Business Bulletins News

IW Business Bulletin – October 1, 2021

New Elevator for Melfort

G3 Canada Ltd. announced September 27 that the company will build two new grain elevators in Saskatchewan and Alberta. Melfort will see the construction of G3 Melfort start in late 2021 (dependent on approvals) and is expected to be completed in early 2023. The elevator will have a capacity of 42,000 tonnes and be located on the CN Rail line. The G3 Melfort elevator, and its sister project at Rycroft, Alta., will be built with same features as G3’s previous facilities in Western Canada. This includes “a loop track that can quickly load a 150-car unit train, the ability to unload a Super-B truck in less than five minutes, excellent road access for area producers and rail links to export markets.”

“We are excited to extend our network of high efficiency facilities to the farming communities around Rycroft and Melfort,” said G3 CEO Don Chapman. “G3 is keeping grain moving to market, and that means more delivery opportunities for our farmer customers, and faster service which saves farmers time and money.”

G3 has 17 elevators across Western Canada, including its newly opened facility at Swift Current.

MustGrow Biologics Sees Investment Increase

Saskatoon’s MustGrow Biologics Corp. announced September 29 that it has upsized its previously-announced $2.0 million non-brokered private placement to approximately 2.7 million units, worth approximately C$6.9 million at a price per Unit of C$2.60. As well, Ira Gluskin and Gluskin-related parties have subscribed to invest $1.0 million under the same terms and conditions. The proceeds of the placement will be used to develop the company’s patented technology and for working capital.

MustGrow, an agriculture biotech company, provides biological solutions for high value crops, including fruits & vegetables and other industries.

Mining Moves

Denison Mines Corp. announced this week that the company has entered into an equity distribution agreement, providing for an at-the-market (“ATM”) equity offering program, with Cantor Fitzgerald Canada Corporation and Scotia Capital Inc. (with participation from Cantor Fitzgerald & Co. and Scotia Capital (USA) Inc.). The agreement will allow Denison to offer and sell common shares in Canada and the U.S. on the Toronto Stock Exchange, with an aggregate offering price of up to USD$50 million. The agreement in place until October 16, 2023.

Denison is a uranium exploration and development company with interests in Saskatchewan’s Athabasca Basin, which includes its flagship Wheeler River Uranium Project.

Foran Mining Corp. announced September 28 that the Honourable Wayne G. Wouters, PC, OC, has been appointed to the company’s board of directors as an Independent Director. Wouters was born and raised in Saskatchewan, and served in both the Saskatchewan provincial government and federal government in his career. Today, he works as a Strategic and Policy Advisor with McCarthy Tetrault LLP and is also on the board at Boards of Champion Iron Ltd., Blackberry Ltd., and Canadian Utilities Ltd.

“I am very excited to be working with the team at Foran as it advances its McIlvenna Bay project in my home province of Saskatchewan. I have seen what can be accomplished when communities and businesses work together to build a future in a sustainable way. Foran’s vision and approach will help redefine the next generation of mining companies and I want to do what I can to support this evolution. I am proud to be joining a Board that is focused on making a lasting, positive impact on society and committed to best practices in all aspects of the company and its operations,” said Wouters.

Fortune Bay Corp. has begun work on its Goldfields West Uranium Project in the Athabasca Basin. The company will commence “target area selection over the coming weeks in preparation for planned field activities in 2022, with the aim of generating targets for drill testing.”

“We are pleased to announce a second uranium project in proximity to the Company’s active flagship gold assets and operational hub in Uranium City. The Project provides Fortune Bay and its shareholders with additional discovery potential amidst a strengthening uranium market. Goldfields West includes an extensive package of favorable host rocks which have not seen any significant uranium exploration since the 1980’s due to a focus on gold exploration. Historical work, which includes some noteworthy drill intersections, indicates the Project has the hallmarks of a prospective uranium corridor and warrants the application of modern exploration models and methods to target high-grade unconformity-related, basement-hosted uranium deposits,” said Dale Verran, Fortune Bay CEO.

North Arrow Minerals Inc. has begun exploration at its Pikoo Diamond Project, located 140 km east of La Ronge.

“North Arrow has discovered 10 kimberlite occurrences at the Pikoo project, including the highly diamondiferous PK150 discovery. Till sampling works very well as an exploration tool in this area and kimberlite indictor mineral results from the current program will help define and prioritize drill targets in four areas of the project. The property has all required permits for drilling in 2022,” said Ken Armstrong, President and CEO of North Arrow.

Baselode Energy Corp. announced September 29 that it had “intersected a wide zone of elevated radioactivity in the first drill program on its Hook Uranium project” in the Athabasca Basin.

“This is an exciting discovery for Baselode.  We believe this discovery is part of a new and large uranium system within the Athabasca Basin area.  These results are a testimony to our Athabasca 2.0 thesis and we remain eager to deliver more exciting results from the Ackio target area as drilling progresses,” said James Sykes, Baselode CEO and president.

UEX Corporation announced two promotions within its ranks, seeing Christopher Hamel promoted to Vice President, Exploration and Nathan Barsi becoming the District Geologist, Athabasca Basin.

Sentinel Resources Corp. and its joint venture partner Hub City Minerals Corp. completed tests on one of Hub City’s Subsurface Crown Mineral Dispositions. Tests concluded “lithium concentrations in the Duperow formation up to 96.3 mg/l., which exceeded the Company’s target of 74.6 mg/l.”

“We are very pleased with the favourable lithium concentrations in our brine sampling.  Our next steps will include high-volume flow testing, which is expected to occur on or before October 31, 2021. We are looking forward to ongoing positive results of this work as we advance this highly prospective lithium brine project,” said Rob Gamley, Sentinel Resources CEO. Sentinel, based in Vancouver, has interests in lithium exploration in Saskatchewan and precious metals in Australia.

Eckler Grows in the West

Toronto’s Eckler Ltd., Canada’s largest independent actuarial and consulting firm, has grown its prairie footprint with the addition of Emmanuel Petroulakis to their Winnipeg location. Petroulakis will work with clients throughout the prairies, focused on Eckler’s Investment, Defined Contribution and Financial Wellness services. Prior to joining Eckler, he was Chief Investment Officer for a workers’ compensation board, Vice President of Institutional Investment Counselling for a major Canadian insurer, and senior executive for a financial planning firm serving high net worth clients.

October is Agriculture Month

The Government of Saskatchewan has again proclaimed October as Agriculture Month in the province. Farm & Food Care Saskatchewan along with industry partners, will share food stories and encourage the public to learn about modern agriculture.

Next week: TD Securities Virtual Uranium Roundtable on October 7.

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