Arizona Sonoran Updates on PFS Workstreams at the Cactus Project
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CASA GRANDE, Ariz. & TORONTO — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) ('ASCU' or the 'Company'), an emerging U.S. copper developer in Arizona, today provides an update on key workstreams associated with advancing the 2024 Preliminary Economic Assessment ('2024 PEA' see the Aug 7, 2024 Press Release | Technical Report) to Pre-feasibility Study ('PFS'). The 2024 PEA envisages a low capital intensity open pit operation producing over 116,000 short tons or 232 million pounds of copper cathodes annually for the first 20 years of the mine life, via heap leach and solvent extraction electrowinning ('SX/EW') processing of the oxides and enriched material. Activities in 2025 are set to derisk the Cactus Project as we move through the technical studies and to an eventual construction decision post-definitive feasibility study next year.
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Key workstreams:
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Hydrology – Vibrating wireline piezometers have been installed in eight drillholes; ground water data is being collected to facilitate the ongoing hydrologic model
Geotechnical drilling is complete and test work and final analysis is pending
Base case mine planning well underway with varying opportunities to improve Project economics
Earthworks and trial excavation of the Cactus West pit using a surface continuous miner
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– Metallurgy – completed columns to date indicate Parks/Salyer (including MainSpring) metallurgy positively correlates with 2024 PEA results. Additional primary sulphide column testing using conventional heap leaching is ongoing
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– Cactus West Pit Sampling – samples from the pit lake to be taken in June. Results to analyze the usage of pit lake solution within the PFS flow sheet
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– Land use management – Pinal County has selected Cactus' stockpiled alluvium for use as road construction material. In March, a total of 11,000 cubic yards of alluvium was moved offsite for use in road improvement and construction within the local community
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George Ogilvie, ASCU President, CEO and Director commented, 'The Pre-Feasibility workstreams continue on pace to deliver a Mineral Resource Estimate update as well as PFS results and technical report in 2H2025.
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We tested a Wirtgen SM280 Surface Miner in the Cactus West Open pit earlier this year, both in the Alluvium and Gila Conglomerate which represents approximately 65% of all the material that will have to be moved over the 2024 PEA life of mine. The test results remain subject to ongoing analysis but we were impressed with the unit's productivity and final product size which could be helpful from a reclaim perspective.'
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He continued: 'We believe the Cactus Project remains one of only a few copper projects in the United States that can be built in relatively short order with a low capital intensity to produce copper cathode for direct sale to the domestic US market, tariff-free.'
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Engineering for the site is approximately 53% complete with M3 Engineering as lead consultant, and approximately 70% complete with respect to trade off studies, hydrology and geotechnical programs with the intent to manage costs, dust and noise, vibrations, throughput, flow sheet efficiency and a more consistent output and cash flow. Hydrology study work, managed by Clear Creek Associates, continues on schedule. Geotechnical study work by Call and Nicholas is ongoing, with preliminary results indicating continuity is consistent with assumptions in the 2024 PEA. The Cactus Project team and consultants are separately assessing various mine plans considering, among other things, impacts on project economics, opportunities to mitigate risks, optimizing the open pit approach from the 2024 PEA open pit project, and waste dump design to maximize current lands owned.
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In February, the first material movement at the Cactus Project began within the pit since closure in 1984. A trial was initiated within a southwestern pushback of the in-situ Cactus West pit, with engineering provided by the Cactus Project team. The trial focused on the potential usage of a surface miner in future operations at Cactus. Stripping of the alluvium managed by earthworks specialists Rango Mining, exposed the Gila Conglomerate after excavating 5-20 ft (6 m) benches, using conventional hydraulic excavator and articulated type trucks. In March, North American Mining and Wirtgen initiated a six-week test to trial a hard rock surface miner SM 280 within the Cactus West historic pit. The surface miner excavated two benches (2 x 20 ft (6 m)) into the Gila Conglomerate and demonstrated the potential of this method for future open pit application. Over 20 key performance metrics were specified for evaluation of the test trial, including instantaneous throughput and operating costs per ton, and the preliminary results outperformed all modelling and performance expectations.
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The 130,000 ft (39,600 m) infill drilling is on track for planned issuance of a Mineral Resource Estimate ('MRE') update and disclosure of PFS results in 2H2025. Drilling with three rigs at Parks/Salyer and one at Cactus West, is 67% complete, with 27% of assays reported; all drilling is expected to be complete in June with all results expected in this summer.
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While many assay results from our infill drilling program at Parks/Salyer remain pending, the geology and assay results received to date are consistent with expectations. We expect a high conversion rate of current inferred MRE to the indicated category, including the Parks/Salyer deposit's southern area.
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A copper analysis of the Cactus West pit lake is planned to begin in June. Crow Industries has been engaged to extract samples for testing at ACZ Laboratories Inc. and Skyline Assayers & Laboratories. Testing will determine the level of copper in solution, through ICP all metal analysis. In addition to the metal content within the pit lake solution, the Company will test for acidity.
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ASCU is conducting the work to determine the copper levels in the pit water and its pH levels. The Cactus Pit is a terminal groundwater sink, meaning its contents do not infiltrate groundwater.
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Metallurgy
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Overall, 19 columns were initiated, as per the 2024 PEA recommendations. Initial results indicate recovery performance is on par or exceeds 2024 PEA test work based on improved cycles over 180 days and extrapolated over 210 days to account for three, 180-day leach cycles. As reference, the 2024 PEA assumed 85% extraction from the enriched material and 92% from the oxide material on a copper soluble basis.
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Completed Columns
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Based on the 6 enriched columns from the Parks/Salyer deposit (including MainSpring), the predicted average percent of soluble copper extraction is 94.4% at 210 days of leaching. The column results are assessed based on a 'heap efficiency factor', which is the relationship of column test results to operational results. A world class operation would have a factor close to 100%. An operation that uses best practice would be expected to have a factor of about 95% which, if applied to the initial 6 enriched column results, reduces the predicted extractable soluble copper for 210 days of leaching from 94.4% to 89.7% (as compared to the 85% assumed in the 2024 PEA). There may be additional copper extracted from the heap beyond the three leach cycles if best practices are applied throughout the loading and operations processes. This additional copper extraction is not part of the Cactus Project copper extraction model.
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The six composite samples from Parks/Salyer (including MainSpring) were tested at two labs (Base Met and McClelland labs). The operating conditions for the tests were: crush to P80 of 19 mm (3/4'), column height of 6.2 m (20 ft), raffinate free acid of 5 gpl and irrigation rate of 6 L/hr/m2 (0.0024 gpm/ft2).
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An additional seven enriched composites and four primary composites for column tests also continue in progress at Base Met and McClelland labs.
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Metallurgical work remains ongoing. A flotation option for copper sulphide recovery remains under evaluation as a possible future optimization of the base case mine plan beyond year 20.
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Technical aspects of this news release relating to geology, drilling, and resource have been reviewed and verified by Mr. Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
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The metallurgy information in this news release has been reviewed and approved by Ms. Laurie Tahija, a Senior Metallurgist, with over 40 years of mineral processing experience. She is a Qualified Person within the meaning of NI 43-101 and is independent of the Company. Ms. Tahija is satisfied that the metallurgical testing procedures and associated assay methods used are standard industry operating procedures and methodologies. She has reviewed, approved and verified the metallurgical information disclosed in this news release, including preliminary, analytical and test data underlying the technical information.
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ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company's objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
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All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute 'forward-looking statements' and 'forward-looking information' (collectively, 'forward-looking statements') within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'advance', 'assessing', 'assumptions', 'become', 'believe', 'continue', 'could', 'delivery', 'developer', 'emerging', 'envisages', 'estimate', 'exploration', 'eventual', 'expected', 'exposure', 'feasibility', 'forward', 'future', 'generational', 'growing', 'indicate', 'initial', 'initiate', 'intent', 'long-term', 'model', 'objective', 'ongoing', 'on pace', 'on track', 'opportunities', 'optimizing', 'option', 'pending', 'planning', 'potential', 'predict', 'preliminary', 'program', 'progress', 'proposes', 'recommendation', 'right', 'risk', 'study', 'subject to', 'testing', 'underway', 'upcoming', 'will', and 'would', or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to ongoing and future technical studies (including the PFS, any related trade off studies, hydrologic or geotechnical studies, column and other metallurgical testing (including predicted extraction rates), and any definitive feasibility study), continuing such study work, and the timing of completion and results or implications thereof (including any eventual construction decision); de-risking of the Cactus Project; the results of the 2024 PEA (including capital intensity, production, mine life (or life of mine), returns and other economics); the testing of the Cactus West pit lake (including the timing, results thereof and any inclusion in the PFS flow sheet); mineral or copper resources and any realization of value therefrom (including the current MRE and any upcoming update thereof); and the Company's objectives, future plans or prospects (including becoming a mid-tier copper producer with lower operating costs, robust returns and long-term sustainable and responsible operations). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the '2024 PEA Technical Report'), the Company's Annual Information Form dated March 27, 2025 (the 'AIF'), Management's Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarter already ended in 2025 (collectively, the '2024-25 Financial Disclosure') and the Company's other applicable public disclosure (collectively, 'Company Disclosure'), all available on the Company's website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the 'Risk Factors' in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report, the 2024-25 Financial Disclosure and other Company Disclosure.
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The Preliminary Economic Assessment (or 2024 PEA) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project's potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company's press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company's website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.
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Until mineral deposits are actually mined and processed, copper and other mineral resources must be considered as estimates only. Mineral resource estimates that are not classified as mineral reserves do not have demonstrated economic viability. The estimation of mineral resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other known and unknown risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements on Forward-Looking Statements. The quantity and grade of reported 'inferred' mineral resource estimates are uncertain in nature and there has been insufficient exploration to define 'inferred' mineral resource estimates as an 'indicated' or 'measured' mineral resource and it is uncertain if further exploration will result in upgrading 'inferred' mineral resource estimates to an 'indicated' or 'measured' mineral resource category. Inferred mineral resource estimates may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. The accuracy of any mineral resource estimate is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. It cannot be assumed that all or any part of a 'inferred', 'indicated' or 'measured' mineral resource estimate will ever be upgraded to a higher category including a mineral reserve. The mineral resource estimates declared by the Company were estimated, categorized and reported using standards and definitions in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the 'CIM Standards') in accordance with National Instrument 43-101 of the Canadian Securities Administrators ('NI 43-101'), which governs the public disclosure of scientific and technical information concerning mineral projects.
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The terms 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource' as disclosed by the Company are Canadian mining terms defined in the CIM Standards (collectively, the 'CIM Definitions') in accordance with NI 43-101. NI 43-101 establishes standards for all public disclosure that a Canadian issuer makes of scientific and technical information concerning mineral projects. These Canadian standards differ from the requirements of the United States Securities and Exchange Commission (the 'SEC') applicable to United States domestic and certain foreign reporting companies under Subpart 1300 of Regulation S-K ('S-K 1300'). Accordingly, information describing mineral resource estimates for the Cactus Project may not be comparable to similar information publicly reported in accordance with the applicable requirements of the SEC, and so there can be no assurance that any mineral resource estimate for the Cactus Project would be the same had the estimates been prepared per the SEC's reporting and disclosure requirements under applicable United States federal securities laws, and the rules and regulations thereunder, including but not limited to S-K 1300. Further, there is no assurance that any mineral resource or mineral reserve estimate that the Company may report under NI 43-101 would be the same had the Company prepared such estimates under S-K 1300.
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Contacts
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For more information
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
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Globe and Mail
27 minutes ago
- Globe and Mail
Results of Fundraising
Reykjavík, June 12, 2025 (GLOBE NEWSWIRE) -- THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICES SECTION WITHIN THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AMAROQ MINERALS LTD. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO 596/2014, WHICH IS PART OF ICELANDIC LAW BY VIRTUE OF THE ACT NO 60/2021 ON MEASURES AGAINST MARKET ABUSE AND ASSIMILATED REGULATION NO 596/ 2014 AS IT FORMS PART OF THE LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN. Amaroq Minerals Ltd. (' Amaroq ' or the ' Company ') Results of Fundraising TORONTO, ONTARIO – 12 June 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland's mineral potential, is pleased to announce the successful completion of its significantly oversubscribed Fundraising as announced on 11 June 2025. A total of 52,986,036 new common shares (the ' Fundraising Shares ') have been conditionally placed with new and existing investors at a price of 85.0 pence (C$1.57, ISK 144 at the closing exchange rate on 10 June 2025) per new common share (the ' Placing Price '), raising gross proceeds of approximately £45.0 million (C$83.2 million, ISK 7.6 billion). The net proceeds of the Fundraising will be used to support the ongoing commissioning and production expansion at Nalunaq, complete technical studies in relation to production expansion at Nalunaq, create a new hub in West Greenland, accelerate and deepen exploration drilling and the preparation of technical studies of the assets and provide additional balance sheet strength and working capital flexibility to the Company. The Fundraising Shares will represent approximately 11.7 per cent. of the Company's enlarged share capital following completion of the Fundraising. It is currently expected that Admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025. Approximately 90% of the demand for the Fundraising was secured from a broad range of institutional investors from the UK, USA and mainland Europe. Panmure Liberum Limited acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord Genuity Limited (together, the ' UK Joint Bookrunners ') who also acted as joint bookrunner and joint broker on the UK Placing. Landsbankinn hf. and Acro verðbréf hf. (the ' Icelandic Joint Bookrunners ') acted as joint bookrunners on the Icelandic Placing. Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's Fundraising announcement dated 11 June 2025. Eldur Olafsson, CEO of Amaroq, commented: 'We are pleased to announce the results of this successful, significantly oversubscribed fundraise, which received considerable interest from a broad spectrum of investors around the world. I would like to welcome new investors to Amaroq and to thank existing shareholders for their strong support. With the clear backing from the market for our strategy, we remain focused on unlocking Greenland's significant resource potential and look forward to updating shareholders on our operational progress at Nalunaq, our newly established West Greenland Hub and across the wider portfolio.' Enquiries: Amaroq Minerals Ltd. Eldur Olafsson, Executive Director and CEO Ed Westropp, Head of BD and Corporate Affairs +44 (0)7385 755711 ewe@ Eddie Wyvill, Corporate Development +44 (0)7713 126727 ew@ Panmure Liberum Limited (Nominated Adviser, Joint Bookrunner and Corporate Broker) Scott Mathieson Nikhil Varghese Freddie Wooding Rauf Munir +44 (0) 20 7886 2500 Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker) James Asensio Harry Rees George Grainger Sam Lucas (ECM) Darren Furby (ECM) +44 (0) 20 7523 8000 Landsbankinn hf. (Joint Bookrunner) Björn Hákonarson Sigurður Kári Tryggvason +354 410 7340 Acro verðbréf hf. (Joint Bookrunner) Hannes Árdal Þorbjörn Atli Sveinsson +354 532 8000 Camarco (Financial PR) Billy Clegg Elfie Kent Fergus Young +44 (0) 20 3757 4980 Application for Admission Applications will be made for admission of the Fundraising Shares to trading on (a) AIM; (b) Icelandic Exchange; and (c) the TSX-V, with listing subject to the conditional approval of the TSX-V and the Company satisfying all of the requirements of the TSX-V. It is currently expected that admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025 (or in each case such other date as may be agreed between the Company, the Icelandic Joint Bookrunners and the UK Joint Bookrunners). The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing common shares of the Company, including the right to receive all dividends and other distributions thereafter declared, made or paid on the enlarged share capital from admission. Total Voting Rights Following the admission of the Icelandic Placing Shares, the UK Placing Shares and the Subscription Shares, Amaroq's total issued share capital will consist of 454,106,653 common shares of no par value. Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules or the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings. End Note: Conversions based on FX rates of GBP:ISK of 169.90 and GBP:C$ of 1.8484 as at 10 June 2025. IMPORTANT NOTICES This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain an invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. This Announcement is not for publication or distribution, directly or indirectly, in or into the United States of America, Australia, The Republic of South Africa (' South Africa '), Japan or any other jurisdiction in which such release, publication or distribution would be unlawful. This Announcement is for information purposes only and does not constitute an offer to sell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia (collectively, the ' United States ')), Australia, Canada, South Africa, Japan or any other jurisdiction in which such offer or solicitation would be unlawful or to any person to whom it is unlawful to make such offer or solicitation. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ' Securities Act '), and may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States, or under the securities laws of Australia, Canada, South Africa, Japan, or any state, province or territory thereof or any other jurisdiction outside the United Kingdom, except pursuant to an applicable exemption from the registration requirements and in compliance with any applicable securities laws of any state, province or other jurisdiction of Australia, Canada, South Africa or Japan (as the case may be). No public offering of securities is being made in the United States, Australia, Canada, South Africa, Japan or elsewhere. No action has been taken by the Company, Panmure Liberum, Canaccord, Landsbankinn, Acro or any of their respective affiliates, or any of its or their respective directors, officers, partners, employees, consultants, advisers and/or agents (collectively, ' Representatives ') that would permit an offer of the Fundraising Shares or possession or distribution of this Announcement or any other publicity material relating to such Fundraising Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any restrictions contained in this Announcement. Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action. Persons distributing any part of this Announcement must satisfy themselves that it is lawful to do so. This Announcement, as it relates to the UK Placing, is directed at and is only being distributed to: (a) if in a member state of the EEA, persons who are qualified investors (' EEA Qualified Investors '), being persons falling within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the ' EU Prospectus Regulation '); or (b) if in the United Kingdom, persons who are qualified investors (' UK Qualified Investors '), being persons falling within the meaning of Article 2(e) of assimilated Regulation (EU) 2017/1129 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (the ' UK Prospectus Regulation '), and who are (i) persons falling within the definition of 'investment professional' in Article 19(5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ' Order ') or (ii) persons who fall within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or (c) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (a), (b) and (c) together being referred to as ' Relevant Persons '). This Announcement, as it relates to the Icelandic Placing, is directed at and is only being distributed to EEA Qualified Investors. The Fundraising Shares have not been qualified for distribution by prospectus in Canada and may not be offered or sold in Canada except in reliance on exemptions from the requirements to provide the relevant purchaser with a prospectus and, as a consequence of acquiring securities pursuant to this exemption or exemptions, certain protections, rights and remedies provided by the applicable Canadian securities laws will not be available to the relevant purchaser. The Fundraising Shares will be subject to statutory resale (hold) restrictions for a period of four months and one day in Canada under the applicable Canadian securities laws and any resale of the Common Shares must be made in accordance with such resale restrictions or in reliance on an available exemption therefore. Such restrictions shall not apply to any Fundraising Shares acquired outside of Canada. For the attention of residents of Australia: This Announcement is not a prospectus or product disclosure statement or otherwise a disclosure document for the purposes of Chapter 6D or Part 7.9 of the Australian Corporations Act 2001 (Cth) (' Corporations Act ') and does not constitute an offer, or an invitation to purchase or subscribe for the Fundraising Shares offered by this Announcement except to the extent that such an offer or invitation would be permitted under Chapter 6D or Part 7.9 of the Corporations Act without the need for a lodged prospectus or product disclosure statement. In addition, for a period of 12 months from the date of issue of the Fundraising Shares, no transfer of any interest in the Fundraising Shares may be made to any person in Australia except to 'sophisticated investors' or 'professional investors' within the meaning of sections 708(8) and (11) of the Corporations Act or otherwise in accordance with section 707(3) of the Corporations Act. No other person should act on or rely on this Announcement as it relates to the UK Placing or the Icelandic Placing and persons distributing this Announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this Announcement, you represent and agree that you are a Relevant Person. This Announcement must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this Announcement or the Fundraising relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. No offering document or prospectus will be made available in any jurisdiction in connection with the matters contained or referred to in this Announcement, the UK Placing, the Icelandic Placing or the Fundraising, unless applicable in relation to admission to trading in Iceland and no such prospectus is required (in accordance with either the EU Prospectus Regulation for the purpose of the offer or sale of the Common Shares, the UK Prospectus Regulation or Canadian securities laws) to be published. The offering as it relates to the Icelandic Placing is subject to the exemptions from the obligation to publish a prospectus provided for in Articles 1(4)(a) of the EU Prospectus Regulation. Panmure Liberum, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. The responsibilities of Panmure Liberum, as nominated adviser, are owed solely to the London Stock Exchange and are not owed to the Company or to any director or any other person and accordingly no duty of care is accepted in relation to them. No representation or warranty, express or implied, is made by Panmure Liberum as to, and no liability whatsoever is accepted by Panmure Liberum in respect of, any of the contents of this Announcement (without limiting the statutory rights of any person to whom this Announcement is issued). Canaccord, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. Acro, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Acro. Landsbankinn, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Landsbankinn. This Announcement is being issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro (apart from in the case of Panmure Liberum and Canaccord the responsibilities or liabilities that may be imposed by the Financial Services and Markets Act 2000, as amended (' FSMA ') or the regulatory regime established thereunder) and/or by any of their respective affiliates and/or any of their respective Representatives as to, or in relation to, the accuracy, adequacy, fairness or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers or any other statement made or purported to be made by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or by any of their respective Representatives in connection with the Company, the UK Placing Shares, the UK Placing, the Icelandic Placing Shares, the Icelandic Placing, the Common Shares or any part of the Fundraising and any responsibility and liability whether arising in tort, contract or otherwise therefor is expressly disclaimed. No representation or warranty, express or implied, is made by Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or any of their respective Representatives as to the accuracy, fairness, verification, completeness or sufficiency of the information or opinions contained in this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers, and any liability therefor is expressly disclaimed. The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction or disclosure of this Announcement, in whole or in part, is not authorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions. This Announcement does not constitute a recommendation concerning any investor's options with respect to the UK Placing, the Icelandic Placing or any part of the Fundraising. Recipients of this Announcement should conduct their own investigation, evaluation and analysis of the business, data and other information described in this Announcement. This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the UK Placing Shares, the Icelandic Placing Shares or the Common Shares. The price and value of securities can go down as well as up and investors may not get back the full amount invested upon the disposal of the shares. Past performance is not a guide to future performance. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult his or her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, business, financial or tax advice. Any indication in this Announcement of the price at which the Company's shares have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast or profit estimate for any period and no statement in this Announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial periods would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company. All offers of the Fundraising Shares will be made pursuant to an exemption under the EU Prospectus Regulation and the UK Prospectus Regulation from the requirement to produce a prospectus. This Announcement is being distributed and communicated to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA does not apply. The Fundraising Shares to be issued pursuant to the Fundraising will not be admitted to trading on any stock exchange other than AIM, the TSX-V and the Icelandic Exchange. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This Announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'aims', 'anticipates', 'believes', 'could', 'envisages', 'estimates', 'expects', 'intends', 'may', 'plans', 'projects', 'should', 'targets' or 'will' or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and factors which are beyond the Company's control. The actual results, performance or achievements of the Company or developments in the industry in which the Company operates may differ materially from the future results, performance or achievements or industry developments expressed or implied by the forward-looking statements contained in this Announcement. The forward-looking statements contained in this Announcement speak only as at the date of this Announcement. The Company undertakes no obligation to update or revise publicly the forward-looking statements contained in this Announcement, except as required in order to comply with its legal and regulatory obligations.
CTV News
2 hours ago
- CTV News
Ikea is recalling thousands of garlic presses sold in Canada
Ikea is asking Canadian customers who bought a specific kind of garlic press to stop using it because small metal pieces could detach and potentially be eaten. The Swedish home furnishing giant is recalling its Chinese-made black 365+ Vardefull garlic press. Affected customers can visit an Ikea Canada store and return the product for a full refund without requiring a receipt or any other proof of purchase, Alicia Carroll, public relations leader with Ikea Canada, wrote in an email to on Wednesday. A 'production error' caused the problem after it conducted an 'internal investigation,' according to Ikea on its website Wednesday. 'IKEA apologizes for any inconvenience this recall may cause,' it wrote, noting that customer safety is a top priority and all its products are tested and comply with applicable standards and legislation. How to identify affected products The product was sold in Canada with the article numbers 305.781.89 and 201.521.58. In other countries, it was sold under article number 601.636.02. Ikea recall logo marking Ikea recall logo marking The products have date stamps from 2411 to 2522, with the first two digits indicating the year and the last two digits being the week of the year. Carroll said the article number and date stamp would be found on the original packaging, or the affected products can be identified by a marking on the upper handle. How many products are affected? Ikea reported that 10,712 affected products were sold in Canada, according to Health Canada's advisory online about the recall. It said they were sold from April 2024 to May 2025. Ikea has received no reports of incidents or injuries in Canada as of June 9, according to the recall. Globally, the company received three reports of incidents involving minor hand injuries, such as a scratch or a splinter. Ikea advises customers to spread the word about the recall, particularly if they know whether it was lent or sold to someone else. 'Please note that the Canada Consumer Product Safety Act prohibits recalled products from being redistributed, sold or even given away in Canada,' Health Canada added. Health Canada encourages customers to report any health and safety incidents related to using this product or any other items by filling out the Consumer Product Incident Report Form. Where to get more information Not sure whether you have an affected product? If that's the case, Ikea says you can still return any black 365+ Vardefull garlic press and get a refund. Visit or phone IKEA toll-free at 1-800-661-9807 for more information.
Globe and Mail
3 hours ago
- Globe and Mail
Xtract One Technologies Inc. Announces $7 Million 'Bought Deal' Public Offering
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES BASE SHELF PROSPECTUS IS ACCESSIBLE AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE ON SEDAR+ WITHIN TWO BUSINESS DAYS TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- June 11, 2025 – Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, (the " Company" or " Xtract One") is pleased to announce that it has entered into an agreement with Ventum Capital Markets (the " Underwriter") pursuant to which the Underwriter has agreed to purchase 18,000,000 units (the" Offered Securities") from the treasury of the Company, at a price of $0.39 per Unit (the ' Issue Price ') and offer them to the public by way of prospectus supplement for total gross proceeds of $7,020,000 (the " Offering"). Each Unit will consist of one common share of the Company (each a ' Common Share ') and one common share purchase warrant (each full warrant, a ' Warrant ' and collectively the ' Warrants '). The Company has granted the Underwriter an option to purchase up to an additional 15% of the Offered Securities at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Offered Securities as determined by the Underwriter upon written notice to the Company at any time up to 30 days following the Closing Date (the ' Over-Allotment Option '). The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. The Offered Securities will be offered (i) by way of a prospectus supplement to the base shelf prospectus of the Company dated February 6, 2024 (the ' Base Shelf Prospectus ') to be filed in all provinces and territories of Canada, except Quebec (the ' Prospectus Supplement '); (ii) may be distributed in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the ' U.S. Securities Act ')) pursuant to an exemption under Rule 144A; and (iii) may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The Offering is expected to close on or about June 18, 2025, or such other date as the Company and the Underwriter may agree, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Toronto Stock Exchange. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from Ventum Financial Corp., or email at ecm@ by providing the contact with an email address or address, as applicable. About Xtract One Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved 'Walk-right-In' experiences while enhancing safety. Xtract One's innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit or connect on Facebook, X, and LinkedIn. About Threat Detection Systems Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today's world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security. For further information, please contact: Xtract One Inquiries: info@ Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@ Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@ Forward-Looking Information This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding the anticipated completion of the Offering, intended use of proceeds from the Offering, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are 'forward-looking statements'. Forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'estimates', 'intends', 'anticipates' or 'does not anticipate', 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the Company's limited operating history and lack of historical profits; risks related to the Company's business and financial position; fluctuations in the market price of the Company's Common Shares; that the Company may not be able to accurately predict its rate of growth and profitability; the failure of the Company and/or the Underwriter to satisfy closing conditions to the Offering; whether the Over-Allotment Option will be exercised; the failure of the Company to satisfy certain TSX additional listing requirements in respect of the Offered Securities; the failure of the Company to use any of the proceeds received from the Offering in a manner consistent with current expectations; reliance on management; the Company's requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, clients and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no intention to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason, except as required by law.
