Minnova Provides Default Status Update

Rhea-AI Summary

Minnova Corp. provides a default status report regarding the filing of its annual financial statements and management discussion and analysis. The company anticipates filing the documents before September 30, 2023 and will continue to provide updates until then.

Positive

• Minnova Corp. anticipates filing its Continuous Disclosure Documents before September 30, 2023.

Negative

• If Minnova Corp. fails to file the Continuous Disclosure Documents by September 30, 2023, Canadian Securities Regulatory Authorities may impose a cease trade order on the company's securities.

Toronto, Ontario--(Newsfile Corp. - August 17, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), announces that further to its press releases of July 20, 2023 and August 3, 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177608

FAQ

What is Minnova Corp. providing in this report?

Minnova Corp. is providing a default status report regarding the filing of its annual financial statements and management discussion and analysis.

When does Minnova Corp. anticipate filing the Continuous Disclosure Documents?

Minnova Corp. anticipates filing the Continuous Disclosure Documents before September 30, 2023.

What may happen if Minnova Corp. fails to file the Continuous Disclosure Documents by September 30, 2023?

If Minnova Corp. fails to file the Continuous Disclosure Documents by September 30, 2023, Canadian Securities Regulatory Authorities may impose a cease trade order on the company's securities.