Minnova Provides Corporate Update
Minnova Corp (TSXV: MCI, OTC: AGRDF) has announced the dissolution of its wholly-owned subsidiary, Minnova Renewable Energy (MRE), effective March 6, 2025. The company will now focus solely on its PL Gold Mine in central Manitoba.
The company reports a working capital deficiency of $1,641,159 as of December 31, 2024. To address this, shareholders have approved a debt settlement of 15,999,999 common shares at $0.05 per share, settling $800,000 of indebtedness. This includes promissory notes issued to CEO Gorden Glenn totaling $88,500, of which $80,700 plus interest remains outstanding.
A previously planned acquisition of DUMA Engineering shares was terminated in January 2023 after a $100,000 advance payment, with no evidence received for the 50% shareholding. The company is currently subject to a reinstatement review by the TSXV and plans to complete a private placement upon trading reinstatement.
Minnova Corp (TSXV: MCI, OTC: AGRDF) ha annunciato la dissoluzione della sua controllata interamente posseduta, Minnova Renewable Energy (MRE), con effetto dal 6 marzo 2025. L'azienda si concentrerà ora esclusivamente sulla sua miniera d'oro PL nel Manitoba centrale.
L'azienda riporta una carenza di capitale circolante di $1,641,159 al 31 dicembre 2024. Per affrontare questa situazione, gli azionisti hanno approvato un accordo di estinzione del debito di 15,999,999 azioni ordinarie a $0,05 per azione, estinguendo $800,000 di indebitamento. Questo include cambiali emesse al CEO Gorden Glenn per un totale di $88,500, di cui $80,700 più interessi rimangono da saldare.
Un'acquisizione precedentemente pianificata delle azioni di DUMA Engineering è stata annullata a gennaio 2023 dopo un pagamento anticipato di $100,000, senza alcuna prova ricevuta per la partecipazione del 50%. Attualmente, l'azienda è soggetta a una revisione di reintegrazione da parte del TSXV e prevede di completare un collocamento privato al momento del reintegro delle negoziazioni.
Minnova Corp (TSXV: MCI, OTC: AGRDF) ha anunciado la disolución de su filial de propiedad total, Minnova Renewable Energy (MRE), con efecto a partir del 6 de marzo de 2025. La empresa se centrará ahora exclusivamente en su mina de oro PL en el centro de Manitoba.
La empresa informa de una deficiencia de capital de trabajo de $1,641,159 a fecha del 31 de diciembre de 2024. Para abordar esto, los accionistas han aprobado un acuerdo de liquidación de deuda de 15,999,999 acciones ordinarias a $0.05 por acción, liquidando $800,000 de deuda. Esto incluye pagarés emitidos al CEO Gorden Glenn por un total de $88,500, de los cuales $80,700 más intereses permanecen pendientes.
Una adquisición previamente planificada de acciones de DUMA Engineering fue cancelada en enero de 2023 después de un pago anticipado de $100,000, sin evidencia recibida para la participación del 50%. La empresa está actualmente sujeta a una revisión de reintegro por parte del TSXV y planea completar una colocación privada tras el reintegro de la negociación.
미노바 코퍼레이션 (TSXV: MCI, OTC: AGRDF)는 2025년 3월 6일부로 완전 자회사인 미노바 재생 에너지(MRE)의 해산을 발표했습니다. 이제 회사는 중앙 매니토바에 있는 PL 금광에만 집중할 것입니다.
회사는 2024년 12월 31일 기준으로 $1,641,159의 운영 자본 부족을 보고했습니다. 이를 해결하기 위해 주주들은 주당 $0.05로 15,999,999주를 발행하여 $800,000의 부채를 정리하는 채무 정산을 승인했습니다. 여기에는 CEO 고든 글렌에게 발행된 총 $88,500의 약속어음이 포함되며, 이 중 $80,700와 이자가 미지급 상태입니다.
이전에 계획된 DUMA 엔지니어링 주식 인수는 2023년 1월에 $100,000의 선불 지급 후 취소되었으며, 50%의 지분에 대한 증거가 접수되지 않았습니다. 현재 회사는 TSXV의 재가입 검토를 받고 있으며, 거래 재개 시 사모 배치를 완료할 계획입니다.
Minnova Corp (TSXV: MCI, OTC: AGRDF) a annoncé la dissolution de sa filiale entièrement détenue, Minnova Renewable Energy (MRE), effective le 6 mars 2025. L'entreprise se concentrera désormais uniquement sur sa mine d'or PL dans le centre du Manitoba.
L'entreprise rapporte un déficit de fonds de roulement de $1,641,159 au 31 décembre 2024. Pour y remédier, les actionnaires ont approuvé un règlement de dette de 15,999,999 actions ordinaires à 0,05 $ par action, réglant 800 000 $ de dettes. Cela inclut des billets à ordre émis au PDG Gorden Glenn pour un total de 88 500 $, dont 80 700 $ plus intérêts restent impayés.
Une acquisition précédemment prévue des actions de DUMA Engineering a été annulée en janvier 2023 après un paiement anticipé de 100 000 $, sans preuve reçue pour la participation de 50 %. L'entreprise est actuellement soumise à un examen de réintégration par le TSXV et prévoit de compléter un placement privé lors de la réintégration des échanges.
Minnova Corp (TSXV: MCI, OTC: AGRDF) hat die Auflösung ihrer hundertprozentigen Tochtergesellschaft, Minnova Renewable Energy (MRE), mit Wirkung zum 6. März 2025 angekündigt. Das Unternehmen wird sich nun ausschließlich auf seine PL-Goldmine im zentralen Manitoba konzentrieren.
Das Unternehmen berichtet zum 31. Dezember 2024 von einem Mangel an Betriebskapital in Höhe von $1,641,159. Um dies zu beheben, haben die Aktionäre eine Schuldenregelung von 15,999,999 Stammaktien zu je $0,05 pro Aktie genehmigt, wodurch $800,000 an Verbindlichkeiten beglichen werden. Dies umfasst auch Wechsel, die an den CEO Gorden Glenn in Höhe von insgesamt $88,500 ausgegeben wurden, von denen $80,700 zuzüglich Zinsen noch ausstehen.
Eine zuvor geplante Übernahme von DUMA Engineering-Aktien wurde im Januar 2023 nach einer Vorauszahlung von $100,000 beendet, ohne dass Beweise für die 50%ige Beteiligung vorgelegt wurden. Das Unternehmen unterliegt derzeit einer Überprüfung der Wiederherstellung durch die TSXV und plant, nach der Wiederherstellung des Handels eine Privatplatzierung abzuschließen.
- Debt settlement plan to resolve $800,000 of indebtedness approved by shareholders
- Strategic focus narrowed to core mining operations
- Significant working capital deficiency of $1,641,159
- Failed DUMA acquisition with $100,000 unrecovered advance payment
- Trading currently suspended pending TSXV reinstatement review
- Outstanding promissory notes with 15% interest rate
Toronto, Ontario--(Newsfile Corp. - March 7, 2025) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), would like to provide the following corporate update.
Effective March 6, 2025, the Company has dissolved (the "Dissolution") it's wholly-owned subsidiary, Minnova Renewable Energy Ltd. ("MRE"). The Company confirms that as a result of the Dissolution, its sole focus will be on the exploration and development of its PL Gold Mine, located in central Manitoba.
In connection with the Company's proposed acquisition of all of the issued and outstanding common shares (the "DUMA Shares") of DUMA Engineering (2108) Inc. ("DUMA"), the Company incorporated MRE, which was to be the sole shareholder of DUMA and would focus on biomass gasification in connection with the Company's PL Gold Mine. In connection with the proposed transaction, on or about September 30, 2022, the Company advanced the principals of DUMA
Following board review of MRE and considering investment requirements and alignment with shareholder feedback, it was determined that MRE should be dissolved and no further clean energy investments will be made.
As of December 31, 2024, the Company reported a working capital deficiency of
Between July 12, 2022 and August 9, 2023, the Company issued unsecured interest bearing promissory notes (the "Promissory Notes") in the aggregate of
The issuance of the Promissory Notes 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 and officer 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)(b) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the Principal Amount of the Promissory Notes does not exceed more than
Finally, the Company confirms that it is subject to a reinstatement review by the TSXV. The review is ongoing and the Company will provide additional updates as they become available.
About Minnova Corp.
Minnova Corp. is 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 Gorden Glenn at 647-985-2785 or info@minnovacorp.ca
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.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243785
FAQ
What is the current working capital deficiency of Minnova Corp (AGRDF) as of December 31, 2024?
How many shares will Minnova Corp (AGRDF) issue in its debt settlement plan?
What happened to Minnova's planned acquisition of DUMA Engineering shares?
What is Minnova Corp's (AGRDF) new business focus after dissolving MRE?
