsidiary of Mira at the time of the
completion of the Amalgamation. Upon completion of the
Amalgamation, it is intended that Mira will be known as "Nuuvera
Corp." (the "Resulting Issuer") and Amalco will be known as
"Nuuvera Holdings Ltd.". The Amalgamation Agreement will be made
available on SEDAR at www.sedar.com. Nuuvera and Mira anticipate
closing the Transaction in late December, 2017. The Transaction is
subject to the receipt of all necessary regulatory and shareholder
approvals as well as the satisfaction of conditions to closing as
set out in the Amalgamation Agreement.
About Nuuvera
Nuuvera is engaged in the testing, formulation, production,
extraction and sale of medicinal cannabis products in Canada and is
pursuing opportunities in various other legal international
jurisdictions (excluding the United States). In particular:
- Nuuvera holds an indirect 51% interest in ARA-Avanti Rx
Analytics Inc. ("Avanti"). Avanti is a Health Canada Good
Manufacturing Practices ("GMP"), Office of Controlled Substances
and Natural Health Products approved organization, which offers a
comprehensive array of services in the field of controlled drugs
and substances. Avanti holds a Dealer Licence for the entire
spectrum of cannabis and cannabinoid controlled substances.
Permitted activities under this licence include possession,
production, packaging, sale and delivery of these controlled
substances. Avanti also possesses a drug establishment licence
under the Food and Drug Regulations (Canada), which evidences its
GMP status.
- Avalon Pharmaceuticals Inc. ("Avalon"), an indirect,
wholly-owned subsidiary of Nuuvera, is a late stage Licensed
Producer applicant under the Access to Cannabis for Medical
Purposes Regulations. Health Canada has granted Avalon permission
to proceed with the construction of its cultivation facility
located in Brampton, Ontario and Avalon anticipates completion and
full production in Q2 2018.
- Nuuvera has also entered into a strategic partnership with
Aphria Inc. ("Aphria") which includes a cannabis supply agreement
for Nuuvera to purchase up to 1,500 kg of cannabis, growing to
5,000 kg when Aphria completes its phase III expansion, then to
17,000 kg when Aphria completes its phase IV expansion in 2018,
until Nuuvera's own greenhouse facility is complete, as well as an
outsourced 1 million square foot "contract grow" facility to be
built and operated by Aphria in Leamington, Ontario.
Subject to the satisfaction of the applicable conditions,
Nuuvera intends to complete a private placement (the "Private
Placement") of 8,000,000 subscription receipts (the "Subscription
Receipts") at a price of $2.50 per Subscription Receipt for
aggregate gross proceeds of $20,000,000 (the "Offering"). Each
Subscription Receipt is exchangeable for one common share of
Nuuvera (a "Nuuvera Common Share"), without any additional payment
or any further action on the part of the holder, and will
ultimately entitle the holder thereof to one Resulting Issuer
Common Share (as such term is defined below), upon completion of
the Amalgamation. GMP Securities L.P., as lead agent, and Clarus
Securities Inc. and Canaccord Genuity Corp. acting as agents in
connection with the Private Placement.
Following the fundraise, and subject to completion of the
Amalgamation, Nuuvera will have approximately C$45,000,000 of funds
available to it. The Amalgamation is conditional on obtaining all
necessary regulatory, the satisfaction of other conditions
customary for a transaction of this type is subject to the approval
of the sole shareholder of Mira Subco and the shareholders of
Nuuvera.
FastForward has a holding of 4.45% in Nuuvera and the proposed
Private Placement at C$2.50 per Subscription Receipt represents a
significant premium to the C$1.00 price per share at which the
Company invested in March 2017. Should the Amalgamation proceed it
is expected that FastForward would be subject to a holding period
of up to 12 months on 90% of its investment.
A copy of the full announcement by Mira and Nuuvera is available
at
https://globenewswire.com/news-release/2017/10/06/1142453/0/en/Nuuvera-Corp-and-Mira-IX-Acquisition-Corp-Announce-Going-Public-Qualifying-Transaction.html
Frallis LLC ("Leap Gaming")
The Company has been in recent negotiations with a well-known
gaming industry operator with regards to the sale of some or all of
its 41.15% interest in Frallis LLC (trading as "Leap Gaming"). The
Company has received an initial offer of US$4.9 million for its
entire interest in Frallis LLC. Negotiations are on-going. The
Company has an approximate 41.15 per cent. interest (on a fully
diluted basis) in the issued shares of Leap Gaming (acquired
between April-June 2016 for total consideration of US$3.5 million),
making it the largest shareholder of the company.
Intensity Therapeutics Inc. ("Intensity")
In Q3 2017 one new patient participated in Intensity's on-going
trial. There have been no dose limiting side effects to date.
Preliminary indication is that the patient's injected tumor shrank.
Intensity has reported to shareholders that this preliminary tumor
regression finding is encouraging. The regulatory agencies mandated
treatment at a low drug dose, low concentration (within the tumor)
and minimal dosing frequency.
Market Abuse Regulations
The Directors of the Company consider each of the transactions
above to be at an advanced stage of negotiation, and to be material
to the business, trading and operations of the Company,
constituting price sensitive inside information for the purposes of
Market Abuse Regulation (EU) No. 596/2014.
For further information please visit www.fstfwd.co or
contact:
FastForward Innovations Limited
info@fstfwd.co
Josh Epstein / Ian Burns
Beaumont Cornish Limited (Nomad) Tel: +44
(0) 207 628 3396
James Biddle / Roland Cornish
Optiva Securities Limited (Broker) Tel: +44
(0) 203 411 1881
Ed McDermott
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of Fast
Forward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice. Fast
Forward Innovations assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKKDPCBDKQDB
(END) Dow Jones Newswires
November 20, 2017 04:56 ET (09:56 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024